hVIVO PLC (AIM:HVO) told investors it expects to report revenue of approximately £46.7 million for the past calendar year, in line with market expectations.
Earnings (adjusted EBITDA) margin is anticipated to be a low positive single-digit, which is ahead of previous guidance. The outcome reflects a stronger-than-expected performance in the fourth quarter and cost control measures.
The contract research company ended the year with £14.3 million of cash and no debt.
The sales pipeline strengthened in the second half of the year, the company said, including potential new projects such as the ILiAD Phase III trial. Proposal volumes submitted in 2025 were higher than in 2024.
Guidance was maintained for high single-digit revenue growth in 2026.
"I am pleased to update the market that we expect to report positive (adjusted) EBITDA ahead of guidance for FY25," said chief executive Yamin 'Mo' Khan.
"This was driven by stronger-than-expected operational delivery in Q4 2025, and the contractual protections embedded within our model."
He added: "we are realising synergies across our four specialist service lines. Our purpose-built full-service early phase capabilities clearly differentiate us within the market and together with our strong and diverse pipeline, we reiterate our guidance for high single digit revenue growth in 2026."
Acquisitions and integration of CRS Mannheim & Kiel and Cryostore were completed during 2025. These additions have enabled the business to offer services from preclinical to Phase III clinical development.
The company now operates across four specialist service lines: Consulting, Clinical Trials, Human Challenge Trials and Laboratories. All four are now fully operational.