IXICO PLC (LSE:IXI, OTC:PHYOF) said on Tuesday it is on track to meet or exceed expectations for the year, crediting a tightly focused strategy for a strong first-half performance marked by rising revenues and improved margins.
The neuroscience imaging company reported a 26% rise in revenues to £3.2 million in the six months to 31 March, up from £2.5 million a year earlier.
The group said the performance reflected early results from its “Innovate, Lead, Scale” strategy, which aims to sharpen its commercial execution, strengthen its technology offering and expand its presence in key markets.
Gross margin rose to 49.6%, up from 40.2%, while the loss before interest, tax, depreciation and amortisation narrowed to £700,000 from £1.3 million.
Cash reserves doubled to £5 million, helped by a £3.7 million capital raise in October. The order book stood at £13.1 million, slightly ahead of the £12.7 million recorded a year earlier.
Bram Goorden, chief executive, said: “The first half of 2025 indicates that our ‘Innovate Lead Scale’ strategy has created the foundations for a return to growth… It has been a positive first six months defined by disciplined commercial execution, scientific innovation and truly differentiated technology development.”
The London-listed company, which uses artificial intelligence to analyse brain scans in drug trials, said progress had been made across a broader range of therapeutic areas and geographies.
It reported advances in its work on Alzheimer’s and Parkinson’s disease, alongside new hires in the United States to strengthen its senior leadership team.
Post-period, the company signed a contract with a global pharmaceutical firm to provide neuroimaging analytics for a phase I trial in Huntington’s disease, a rare genetic disorder that causes progressive brain damage.
IXICO said it expects the impact of its current strategy to become increasingly visible in the second half of 2025 and into 2026.