logo-loader
viewIXICO PLC

Half Yearly Report to 31 March 2019

/**/ sup{font-size:80%}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;}link{ color: blue }visited{ color: purple } .aw{size:595.3pt 841.9pt;margin:36.0pt 36.0pt 36.0pt 36.0pt;}div.aw{}p.ig{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align: right}span.ie{font-size: 11.0pt;font-family:"Calibri","sans-serif"}p.ih{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight: bold; text-align: center}span.ic{font-size:14.0pt;font-family:"Calibri","sans-serif"}p.ii{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight: bold; text-align: justify; text-justify: inter-ideograph}span.ia{font-size:11.0pt;font-family:"Calibri","sans-serif"}span.hy{font-size:11.0pt;font-family:"Calibri","sans-serif";color:black}p.a,li.a,div.a{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";} p.ij{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify;text-justify:inter-ideograph}p.ik{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 6.0pt; text-align: justify; text-justify: inter-ideograph}p.il{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:6.0pt;margin-left:18.0pt;text-align:justify;text-justify:inter-ideograph; text-indent:-18.0pt}span.hv{font-size:11.0pt;font-family:Symbol}p.im{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:6.0pt;margin-left:18.0pt;text-align:justify;text-justify:inter-ideograph; text-indent:-18.0pt}p.in{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:6.0pt;margin-left:18.0pt;text-align:justify;text-justify:inter-ideograph}p.io{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:3.0pt;margin-left:18.0pt;text-align:justify;text-justify:inter-ideograph; text-indent:-18.0pt}p.ip{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:3.0pt;margin-left:18.0pt;text-align:justify;text-justify:inter-ideograph; text-indent:-18.0pt}span.hr{font-size:11.0pt;font-family:Symbol; color:black}span.hq{color:black} span.hp{font-size:11.0pt;font-family:"Calibri","sans-serif"; color:black}p.iq{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:3.0pt;margin-left:18.0pt;text-align:justify;text-justify:inter-ideograph; text-indent:-18.0pt}p.ir{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:6.0pt;text-align:justify;text-justify: inter-ideograph}p.is{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-div: italic; margin-bottom: 6.0pt; text-align: justify; text-justify: inter-ideograph}span.hm{color:red}span.hl{font-size:11.0pt;font-family:"Calibri","sans-serif";color:red}span.it{font-size:11.0pt;font-family:"Calibri","sans-serif"; color:black}br.hk{page-break-before:always}p.iu{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight: bold}table.iv{width:521.65pt;margin-left:-5.4pt;border-collapse:collapse} td.hh{width:170.6pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}p.iw{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 3.0pt; text-align: justify; text-justify: inter-ideograph}td.hf{width:57.25pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}p.ix{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin-bottom: 3.0pt; text-align: right}td.he{width:57.25pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.hc{width:170.6pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}p.iy{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-div: italic; margin-bottom: 3.0pt; text-align: justify; text-justify: inter-ideograph}td.ha{width:57.25pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}p.iz{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-div: italic; margin-bottom: 3.0pt; text-align: right}td.gz{width:57.25pt;border:none; padding:0cm 5.4pt 0cm 5.4pt} p.ja{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:3.0pt;text-align:justify;text-justify: inter-ideograph}p.jb{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom: 3.0pt; text-align: right}td.gw{width:170.6pt;padding:0cm 5.4pt 0cm 5.4pt}td.gv{width:57.25pt;padding:0cm 5.4pt 0cm 5.4pt}td.gu{width:57.25pt;padding:0cm 5.4pt 0cm 5.4pt}table.jc{margin-left:-5.4pt;border-collapse:collapse}td.gs{padding:0cm 5.4pt 0cm 5.4pt}p.jd{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:3.0pt;margin-left:54.0pt;text-align:justify;text-justify:inter-ideograph; text-indent:-18.0pt}span.gq{font-size:11.0pt;font-family:"Courier New"}p.je{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:3.0pt;margin-left:54.0pt;text-align:justify;text-justify:inter-ideograph; text-indent:-18.0pt} p.jf{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm; margin-bottom:3.0pt;margin-left:54.0pt;text-align:justify;text-justify:inter-ideograph; text-indent:-18.0pt}p.jg{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:17.85pt;text-align:justify; text-justify:inter-ideograph}td.gn{width:201.8pt;padding:0cm 5.4pt 0cm 5.4pt}td.gm{width:31.7pt;padding:0cm 5.4pt 0cm 5.4pt}td.gk{width:68.55pt;padding:0cm 5.4pt 0cm 5.4pt}p.jh{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight: bold; text-align: right}td.gj{width:201.8pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.gi{width:31.7pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.gh{width:68.55pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}p.ji{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-div: italic; text-align: right} td.gf{width:201.8pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.ge{width:31.7pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.gd{width:68.55pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.gc{width:201.8pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.gb{width:31.7pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ga{width:68.55pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}span.fz{font-size:10.0pt;font-family:"Calibri","sans-serif"}td.fy{width:184.8pt;padding:0cm 5.4pt 0cm 5.4pt}td.fx{width:26.35pt;padding:0cm 5.4pt 0cm 5.4pt}td.fw{width:26.05pt;padding:0cm 5.4pt 0cm 5.4pt} td.fv{width:65.75pt;padding:0cm 5.4pt 0cm 5.4pt}td.fu{width:184.8pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ft{width:26.35pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.fs{width:26.05pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.fr{width:65.75pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.fq{width:184.8pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.fp{width:26.35pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.fo{width:26.05pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.fn{width:65.75pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.fm{width:184.8pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt} td.fl{width:26.35pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.fk{width:26.05pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.fj{width:65.75pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}br.fi{page-break-before: always}td.fh{width:88.65pt;padding:0cm 5.4pt 0cm 5.4pt}td.fg{width:47.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.ff{width:50.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.fe{width:49.95pt;padding:0cm 5.4pt 0cm 5.4pt}td.fd{width:60.05pt;padding:0cm 5.4pt 0cm 5.4pt}td.fc{width:88.65pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt} td.fb{width:47.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.fa{width:50.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ez{width:49.95pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ey{width:60.05pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ex{width:88.65pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.ew{width:47.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.ev{width:60.05pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.eu{width:88.65pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.et{width:47.0pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.es{width:50.0pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt} td.er{width:49.95pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.eq{width:60.05pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ep{width:50.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.eo{width:49.95pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.en{width:233.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.em{width:9.05pt;padding:0cm 5.4pt 0cm 5.4pt}td.el{width:233.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ek{width:9.05pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ej{width:233.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.ei{width:9.05pt;border:none;padding:0cm 5.4pt 0cm 5.4pt} td.eh{width:233.0pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt}td.eg{width:9.05pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt}td.ef{width:68.55pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt}p.jj{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-div: italic; text-align: justify; text-justify: inter-ideograph}p.jk{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-div: italic; font-weight: bold; text-align: justify; text-justify: inter-ideograph}p.jl{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-div: italic}.eb{font-div: italic}p.jm{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";font-div: italic; font-weight: bold}span.dz{font-size:11.0pt;font-family: "Calibri","sans-serif"}td.dy{width:301.05pt;padding:0cm 5.4pt 0cm 5.4pt} td.dx{width:60.1pt;padding:0cm 5.4pt 0cm 5.4pt}td.dw{width:301.05pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.dv{width:60.1pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.du{width:301.05pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.dt{width:60.1pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ds{width:301.05pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.dr{width:60.1pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.dq{width:60.1pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.dp{width:301.05pt;border:none;border-bottom: solid windowtext 1.5pt;padding:0cm 5.4pt 0cm 5.4pt}td.do{width:60.1pt;border:none;border-bottom:solid windowtext 1.5pt; padding:0cm 5.4pt 0cm 5.4pt} td.dn{width:130.95pt;padding:0cm 5.4pt 0cm 5.4pt}td.dm{width:3.4pt;padding:0cm 5.4pt 0cm 5.4pt}td.dl{width:53.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.dk{width:67.15pt;padding:0cm 5.4pt 0cm 5.4pt}td.dj{width:88.45pt;padding:0cm 5.4pt 0cm 5.4pt}td.di{width:43.05pt;padding:0cm 5.4pt 0cm 5.4pt}td.dh{width:130.95pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt}td.dg{width:3.4pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt}td.df{width:53.0pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt}td.de{width:67.15pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt} td.dd{width:88.45pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt}td.dc{width:43.05pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt}td.db{width:130.95pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.da{width:3.4pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.cz{width:53.0pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.cy{width:67.15pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.cx{width:88.45pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.cw{width:43.05pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.cv{width:130.95pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.cu{width:3.4pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt} td.ct{width:53.0pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.cs{width:67.15pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.cr{width:88.45pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.cq{width:43.05pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.cp{width:130.95pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.co{width:3.4pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.cn{width:53.0pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.cm{width:67.15pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.cl{width:88.45pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ck{width:43.05pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt} span.av{}span.cj{font-size:11.0pt; font-family:"Calibri","sans-serif"}td.ci{width:265.65pt;padding:0cm 5.4pt 0cm 5.4pt}td.ch{width:74.25pt;padding:0cm 5.4pt 0cm 5.4pt}td.cg{width:265.65pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.cf{width:74.25pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.ce{width:67.15pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.cd{width:265.65pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.cc{width:74.25pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.cb{width:265.65pt;border:none;padding:0cm 5.4pt 0cm 5.4pt} td.ca{width:74.25pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}tr.bv{height:11.35pt}td.bz{width:162.1pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.by{width:74.25pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.bx{width:45.9pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.bw{width:54.4pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.bu{width:162.1pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.bt{width:74.25pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.bs{width:45.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.br{width:54.4pt;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt} td.bq{width:162.1pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.bp{width:162.1pt;border:none;padding: 0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.bo{width:74.25pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.bn{width:45.9pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.bm{width:54.4pt;border:none;padding:0cm 5.4pt 0cm 5.4pt; height:11.35pt}td.bl{width:162.1pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.bk{width:74.25pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.bj{width:45.9pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}td.bi{width:54.4pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt;height:11.35pt}table.jn{width:518.65pt;margin-left:-5.4pt;border-collapse:collapse} td.bh{width:201.85pt;padding:0cm 5.4pt 0cm 5.4pt}td.bg{width:136.5pt;padding:0cm 5.4pt 0cm 5.4pt}td.bf{width:147.9pt;padding:0cm 5.4pt 0cm 5.4pt}td.be{width:57.15pt;padding:0cm 5.4pt 0cm 5.4pt}td.bd{width:201.85pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt}td.bc{width:57.15pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.bb{width:201.85pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.ba{width:57.15pt;border:none;padding:0cm 5.4pt 0cm 5.4pt}td.az{width:201.85pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.ay{width:57.15pt;border:none;border-top:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt} /**/
RNS Number : 7534Z
IXICO plc
22 May 2019
 

22nd May 2019

IXICO plc

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

 

Half Yearly Report to 31 March 2019

 

£3.4M H1 2019 Revenue

22% revenue growth on H1 2018

£21.2M order book

Breakeven

Strong closing cash balance of £7.5M

 

IXICO plc (AIM: IXI), the data analytics company delivering insights in neuroscience, today announces its unaudited interim results for the six months ended 31 March 2019.

 

Highlights

 

Commercial and Operational

·    £5.2M new and expanded contracts won across H1 2019.

·    Strong contracted order book of £21.2M* as at 31 March 2019.

·    Broadened expertise in neurological disease areas and diversification of biopharmaceutical clients.

·    Chosen as partner for King's College London's UK Government-funded Medical Imaging & Artificial Intelligence Centre.

 

Financial                                                                                 

·    Revenue of £3.4M; 22% increase on prior period (H1 2018: £2.8M**).

·    Revenue excluding foreign exchange of £3.3M*; 21% increase on prior period (H1 2018: £2.7M**).

·    Gross margin expanded by +610 bps** over H1 2018 to 66.3%.

·    EBITDA of £0.1M driven by strong operational leverage at gross margin level (H1 2018: negative £0.4M**).

·    Operating profit of £0.1M (H1 2018: loss of £0.5M**).

·    Profit per share of 0.5p (H1 2018: negative 1.5p**).

·    Closing cash of £7.5M.

 

*Calculated using the fixed foreign exchange at the time of contract signing for each individual multi-year contract.

**Adjusted to reflect the adoption of IFRS 15 'Revenue from Contracts with Customers'.

 

Giulio Cerroni, CEO of IXICO, said: "The first half of 2019 has been another period of significant progress. We have delivered on our first half financial targets, whilst developing our investment plans to ensure a strong full-year 2019 and beyond.  You can clearly see the impact of our strategy in our revenue growth of 22% and continued strong gross margin performance.  This points to the strength of the underlying business fundamentals and our growing position in an attractive market environment, delivering high value data analytics to our pharmaceutical and biotechnology clients.  In the second half of 2019 we expect to accelerate the pace of our investment to enable further scale up in support of our long-term growth plans.   

 

We entered the 2019 financial year with a contracted order book of £19.3M following a number of significant contract wins. This momentum in building our order book, whilst delivering strong revenue performance, has continued and, year to date, we have secured additional contract wins with a value of £5.2M.  These contracts are a mix of contract extensions and additions with existing clients and new client wins in a broadened range of neurological diseases. The order book, £21.2M at H1, supports our expectation to deliver +20% revenue growth across 2019 and provides an extremely strong basis for continued growth and progress towards profitability.

 

Our proprietary imaging and digital biomarker data analytics offering, with a focus on deploying proprietary AI algorithms in both current and adjacent neurological therapeutic areas, continues to drive market penetration as well as an expanded client-base.  We are well-capitalised, enabling further investments in our technology platform and staff resources to build on our strong client relationships. We expect to continue to deliver on our financial targets by providing enhanced value to our clients, whilst delivering strong gross margins associated with a premium technology service business."

 

 

For further information please contact:

 

IXICO plc

Giulio Cerroni, Chief Executive Officer                                                               +44 (0) 20 3763 7498

 

Cenkos Securities PLC (Nominated adviser and sole broker)

Giles Balleny / Max Gould (Corporate Finance)                                                +44 (0) 20 7397 8900

Michael F Johnson / Russell Kerr (Sales)

 

Optimum Strategic Communications (Investor Relations)

Mary Clark / Anne Marieke Ezendam / Supriya Mathur                                 +44 (0) 203 950 9144

[email protected]

 

 

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
 

CHIEF EXECUTIVE OFFICER'S STATEMENT

 

Delivering our commercially led growth strategy

 

Across the past six months, we have won £5.2M of new contracts and reported revenue of £3.4M (including foreign exchange impact).  This continues the Company's strong progress in growing revenue now and for the future.  At the 31 March 2019, our contracted order book totalled £21.2M (YE 2018: £19.3M).

 

Underlining this achievement is our ability to report breakeven EBITDA for the half-year period, driven by double-digit year-on-year revenue growth for the fifth successive half year and operational leverage being realised within the business.

 

This is a direct consequence of our ability to combine our deep therapeutic expertise with proven AI technology for measuring brain disease imaging and digital biomarkers.  Our track record of successfully partnering with large pharmaceutical and emerging biotech companies in delivering global clinical trials is providing the traction required for continuous growth in an expanding market.

 

Investing to grow

 

We are now preparing for the next phase of our strategy, which we believe will underpin our projected continuation of significant revenue growth for the years ahead.  We will accelerate investment in the company to strengthen our ability to maximise the commercial opportunities available.  This investment includes the appointment of personnel (including a new CFO and a strengthened business development team) whilst also developing new markets and new channel partnerships. We expect the R&D and Sales and Marketing spend to increase in the second half of 2019.

 

In addition, we are planning to make capital investments in our data and imaging technology infrastructure within 2019 and into 2020 to ensure we are able to deliver the further anticipated growth in our order book.  The investment programme is aimed at ensuring that we execute on our commercially led growth strategy, whilst ensuring we establish a leading market position for the long term.

 

 

 

Financial Review

KPIs

H1-19

H1-18

Movement

FY2018

FY2017

  Revenue excluding foreign exchange

£3.3M

£2.7M*

+21%

£5.2M

£3.7M

  Foreign exchange

£0.1M

£0.1M

-

£0.2M

£0.4M

 Revenue

£3.4M

£2.8M*

+22%

£5.4M

£4.1M

 Gross margin

66.3%

60.2%*

+610 bps

58.8%

56.4%

 EBITDA profit/(loss)

£0.1M

£(0.4)M*

+£0.5M

£(0.6)M

£(1.4)M

 Operating profit/(loss)

£0.1M

£(0.5)M*

+£0.6M

£(0.8)M

£(1.9)M

 Income per head

£113K

£104K*

+9%

£95K

£78K

 Profit/(loss) per share

0.5p

(1.5)p*

+2.0p

(2.0)p

(5.7)p

 Cash

£7.5M

£2.7M

+£4.8M

£7.9M

£2.4M

*Adjusted to reflect the adoption of IFRS 15 'Revenue from Contracts with Customers'

Revenue KPIs are reported at actual exchange rates ('Revenue') and at the foreign exchange rate fixed at the time of contract signing for each individual multi-year contract ('Revenue excluding foreign exchange').  Doing so demonstrates the performance of the Company, excluding the impact of subsequent foreign exchange movements.

 

Revenue

Revenue of £3.4 million, 22% increase on prior period (H1 2018: £2.8 million*).

Revenue excluding foreign exchange of £3.3 million, 21% increase on prior period (H1 2018: £2.7 million*).

Robust order book; enabling continued delivery of year-on-year revenue growth:

FY2017: +34%

FY2018: +32%

H1-19: +22%

Revenue generated from data analytics combined with clinical trials support services over multi-year contracts across all phases of clinical development with leading biopharmaceutical companies.

 

Gross margin

Gross margin of 66.3%, +610 bps* and +750 bps improvement on H1 2018 and FY2018 respectively, due to increased revenue, operational efficiencies and service mix.

 

Operating expenses

Unchanged at £2.5 million. H1 2018 included non-recurring expense of £0.3 million in respect of May 2018 capital placing costs which were subsequently capitalised.

Adjusting for these costs, operating expenses increased by £0.3 million on H1 2018, from investment in building scale and capabilities to drive growth by strengthening leadership, functional teams and systems.

 

EBITDA

EBITDA of £0.1 million improved upon H1 2018 EBITDA loss of £0.4 million* reflecting increased revenue and gross margins.

 

Cash

Closing cash of £7.5 million, the increase on H1 2018 is including the £5.5 million gross placing in May 2018.

Operating cash outflows of £0.3 million compared with inflows of £0.3 million across H1 2018 due to phasing of project advance payments.

 

Consolidated Statement of Comprehensive Income

for the six months ended 31 March 2019 - unaudited

 

 

 

Six months ended

31 March 2019

Six months ended

31 March 2018

Year ended

30 September 2018

 

 

£'000

£'000

£'000

 

Note

unaudited

unaudited

audited

 

 

 

Adjusted*

 

 

 

 

 

 

Revenue

 

3,426

2,817

5,394

 

 

 

 

 

Cost of sales

 

(1,155)

(1,120)

(2,221)

Gross profit

 

2,271

1,697

3,173

 

 

 

 

 

Other income

 

303

300

562

 

 

 

 

 

Operating expenses

 

 

 

 

Research and development expenses

 

(458)

(582)

(1,033)

Sales and marketing expenses

 

(406)

(322)

(754)

General and administrative expenses

 

(1,605)

(1,274)

(2,745)

Non-recurring administrative expenses

3

-

(332)

-

Total operating expenses

 

(2,469)

(2,510)

(4,532)

 

 

 

 

 

Operating profit / (loss)

 

105

(513)

(797)

 

 

 

 

 

Finance income

 

1

-

4

Finance expense

 

-

(1)

-

Profit / (loss) on ordinary activities before taxation

 

106

(514)

(793)

 

 

 

 

 

Taxation

 

109

95

125

Profit / (loss) attributable to equity holders for the period

 

215

(419)

(668)

 

 

 

 

 

Other comprehensive expense:

 

 

 

 

Foreign exchange translation differences

 

-

1

(1)

Total other comprehensive expense

 

-

1

(1)

 

 

 

 

 

Total comprehensive income / (expense) attributable to equity holders for the period

 

215

(418)

(669)

 

 

 

 

 

 

Profit / (loss) earnings per share (pence)

4

 

 

 

Basic profit / (loss) per share

 

0.5

(1.5)

(2.0)

Diluted profit / (loss) per share

 

0.5

(1.5)

(2.0)

 

* Revenue reflects adoption of IFRS 15 'Revenue from Contracts with Customers' which is set out in note 2 of the condensed consolidated interim financial statement.
 

Consolidated Statement of Financial Position

as at 31 March 2019 - unaudited

 

 

 

 

As at

31 March 2019

As at

31 March 2018

As at 30 September 2018

 

 

 

£'000

£'000

£'000

 

 

 

unaudited

unaudited

audited

 

 

 

 

Adjusted*

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

Property, plant and equipment

 

 

129

80

77

Intangible assets

 

 

51

80

32

Total non-current assets

 

 

180

160

109

 

 

 

 

 

 

Current assets

 

 

 

 

 

Trade and other receivables

 

 

2,077

1,472

2,140

Current tax receivable

 

 

415

575

229

Cash and cash equivalents

 

 

7,453

2,699

7,861

Total current assets

 

 

9,945

4,746

10,230

 

 

 

 

 

 

Total assets

 

 

10,125

4,906

10,339

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

 

 

2,550

2,550

3,013

Total current liabilities

 

 

2,550

2,550

3,013

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Deferred tax liabilities

 

 

-

10

-

Total non-current liabilities

 

 

-

10

-

 

 

 

 

 

 

Equity

 

 

 

 

 

Ordinary shares

 

 

7,923

7,727

7,923

Share premium

 

 

84,389

79,421

84,389

Merger relief reserve

 

 

1,480

1,480

1,480

Reverse acquisition reserve

 

 

(75,308)

(75,308)

(75,308)

Translation reserve

 

 

(80)

(78)

(80)

Accumulated losses

 

 

(10,829)

(10,896)

(11,078)

Total equity

 

 

7,575

2,346

7,326

 

 

 

 

 

 

Total liabilities and equity

 

 

10,125

4,906

10,339

 

*Trade and other payables and accumulated losses reflect adoption of IFRS 15 'Revenue from Contracts with Customers' which is set out in note 2 of the condensed consolidated interim financial statements.
 

Consolidated Statement of Changes in Equity

for the six months ended 31 March 2019 - unaudited

 

Six months ended

31 March 2019

Ordinary shares

Share premium

Merger relief reserve

Reverse acquisition reserve

Foreign

exchange

translation

reserve

Accumulated losses

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

unaudited

unaudited

unaudited

unaudited

unaudited

unaudited

unaudited

Balance at 1 October 2018

7,923

84,389

1,480

(75,308)

(80)

(11,078)

7,326

 

 

 

 

 

 

 

 

Total comprehensive income

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

-

215

215

Total comprehensive income

-

-

-

-

-

215

215

 

 

 

 

 

 

 

 

Transactions with owners

 

 

 

 

 

 

 

Charge in respect of share options

-

-

-

-

-

34

34

Total transactions with owners

-

-

-

-

-

34

34

 

 

 

 

 

 

 

 

Balance at 31 March 2019

7,923

84,389

1,480

(75,308)

(80)

(10,829)

7,575

 

 

 

Consolidated Statement of Changes in Equity

for the six months ended 31 March 2019 - unaudited (continued)

 

Six months ended

31 March 2018

Ordinary shares

Share premium

Merger relief reserve

Reverse acquisition reserve

Foreign

exchange

translation

reserve

Accumulated losses

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

unaudited

unaudited

unaudited

unaudited

unaudited

unaudited

unaudited

Balance at 1 October 2017 - previously reported

7,727

79,421

1,480

(75,308)

(79)

(10,326)

2,915

Adjustment from the adoption of IFRS 15

-

-

-

-

-

(226)

(226)

Adjusted Balance at 1 October 2017

7,727

79,421

1,480

(75,308)

(79)

(10,552)

2,689

 

 

 

 

 

 

 

 

Total comprehensive expense

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

(419)

(419)

Other comprehensive expense:

 

 

 

 

 

 

 

Foreign exchange translation differences

-

-

-

-

1

-

1

Total comprehensive expense

-

-

-

-

1

(419)

(418)

 

 

 

 

 

 

 

 

Transactions with owners

 

 

 

 

 

 

 

Charge in respect of share options

-

-

-

-

-

75

75

Total transactions with owners

-

-

-

-

-

75

75

 

 

 

 

 

 

 

 

Balance at 31 March 2018

7,727

79,421

1,480

(75,308)

(78)

(10,896)

2,346

 

 

 

 

Consolidated Statement of Changes in Equity

for the six months ended 31 March 2019 - unaudited (continued)

 

Year ended

30 September 2018

Ordinary shares

Share premium

Merger relief reserve

Reverse acquisition reserve

Foreign

exchange

translation

reserve

Accumulated losses

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 1 October 2017

7,727

79,421

1,480

(75,308)

(79)

(10,326)

2,915

Adjustment from the adoption of IFRS 15

-

-

-

-

-

(226)

(226)

Adjusted Balance at 1 October 2017

7,727

79,421

1,480

(75,308)

(79)

(10,552)

2,689

 

 

 

 

 

 

 

 

Total comprehensive expense

 

 

 

 

 

 

 

Loss for the period

-

-

-

-

-

(668)

(668)

Other comprehensive expense:

 

 

 

 

 

 

 

Foreign exchange translation differences

-

-

-

-

(1)

-

(1)

Total comprehensive expense

-

-

-

-

(1)

(668)

(669)

 

 

 

 

 

 

 

 

Transactions with owners

 

 

 

 

 

 

 

Charge in respect of share options

-

-

-

-

-

142

142

Exercise of share options

-

4

-

-

-

-

4

Proceeds from shares issued

196

5,304

-

-

-

-

5,500

Transaction costs for issue of shares

-

(340)

-

-

-

-

(340)

Total transactions with owners

196

4,968

-

-

-

142

5,306

 

 

 

 

 

 

 

 

Balance at 30 September 2018

7,923

84,389

1,480

(75,308)

(80)

(11,078)

7,326

 

Consolidated Statement of Cash Flows

for the six months ended 31 March 2018 - unaudited

 

 

 

Six months ended

31 March 2019

Six months ended

31 March 2018

Year ended

30 September 2018

 

 

£'000

£'000

£'000

 

 

unaudited

unaudited

audited

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

Profit / (loss) for the period

 

215

(419)

(668)

Finance income

 

1

-

4

Taxation

 

(109)

(95)

(125)

Depreciation

 

19

21

38

Amortisation of acquired intangibles

 

12

55

114

Research and development expenditure credit

 

(76)

(68)

(126)

Share option charge

 

34

75

142

 

 

96

(431)

(621)

Changes in working capital

 

 

 

 

Decrease / (increase) in trade and other receivables

 

63

19

(653)

(Decrease) / increase in trade and other payables

 

(464)

743

1,214

Cash (used in) / generated operations

 

(305)

331

(60)

Taxation received

 

-

-

423

Net cash (used in) / generated operating activities

 

(305)

331

363

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Purchase of property, plant and equipment

 

(70)

(49)

(75)

Purchase of intangible assets

 

(32)

-

-

Sale of property, plant and equipment

 

-

2

-

Finance income

 

(1)

-

(4)

Net cash used in investing activities

 

(103)

(47)

(79)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Issue of shares

 

-

-

5,504

Transaction costs associated with issue of shares

 

-

-

(340)

Net cash generated from financing activities

 

-

-

5,164

 

 

 

 

 

 

 

 

 

 

Movements in cash and cash equivalents in the period

 

(408)

284

5,448

Cash and cash equivalents at start of period

 

7,861

2,414

2,414

Effect of exchange rate fluctuations on cash held

 

-

1

(1)

Cash and cash equivalents at end of period

 

7,453

2,699

7,861

 

*Loss for the period and trade and other payables reflect adoption of IFRS 15 'Revenue from Contracts with Customers' which is set out in note 2 of the condensed consolidated interim financial statements.

 

 

 

1. 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 Group is an established provider of technology enabled speciality services to the global biopharmaceutical industry. The Group's services are used to select patients for clinical trials, assess the safety and efficacy of new drugs in development and in post marketing surveillance.

 

2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

 

Basis of preparation

The condensed consolidated interim financial statements were approved by the Board of Directors for issue on 17 May 2019. 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 together with the comparative information for the six months ended 31 March 2018 are unaudited.

 

The condensed consolidated interim financial statements for the six months ended 31 March 2018 have been adjusted to reflect the directors' decision to adopt IFRS 15 'Revenue from Contracts with Customers' in the year ended 30 September 2018.

 

The statutory accounts of the Company for the year ended 30 September 2018 were approved by the Board of Directors on 3 December 2018 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.

 

Going concern

At the time of approving the condensed consolidated interim financial statements, and based on a review of the Group's forecasts and business plan, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, these condensed consolidated interim financial statements are prepared under the going concern basis of accounting.

 

Accounting policies

The accounting policies used in the condensed consolidated interim financial statements are consistent with those used in the consolidated financial statements for the period ended 30 September 2018 and are in accordance with International Financial Reporting Standards as adopted by the European Union.

 

Significant management judgement in applying accounting policies and estimation uncertainty

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 management judgements in applying the accounting policies of the Group that have the most significant effect on the condensed consolidated interim financial statements.

 

 

 

2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Revenue recognition

The Group recognises revenue in accordance with amounts charged to customers under service contracts. All contracts include an agreed, detailed, work order which defines the deliverables. The service contracts are typically multi-year and may be amended through a change order process. Change orders represent a contract modification because they represent a distinct performance obligation in addition to the obligations in the contract. This could include changes to data volumes (increased or decreased), different methods of data analysis or changes to the timing of providing the deliverables.

 

Revenue is recognised upon achievement of deliverables set out in the service contract. The recognition is expected to reflect the timing of the physical performance of the contracts. The Group records the performance of the contractual obligations to determine that the deliverables and actual work performed is in accordance with the contract and agreed change orders. The scope of the project and contract terms are reviewed to determine whether the Group is acting as principal or agent in respect of the project, which depends on facts and circumstances and requires judgement.

 

There are two principal revenue recognition sensitivities. The first is in respect of the timing of transferring the deliverable to the customer, which is not always directly under the Group's control. The second sensitivity is the volumes of data to be analysed. The price per unit of analysis is fixed in the contract, however if data volumes are lower than expected then revenue recognised would be correspondingly lower. Equally if the data volumes are higher than expected the revenue recognised would be correspondingly higher. Judgement is therefore required to determine that the distinct performance obligations under which revenue is recognised have occurred. There is also judgement involved in determining whether the performance obligations are transferred over time or at a point in time. 

 

Customer contracts include an agreed work order so the transaction price for a contract is allocated against distinct performance obligations based on their relative stand-alone selling prices. Management determines the fair value of individual components based on actual amounts charged by the Group on a stand-alone basis. The transaction price for a contract excludes any amounts collected on behalf of third parties.

 

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.

 

The Group will recognise an intangible asset arising from development only if it can demonstrate its technical feasibility, intent to use or sell the intangible asset and measure reliably the expenditure attributable to the intangible asset during its development.

 

Intangible assets that do not meet the capitalisation criterial are recognised as an expense as incurred.

 

Internal development costs are capitalised only after technical and commercial feasibility of the software for sale or use have been established, meeting the criteria for capitalisation in the year.

 

Recovery of deferred tax assets

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

 

 

2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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. Actual results may be substantially different.

 

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

Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software and IT equipment.

 

Adoption of IFRS 15 'Revenue from Contracts with Customers'

 

The Group has adopted IFRS 15 'Revenue from Contracts with Customers' from 1 October 2017. As part of transitioning to the new financial standard, management reviewed all contracts with customers and identified distinct performance obligations.

 

IFRS 15 establishes the principles that the Group applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer. Applying IFRS 15, the Group recognises revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

 

It replaced IAS 18 'Revenue', IAS 11 'Construction Contracts' and related interpretations. Under IFRS 15 'Revenue from Contracts with Customers', revenue is recognised when a customer obtains control of the goods or services. Determining the distinct performance obligations within contracts and the timing of the transfer of control, at a point in time or over time, requires management judgement.

 

The Group's revenue is recognised in 2 main categories: service revenue and licensing revenue.

 

Service revenue

Service revenue is mainly derived from activities related to technology services provided to biopharmaceutical clients carrying out clinical development. The Group applied the IFRS 15 'Revenue from Contracts with Customers' 5-step model framework on all activities. The technology service contracts include a number of activities which can be allocated to discrete contract phases. The activities within each phase have been examined to determine distinct performance obligations. As a result, the Group has identified 2 activities which have resulted in a change in revenue recognition:

 

1. Set-up and configuration of the TrialTracker platform: Under IAS 18 'Revenue', revenue for these activities was recognised when the set-up and configuration was completed, provided that all other criteria for revenue recognition was met. Under IFRS 15 'Revenue from Contracts with Customers', revenue is recognised against 2 separate performance obligations. The first performance obligation is the set-up of TrialTracker and revenue is recognised when the configuration and platform set-up is completed. A second performance obligation is a platform access fee recognised over the duration of the project.

 

 

2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Some historic, long-standing, existing contracts combined the access fee and configuration fee which were agreed on a contract by contract basis. Management could not differentiate between the set-up, configuration and access fee as distinct performance obligations on these contracts, therefore revenue associated with these activities has been treated as an access fee and recognised over the duration of the project term.

 

Consequently, revenue recognition of the set-up and configuration of TrialTracker is recognised later under IFRS 15 'Revenue from Contracts with Customers' than under IAS 18 'Revenue'.

 

2. Project set-up activities: Under IAS 18 'Revenue', revenue for these activities was recognised when the set-up was completed, provided that all other criteria for revenue recognition was met. Under IFRS 15 'Revenue from Contracts with Customers', project set-up revenue is recognised as part of a bundle of activities as they do not, on a stand-alone basis, meet the definition of distinct performance. The set-up activities have been recognised when all the activities that together comprise the distinct performance obligation have been delivered.

 

Consequently, revenue recognition of Project set-up activities is recognised later under IFRS 15 'Revenue from Contracts with Customers' than under IAS 18 'Revenue'.

 

License revenue

Licensing revenue includes one agreement, which grants the right to use TrialTracker software.

 

The license is a distinct performance obligation and under IFRS 15 'Revenue from Contracts with Customers' revenue is recognised over the contract term. The license grants a right to use the software and receive associated technical support during the license period.

 

The revenue recognition under IFRS 15 'Revenue from Contracts with Customers' is consistent with recognition under IAS 18 'Revenue', therefore there is no change to the recognition of licensing revenue.

 

Transition to IFRS 15 'Revenue from Contracts with Customers'

The Group has adopted IFRS 15 'Revenue from Contracts with Customers' using the retrospective effect method and has applied this standard from 1 October 2017. Accordingly, the information presented for the six months ended 31 March 2018 has been adjusted.

 

The principal changes arising from the adoption of IFRS 15 'Revenue from Contracts with Customers' refer to changes in revenue recognition in 1. Set-up and configuration of the TrialTracker and 2. Project set-up activities as outlined above.

 

The following tables summarise the impact of adopting IFRS 15 'Revenue from Contracts with Customers' on the Group's condensed consolidated interim financial statements of comprehensive income for the six months ended 31 March 2018 and its condensed consolidated interim statement of financial position as at 31 March 2018. There is no impact on the Group's consolidated statement of cash flows.

 

 

 

 

 

 

2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Impact on consolidated statement of comprehensive income for the six months ended 31 March 2018:

 

 

Previously reported

IFRS 15 adjustments

Adjusted

 

 

2018

 

 

£'000

£'000

£'000

Revenue

2,933

(116)

2,817

 

 

 

 

Cost of sales

(1,120)

-

(1,120)

Gross profit

1,813

(116)

1,697

 

 

 

 

Other income

300

-

300

 

 

 

 

Total operating expenses

(2,510)

-

(2,510)

 

 

 

 

Operating loss

(397)

(116)

(513)

 

 

 

 

Loss on ordinary activities before taxation

(398)

(116)

(514)

 

 

 

 

Taxation

95

-

95

 Loss to attributable equity holders for the period

(303)

(116)

(419)

 

 

 

 

Total other comprehensive expense

1

-

1

 

 

 

 

Total comprehensive expense attributable

to equity holders for the period

(302)

(116)

(418)

 

 

 

 

Loss per share (pence)

 

 

 

Basic loss per share

(1.1)

(0.4)

(1.5)

Diluted loss per share

(1.1)

(0.4)

(1.5)

 

 

 

 

2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Impact on the consolidated statement of financial position at 31 March 2018:

 

 

 

Previously reported

IFRS 15 adjustments

IFRS 15 adjustments

IFRS 15 adjustments

Adjusted

 

 

 

Year ended

Year ended

Six months ended

 

 

 

 

30 September

30 September

31 March

 

 

 

 

2016*

2017*

2018

 

 

 

£'000

£'000

£'000

£'000

£'000

Total assets

 

4,906

-

-

-

4,906

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Trade and other payables

 

2,208

216

10

116

2,550

Total current liabilities

 

2,208

216

10

116

2,550

 

 

 

 

 

 

 

Total non-current liabilities

 

10

-

-

-

10

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Ordinary shares

 

7,727

-

-

-

7,727

Share premium

 

79,421

-

-

-

79,421

Merger relief reserve

 

1,480

-

-

-

1,480

Reverse acquisition reserve

 

(75,308)

-

-

-

(75,308)

Foreign exchange translation reserve

 

(78)

-

-

-

(78)

Accumulated losses

 

(10,554)

(216)

(10)

(116)

(10,896)

Total equity

 

2,688

(216)

(10)

(116)

2,346

 

 

 

 

 

 

 

Total liabilities and equity

 

4,906

-

-

-

4,906

 

*Impact on consolidated statement of financial position for the year ended 30 September 2016 and 30 September 2017 are disclosed in the statutory accounts of the Group for the year ended 30 September 2018.

 

 

3. EXCEPTIONAL EXPENSES

 

During the six months ended 31 March 2018, non-recurring administrative expenses of £332,000 were incurred in respect of costs associated with a planned capital raise.  Following the capital raise, announced on 3 May 2018, all the costs associated were capitalised in accordance with IAS 32 and the exceptional expense was therefore reversed in the financial statements for the year ended 30 September 2018. 

 

 

 

4. PROFIT / (LOSS) PER SHARE

 

Basic profit / (loss) per share is calculated by dividing the profit / (loss) for the period attributable to equity holders by the weighted average number of ordinary shares outstanding during the period.

 

For diluted profit / (loss) per share, the profit / (loss) for the period attributable to equity holders and the weighted average number of ordinary shares outstanding during the period is adjusted to assume conversion of all dilutive potential ordinary shares. As the effect of the share options would be to reduce the profit / (loss) per share, the diluted profit / (loss) per share is the same as the basic profit / (loss) per share.

 

At 31 March 2019 and 30 September 2018, the Group has no dilutive potential ordinary shares in issue.

 

The calculation of the Group's basic and diluted profit / (loss) per share is based on the following data:

 

 

Six months ended

31 March 2019

Six months ended

31 March 2018

Year ended

30 September 2018

 

£'000

£'000

£'000

 

unaudited

unaudited

audited

 

 

Adjusted*

 

Profit / (loss) attributable to equity holders for the period

215

(419)

(668)

 

 

 

 

 

As at

31 March 2018

As at

31 March 2018

As at

30 September 2018

 

Number

Number

Number

 

unaudited

unaudited

audited

Weighted average number of ordinary shares used in basic loss per share

46,777,000

27,119,130

33,761,428

 

*Reflects the adoption of IFRS 15 'Revenue from Contracts with Customers' which is set out in note 2 of the condensed consolidated interim financial statements.

 

 

5. ISSUED CAPITAL AND RESERVES

 

As at 31 March 2019 the Company had 46,777,000 ordinary shares of 1 pence each in issue.

 

 

6. SHARE-BASED PAYMENTS

 

Certain Directors and employees of the Group hold options to subscribe for shares in the Group under share option schemes. The number of shares subject to options, the periods in which they were granted and the period in which they may be exercised are given below.

 

The Group operates 2 share option schemes, the EMI Share Option Plan 2014 and Long-Term Incentive Plan 2018 (2018: 1), which are equity settled.

 

The change in the number of share options outstanding at end of period and the number weighted average exercise prices during the year were as follows:

 

 

6. SHARE-BASED PAYMENTS (continued)

 

Scheme and Grant date

Outstanding at start of period

Granted

Exercised

Lapsed

Outstanding at end of period

EMI Share Option Plan 2014

 

 

 

 

 

  1 October 2014

128,002

-

-

(25,100)

102,902

  29 March 2016

623,881

-

-

(325,215)

298,666

  7 February 2017

917,012

-

-

(125,176)

791,836

  7 August 2017

713,940

-

-

(235,000)

478,940

  4 June 2018

325,000

-

-

-

325,000

 

2,707,835

-

-

(710,491)

1,997,344

Long-Term Incentive Plan 2018

 

 

 

 

 

  4 June 2018

2,571,910

-

-

(753,388)

1,818,522

TOTAL

5,279,745

-

-

(1,463,879)

3,815,866

 

EMI Share Option Plan 2014

This scheme is open, by invitation, to Executive Directors and key management personnel. Participants are granted share options in the Group which contain standard and enhanced vesting conditions. These are subject to the achievement of individual employee and Group performance criteria as determined by the Board. Vesting periods vary by award and the conditions approved by the Board.

 

Long-Term Incentive Plan 2018 ('LTIP Award')

Share options granted in accordance with the LTIP Award are subject to share price performance measured against the 3-month volume weighted average price of the Company's ordinary shares in the 3 months prior to the third anniversary from the date of grant. The performance conditions of the LTIP Award are as follows 25% of the LTIP Award will vest if the share price increases by 50% above £0.28, which was the price of the placing of new ordinary shares announced in May 2018, increasing on a straight-line basis such that the full LTIP Award will vest if the share price increases by over 100%. The performance conditions are subject to a minimum floor price of £0.50 per ordinary share before any part of the LTIP Award can vest. On vesting the LTIP Award is subject to a holding period of up to 2 years. The award is also subject to continued employment, malus and clawback provisions.

 

 

As at 31 March 2019

As at 30 September 2018

 

 

Weighted

 

Weighted

 

 

average

 

average

 

 

exercise

 

exercise

 

Number

price

Number

price

Outstanding at start of period

5,279,745

£0.18

2,836,012

£0.35

Granted

-

-

2,896,910

£0.05

Exercised

-

-

(15,000)

£0.31

Lapsed

(1,463,879)

£0.17

(438,177)

£0.33

Outstanding at end of period

3,815,866

£0.19

5,279,745

£0.18

Exercisable at end of period

466,822

£0.35

537,099

£0.36

 

The number of share options outstanding and share options exercised at the end of the period was 3,815,866 or 65% of the total share option pool. The total share option pool represents 12.5% of the total ordinary shares in issue.

 

Total share options outstanding have a range of exercise prices from £0.01 to £0.49 per option and the weighted average contractual life is 5.1 years (2018: 5.6 years).

 

The total charge for the period relating to employee share-based payment plans were £34,000 (2018: £75,000).


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 [email protected] or visit www.rns.com.
 
END
 
 
IR LLFFEEEILFIA

Quick facts: IXICO PLC

Price: 70.5

Market: AIM
Market Cap: £33.07 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Proactive meets IXICO's new chief business officer Lammert...

Lammert Albers sits down with Proactive London's Andrew Scott soon after his appointment as IXICO PLC’s (LON:IXI) chief business officer. With expertise of the Alzheimer's disease trials market he says he'll be responsible for executing the company's global business development strategy in...

1 week, 4 days ago