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IXICO sees full-year underlying earnings more than double in fourth consecutive year of strong top-line growth

In a trading update, the group said earnings before interest, tax, depreciation, and amortisation should at least meet market expectations of £1.1mln (2019: £0.5mln)

IXICO PLC -

IXICO PLC (LON:IXI), the artificial intelligence-driven data analytics company focused on neuroscience, has racked up its fourth consecutive year of strong top-line growth, seeing underlying earnings double.

In a trading update for the year to the end of September 2020, the group said revenue rose by 26% to £9.5mln, up from £7.6mln the year before, signifying the fourth year in a row that revenue had increased by more than 25% year-on-year.

IXICO added that it has strong revenue visibility for 2021 and beyond after the order book grew by 26% to £21.7mln as at the end of September, up from £15.9mln a year earlier.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) more than doubled to achieve at least market expectations of £1.1mln (2019: £0.5mln), the firm said. The debt-free company ended the financial year with cash of £7.8mln, up from £7.3mln as at the end of September 2019.

"IXICO has delivered exceptional progress both operationally and financially during 2020 as we continue to demonstrate our ability to drive sustained growth through a clear focus on our service model strategy,” said Giulio Cerroni, the chief executive officer of IXICO in the statement.

"We have responded robustly to the challenges of the COVID-19 pandemic, continuing our track record of strong growth. The commercial momentum established in recent years reflects our ability to scale our remote working model and leverage the resilience of our technology to support the global clinical trials market. Despite the ongoing uncertainties of the COVID-19 pandemic, which will continue to impact us across 2021, we will continue to invest for medium to long term profitable growth," he added.

In a separate announcement, the company revealed that Dr Robin Wolz, its senior vice president of Science & Innovation will present on the industry panel at the virtual SCA & ARCA Global Conference, taking place on October 19-21, 2020.

The SCA & ARCA Global Conference brings together two initiatives that focus on ataxia, which is the loss of coordination of voluntary muscle movements. This platform allows for academic and industry leaders, physicians and companies working in the space to collaborate on developing future treatments for patients, IXICO noted.

Dr Wolz’s talk is titled: "Challenges and opportunities in the deployment of volumetric MRI in SCA clinical trials."

"Ataxia conditions continue to be a focus for IXICO in its efforts to provide pioneering technologies to support the advancement of effective treatments for rare neurological diseases. Our research in imaging analytics will provide an insight into the best methods for monitoring both the progression of the disease as well as the potential effect of interventional treatments,” Dr Wolz said in the statement.

Quick facts: IXICO PLC

Price: 106 GBX

AIM:IXI
Market: AIM
Market Cap: £49.92 m
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