IXICO plc Update for first half of year ending 31 March 2019 (0090X)
25 April 2019 - 4:00PM
UK Regulatory
TIDMIXI
RNS Number : 0090X
IXICO plc
25 April 2019
25th April 2019
IXICO plc
("IXICO" or the "Company")
Trading update for the first half of financial year ending 31
March 2019
On track to deliver robust revenue growth from GBP21.2m order
book
Strong closing cash balance of GBP7.5m as at 31 March 2019
IXICO plc (AIM: IXI), the data analytics company delivering
insights in neuroscience, today provides an update ahead of results
for the six months ended 31 March 2019. Comparatives reflect early
adoption of IFRS15.
Highlights:
-- Reported revenues expected to be GBP3.43m for 6 months to 31
March 2019 (2018: GBP2.82m) representing growth of 22%.
-- Strong closing cash balance of GBP7.5m as at 31 March 2019,
includes the GBP5.5m oversubscribed placement in May 2018 (2018:
GBP2.7m).
-- Order book* stood at GBP21.2m as at 31 March 2019.
On the basis of the revenues for the first half, the Company
remains confident that revenues for the full year to 30 September
2019 will be in line with market expectations of GBP6.6m. This
would represent an increase of 22% over the prior year's reported
revenue of GBP5.4m.
The Company's first half results will be released on 22 May
2019.
Giulio Cerroni, CEO of IXICO, said: "We entered the 2019
financial year with an order book of GBP19.3m in value. This was as
a result of winning a number of new significant contracts in 2018,
including a large Phase III Huntington's disease contract valued at
GBP9.1m to be delivered over four years. The relevance of this
contract to IXICO is not only that it provides good visibility to
future revenues, but also an exemplar of the confidence that the
biopharmaceutical industry has with IXICO to deliver our specialist
technology services in larger and more complex clinical trial
studies. In the first six months of the 2019 financial year, this
momentum in building our order book has continued and we have been
awarded further new contracts with a value of GBP5.2m from our
healthy pipeline of opportunities. These new contracts are from
expanding projects with existing clients and also new projects with
new clients in a broadening range of neurological diseases. This
robust order book is expected to enable us to deliver on the +20%
revenue growth targets we have set for the business.
"Our data analytics focused strategy of deploying our
proprietary AI algorithms in both current and adjacent therapeutic
areas continues to drive market penetration and we are well
capitalised to fund further organic growth initiatives to provide
valuable new technology solutions to our clients. Investments in
our technology platform and our staff are delivering operational
efficiencies and cost-effective solutions so that we continue to
benefit from increased demand for our specialist data analytics
services."
* Order book is contracted but unrecognised revenue
For further information please contact:
IXICO plc +44 (0) 20 3763 7498
Giulio Cerroni, Chief Executive 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)
Optimum Strategic Communications +44 (0) 203 950 9144
Mary Clark / Anne Marieke Ezendam / Supriya
Mathur
ixico@optimumcomms.com
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
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 (MAR).
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END
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