EARNINGS AND TRADING: hVIVO swings to pretax loss after expansion
The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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hVIVO PLC - London-based contract research organisation testing vaccines for infectious and respiratory diseases - Reports lower 2025 revenue and swings to a pretax loss, reflecting a transitional year following strategic expansion. Revenue falls to £46.8 million from £62.7 million, while the firm swings to a pretax loss of £4.5 million from a £13.3 million profit. Adjusted Ebitda declines to £1.4 million from £16.4 million, with margins narrowing sharply. Cash decreases to £14.3 million from £44.2 million, and the contracted orderbook reduces to £30.0 million. Highlights strategic progress during the year, including the acquisitions of clinical research units from CRS and laboratory services provider Cryostore, which expanded capabilities and diversified its service offering. Says it expects high single-digit revenue growth in 2026, weighted to the second half, supported by a strong pipeline, cross-selling opportunities and an increasingly diversified business model. CEO Yamin ’Mo’ Khan says: ‘While the financial performance reflected the anticipated transitional nature of the period, against a backdrop of macroeconomic and sector headwinds, we have entered 2026 with a significantly stronger integrated and diversified offering.’
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Digital 9 Infrastructure PLC - investor in internet infrastructure, such as data centres and subsea fibre - Reports a narrowed full-year loss but a sharp decline in net asset value per share as it progresses its managed wind-down. Pretax loss narrows to £217.0 million from a restated £277.5 million loss, while loss per share improves to 25.1p from 32.1p. Net asset value per share falls to 9.3p from 34.4p, reflecting disposals and portfolio revaluations. Highlights progress on asset sales and debt reduction, with proceeds used to repay its revolving credit facility and support returns to shareholders, as it continues to focus on realising value from its remaining investments. Chair Eric Sanderson says: ‘2025 was another challenging year for the company and its shareholders but the board and investment manager made tangible progress in delivering the managed wind?down approved in March 2024. The company completed three material disposals during the year which enabled D9 to fully repay and cancel the group’s revolving credit facility, and significantly strengthen the company’s liquidity position...With two remaining assets in the portfolio, our focus is on proactively managing D9’s positions in Arqiva and Elio Networks.’
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Petards Group PLC - Guildford, England-based security, communication and surveillance systems developer - Reports higher 2025 revenue and narrowed loss, and appoints a new chief financial officer. Revenue rises to £14.9 million from £12.0 million, while pretax loss narrows to £677,000 from £1.1 million. Adjusted Ebitda improves to £1.0 million from £410,000, with margins strengthening across operations. Says Ben Gillam is appointed CFO with immediate effect, and notes first-quarter 2026 earnings are in line with board expectations, supported by a stronger order book. Chair Raschid Abdullah says: ‘The group’s £9.2 million opening order book and its revenue coverage for 2026 is encouraging and provides a solid base from which the business can progress. We enter 2026 in a stronger position than has been the case in the past few years. While customer order placement decisions continue to be taking some time, I am pleased to report that 2026 has started well with first quarter group earnings in line with the board’s expectations.’
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ASA International Group PLC - Worthing, England-based international microfinance company - Reports sharply higher 2025 profit and income, as it continues to grow its loan portfolio. Pretax profit rises to $103.9 million from $63.5 million, with net interest income increasing to $244.4 million from $170.4 million and net operating income up to $252.3 million from $180.9 million. Total operating expenses climb to $143.4 million from $111.1 million. Highlights strong loan portfolio growth and improved profitability, while saying it continues to closely monitor the impact of the developments in the Middle East, but the board says that, notwithstanding the conflict, it ‘believes the fundamentals of the business are strong with the Group being more resilient than was the case previously.
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Proteome Sciences PLC - London-based protein-focused drug development services provider - Reports lower 2025 revenue and a wider pretax loss but says the business is at a cyclical low. Revenue falls to £3.8 million from £4.9 million, while pretax loss widens to £3.6 million from £3.2 million. Cost of sales declines to £3.8 million from £4.2 million. Says 2025 marks the bottom of the cycle following prior investment, and adds it is well positioned to deliver substantial growth.
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M Winkworth PLC - London-based real estate agency franchisor - Revenue edges down to £10.7 million from £10.8 million, while pretax profit falls 11% to £2.1 million from £2.4 million. Basic earnings per share decline to 12.65p from 13.73p. Declares a full-year dividend of 13.2p, up 7.3% from 12.3p. Says strong first-half performance is offset by a weaker second half, while lettings remain stable. Adds that early 2026 trading is resilient, with agreed sales broadly in line with recent years.
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Anglo Asian Mining PLC - Azerbaijan-focused gold, copper and silver producer - Reports sharply higher copper and silver output in the first quarter, with stable gold production. Copper production rises to 3,711 tonnes from 534 tonnes, while silver output increases to 42,796 ounces from 30,315 ounces. Gold production is broadly flat at 6,062 ounces. Says net cash increases to $17.7 million from $2.3 million at the end of 2025, supported by strong concentrate sales and improved operational performance. CEO Reza Vaziri says: ’The excellent copper production from Gedabek and Demirli demonstrates the successful continuing execution of our clear strategy to rapidly expand copper production and successfully transition to a multi-asset, mid-tier copper-focused producer.‘
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Thor Explorations Ltd - Vancouver, British Columbia-based mineral exploration company - Maintains full-year production guidance after a solid first quarter at its Segilola mine. Says gold poured totals 20,256 ounces, with 15,417 ounces sold at an average price of $4,829 per ounce. Mine production reaches 459,246 tonnes at an average grade of 1.58 grammes per tonne. Maintains 2026 production guidance of 75,000 to 85,000 ounces of gold, with the company highlighting continued exploration and drilling activity to extend mine life.
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Silver Bullet Data Services Group PLC - London-based marketing services provider - Reports a strong start to 2026, with revenue growth and its first profitable quarter following recent restructuring. Says first-quarter revenue rises 22% year-on-year, ahead of internal expectations and around 9% above budget, driven by expansion across key client accounts, higher renewal rates and new international wins, including a major European airline and a global partner in Asia-Pacific. Adds improved margins reflect a focus on higher-quality revenue and operational efficiency after cost restructuring in 2025. The group achieves positive Ebitda for the first time, marking its first profitable quarter and an improvement of around £700,000 year-on-year. Management expects Ebitda to remain positive and anticipates the business will become cash flow generative from the end of the second quarter, supported by further productivity gains and the use of AI to enhance efficiency.
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