This
announcement contains inside information as stipulated under the
retained EU law version of the Market Abuse Regulation (EU) No.
596/2014 (the "UK MAR") which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018. The information is disclosed
in accordance with the Company's obligations under Article 17 of
the UK MAR.
14 August 2024
IXICO plc
("IXICO" or the
"Company")
Trading update for the year
ending 30 September 2024
IXICO plc (AIM: IXI), the medical
imaging advanced analytics company delivering insights in
neuroscience, announces a trading update
for the year ending 30 September 2024 ("FY24").
FY24 financial performance is
expected to be ahead of market expectations following new contract
wins worth £5.8 million in the period since 31 March 2024 (IXICO's
half-year end).
·
Full year FY24 revenue expected to be between £5.5
million and £5.9 million (2023: £6.7 million) reflecting growth of
at least 20% in revenues across the second half of the year as
compared to the first half (H1 2024: £2.5 million).
·
Year-end order book expected to increase and
return to prior year end levels (2023 FY: £14.8 million; H1 2024:
£12.7 million) following the signing of contracts and contract
extensions.
This expected increase in revenues and contract
wins will improve cash and EBITDA performance as compared to the
existing market expectations of £1.4 million cash and £2.1 million
EBITDA loss respectively.
Giulio
Cerroni, Chief Executive Officer of IXICO, commented:
"I am pleased with the
progress made by the Company since the half-year, with new
contracts signed underpinning revenue growth across the second half
of the year. In parallel, we have continued to see a
strengthening of our opportunities pipeline and whilst we maintain
a very close eye on costs, we are doing so in a manner that avoids
detriment to our core focus of delivering
growth."
For
further information please contact:
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IXICO plc
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+44 (0) 20 3763 7499
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Giulio Cerroni, Chief Executive
Officer
Grant Nash, Chief Financial
Officer
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Cavendish Capital Markets Limited (Nominated adviser and sole
broker)
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+44 (0) 20 7397 8900
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Giles Balleny / Dan Hodkinson
(Corporate Finance)
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Michael F Johnson / Tamar Cranford
Smith / Charlie Combe (Sales and Corporate Broking)
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About
IXICO
IXICO is dedicated to
delivering insights in neuroscience to help transform the
advancement of investigational therapies for neurological diseases,
such as Huntington's disease, Parkinson's disease and Alzheimer's
disease. The Company's purpose is to advance medicine and human
health by turning data into clinically meaningful information,
providing valuable new insights in neuroscience by supporting
pharmaceutical companies across all phases of CNS clinical
research. IXICO's goal is to be a leading advocate of
artificial intelligence in medical image analysis.
IXICO has developed and
deployed breakthrough data analytics, at scale, through its remote
access technology platform, to improve the return on investment in
drug development and reduce risk and uncertainty in clinical trials
for the Company's pharmaceutical clients.
More information is available
on www.IXICO.com and follow us on Twitter @IXICOnews