IXICO PLC (AIM:IXI, OTC:PHYOF) said underlying earnings for the year to end-September 2022 are expected to align with market expectations, while its revenue guidance for full-year 2023 remains unchanged from its previously announced forecast of around £7mln.
EBITDA for the 12 months to 30 September 2022 is expected to be £1.5mln, the artificial intelligence data analytics company focused on neuroscience said in a trading update.
“I am excited by positive developments occurring within Alzheimer's Disease, which I anticipate will create additional demand for IXICO's advanced AI analytics capabilities in 2023 and beyond,” said chief executive Giulio Cerroni.
Revenue fell to £8.6mln in FY22 from £9.2mln the year prior, owing to “the impact of the early cessation of client trials during the year”.
The year-end order book of £16mln reflected the signing of £12.6mln worth of new contracts over the year, IXICO said. This was down from the £18.8mln announced 12 months earlier due to the delivery of £8.6mln revenues and a £6.8mln reduction in contract value due to early client trial cessations and minor foreign exchange differences.
IXICO ended the year with a cash position of £5.8mln, which it said showed positive operating cash offset by technology investments designed to support long-term growth. The company remains debt-free.