IXICO gains as it achieves first year of profitability since AIM listing

The neuroscience analytics firm swung to an EBITDA profit of £500,000 from a £600,000 loss in the prior year, while revenues rose to a record level of £7.6mln

IXICO PLC - IXICO achieves first year of profitability since AIM listing

IXICO PLC (LON:IXI) shares gained on Thursday as the group achieved its first year of profitability since its admission to AIM in 2013.

For the year ended 30 September, the neuroscience analytics firm swung to an underlying (EBITDA) profit of £500,000 from a £600,000 loss in the prior year, while revenues rose 40% to a record level of £7.6mln.

READ: IXICO to present three posters at California Alzheimer's conference

The company secured £7.7mln in new and expanded multi-year contracts during the year, as well as three new agreements in the first part of its current year, providing “strengthened visibility for continued revenue growth”.

Looking ahead, IXICO said it is confident of “delivering continued profitable growth”, with a year-end contracted order book totalling £15.9mln, excluding the deals signed post-period.

"2019 has been a pivotal year in strengthening IXICO as a trusted technology partner in clinical development”, said chief executive Giulio Cerroni.

“Revenue of £7.6mln built on the growth in 2018, resulting in a 3-year [compound annual growth rate] of 35%... With a healthy order book of £15.9 million, new contracts signed since the year end, and a new US-based Chief Business Officer we continue to execute our ambitious growth plans with the aim of delivering another record year", he added.

The shares were 1.3% higher at 69.4p in early deals.

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Quick facts: IXICO PLC

Price: 68.4 GBX

Market: AIM
Market Cap: £32.21 m

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