Operating under the London-listed research-and-testing firm hVIVO, formerly known as Open Orphan, the company has reported robust revenue growth for the year, surpassing market expectations. The positive results were attributed to the successful delivery of trials and consulting services, prompting the board to consider initiating an annual dividend payment.
Strong Revenue Growth hVIVO anticipates reporting a revenue of £56 million ($71.2 million) for 2023, compared to £48.5 million the previous year. The company attributes its success to its operational team's exceptional performance, administering the highest number of inoculations to date. This achievement had a direct impact on revenue growth and improved margins.
Favorable Outlook Entering 2024 on a high note, hVIVO is in a robust position, with 90% of its revenue guidance already secured through contracts. Additionally, the company enjoys record revenue visibility for 2025, providing a strong foundation for future growth.
Ambitious Targets Building upon its promising outlook and solid business performance, hVIVO aims to achieve a revenue of £62 million in 2024. Moreover, the company sets its sights on attaining a group revenue of £100 million by 2028.
Dividend Plans Following the release of their annual results, expected in April, hVIVO intends to distribute dividend payments. The company remains confident in its consistent year-on-year growth across various aspects, such as revenue, orderbook, sales pipeline, and contract values. These indicators highlight the long-term potential and viability of the human challenge trial market.