IXICO plc Update for first half of year ending 31 March 2019 (0090X)

TIDMIXI

RNS Number : 0090X

IXICO plc

25 April 2019

25th April 2019

IXICO plc

("IXICO" or the "Company")

Trading update for the first half of financial year ending 31 March 2019

On track to deliver robust revenue growth from GBP21.2m order book

Strong closing cash balance of GBP7.5m as at 31 March 2019

IXICO plc (AIM: IXI), the data analytics company delivering insights in neuroscience, today provides an update ahead of results for the six months ended 31 March 2019. Comparatives reflect early adoption of IFRS15.

Highlights:

-- Reported revenues expected to be GBP3.43m for 6 months to 31 March 2019 (2018: GBP2.82m) representing growth of 22%.

-- Strong closing cash balance of GBP7.5m as at 31 March 2019, includes the GBP5.5m oversubscribed placement in May 2018 (2018: GBP2.7m).

   --    Order book* stood at GBP21.2m as at 31 March 2019. 

On the basis of the revenues for the first half, the Company remains confident that revenues for the full year to 30 September 2019 will be in line with market expectations of GBP6.6m. This would represent an increase of 22% over the prior year's reported revenue of GBP5.4m.

The Company's first half results will be released on 22 May 2019.

Giulio Cerroni, CEO of IXICO, said: "We entered the 2019 financial year with an order book of GBP19.3m in value. This was as a result of winning a number of new significant contracts in 2018, including a large Phase III Huntington's disease contract valued at GBP9.1m to be delivered over four years. The relevance of this contract to IXICO is not only that it provides good visibility to future revenues, but also an exemplar of the confidence that the biopharmaceutical industry has with IXICO to deliver our specialist technology services in larger and more complex clinical trial studies. In the first six months of the 2019 financial year, this momentum in building our order book has continued and we have been awarded further new contracts with a value of GBP5.2m from our healthy pipeline of opportunities. These new contracts are from expanding projects with existing clients and also new projects with new clients in a broadening range of neurological diseases. This robust order book is expected to enable us to deliver on the +20% revenue growth targets we have set for the business.

"Our data analytics focused strategy of deploying our proprietary AI algorithms in both current and adjacent therapeutic areas continues to drive market penetration and we are well capitalised to fund further organic growth initiatives to provide valuable new technology solutions to our clients. Investments in our technology platform and our staff are delivering operational efficiencies and cost-effective solutions so that we continue to benefit from increased demand for our specialist data analytics services."

* Order book is contracted but unrecognised revenue

For further information please contact:

 
 IXICO plc                                        [phone] 
 Giulio Cerroni, Chief Executive Officer 
 
 Cenkos Securities PLC (Nominated adviser 
  and sole broker)                                [phone] 
 Giles Balleny / Max Gould (Corporate Finance) 
 Michael F Johnson / Russell Kerr (Sales) 
 
   Optimum Strategic Communications                 [phone] 
 Mary Clark / Anne Marieke Ezendam / Supriya 
  Mathur 
 [e-mail] 
 

About IXICO

IXICO is dedicated to delivering insights in neuroscience. Our mission is to transform the progression of our biopharmaceutical clients' neurological therapeutic pipelines through the application of novel imaging and digital biomarkers.

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

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).

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 [e-mail] or visit www.rns.com.

END

TSTEAKLLADXNEFF

(END) Dow Jones Newswires

April 25, 2019 02:00 ET (06:00 GMT)