IXICO PLC (AIM:IXI, FRA:PYPB, OTC:PHYOF) said it expects to see double-digit revenue growth again in its current fiscal year as the impact of Covid-19 on drug trials eases and activity picks up again.
Giulio Cerroni, chief executive, said: "Having grown rapidly over recent years, we acknowledge that we are not immune to the industry-wide impacts of COVID-19 and the unexpected developments on our largest client's trials.
“As clinical trials delayed due to the COVID-19 crisis are initiated and by ensuring commercial execution of our growing pipeline, we anticipate returning to a double-digit revenue growth trajectory as our 2022 financial year progresses.”
The neuroscience data specialist flagged earlier in the year that one of its largest customers had halted a phase III trial of a treatment for Huntington's disease and that the general disruption to other trials caused by Covid-19 was also having an effect.
As a result, Ixico now expects to report revenues of £8.7mln in the year to end September 2021 and underlying profits [EBITDA] of £1.2mln compared to revenues of £9.5mln and underlying profits of £1.3mln in 2020.
In spite of the Covid disruption, Ixico added that its pipeline of potential contracts had held up well during the year while the order book currently stood at £19.5mln.
Converting these identified opportunities into signed contracts is the focus over the next year, the AIM-listed group added.