15 October 2018
("IXICO" or the "Company")
Pre-Close Trading Update for year ended 30 September 2018
Revenue increased by 32% to £5.4m
Strong closing cash balance of £7.9m
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 £1.3 million or 32% to £5.4 million (2017: £4.1 million). Excluding the impact of foreign exchange, the underlying revenue of £5.1 million (2017: £3.8 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 £15.0 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 £6.0 million (2017: £4.8 million) as Other income of £0.6 million (2017: £0.6 million) was in line with the prior year.
Net cash at 30 September 2018 was £7.9 million (2017: £2.4 million) and reflected an over-subscribed placing of £5.5 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 £0.4 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:
Giulio Cerroni, Chief Executive Officer
Susan Lowther, Chief Financial Officer
Tel: +44 20 3763 7499
Shore Capital (Nomad and Broker)
Edward Mansfield/Anita Ghanekar/Daniel Bush
Tel: +44 20 7408 4090
FTI Consulting Limited (Investor Relations)
Simon Conway/Mo Noonan
Tel: +44 20 3727 1000
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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