Medical imaging services specialist IXICO Plc (LON:IXI) delivered yet another six months of double-digit revenue growth in the first half of its fiscal year, driven by a string of new contract wins.
IXICO’s technology platform manages and helps interpret images from MRI and positron emission tomography as well as collating and making sense of biosensor data.
In the first half of its fiscal year, the AIM-quoted firm secured three new contracts which, along with the other wins last year, helped revenues to climb 30% to £2.9mln (H1 17: £2.3mln) in the six months ended March 31.
READ: IXICO’s contract wins reveal business is gaining commercial traction
Operating losses more than halved to £0.3mln (£0.8mln) as IXICO continues its drive towards profitability.
“In summary, our financial year has started very well and, with strong growth and improved margins, we are making excellent progress on our path to profitability,” said chief executive Giulio Cerroni.
“We are confident we will be in a position to deliver double-digit revenue growth for the financial year and meet market expectations.”
At the end of the period, IXICO had £2.7mln of cash in the bank (31 Mar 17: £2.8mln), although this was topped up earlier this month when it raised £5.5mln through an oversubscribed placing.
READ: IXICO raises £5.5mln
The firm has enjoyed a solid start to the second half of its year as well, increasing the value of three existing contracts and bagging a new £1mln contract, too.
Shares rose 1.6% to 32p at the opening bell on Wednesday.