Financial Results for the year ended 30 September 2018

Continued strong revenue growth, reduced operating losses and cash outflow, together with new contract wins.

Provides a solid foundation for continued growth momentum

IXICO plc (AIM: IXI), the data analytics company delivering insights in neuroscience, today announces its final results for the year ended 30 September 2018.

Highlights

Commercial and Operational

  • Secured £15m of new and expanded multi-year client contracts across all phases of clinical development
  • Concluded an over-subscribed placing of £5.5m to invest in new product and new market development
  • A broadening base of expertise in neurological disease areas and diversification of biopharmaceutical clients
  • Achievement of key milestones in the Assessa® PML programme
  • Successful completion of the Cygnus project for wearable biosensors (funded by Innovate UK) and expansion of key scientific collaborations to develop new artificial intelligence (AI) algorithms for imaging and digital biomarkers
  • Investment in increasing management bandwidth to drive growth, by strengthening leadership and operations team

Financial

  • Reported record revenues of £5.4m (2017: £4.1m*) or 32% growth at actual exchange rates
  • Revenue of £5.2m (2017: £3.7m*) or 41% underlying growth at Project Exchange Rates
  • Gross margin increased to 58.8% (2017: 56.4%*) an improvement of 240 base points over prior year
  • Reduced EBITDA loss of £0.6m (2017: £1.4m*) from increased project volumes, improved productivity and cost control
  • Reduced operating loss of £0.8m (2017: £1.9m*)
  • Reduced loss per share of 2.0 pence (2017: 5.7 pence)
  • Operating cash outflows significantly reduced in the year to £0.1m (2017: £1.2m)
  • Closing cash balance of £7.9m (2017: £2.4m)

* Adjusted to reflect the early adoption of IFRS 15 ‘Revenue from Contracts with Customers’

PRESS RELEASE
By |2018-12-04T07:17:50+00:004 December 2018|Financial|