IXICO plc Pre-Close Trading Update (9390D)

TIDMIXI

RNS Number : 9390D

IXICO plc

15 October 2018

15 October 2018

IXICO plc

("IXICO" or the "Company")

Pre-Close Trading Update for year ended 30 September 2018

Revenue increased by 32% to GBP5.4m

Strong closing cash balance of GBP7.9m

IXICO plc (AIM: IXI), the data science company delivering insights in neuroscience, today provides the following pre-close trading update ahead of its preliminary results for the year ended 30 September 2018.

The Company is pleased to announce that revenue increased by GBP1.3 million or 32% to GBP5.4 million (2017: GBP4.1 million). Excluding the impact of foreign exchange, the underlying revenue of GBP5.1 million (2017: GBP3.8 million) increased by 34%. This revenue growth included an expansion of medical imaging services provided to global pharmaceutical clients in new and existing projects, together with preliminary revenue from wearable biosensor projects.

During the year the Company announced several new multi-year contracts which are worth a combined total of over GBP15.0 million, including a Phase III contract signed at the end of the financial year. These new contracts and existing projects, provide a foundation for future revenue growth.

Total income increased by 25% to GBP6.0 million (2017: GBP4.8 million) as Other income of GBP0.6 million (2017: GBP0.6 million) was in line with the prior year.

Net cash at 30 September 2018 was GBP7.9 million (2017: GBP2.4 million) and reflected an over-subscribed placing of GBP5.5 million in May 2018, which will be used to accelerate the Company's commercially led growth strategy. Second half cash inflows also included R&D tax credit receipt of GBP0.4 million and reimbursement of grant costs.

The Company anticipates that its preliminary results to 30 September 2018 will be announced on 4 December 2018.

For further information please contact:

 
 IXICO plc 
  Giulio Cerroni, Chief Executive Officer         Tel: [phone] 
  Susan Lowther, Chief Financial Officer 
 
 Shore Capital (Nomad and Broker)               Tel: [phone] 
  Edward Mansfield/Anita Ghanekar/Daniel Bush 
 
 FTI Consulting Limited (Investor Relations)    Tel: [phone] 
  Simon Conway/Mo Noonan 
 

About IXICO

IXICO is dedicated to delivering insights in neuroscience. Our mission is to transform the progression of our clients' neurodegenerative therapeutic pipeline through the application of novel medical imaging and mobile health digital technologies.

IXICO's specialist data analytics services are used by the global pharmaceutical industry to interpret brain scan data and digital biomarkers to enable better trial design, site qualification, patient selection and clinical outcomes. We provide technology-enabled services across all phases of clinical trial process 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

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October 15, 2018 02:00 ET (06:00 GMT)