Half yearly report to 31 March 2021

IXICO plc (AIM: IXI), the AI data analytics company delivering insights in neuroscience, announces its unaudited interim results for the six months ended 31 March 2021.

Financial highlights:

· Reported revenues of £4.9 million for the six months to 31 March 2021 (H1 2020: £4.6m) representing 8% growth;

· Continued strong gross margin at 67.6% (H1 2020: 66.5%);

· Growth in earnings before interest, taxation, depreciation and amortisation ('EBITDA') to £0.9 million (H1 2020: £0.7m);

· EBITDA margin at 18.0% (H1 2020: 14.8%);

· Cash position of £7.0 million as of 31 March 2021 (H1 2020: £6.7m); and

· Profit per share of 1.78p (H1 2020: 1.01p)

Commercial and operational highlights:

 ·    Order book1 of £19.0 million at 31 March 2021 (H1 2020: £15.3m) despite reduction relating to Phase III and OLE HD trail failures as announced 23 March 2021;

·      £9.4 million of new contracts signed during the period across a range of clients and neurological therapeutic indications;

·      Significant capital investment in next generation image capture and analysis platform and associated partnership with Microsoft; and

·      Research and Development investments in expanded range of analytical tools to support advanced quantitative image analysis.

Corporate development highlights

·      Increased focus on corporate development and strategic partnership opportunities within Central Nervous System ('CNS') indications across medical imaging and emerging digital health technologies.

1Order book is contracted but unrecognised revenue adjusted down to provide the Company's best expectations of delivery.

Giulio Cerroni, CEO of IXICO, commented: "Despite the ongoing COVID-19 pandemic, this is another strong set of financial results and I am particular pleased with the continued top line revenue growth and acquisition of new clients reported through the period. The CNS clinical trials market is showing the green shoots of recovery and IXICO's technology-driven business model is well suited to support our pharma and biotech clients as they increasingly look to accelerate their adoption of remote data collection technologies.  I am pleased, not only in the progress of our client traction across the last six months, but also in the operational progress we have made through investments to ensure we can scale to meet the demands of our growing marketplace.

"Whilst we expect to see the impact of clinical trial delays and of the recent loss of revenues from our order book following the client trial failure announced in March, we remain confident of our ability to grow across the medium to long term. This conviction is underpinned by increasing numbers of discussions with a wider range of clients for our specialist neuroimaging services, across a broader range of CNS therapeutic indications and potential strategic partnerships in emerging digital health technologies."

A recording of the results presentation will be made available on the Group's website here: https://ixico.com/investors/company-information/investor-videos/

For further information please contact:

 

IXICO plc

+44 (0)20 3763 7498

Giulio Cerroni, Chief Executive Officer

Grant Nash, Chief Financial Officer

 

Cenkos Securities PLC (Nominated adviser and sole broker)

+44 (0)20 7397 8900

Giles Balleny / Max Gould (Corporate Finance)

 

Michael F Johnson / Russell Kerr (Sales)

 

Walbrook PR Ltd

Tel: 020 7933 8780 or IXICO@walbrookpr.com 

Paul McManus / Lianne Cawthorne / Alice Woodings

Mob: 07980 541 893 / 07584 391 303 / 07407 804 654


Date: 25/05/2021