IXICO PLC (LON:IXI) has swung to a profit in its first half as the company began to reap the benefits of a number of contract wins.
For the six months ended 31 March, the neuroscience-focused data analytics group reported a pre-tax profit on ordinary activities of £106,000, up from a £514,000 loss in the prior year, while revenues jumped to £3.4mln from £2.8mln. Gross margins also rose by 610 basis points to 66.3%.
WATCH: IXICO PLC continuing to build scale as first half revenues rise 22%
The company also said that it had secured additional contract wins during the period with a total value of £5.2mln, taking its total order book to £21.2mln as of the end of March.
Looking ahead, IXICO’s chief executive Giulio Cerroni said the group expected to continue delivering on its financial targets into the second half, with the increased order book supporting its expectations of 20%+ revenue growth across 2019.
Cerroni added that for the next six months the company planned to “accelerate” the pace of its investments in order to scale up and support its long-term growth plans, with spending on research & development and marketing expected to increase in the second half.