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Ixico beats forecasts on strong demand for brain scan software

Revenue increased year-on-year by 40% to £7.6mln, up from £5.4mln in 2018, while orders at the year-end were £15.9mln

IXICO PLC -

Brain scan specialist IXICO PLC (LON:IXI) will post its first annual underlying profit since it listed after revenues in its latest year surged 40%.

Ixico has developed a suite of sophisticated algorithms that enhance the images from MRI and PET scans to help pharma companies in trials of drugs to treat brain illnesses such as Huntington's, Alzheimer's and Parkinson's.

The company said the performance was better than expected as sales growth had accelerated since the half-year, even though one large trial had finished early.

In the year to September, revenue increased year-on-year by 40% to £7.6mln, up from £5.4mln in 2018, while orders at the year-end were £15.9 million, which takes account of the client early trial cessation reported on 9 August.

Net cash at the year-end was £7.3mln (2018: £7.9mln). 

Giulio Cerroni, IXICO's chief executive, said: "We are very pleased to have again delivered on our client and financial commitments, exceeding full-year guidance, while continuing to invest in the long-term future of the Company.

"2019 has been a pivotal year in the company's transformation into a profitable, scalable business, and we enter 2020 on a strong growth trajectory supported by our order book, highly talented staff and strengthened leadership team."

Quick facts: IXICO PLC

Price: 68.5 GBX

AIM:IXI
Market: AIM
Market Cap: £32.13 m
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IXICO PLC reports first year of profitability 'well ahead of expectations'

IXICO PLC's (LON:IXI) Giulio Cerroni sat down with Proactive London's Andrew Scott after reporting its first year of profitability since its admission to AIM . For the year ended 30 September, the neuroscience analytics firm swung to an underlying (EBITDA) profit of £500,000 from a £600,000...

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