Trading Update

RNS Number : 9382D

IXICO plc

25 October 2022

 

25 October 2022

IXICO plc

("IXICO" or the "Company")

Trading Update for year ended 30 September 2022

IXICO plc (AIM: IXI), the AI data analytics company delivering insights in neuroscience, announces a trading update for the year ended 30 September 2022 ("FY22").

· Full year FY22 revenue of £8.6 million (2021: £9.2 million). Year-on-year revenues reflect the impact of the early cessation of client trials during the year (as announced on 20 October 2021 and 20 January 2022).

· Year-end order book of £16.0 million (2021: £18.8 million), reflecting the signing of £12.6 million of new contracts during the year, offset by the delivery of £8.6 million revenues and £6.8 million contract value reductions due to the early client trial cessations and minor foreign exchange differences.

· Strong year-end cash of £5.8 million (2021: £6.7 million) reflecting positive operating cash offset by technology investments designed to support long term growth. The Company continues to be debt-free.

· Earnings before interest, tax, depreciation, and amortisation ('EBITDA') expected to align with market expectations of £1.5 million.

Revenue guidance for the 2023 financial year, as noted in the in the trading update of 1 September 2022, remains unchanged.

The Company intends to announce its audited results for the year ended 30 September 2022 in early December 2022.

Giulio Cerroni, Chief Executive Officer of IXICO, commented: "The Company has delivered a strong close to the year as new contracts signed in the early months of 2022 initiate.  The investments and adoption of our technology platform in new clinical trials enable us to continue to build our position as a trusted partner of choice to the global biopharmaceutical industry. Our expanded portfolio of advanced data analytics capabilities developed during the past year means we are well positioned to continue to build our order book. In particular, I am excited by positive developments occurring within Alzheimer's Disease, which I anticipate will create additional demand for IXICO's advanced AI analytics capabilities in 2023 and beyond."

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		[phone]
Giulio Cerroni, Chief Executive Officer Grant Nash, Chief Financial Officer
Cenkos Securities PLC (Nominated adviser and sole broker)		[phone]
Giles Balleny / Max Gould (Corporate Finance)
Michael F Johnson / Tamar Cranford Smith (Sales)

About IXICO

IXICO is dedicated to delivering insights in neuroscience. Our purpose is to advance medicine and human health by turning data into clinically meaningful information, providing valuable new insights in neuroscience and our goal is to be a leading proponent of artificial intelligence in medical image analysis. We will achieve this by developing and deploying breakthrough data analytics, at scale, through our remote access technology platform, to improve the return on investment in drug development and reduce risk and uncertainty in clinical trials for our pharmaceutical clients.

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

 

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