hVIVO PLC, the human challenge clinical trials specialist, said that 90% of its revenue projections for this year are already secured through contracts as it reported a 15.5% increase in 2023 turnover.
In an update, it said that top-line figure would be in the order of £56 million for the 12 months just gone. At the same time, the company's EBITDA margins have risen to around 22% from 18.7% in 2022.
Investors were told the weighted order book was £80 million (up from £76 million), while the company's bank balance has risen to £37 million from £28.4 million a year earlier.
Looking ahead, hVIVO is optimistic about its future, with a revenue guidance of £62 million for 2024, as it said it would begin dividend payments.
Longer term, the company, having moved to a new, larger facility, has set its sights on achieving annual revenues of £100 million by 2028.
"The sustained success of the group, coupled with a growing order book, reinforces the resilience of our business model and reaffirms the stability of the market," said CEO, Dr Yamin 'Mo' Khan.
"The infectious disease market has witnessed increased interest from both commercial and non-profit entities, as well as a notable uptick in M&A activity.
"A significant highlight of the year was the market authorisation of the first-ever vaccine incorporating human challenge trial data as part of its submission package."