IXICO plc Trading Update for year ended 30 September 2019 (8358P)
October 15 2019 - 2:00AM
UK Regulatory
TIDMIXI
RNS Number : 8358P
IXICO plc
15 October 2019
15 October 2019
IXICO plc
("IXICO" or the "Company")
Trading Update for year ended 30 September 2019
Company reports fast tracked achievement of initial year
positive EBITDA,
40% revenue growth and strong cash position
IXICO plc (AIM: IXI), the AI data analytics company delivering
insights in neuroscience, is pleased to announce a trading update
for the year ended 30 September 2019. IXICO is expecting its first
full year of positive earnings before interest, tax, depreciation
and amortisation ("EBITDA") since listing. This better than
forecast performance has been driven by accelerated revenue growth
and builds on the breakeven performance reported in the Company's
interim statement.
For the year ended 30 September 2019, revenue increased
year-on-year by 40% to GBP7.6 million (2018: GBP5.4 million). The
Company will continue to benefit from a healthy contracted order
book of GBP15.9 million, which takes account of the client early
trial cessation reported on 9 August 2019, and retains a strong
position for growth delivery in 2020 and beyond.
Net cash at 30 September 2019 was GBP7.3 million (2018: GBP7.9
million). The strong cash position enables the Company to continue
to organically fund investment to strengthen its technology and
innovation portfolio and to grow the Company market position in the
global biopharmaceutical clinical trials market for AI-driven
analytics.
The Company intends to announce its audited results for the year
ended 30 September 2019 in early December 2019.
Giulio Cerroni, Chief Executive Officer of IXICO, commented:
"We are very pleased to have again delivered on our client and
financial commitments, exceeding full year guidance, while
continuing to invest in the long-term future of the Company. 2019
has been a pivotal year in the Company's transformation into a
profitable, scalable business, and we enter 2020 on a strong growth
trajectory supported by our order book, highly talented staff and
strengthened leadership team."
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)
Optimum Strategic Communications +44 (0) 203 950 9144
Mary Clark / Supriya Mathur / Manel Mateus
IXICO@optimumcomms.com
About IXICO
IXICO's mission is to advance medicine and human health in
neuroscience by turning data into clinically meaningful
information, providing valuable new insights. We achieve this by
developing, validating and deploying novel Artificial Intelligence
(AI) technology in clinical trials to improve the success and
efficiency of the development pathway.
Our goal is to be a leading proponent in the use of AI in
clinical development, to improve biopharma ROI and R&D
productivity through the adoption of breakthrough data analytics in
precision medicine. Through the deployment of novel AI algorithms,
we analyse and interpret brain scans and digital biosensor data to
enable better trial design, patient selection and clinical outcomes
across all phases of clinical evaluation. Our data analytics
services are deployed on some of the most important clinical trials
in neuroscience and rare diseases today, providing detailed
insights to disease progression and patient safety, enabling our
clients to make better informed decisions earlier in the clinical
development pathway.
More information is available on www.IXICO.com
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 rns@lseg.com or visit www.rns.com.
END
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