IXICO Plc (LON:IXI), the digital tech company focused on neuroscience, saw higher revenues and sharply reduced operating losses in the financial year just ended.
Revenue in the year to the end of September rose 26% (20% on a constant exchange rates, or CER, basis) to £3.7mln from £3.1mln the year before.
The revenue performance reflected an increased number of projects and new contract wins, plus a broadening of the Assessa PML collaboration with Biogen.
READ: IXICO expands Assessa PML platform pilot to include pharmacovigilance
Gross profit rose 46% to £2.3mln from £1.6mln the previous year, while the gross profit margin climbed eight percentage points to 57%.
The loss before tax narrowed to £1.9mln from a loss of £2.9mln the previous year.
At the end of the reporting period,the company had cash and cash equivalents of £2.41mln, versus a cash balance of £3.12mln a year earlier.
READ: IXICO defines its growth strategy with continued focus on neurological disorders
"I am pleased to report that in 2017, the business delivered robust revenue growth strengthened by the entry into a number of new commercial contracts in a broad range of neurological diseases. These multi-year contracts underpin our confidence in building further commercial momentum and I am excited about the goals we have set ourselves in our drive to achieve profitability. I look forward to the new year with confidence," said Giulio Cerroni, the chief executive officer of IXICO.