This announcement contains inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR.
14 August 2024
IXICO plc
("IXICO" or the "Company")
Trading update for the year ending 30 September 2024
IXICO plc (AIM: IXI), the medical imaging advanced analytics company delivering insights in neuroscience, announces a trading update for the year ending 30 September 2024 ("FY24").
FY24 financial performance is expected to be ahead of market expectations following new contract wins worth £5.8 million in the period since 31 March 2024 (IXICO's half-year end).
· Full year FY24 revenue expected to be between £5.5 million and £5.9 million (2023: £6.7 million) reflecting growth of at least 20% in revenues across the second half of the year as compared to the first half (H1 2024: £2.5 million).
· Year-end order book expected to increase and return to prior year end levels (2023 FY: £14.8 million; H1 2024: £12.7 million) following the signing of contracts and contract extensions.
This expected increase in revenues and contract wins will improve cash and EBITDA performance as compared to the existing market expectations of £1.4 million cash and £2.1 million EBITDA loss respectively.
Giulio Cerroni, Chief Executive Officer of IXICO, commented: "I am pleased with the progress made by the Company since the half-year, with new contracts signed underpinning revenue growth across the second half of the year. In parallel, we have continued to see a strengthening of our opportunities pipeline and whilst we maintain a very close eye on costs, we are doing so in a manner that avoids detriment to our core focus of delivering growth."
For further information please contact:
| IXICO plc | +44 (0) 20 3763 7499 | ||
| Giulio Cerroni, Chief Executive Officer Grant Nash, Chief Financial Officer |
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| Cavendish Capital Markets Limited (Nominated adviser and sole broker) | +44 (0) 20 7397 8900 | ||
| Giles Balleny / Dan Hodkinson (Corporate Finance) | |
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| Michael F Johnson / Tamar Cranford Smith / Charlie Combe (Sales and Corporate Broking) | |
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About IXICO
IXICO is dedicated to delivering insights in neuroscience to help transform the advancement of investigational therapies for neurological diseases, such as Huntington's disease, Parkinson's disease and Alzheimer's disease. The Company's purpose is to advance medicine and human health by turning data into clinically meaningful information, providing valuable new insights in neuroscience by supporting pharmaceutical companies across all phases of CNS clinical research. IXICO's goal is to be a leading advocate of artificial intelligence in medical image analysis.
IXICO has developed and deployed breakthrough data analytics, at scale, through its remote access technology platform, to improve the return on investment in drug development and reduce risk and uncertainty in clinical trials for the Company's pharmaceutical clients.
More information is available on www.IXICO.com and follow us on Twitter @IXICOnews
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