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IXICO earnings rise in first half as order book continues to strengthens

The brain imaging specialist said it had ended the six months to March 31, 2020, with a £15.3mln order book, however, this has risen to over £22mln in April

IXICO PLC - IXICO earnings rise in first half as order book strengthens

IXICO PLC (LON:IXI) has reported higher earnings for the first half of its current financial year, while also highlighting that its order book has “strengthened further” since the period-end.

For the six months ended March 31, 2020, the brain imaging and neuroscience data specialist reported underlying earnings (EBITDA) of £700,000, up from £100,000 a year ago, while revenues jumped by 33% to £4.6mln. EBTIDA margins also rose in the period to 14.8% from 4%, while profit per share increased to 1.01p from 0.46p.

READ: IXICO makes strong start to the year with revenues up 33%; cash position strong

Looking ahead, IXICO said it ended the period with an order book of £15.3mln, however, this has risen to over £22mln in April following the signing of more contracts.

The company added that existing projects across a range of central nervous system indications provided a backlog of revenue-generating data analysis activity for the near term.

In the statement, IXICO chief executive Giulio Cerroni said the results showed “the potential for the group to sustain and expand its profitability in the medium to long term as its growing revenues and order book enable it to continue to benefit from operational leverage of its fixed cost base”.

He added that while the coronavirus pandemic has resulted in some disruption to clinical trial timelines, the company was “focused on supporting our clients through the pandemic and ensuring that we are well-positioned to manage the anticipated ramp-up in demand as affected trials come back on stream and new trials are initiated later in 2020 and into 2021”.

The company's shares were 2.7% lower at 72p in mid-morning trading on Wednesday.

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Quick facts: IXICO PLC

Price: 72.3 GBX

AIM:IXI
Market: AIM
Market Cap: £34.05 m
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