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IXICO plc - Trading Update for year ended 30 September 2020

RNS Number : 3815C
IXICO plc
19 October 2020
 

 

IXICO plc

("IXICO" or the "Company")

 

Trading Update for year ended 30 September 2020

 

Data analytics service strategy drives growth

Remote access, technology-driven, business model demonstrates resilience during COVID-19

Order book growth underpins strong forward revenue visibility

 

IXICO plc (AIM: IXI), the AI data analytics company delivering insights in neuroscience, announces a trading update for the year ended 30 September 2020.

 

·    Full year revenue increased by 26% to £9.5 million (2019: £7.6 million).  A fourth successive year of greater than 25% revenue growth.

 

·    Year-end order book increased by 36% to £21.7 million (2019: £15.9 million).  Strong revenue visibility for 2021 and beyond.

 

·    Year-end cash at 30 September 2020 of £7.9 million, an increase of 9% year on year (2019: £7.3 million).  The Company continues to be debt-free.

 

·    Earnings before interest, tax, depreciation, and amortisation ('EBITDA') have more than doubled to achieve at least market expectations of £1.1 million (2019: £0.5 million).

 

These excellent results demonstrate the underlying resilience of IXICO's technology and are achieved despite the COVID-19 pandemic, which continues to disrupt clinical trials and reduce the number of new clinical trials being initiated.

 

Despite this uncertainty in the clinical trials market, the Company confirms its outlook for the 2021 financial year, reflecting its strong order book of future revenues and robust balance sheet.

 

The Company intends to announce its audited results for the year ended 30 September 2020 in early December 2020.

 

Giulio Cerroni, Chief Executive Officer of IXICO, commented: "IXICO has delivered exceptional progress both operationally and financially during 2020 as we continue to demonstrate our ability to drive sustained growth through a clear focus on our service model strategy."

 

"We have responded robustly to the challenges of the COVID-19 pandemic, continuing our track record of strong growth. The commercial momentum established in recent years reflects our ability to scale our remote working model and leverage the resilience of our technology to support the global clinical trials market.  Despite the ongoing uncertainties of the COVID-19 pandemic, which will continue to impact us across 2021, we will continue to invest for medium to long term profitable growth."

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR)

 

For further information please contact: 

 

IXICO plc

+44 (0) 20 3763 7498

Giulio Cerroni, Chief Executive Officer

Grant Nash, Chief Financial Officer

 

 

 

Cenkos Securities PLC (Nominated adviser and sole broker)

+44 (0) 20 7397 8900

Giles Balleny / Max Gould (Corporate Finance)

 

Michael F Johnson / Russell Kerr (Sales)

 

 

 

Walbrook PR Ltd

Tel: 020 7933 8780 or [email protected]

Paul McManus / Lianne Cawthorne / Alice Woodings

 

     

 

 

 

 

About IXICO

 

IXICO is dedicated to delivering insights in neuroscience. Our mission is to transform the progression of our biopharmaceutical clients' neurological therapeutic pipelines through the application of novel imaging and digital biomarkers.

 

IXICO's data analytics services are used by the global biopharmaceutical industry to interpret data from brain scans and digital biosensors to enable better trial design, site qualification, patient selection and clinical outcomes. We provide technology-enabled services across all phases of clinical evaluation. Our integrated digital platform provides a scalable and secure infrastructure for the capture and analysis of regulatory compliant clinical data to enable clients to make rapid, better informed decisions. IXICO is also collaborating with partners to develop new analytical techniques and companion digital health products targeted at improving patient outcomes. 

 

More information is available on www.IXICO.com and follow us on Twitter @IxicOplc 

 

 

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