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hVIVO PLC (AIM:HVO) chief executive Yamin'Mo' Khan discusses the company's record-breakingfinancial results in 2023 in an interview with Proactive's StephenGunnion.
hVIVO announced a 16%year-on-year growth in revenue, reaching £56 million, with an EBITDAmargin increase from 18.7% to 23.3%, surpassing prior guidance. Thecompany's absolute EBITDA rose to £30 million, a 44% increasefrom the previous year.
Khanattributed the success to hVIVO conducting more human challengetrials, leading to improved patient recruitment efficiency and betterutilisation of facilities and staff. Despite challenges such as MHRAdelays, significant funding for a new Canary Wharf facility positivelyimpacted the financial results. hVIVO also initiated an annualdividend policy, planning a £1.4 million dividend distributionfollowing a strong cash generation year.
The Canary Wharf facility's development, notably ahead ofschedule, includes a 50-bed quarantine facility and a laboratory, setto be fully operational by the end of July. This expansion is expectedto enhance operational efficiency, increase revenue potential to up to£95 million, and strengthen hVIVO's position in the humanchallenge trial industry globally.
For 2024, the company anticipates hitting a £62 million revenuetarget, with £180 million in the weighted order book ensuring arobust pipeline. Despite a study cancellation, hVIVO remains confidentin its revenue and EBIT margin targets.
Looking forward, hVIVOaims for a £100 million revenue target by 2028, driven by expandingits human challenge trials, increasing clinical trial services, andexploring M&A activities, supported by a strong cash reserve.
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