Interim results for six months ending 31/03/2026

IXICO plc

19 May 2026

 

IXICO plc

("IXICO", the "Company" or the "Group")

Interim results for six months ending 31 March 2026

Continued strong revenue and order book growth

19 May 2026 IXICO plc (AIM: IXI), a global leader in neuroscience imaging and biomarker analytics, using its AI-driven platform to help advance drug development in neurological disorders, today announces its unaudited interim results for the six months ended 31 March 2026 ('H1 2026' or 'the period').

Financial highlights

·      Revenues up 23% to £3.9 million (H1 2025: £3.2m), driven by new contract wins, contract extensions and an increased volume of analyses in H1 2026 relative to the equivalent prior period. The Company expects to be at least in line with market expectations for the full year 2026.

·      Gross margin increased to 53% (H1 2025: 50%).

·      Order book* of £18.1 million; an increase of 38% on 31 March 2025 (H1 2025: £13.1m) and 31% on 30 September 2025 (FY 2025: £13.8m).

·     Loss before interest, tax, depreciation and amortization of £0.5 million (H1 2025: £0.7m loss); reflecting increased revenues, offset by full period impact of investments made in the Company's Innovate, Lead, Scale strategy to deliver sustained revenue growth.

·     Cash position of £1.7 million (H1 2025: £5.0m).

·      The Group completed a capital raise of £10 million (£9.4 million after placing costs) after the period end, on 27 April 2026, to support its Tech Bio strategy - focussed on accessing novel revenue streams via integrating and partnering the IXI^TM platform within the wider ecosystem of CROs, clinical trial management and clinical healthcare providers.

*Order book refers to those client contracts that have been signed by the Company but not yet delivered.

Commercial & Operational highlights

·      Appointment of Tanya Voloshen as US-based Chief Commercial Officer.

·      Commercial agreement signed with Medidata (a Dassault Systèmes company), as a partnership where IXI^TM augments Medidata's well-established, clinical trials technology platform used in 80% of FDA novel drug approvals.

·      Extension of operational imaging site support into both US and Asia time zones; further enhancing IXICO's global reach.

·      Technology and product roadmap progress announced in Alzheimer's disease (AD) and Parkinson's disease (PD) that increases commercial opportunities.

·      Projects won across therapeutic areas (further strengthening the Group's position in rare CNS disorders), clinical phases (incl. Phase 2 & 3), and customer types (incl. a growing number of diagnostic companies).

·      Focussed execution on the Innovate, Lead, Scale strategy, delivering a differentiated scientific offering and underpinning revenue, orderbook and commercial pipeline growth.

Post period activity

·      £10 million capital raise (£9.4 million net of placing fees) completed on 27 April 2026 to support the Company pursue its TechBio strategy.

·      Latest version of IXI™ AI-driven platform (version 10) deployed, increasing data upload and analysis speeds.

Bram Goorden, CEO of IXICO, commented: "The first half of the 2026 financial year saw strong continued revenue growth driven by new contract wins and extensions, and increased biomarker analysis activity.  This momentum, combined with improved operational leverage, has delivered an increase in gross margin while our order book has also grown significantly, providing good visibility of future revenues.  While we continue to invest for growth, we have reduced our EBITDA loss year-on-year, demonstrating progress towards profitability. I am also very excited about the recently completed capital raise which aims at driving increased value from our IXI^TM platform as a premium technology.  We IXICANs are a mission driven team and for us to be in the middle of the current surge in research into neurodegenerative diseases means everything."    

Company Presentation

As announced on 21 April, Bram Goorden (CEO) and Grant Nash (CFO) will provide a live presentation to all existing and potential shareholders relating to the Interim Results and the Company's progress and ongoing strategy via:

The Investor Meet Company platform, this afternoon (19 May 2026) at 16:30 BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet IXICO PLC via:

https://www.investormeetcompany.com/ixico-plc/register-investor

Investors who already follow IXICO PLC on the Investor Meet Company platform will automatically be invited.

A recording of the results presentation will be made available on the Group's website.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please contact:

IXICO plc	[phone]
Grant Nash, Chief Financial Officer James Chandler, Chief Business Officer
Cavendish Capital Markets Limited (Nominated Adviser and Sole Broker)	[phone]
Giles Balleny, Isaac Hooper (Corporate Finance) Nigel Birks (Healthcare Specialist Sales) Harriet Ward (Corporate Broking) Michael F Johnson (Sales)

About IXICO www.IXICO.com

IXICO is a global leader in neuroscience imaging and biomarker analytics, using its proprietary AI-driven platform to help advance the treatment of neurological disorders and reduce the uncertainties associated with drug discovery, development and monitoring.   As a key part of the global neurological disease research community, the Company has built a global reputation and 20-year track record as an end-to-end Imaging Contract Research Organisation (iCRO) working with leading pharma companies, innovative biotechs, disease consortia and non-profit organisations. IXICO has supported hundreds of neurological clinical trials, analysed hundreds of thousands of scans and built an expansive network of expert imaging centres around the world.  

The IXI^TM platform is tailor-made for neurological disease, reliably processing data from global trials, precisely measuring key imaging biomarkers associated with the identification, progression and treatment of diseases such as Alzheimer's, Huntington's and Parkinson's.  Image data is interrogated by the platform and IXICO's expert scientists translating complex data into clinically meaningful while minimizing data variability and increasing reproducibility.

2026 H1 RESULTS - CHIEF EXECUTIVE OFFICER'S STATEMENT

_________________________________________________________________________________

Summary

The first half of 2026 was a significant period in IXICO's development and can be characterised by two key areas of momentum:

·      Tangible progress in the existing imaging Contract Research Organisation (iCRO) activities resulting in revenue growth.

·      The leveraging of IXICO's proprietary AI-driven precision medicine platform to generate new revenue opportunities via a 'TechBio' strategy.    

Regarding its iCRO activities, the Group is delivering against the objectives stated at the 2025 financial year-end, driving the Group to further growth in revenues, order book and sales pipeline, and continued progress towards profitability.  Having successfully returned the business to growth last year, I am pleased to report we have accelerated this further in H1 2026. 

Revenues have grown 23% in first half to £3.9 million (H1 2025: £3.2m), the order book has grown to £18.1 million, up 38% since 31 March 2025 (H1 2025: £13.1m) and 31% since 30 September 2025 (FY 2025: £13.8m). EBITDA losses have reduced to £0.5 million (H1 2025: £0.7m). The Group strengthened its position as a multimodal platform player entering the field of Blood Based Biomarker validation, including the announcement on 15 October 2025 of a new contract in this space.  The Group has made progress winning later-stage clinical development contracts such as the £3.5 million contract win for Phase 3 study announced on 17 November 2025 and the £1.5 million Phase 2 contract extension announced on 12 February 2026.   

The Group is adopting a TechBio strategy, based on leveraging the IXI^TM platform. We successfully completed a £10 million Placing (£9.4 million net of fees) on 27 April 2026 which positions IXICO to deliver on this strategy.  Early evidence of market appetite for this strategy was demonstrated by our platform-integrating collaboration with Medidata (announced on 26 March 2026), a global leader in clinical data services for the BioPharma industry, whose services are being utilised by 80% of novel FDA approvals.

Continued Revenue Growth and a Foundation for Value Increase          

IXICO has accelerated progress made in 2025, reinforcing confidence that the Group is on a sustainable growth path as a neuroscience focussed precision medicine player. The core activity of imaging analytics, in which IXICO has established a respected and leading market position, combines the Group's scientific and operational expertise with its IXI™ AI-driven neuroscience imaging and biomarker analytics technology platform, to help the biopharmaceutical industry develop treatments for neurological disease.

The growth in H1 is underpinned by four core commercial pillars driving success: new contract wins across a diversity of therapeutic areas and clinical trial phases; contract extensions; demand for diagnostic blood-based biomarker validation and continued scientific and AI-technology innovation. Together, these pillars underpin the key financial, commercial and market penetration milestones for 2026.

IXICO has made meaningful progress in strengthening the organisation. With the recent appointment of Tanya Voloshen as Chief Commercial Officer (as announced on 5 February 2026), based in Boston USA, I believe we have the executive leadership team and expertise to deliver on our ambitions. There will be a continued focus on expanding geographic depth and scale in core global markets such as Europe, the US and increasingly Asia.

During the period, the Group strengthened its thought leadership, expanding the Scientific Advisory Board with a focus on vascular biomarkers. The IXI™ platform was enhanced to support further studies and provide additional biomarker algorithms to projects across neurodegenerative conditions.  IXICO's scientific team remains very active in the scientific community, presenting at major conferences and publishing in peer-reviewed journals, with a focus on multimodal approaches integrating imaging and blood-based biomarkers to improve diagnosis and patient stratification.

A major highlight of H1 has been the continued evolution of our AI-driven precision medicine platform, IXI^TM.  Since its transition to a scalable, cloud-based architecture, the platform has become central to our strategy.  These advances further showcase that technology is at the heart of everything we do.

Through continuous innovation driven by our scientists, data experts, collaborations with leading researchers and hundreds of thousands of scans processed for our biopharma clients, the IXI^TM platform has become more powerful, with yet to be fully exploited intrinsic value.

The latest generation of IXI™ recognises our expansion into diagnostics, mechanistic disease understanding, patient selection/stratification and clinical decision support. A move made by building an agile and open platform in order for our company to easily partner with organisations working towards the same goal of bringing precision medicine solutions in an accelerated fashion to CNS diseases.

The TechBio Strategy -Positioning the Group for Scale

Beyond the strong financial and operational performance in H1, we have laid the groundwork for the next chapter of IXICO's evolution. The capital raise and associated TechBio accelerated growth strategy places the IXI™ platform at the centre of our strategy, enabling access to new markets, driving recurring revenue streams, improving margin potential, and uncovering currently unrecognised value in the Group's technology.

The TechBio strategy aims to increase IXICO's addressable market by enabling external organisations to directly access IXICO's technology via licensing, technology integration and partnering models.  The basis of the approach is to provide IXICO's data analytics capabilities, via the IXI™ platform, to a range of service providers that have significant access to customers but require the image analysis capabilities that IXICO can provide.  By adding IXI™ capabilities to their offering, the licence partners benefit from offering a highly valuable set of additional services to their customers.

As a first step towards this opportunity, and a firm precedent indicating industry appetite for the IXI™ platform, IXICO (as announced on 26 March 2026) entered a commercial and technology collaboration with Medidata, a Dassault Systèmes brand and leading global provider of clinical trial solutions to the life sciences industry.  The collaboration creates a unique neuroimaging data and analysis offering linking the IXI™ platform and its advanced neuroimaging analytics and biomarker algorithm capabilities, with Medidata's EDC platform to deliver a differentiated, unified user experience for biopharma customers. I am thrilled about this nascent collaboration and equally confident that this is only the beginning of a much deeper penetration in the ecosystem in which IXICO has built a reputation of innovation and excellence.

Post-period activity

The Group completed a capital raise of £10 million (£9.4 million after placing costs) on 27 April 2026 to support the Group's TechBio strategy to partner its IXI^TM platform within the wider ecosystem of CROs, CTMS and Clinical Healthcare providers.

Innovation and development of the IXI™ Platform has continued into H2, evidenced by the announcement made on 12 May 2026 relating to the latest 10.0 release of the Platform that brings increased capabilities particularly in data upload and image analysis speeds.  

Outlook for 2026

Continued revenue growth remains the defining achievement of the period and will be the core focus of activities in the second half. When I joined IXICO, I articulated a vision to transform the business into a growth-oriented organisation that better leveraged its technology and scientific pedigree.  The progress we have made in H1, coupled with the recent support from shareholders through the capital raise, provides early validation of that vision. Equally, I want to thank the dedicated and hard work of the team at IXICO, without whom none of the achievements in H1 would be remotely possible.  

Looking ahead to the second half of 2026, our priorities are clear. We remain focused on delivering on guidance of 15% revenue growth for the full year. While continuing to execute strongly in our core business, we will advance the next phase of our strategy by further developing our platform, expanding partnerships, laying the foundations for longer-term innovation, and positioning the Company to capitalise on emerging TechBio opportunities. 

Such activity will be focused on adapting the IXI™ platform to make it suitable to operate on third-party systems (integration, automation, and standardisation functionalities) while corporate development and commercial partnership resources will be expanded to maximise integration and commercialisation opportunities with third parties. This will be done with discipline and focus, ensuring the Group does not lose sight of its core strengths as we build this next chapter. There will also be a continued commitment to market leading innovation in biomarker development and image analysis for neurodegenerative diseases.

I would like to thank our shareholders for their continued support and for the mandate provided to pursue this strategy.  While the capital raise has reinforced our balance sheet, importantly it is not needed to sustain current operations, but is instead intended to enable IXICO to decisively accelerate execution of our strategic ambitions for the future.

In this first half of the year, we solidified our position and created the resources and organisation needed to move forward with confidence. IXICO has not only delivered growth but developed a clear diversified strategic direction for the continuation, expansion, and acceleration of that growth.  As a result, IXICO is now in a more stable and resilient position. We believe IXICO is well placed to deliver on its ambitions and create sustainable value in the years ahead. It is my expectation that the Group's underlying value will be underpinned by revenue growth, margin expansion, a disciplined path to profitability, and the intrinsic strength of our core technology platform.

Bram Goorden

CEO, IXCO plc

Financial Review

KPI	H1-26	H1-25	Movement		FY25
Revenue	£3.9m	£3.2m	£0.7m	á	£6.5m
Gross profit	£2.1m	£1.6m	£0.5m	á	£3.2m
Gross margin	53.2%	49.6%	3.6%	á	48.7%
EBITDA loss	(£0.5m)	(£0.7m)	£0.2m	á	(£1.3m)
Operating loss	(£1.6m)	(£0.9m)	(£0.7m)	â	(£2.6m)
Loss per share	(1.21p)	(1.11p)	(0.10p)	â	(1.85p)
Net assets	£10.7m	£12.3m	(£1.6m)	â	£11.7
Order book1	£18.1m	£13.1m	£5.0m	á	£13.8m
Cash2	£1.7m	£5.0m	(£3.3m)	â	£3.5m
Non-current asset investments	£0.5m	£0.3m	£0.2m	á	£1.1m

¹Order book is contracted but not yet recognised revenue adjusted down to reflect the Company's best estimate of delivery.

²Cash increased by £9.4 million in April 2026 reflecting the Group's capital raise (ex-costs) completed after the period end.

Revenue

·      The Group reports revenue of £3.9 million (H1 2025: £3.2m) representing a 23% increase on the equivalent prior period.

·      This revenue increase reflects:

o  a continued strengthening in new contract bookings across the first six months of FY26. This is underpinned by developments in the Company's scientific and commercial approach, an increase in opportunities within the Group's pipeline and several expansions of existing contracts; and

o  an increase in the relative proportion of analysis related revenues compared to the equivalent prior period.

·      Further revenue growth is anticipated as the Group seeks to increase its contract win rate in the areas of AD and PD following recent image analysis capability enhancements the Group has brought to its service offerings in these therapeutic indications.

Gross profit and margin

·      Gross profit for H1 2026 is £2.1 million (H1 2025: £1.6m) with a gross margin of 53.2% (H1 2025: 49.6%). 

·      The year-on-year increase reflects revenue growth, the relatively fixed nature of IXICO's costs of delivery, and a proportional increase in high-margin analysis revenues.

·      Gross profit is driven by the total revenues achieved, and the specific margins of the projects delivered (sales mix).  Later phase trials tend to deliver higher gross margins. As the Group wins more trials and increases the number of trials that are late stage, so the gross margin of the Group will further improve.

Operating expenses and capital expenditure

·      The Group's operating expenditure for H1 2026 is £3.3 million (H1 2025: £2.8m).

·      The Group has made specific, growth-targeted investments in its Innovate, Lead, Scale strategy.  These investments are designed to enhance the Group's service offering and drive commercial traction, especially in the therapeutic indications of AD and PD.

·      Capitalised R&D expenditure relating to staff costs in the period totalled £0.3 million (H1 2025: £0.2m). This reflects ongoing enhancement of the Group's IXI^TM platform.

EBITDA and operating loss

·      The Group reports an EBITDA loss of £0.5 million (H1 2025: £0.7m) and operating loss of £1.6 million (H1 2025: £0.9m). Increased revenues and gross margins have been offset by investments in the Innovate, Lead, Scale strategy.

·      Operating losses have increased because of:

o  a change in the treatment of the R&D tax credit, which in the equivalent prior period was reported within operating losses, but is excluded in the current period.  This increases operating losses by £0.5 million relative to the prior period; and

o  a £0.4 million impairment of retired elements of the IXI^TM platform that have been replaced by more recent enhancements.

·      With these adjustments removed, operating losses would have been £0.8m reflecting a like-for-like reduction in these losses of £0.2m compared to the prior period.

Impact of R&D tax credit accounting change and impairment on operating profit/loss	H1-26 £000	H1-25 £000
Operating loss	(1,611)	(929)
Impairment of intangible assets	369	-
Taxation	464	(69)
Adjusted operating loss	(778)	(998)

	H1-26 £000	H1-25 £000
Loss attributable to equity holders	(1,124)	(958)
Depreciation of tangible assets	87	123
Amortisation of intangible assets	167	85
Impairment of intangible assets	369	-
Interest on lease liabilities	12	7
Interest on cash held at bank	(35)	(47)
Taxation	(464)	69
EBITDA	(524)	(721)

Net Assets

·      The Group reports net assets at 31 March 2026 of £10.7 million (H1 2025: £12.3m). This includes a working capital position of £3.3 million (H1 2025: £5.6m) and a non-current asset position at £7.9 million (H1 2025: £6.8m).

Order book

·      The Group's order book totalled £18.1 million at 31 March 2026 (H1 2025: £13.1m). Across the last twelve months the order book has increased by £5.0 million reflecting £12.6 million of new contracts and contract value increases, offset by £7.2 million revenues recognised and £0.4 million of contract value reductions reflecting the cancellation or descope of contracts and other minor adjustments including foreign exchange movements.

·      The Group's order book includes contracted revenues equivalent to 95% of the current market expectation for FY26 revenues.  The Group expects to be at least in line with market expectations for revenues for the full year 2026.

Cash

·      The Group had a cash balance of £1.7 million at 31 March 2026 (H1 2025: £5.0m).

·      Operating cash outflows totalled £0.9 million (H1 2025: £0.9m) before accounting for timing differences relating to movements in receivables and payables.

·      Net cash outflows in respect of capital and financing costs totalled £0.6 million in the six months to 31 March 2026 (H1 2025: inflows of £3.4m).

·      As previously announced, the Group raised £9.4 million of new capital (net of placing costs) on 27 April 2026, after the period end. This capital will be invested in the Group's TechBio strategy, which builds on its Innovate Lead Scale strategy by leveraging the IXI^TM platform the Group has developed over recent years.

Non-current asset investments

·      The Group invested £0.5 million in non-current assets in the period (H1 2025: £0.3m).  This investment constitutes:

o  £0.3 million of capitalised employee costs in respect of development of the Group's IXI^TM platform.

o  £0.1 million of leasehold improvement costs, subsidised by the landlord, to upgrade the office.

o  £0.1 million of IT equipment and infrastructure costs.

Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2026 - unaudited

		31-Mar-26	31-Mar-25	30-Sep-25
		6 months	6 months	12 months
		Unaudited	Unaudited	Audited
	Notes	£000	£000	£000
Revenue		3,949	3,208	6,534
Cost of sales		(1,849)	(1,618)	(3,351)
Gross profit		2,100	1,590	3,183
Other income		-	287	15
Operating expenses
Research and development expenses		(778)	(626)	(1,328)
Sales and marketing expenses		(1,059)	(862)	(1,665)
General and administrative expenses		(1,504)	(1,318)	(2,759)
Total operating expenses		(3,341)	(2,806)	(5,752)
Asset impairment		(369)	-	-
Operating loss		(1,611)	(929)	(2,554)
Finance income		35	47	121
Finance expense		(12)	(7)	(16)
Loss on ordinary activities before taxation		(1,588)	(889)	(2,449)
Taxation		464	(69)	798
Loss attributable to equity holders for the period		(1,124)	(958)	(1,651)
Other comprehensive income/(expense):
Items that will be reclassified subsequently to profit or loss
Foreign exchange translation differences		-	2	-
Movement in fair value of cash flow hedges		-	(13)	28
Cash flow hedges recycled to revenue		-	11	(28)
Total other comprehensive income		-	-	-
Total comprehensive expense attributable to equity holders for the period		(1,124)	(958)	(1,651)
Loss per share (pence)
Basic loss per share	3	(1.21)	(1.11)	(1.85)
Diluted loss per share	3	(1.21)	(1.11)	(1.85)

Consolidated Statement of Financial Position
As at 31 March 2026 - unaudited

			31-Mar-26	31-Mar-25	30-Sep-25
			6 months	6 months	12 months
			Unaudited	Unaudited	Audited
		Notes	£000	£000	£000
Assets
Non-current assets
Property, plant and equipment			584	232	167
Intangible assets			7,027	6,547	7,183
Trade and other receivables			268	7	255
Total non-current assets			7,879	6,786	7,605
Current assets
Trade and other receivables			2,167	1,578	1,896
Current tax receivables			1,265	705	801
Cash and cash equivalents			1,675	5,010	3,537
Total current assets			5,107	7,293	6,234
Total assets			12,986	14,079	13,839
Liabilities and equity
Non-current liabilities
Trade and other payables			18	4	15
Lease liabilities			449	82	30
Total non-current liabilities			467	86	45
Current liabilities
Trade and other payables			1,693	1,507	1,908
Derivative financial liability			-	2	-
Lease liabilities			110	193	149
Total current liabilities			1,803	1,702	2,057
Total liabilities			2,270	1,788	2,102
Equity
Ordinary shares		4	927	927	927
Share premium		4	88,056	88,056	88,056
Merger relief reserve			1,480	1,480	1,480
Reverse acquisition reserve			(75,308)	(75,308)	(75,308)
Foreign exchange translation reserve			(97)	(95)	(97)
Cash flow hedge reserve			-	(2)	-
Capital redemption reserve			7,456	7,456	7,456
Accumulated losses			(11,798)	(10,223)	(10,777)
Total equity			10,716	12,291	11,737
Total liabilities and equity			12,986	14,079	13,839

Consolidated Statement of Changes in Equity
For the six months ended 31 March 2026 - unaudited

					Foreign	Cash
			Merger	Reverse	exchange	flow	Capital
	Ordinary	Share	relief	acquisition	translation	hedge	redemption	Accumulated
	shares	premium	reserve	reserve	reserve	reserve	reserve	Losses	Total
	£000	£000	£000	£000	£000	£000	£000	£000	£000
Balance at 1 October 2024	484	84,802	1,480	(75,308)	(97)	-	7,456	(9,353)	9,464
Total comprehensive income
Loss for the period	-	-	-	-	-	-	-	(1,651)	(1,651)
Other comprehensive expense:
Movement in cash flow hedges	-	-	-	-	-	28	-	-	28
Cash flow hedges recycled to revenue	-	-	-	-	-	(28)	-	-	(28)
Total comprehensive income/(expense)	-	-	-	-	-	-	-	(1,651)	(1,651)
Transactions with owners
Issue of shares	426	3,623	-	-	-	-	-	-	4,049
Transaction costs incurred on share issue		(369)							(369)
Charge in respect of share options	-	-	-	-	-	-	-	227	227
Exercise of share options	17	-	-	-	-	-	-	-	17
Total transactions with owners	443	3,254	-	-	-	-	-	227	3,924
Balance at 30 September 2025	927	88,056	1,480	(75,308)	(97)	-	7,456	(10,777)	11,737
Total comprehensive expense
Loss for the period	-	-	-	-	-	-	-	(1,124)	(1,124)
Total comprehensive expense	-	-	-	-	-	-	-	(1,124)	(1,124)
Transactions with owners
Charge in respect of share options	-	-	-	-	-	-	-	103	103
Total transactions with owners	-	-	-	-	-	-	-	103	103
Balance at 31 March 2026	927	88,056	1,480	(75,308)	(97)	-	7,456	(11,798)	10,716

Consolidated Statement of Cashflows
For the six months ended 31 March 2026 - unaudited

	31-Mar-26	31-Mar-25	30-Sep-25
	6 months	6 months	12 months
	Unaudited	Unaudited	Audited
	£000	£000	£000
Cash flows from operating activities
Loss for the period	(1,124)	(958)	(1,651)
Finance income	(35)	(47)	(121)
Finance expense	12	7	16
Taxation	(464)	69	(798)
Depreciation of fixed assets	88	103	197
Amortisation of intangibles	166	105	214
Impairment of intangibles	369	-	-
Research and development expenditure credit	-	(272)	-
Share option charge	103	88	227
	(885)	(905)	(1,916)
Changes in working capital
(Increase)/decrease in trade and other receivables	(277)	569	258
(Decrease)/increase in trade and other payables	(147)	165	161
Cash used in operations	(1,309)	(171)	(1,497)
Taxation received	-	-	490
Net cash used in operating activities	(1,309)	(171)	(1,007)
Cash flows from investing activities
Purchase of property, plant and equipment	(121)	(22)	(51)
Purchase of intangible assets including staff costs capitalised	(378)	(236)	(819)
Finance income	44	45	124
Net cash used in investing activities	(455)	(213)	(746)
Cash flows from financing activities
Issue of shares	-	4,066	3,697
Transaction costs incurred on share issue	-	(369)	-
Repayment of lease liabilities	(98)	(90)	(194)
Net cash (used in)/generated from financing activities	(98)	3,607	3,503
Movements in cash and cash equivalents in the period	(1,862)	3,223	1,750
Cash and cash equivalents at start of period	3,537	1,787	1,787
Effect of exchange rate fluctuations on cash held	-	-	-
Cash and cash equivalents at end of period	1,675	5,010	3,537

Notes to the financial statements

1.     Presentation of the financial statements

a.     General information

IXICO plc (the 'Company') is a public limited company incorporated in England and Wales and is admitted to trading on the AIM market of the London Stock Exchange under the symbol IXI. The address of its registered office is 4th Floor, Griffin Court, 15 Long Lane, London EC1A 9PN.

The Company is a parent of a number of subsidiaries, together referred to throughout as 'the Group'. The Group is an established provider of technology-enabled imaging services to the global biopharmaceutical industry. The Group's services are used to select patients for clinical trials and assess the safety and efficacy of new drugs in development within the field of neurological disease.

b.     Basis of preparation

The condensed consolidated interim financial statements were approved by the Board of Directors for issue on 19 May 2026. The condensed consolidated interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The condensed consolidated interim financial statements for the six months ended 31 March 2026, together with the comparative information for the six months ended 31 March 2025 are unaudited.

The statutory accounts of the Company for the year ended 30 September 2025 were approved by the Board of Directors on 8 December 2025 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.

The condensed consolidated interim financial statements comprise a Statement of Comprehensive Income, a Statement of Financial Position, a Statement of Changes in Equity, a Statement of Cash Flows, and accompanying notes. These financial statements have been prepared under the historical cost convention modified by the revaluation of certain financial instruments.

The condensed consolidated interim financial statements are presented in Great British Pounds ('£' or 'GBP') and are rounded to the nearest thousand unless otherwise stated. This is the functional currency of the Group, and is the currency of the primary economic environment in which it operates. Foreign currency transactions are accounted for in accordance with the policies set out below.

c.     Basis of consolidation

The condensed consolidated interim financial statements incorporate the accounts of the Company and its subsidiary companies adjusted to eliminate intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies.

The Group controls a subsidiary when the Group is exposed to, or has rights to, variable returns from its involvement with a subsidiary and has the ability to affect those returns through its power over a subsidiary. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account.

The results of subsidiary companies are included in the condensed consolidated interim financial statements from the date that control commences until the date that control ceases. The assets and liabilities of foreign operations are translated into GBP at exchange rates prevailing at the end of the reporting period. Income statements and cash flows of foreign operations are translated into GBP at average monthly exchange rates which approximate foreign exchange rates at the date of the transaction. Foreign exchange differences arising on retranslation are recognised directly in a separate translation reserve.

d.     Going concern

Following the £9.4 million capital raise (net of proceeds) completed on 27 April 2026 (after the period end), the Group is well capitalised to deliver on its strategic goals. This capital raise was supported by both existing and new institutional investors confirming strong alignment to the Group's strategy and was oversubscribed. The Group grew its revenues during the period and reduced its EBITDA losses and is supported by a strong balance sheet, with period end net assets of £10.7 million, a £1.7 million cash balance (increased by £9.4 million during April 2026), as well as an orderbook of £18.1 million, representing future contracted revenues.

In assessing going concern, management has prepared detailed sensitised forecasts which consider different scenarios across more than twelve months. These include the risk to current projects and expected future sales pipelines. The Directors have considered these forecasts, alongside the Group's strong balance sheet and cash balance as well as the ability for the Group to mitigate costs if necessary. After due consideration of these forecasts, the Directors concluded with confidence that the Group has adequate financial resources to continue in operation for the foreseeable future.

2.     Significant accounting policies, judgements, and estimation uncertainty

The unaudited condensed consolidated interim financial statements have been prepared using the accounting policies as described in the 30 September 2025 audited year end Annual Report and have been consistently applied.

When preparing the condensed consolidated interim financial statements, the Directors make a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.

Significant management judgements

The following are significant management judgements in applying the accounting policies of the Group that have the most significant effect on the consolidated financial statements.

Capitalisation of internally developed software

Distinguishing the research and development phases of a new software product and determining whether the requirements for the capitalisation of development costs are met requires judgement. Management assesses whether a project meets the recognition criteria as set out in IAS 38 based on an individual project basis. Where the criteria are not met, the research and development expenditure will be expensed in the Consolidated Statement of Comprehensive Income. Where the recognition criteria are met, the items will be capitalised as an intangible asset.

During the period ended 31 March 2026, research and development expenses totalled £1,127,000 (H1 2025: £861,000). Of this amount, £349,000 (H1 2025: £235,000) was capitalised as an intangible asset, £316,000 (H1 2025: £191,000) relating to employee costs and £33,000 (H1 2025: £44,000) relating to external costs. The balance of expenditure being £778,000 (H1 2025: £626,000) is recognised in the Consolidated Statement of Comprehensive Income as an expense.

2.     Significant accounting policies, judgements, and estimation uncertainty (continued)

Impairment of internally developed software

During the period, management determined that indicators of impairment existed for certain internally developed software assets. Assessing whether an impairment loss was required involved significant judgement, particularly in estimating the asset's recoverable amount in accordance with IAS 36. Management evaluated factors such as changes in expected usage and technological developments. An impairment charge of £369,000 (H1 2025: £nil) has been recognised in the period as a result of this assessment.

Recovery of deferred tax assets

Deferred tax assets have not been recognised for deductible temporary differences and tax losses. The Directors consider that there is not sufficient certainty that future taxable profits will be available to utilise those temporary differences and tax losses.

Estimation uncertainty

Information about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Changes to these estimations may result in substantially different results for the period.

Determination of transaction prices in revenue recognition

Client contracts include an agreed work order so the transaction price for a contract is allocated against distinct performance obligations for each service, based on their relative stand-alone selling prices. For legacy contracts prior to the adoption of IFRS 15, management were required to estimate the standalone price allocated to each distinct service that was previously grouped in a single price. For new contracts, the fair value of individual components is based on actual amounts charged by the Group on a stand-alone basis. Management have determined that for items recognised on a straight-line basis, including project, site and data management, the demands of this on the company are spread evenly over the life of the revenue stream. This was determined through an understanding of the work required to deliver the various revenue streams and the obligations within the contract needing to be met.

Share-based payments

The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value of the options granted is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted.

Useful lives of depreciable assets

The useful lives of depreciable assets are determined by management at the date of purchase based on the expected useful lives of the assets. These are subsequently monitored and reviewed annually and where there is objective evidence of changes in the useful economic lives, these estimates are adjusted. Any changes to these estimates may result in significantly different results for the period.

3.     Earnings per share

The calculation of basic and diluted earnings per share ('EPS') of the Group is based on the following data:

	31 Mar 26 6 months	31 Mar 25 6 months	30 Sep 25 12 months
	Unaudited	Unaudited	Audited
Earnings
Earnings for the purposes of basic and diluted EPS, being net profit attributable to the owners of the Company (£000)	(1,124)	(958)	(1,651)
Number of shares
Weighted average number of shares for the purposes of basic EPS	92,668,598	86,226,376	89,465,185
Weighted average number of shares for the purposes of diluted EPS	92,668,598	86,226,376	89,465,185

Basic earnings per share is calculated by dividing earnings attributable to the owners of the Company by the weighted average number of shares in issue during the period. The diluted EPS is calculated by dividing earnings attributable to the owners of the Company by the weighted average number of shares in issue taking into account the share options outstanding during the period. For the 6 months to 31 March 2026, there was no dilutive effect as the share options in issue would have decreased the loss per share.

The basic and diluted earnings per share for the Group and Company is:

	31 Mar 26 6 months	31 Mar 25 6 months	30 Sep 25 12 months
	Unaudited	Unaudited	Audited
Basic earnings per share	(1.21p)	(1.11p)	(1.85p)
Diluted earnings per share	(1.21p)	(1.11p)	(1.85p)

4.     Issued capital and reserves

Ordinary shares and share premium

The Company has one class of ordinary shares. The share capital issued has a nominal value of £0.01 and all carry the right to one vote at shareholders' meetings and are eligible to receive dividends. Share premium is recognised when the amount paid for a share is in excess of the nominal value.

The Group and Company's opening and closing share capital and share premium reserves are:

	Group and Company
	Ordinary	Share	Share
	shares	capital	premium
	Number	£000	£000
Authorised, issued and fully paid
At 30 September 2025	92,668,598	927	88,056
Share options exercised	-	-	-
At 31 March 2026	92,668,598	927	88,056

5.     Share-based payments

Certain Directors and employees of the Group hold options to subscribe for shares in the Company under share option schemes. There are 2 distinct structures to the share options in operation in the Group (H1 2025: 2). Both structures relate to a single scheme outlined in the EMI Share Option Plan 2014, which was subsequently renewed and updated in 2024 (the EMI Share Option Plan 2024).

The scheme is open, by invitation, to both Executive Directors and employees. Participants are granted share options in the Company which contain vesting conditions. These are subject to the achievement of individual employee and Group performance criteria as determined by the Board. The vesting period varies by award and the conditions approved by the Board. Options are usually forfeited if the employee leaves the Group before the options vest.

Total share options outstanding have a range of exercise prices from £0.01 to £0.70 per option and the weighted average contractual life is 8.6 years (H1 2025: 9.3 years). The total charge for the period relating to employee share-based payment plans for continuing operations was a charge of £103,000 (H1 2025: £88,000).

09 December 2025

Share options totalling 1,400,000 were granted on 9 December 2025 to employees of the Group with an exercise price of £0.01 and have performance conditions linked to retention and revenue growth over 3 years.

Details of the share options under the scheme outstanding during the period are as follows:

	As at 31 March 2026		As at 30 September 2025
	Number	Weighted average exercise price	Number	Weighted average exercise price
Outstanding at start of the period	13,135,937	£0.04	3,034,505	£0.12
Granted	1,400,000	£0.01	12,083,546	£0.02
Exercised	-	-	(1,695,717)	£0.01
Lapsed	(187,647)	£0.16	(286,397)	£0.19
Outstanding at end of the period	14,348,290	£0.03	13,135,937	£0.04
Exercisable at end of the period	2,684,772	£0.12	1,082,390	£0.29

 

END