IXICO plc Trading Update (8366Q)
24 Junio 2020 - 1:00AM
UK Regulatory
TIDMIXI
RNS Number : 8366Q
IXICO plc
24 June 2020
IXICO plc
("IXICO" or the "Company")
Trading Update
Expected strengthening FY20 financial performance of at least
GBP9.1m revenues, GBP0.9m EBITDA and positive operating cash
IXICO plc (AIM: IXI), the data analytics company delivering
insights in neuroscience, announces a trading update, confirming
that the impact of COVID-19 has been modest and that IXICO expects
to maintain double-digit revenue growth across FY21.
On 14 April 2020, due to the uncertainty around the level and
duration of disruption from COVID-19 to global clinical trials, the
Company stated that it was not able to provide clarity regarding
the outlook for 2020. In this same communication the Company
promised to provide further updates once there was greater
visibility on the trading environment.
The Board is now pleased to confirm that the impact of COVID-19
on the Company's expected financial performance for FY20 has been
modest, and it is confident of achieving at least GBP9.1m revenues
and GBP0.9m earnings before interest, tax, depreciation and
amortisation ('EBITDA') with positive operating cash for the year
ended 30 September 2020. This would represent a fourth consecutive
year of revenue growth of 20% or more and an increase in EBITDA
margin from 6% to 10% compared to the prior year, despite COVID-19
disruptions to clinical trial timelines.
The Board also expects the Company to continue to maintain
double-digit revenue growth across FY21 whilst continuing to invest
to ensure the Company is ready to scale as those clinical trials
delayed due to the COVID-19 crisis are initiated.
Giulio Cerroni, CEO of IXICO, commented: "I am delighted that
the impact of COVID-19 on our expected revenue growth has been
minimised by fully leveraging the capabilities of our technology
platform. Our remote access business model, which utilises our
proprietary TrialTracker(R) platform, coupled with our centralised
artificial intelligence data analytics capabilities has mitigated
any potential material disruption to our business operations.
Whilst the industry continues to adjust to the many consequences of
the pandemic, at IXICO, we continue to focus on ensuring we are
well-positioned to meet our clients' needs. Although we see the
impact of some new trials being postponed, we are using this time
to prepare for what we expect to be a rapid initiation of
additional client studies towards the end of 2020 and across
2021."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 (MAR)
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 Mob: 07980 541 893 / 07584 391
/ 303 /
Alice Woodings 07407 804 654
About IXICO
IXICO is dedicated to delivering insights in neuroscience. Our
mission is to transform the progression of our biopharmaceutical
clients' neurological therapeutic pipelines through the application
of novel imaging and digital biomarkers.
IXICO's data analytics services are used by the global
biopharmaceutical industry to interpret data from brain scans and
digital biosensors to enable better trial design, site
qualification, patient selection and clinical outcomes. We provide
technology-enabled services across all phases of clinical
evaluation. Our integrated digital platform provides a scalable and
secure infrastructure for the capture and analysis of regulatory
compliant clinical data to enable clients to make rapid, better
informed decisions. IXICO is also collaborating with partners to
develop new analytical techniques and companion digital health
products targeted at improving patient outcomes.
More information is available on www.IXICO.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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