IXICO PLC (AIM:IXI, OTC:PHYOF) reported results in line with expectations and said chair Charles Spicer will step down next year and be replaced by Mark Warne, a current non-executive director.
Chief executive Giulio Cerroni said the past year to 30 September was one of “significant achievement”.
The neuroscience data analytics company had already in October reported broadly flat revenue and a fourth consecutive year of profitability, ending with cash of £5.8mln and an order book of £16mln.
Alongside the financial performance, Cerroni said IXICO has also enhanced its capabilities and global reach as a specialist neuroimaging contract research organisation (CRO).
“Building on the resilience demonstrated by the group in recent years, our strong balance sheet supports the execution of our renewed five-year strategic plan to commercialise and deploy a ‘broad and deep’ portfolio of specialist neuroimaging services.
“Specifically, this includes the analysis of neuroimaging biomarkers as objective measures to improve patient selection, monitor patient safety and determine efficacy of new potential investigative treatments.”
ICIXO will continue to build its position in rare diseases such as Huntington's disease while capitalising on the growing demand for neuroimaging services in Alzheimer's disease, Parkinson's disease and multiple sclerosis, he said.
Having established agreements for neuroimaging services with an increasing portfolio of leading biopharmaceutical clients, these act as a 'springboard for growth' by enhancing access to new prospective clinical trials being initiated in these large adjacent therapeutic areas.
On the outlook for the current year, Spicer said the progress made over the last 12 months in building up its order book following client trial failures is expected to continue over the coming 12 months.
“While 2023 will see a short-term contraction in revenues as the full impact of recent client trial failures is felt in the group's short-term revenues, continued traction in the market, coupled with successful wins of new early phase trials, should provide the bedrock for a return to growth over the medium and long term,” Spicer said.
He will retire from the role of chair next year in line with current governance best practice guidelines, having served for nine years as a director.
With Warne selected to assume the role of chair, the group said it has initiated a search for a new non-executive director, with Spicer to remain on the board for a period of time as deemed appropriate by the board to ensure a smooth handover of board and sub-committee roles.