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IXICO reiterates full year guidance as revenues rise over 20% in first half

The neuroscience-focused data analytics group said revenues for the six months were expected to be £3.43mln, 22% higher than a year ago
The group's CEO highlighted a £9.1mln Phase III Huntington's disease contract as providing “good visibility” on future revenues

IXICO PLC (LON:IXI) has reiterated its guidance for the full year after forecasting a revenue rise of over 20% for its first half.

In a trading update ahead of its interims, the neuroscience-focused data analytics group said revenues for the six months to 31 March were expected to be £3.43mln, 22% higher than a year ago, while its cash balance at the end of the period was £7.5mln compared to £2.7mln previously.

READ: IXICO jumps as it unveils two new contracts to help tackle rare neurological diseases

The cash balance included £5.5mln from an oversubscribed share placing in May last year, while the order book stood at £21.2mln compared to £19.3mln at the start of 2019.

Based on the first half estimates, IXICO said it remained confident in its forecasts of £6.6mln in revenues for the full year, up from £5.4mln in 2018.

Giulio Cerroni, chief executive of IXICO, highlighted a £9.1mln “large Phase III Huntington's disease contract” secured in 2018, which had provided “good visibility” on future revenues and was also “an exemplar of the confidence that the biopharmaceutical industry has with IXICO”.

"Our data analytics focused strategy of deploying our proprietary AI algorithms in both current and adjacent therapeutic areas continues to drive market penetration and we are well capitalised to fund further organic growth initiatives to provide valuable new technology solutions to our clients.”

The company will release its first half results on 22 May.

In early trading on Thursday, IXICO shares were down 0.2% at 26.5p.

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