IXICO PLC (LON:IXI) has said it is in a “robust position” to manage the “short-term headwinds” of the coronavirus (COVID-19) pandemic as it weighed in with a strong first-half update, which showed momentum carrying on into the second six months of the financial year.
The company has developed a AI-led software that interprets medical images from clinical trials and, as chief executive, Giulio Cerroni pointed out in the statement, this “remote-access business model has enabled us to minimise disruption to our service levels and continue to deliver image analysis services to our existing portfolio of clinical trial projects”.
Revenues for the six months ended March 31 grew by a third to £4.6mln, IXICO said in the pre-close trading update, while the order book was £15.3mln at the period-end.
It was swelled to £22.5mlm by a significant new contract win, announced on April 14, with its services being deployed in an open-label extension study of people with Huntingdon’s Disease.
IXICO closed out the first half in a strong financial position with £6.7mln in the bank.
“Despite the COVID-19 headwinds, we are delighted to be able to report a seventh consecutive reporting period of greater than 20% revenue growth whilst building a record order book for the Company in these unprecedented times,” CEO Cerroni said.
“This is testament to the increasing market adoption of our proprietary technology services and the highly committed and effective teamwork demonstrated by all our staff.”