Half Yearly Report to 31 March 2018

Commercially-led growth strategy delivers strong H1 performance

Oversubscribed capital raise of £5.5m post the period end

IXICO plc (AIM: IXI), the digital technologies company serving neuroscience, today announces its unaudited interim results for the six months ended 31 March 2018.

Highlights

Financial

  • Increased reported revenue of £2.9m (H1 2017: £2.3m) representing 30% growth or
    • 40% revenue growth to £2.8m (H1 2017: £2.0m) at project exchange rate
  • Gross margin of 62% (H1 2017: 61%)
  • Reduced EBITDA loss of £0.3m (H1 2017: £0.4m)
  • Operating loss after tax reduced to £0.3m (H1 2017: £0.8m)
  • Reduced loss per share of 1.1p (H1 2017: 2.6p)
  • Cash of £2.7m at the period end (H1 2017: £2.8m)

Commercial

  • Commercially-led growth strategy continues to build momentum
    • First biosensor contracts demonstrate the commercialisation of new digital products and services
      • £0.5m contract for services in phase II clinical trial for a neurological disorder
      • £0.7m contract for services in late phase clinical trial for a psychiatric disorder
  • Continued expansion of neuro-imaging specialist services
    • New $2.7m clinical study over seven-year term in supra nuclear palsy

Post period end

  • Oversubscribed capital raise of £5.5m
  • R&D tax credit of £0.4m received on 11 April 2018
  • Existing contract for phase IIa clinical study in PSP increased in value from $1.2m to $2.0m
  • Two existing contracts increased in value by £0.5m to £2.35m
  • Signed a new £1.0m contract in a natural history study of people with early manifest Huntington’s disease

Giulio Cerroni, CEO of IXICO, said: “I am pleased to announce a third consecutive reporting period where we have delivered strong double-digit revenue growth and continued momentum in our commercially led growth strategy towards profitability. We believe that the successful capital raise reflects confidence in the ambitious goals that we have set ourselves to build a specialist technology business of scale with a diverse international client base”.

PRESS RELEASE
By |2018-05-23T08:25:35+00:0022 May 2018|Financial|