Giulio Cerroni, the chief executive officer of IXICO joins Katie Pilbeam to explain how the company will “materially exceed existing market profit expectations for the full year” despite an uncharacteristic fall in revenue in the first half of the neuro-imaging specialist’s financial year.
The reduced revenues were in line with management expectations and resulted from the previously announced early termination of contracts from its biggest client relating to two clinical trials. IXICO has been managing the impacts of that decision by the client, while still making balanced investments in the business, to strengthen its technology and scientific offering.
As a result of winning new contracts, the company expects a much stronger second half of the year and anticipates full-year underlying earnings (EBITDA) will be not less than £1.2mln. Cerroni said the company has a strong balance sheet and “very strong cash position” that will enable it to carry on making “balanced investments”.