Shares in hVIVO PLC (AIM:HVO) were up 4% in afternoon trading following a generally well-received update on trading.
In it, the contract research group reaffirmed its full-year revenue guidance of £62 million and expects EBITDA margins at the upper end of market expectations.
It also reported record revenue of £35.6 million for the first half, up almost 31% on the year earlier, and said its EBITDA margin advanced 4.9 percentage points at 24%.
Panmure Liberum lifted its earnings guidance by 8% this year and next "to reflect today’s uplifted margin guidance". As a result, it has lifted its price target to 1.9p a share to 36.4p.
Peel Hunt, meanwhile, restated its 'buy' advice and 36p valuation. It said: "We remain enthusiastic supporters of what hVIVO is building here – and the investment opportunity – for a true world leader in its field."
In afternoon trading, the stock was up 1.15p at 29.15p.