Ixico flags better-than-expected performance for full-year

Artificial intelligence data analytics company Ixico updated the market on its trading for the year ended 30 September on Tuesday, saying it expected its first full year of positive EBITDA since listing.

The AIM-traded firm said that better-than-forecast performance was driven by accelerated revenue growth, and built on the breakeven performance reported in its interim statement.

For the year, revenue increased 40% year-on-year to £7.6m, the board said.

The company added it would continue to benefit from a healthy contracted order book of £15.9m , which took the client early trial cessation reported on 9 August into account, and said it retained a “strong position” for growth delivery in 2020 and beyond.

Net cash as at 30 September was £7.3m, slipping from £7.9m year-on-year, with the board saying the “strong” cash position enabled it to continue to organically fund investment to strengthen its technology and innovation portfolio, and to grow the firm’s market position in the global biopharmaceutical clinical trials market for AI-driven analytics.

The company said it intended to announce its audited results for the year ended 30 September in early December.

“We are very pleased to have again delivered on our client and financial commitments, exceeding full year guidance, while continuing to invest in the long-term future of the company,” said chief executive officer Giulio Cerroni.

“2019 has been a pivotal year in the company's transformation into a profitable, scalable business, and we enter 2020 on a strong growth trajectory supported by our order book, highly talented staff and strengthened leadership team.”