Update for first half of year ending 31 March 2019
25th April 2019
("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 £21.2m order book
Strong closing cash balance of £7.5m 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.
· Reported revenues expected to be £3.43m for 6 months to 31 March 2019 (2018: £2.82m) representing growth of 22%.
· Strong closing cash balance of £7.5m as at 31 March 2019, includes the £5.5m oversubscribed placement in May 2018 (2018: £2.7m).
· Order book* stood at £21.2m 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 £6.6m. This would represent an increase of 22% over the prior year's reported revenue of £5.4m.
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 £19.3m 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 £9.1m 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 £5.2m 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:
+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 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).
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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