A leading firm testing infectious diseases, hVIVO, has reported a record year as it looks to start work on an £80m orderbook in 2024.
The London-listed firm said on Tuesday it achieved revenue of £56m for the full 2023 financial year, ahead of market expectations and up 15.5 per cent from the £48.5m it hit in 2022.
hVIVO has guided for £63m in 2024 as it starts the year with a strong contracted orderbook of £80m as of the end of December.
Shares in the company spiked five per cent when the markets opened.
hVIVO also said it is on track to complete its move to a new clinical trial facility in Canary Wharf in the first half of this year. The plans were initially announced in August last year, as the district attempts to grow a life sciences hub.
Demand for life sciences facilities in London has heated up in recent years.
Chief executive officer of hVIVO, Dr Yamin ‘Mo’ Khan, said: “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,” he added.
The group said it has a new target of growing revenue to £100m by 2028.