Revenue increased by 32% to £5.4m
Strong closing cash balance of £7.9m
IXICO plc (AIM: IXI), the data science company delivering insights in neuroscience, today provides the following pre-close trading update ahead of its preliminary results for the year ended 30 September 2018.
The Company is pleased to announce that revenue increased by £1.3 million or 32% to £5.4 million (2017: £4.1 million). Excluding the impact of foreign exchange, the underlying revenue of £5.1 million (2017: £3.8 million) increased by 34%. This revenue growth included an expansion of medical imaging services provided to global pharmaceutical clients in new and existing projects, together with preliminary revenue from wearable biosensor projects.
During the year the Company announced several new multi-year contracts which are worth a combined total of over £15.0 million, including a Phase III contract signed at the end of the financial year. These new contracts and existing projects, provide a foundation for future revenue growth.
Total income increased by 25% to £6.0 million (2017: £4.8 million) as Other income of £0.6 million (2017: £0.6 million) was in line with the prior year.
Net cash at 30 September 2018 was £7.9 million (2017: £2.4 million) and reflected an over-subscribed placing of £5.5 million in May 2018, which will be used to accelerate the Company’s commercially led growth strategy. Second half cash inflows also included R&D tax credit receipt of £0.4 million and reimbursement of grant costs.
The Company anticipates that its preliminary results to 30 September 2018 will be announced on 4 December 2018.