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Spate of contract wins helps to drive top-line growth at IXICO

IXICO’s revenues rose 32% to £5.4mln in the 12 months ended September 30, boosted by the signing of several lucrative contracts
brain mri scan
The company's technology manages and helps interpret images from MRI and positron emission tomography as well as collating and making sense of biosensor data

A growing adoption of its medical imaging technology helped IXICO Plc’s (LON:IXI) top-line surge last year.

In a pre-close trading update, the AIM company revealed that revenues rose 32% to £5.4mln in the 12 months ended September 30 (2017: £4.1mln). Total income rose 25% to £6.0mln (2017: £4.8mln).

READ: IXICO trading ahead of expectations

During the year, IXICO announced several contracts worth over £15mln, including a recent £9.1mln deal to provide insight from magnetic resonance imaging (MRI) data to assist in phase III clinical trial for a drug to treat Huntington's disease.

“These new contracts and existing projects provide a foundation for future revenue growth,” read Monday’s statement.

Net cash at the end of September totalled £7.9mln (2017: £2.4mln), reflecting an oversubscribed £5.5mln placing back in May as well as an R&D tax credit receipt of £0.4mln.

The full set of results are scheduled to published on December 4.

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IXICO PLC Timeline

December 11 2018

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