Shares in IXICO PLC (LSE:IXI, OTC:PHYOF) climbed 4% to 13p after the neuroscience data firm reported a 13% rise in annual revenue to £6.5 million, exceeding market expectations.
The growth was driven by a mix of new contract wins, extensions to existing deals, and expansion into new areas within the neurodegenerative disease research market.
The company, which uses AI-based imaging analytics to support drug development in neurological disorders, also reported a year-end cash balance of £3.5 million, nearly double last year’s figure, following a £3.7 million capital raise earlier in the year.
Although its order book declined slightly to £13.8 million from £15.3 million in 2024, second-half momentum was strong, with £4.2 million in new and extended contracts signed.
IXICO expects to report an EBITDA loss no greater than £1.6 million, a slight improvement on forecasts and narrower than the previous year’s £1.7 million loss. Since the start of the new financial year, it has secured a further £0.9 million in new work.
Chief executive Bram Goorden said the results reflect the early impact of strategic investments and signal a period of sustainable growth. Audited results are due in December.