Business
Trading Update for year ended 30 September 2021
Trading Update for year ended 30 September 2021.
About this update from Ixico Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3038P\n IXICO plc\n 18 October 2021\n \n \n \n \n IXICO plc\n \n \n (\"IXICO\" or the \"Company\")\n \n \n \n \n \n Trading Update for year ended 30 September 2021\n \n \n \n \n \n 9.2 million revenues outperform market expectations \n \n \n EBITDA profitability expected to be materially ahead of market expectations\n \n \n Strong £18.8 million order book and £6.7 million cash position\n \n \n \n \n \n IXICO plc (AIM: IXI), the AI data analytics company delivering insights in neuroscience, \n announces a trading update for the year ended 30 September 2021.\n \n \n \n \n \n · \n Full year revenue of £9.2 million (2020: £9.5 million) ahead of £8.7 million market expectations. Year-on-year revenue broadly flat despite full year of COVID-19 and lost revenue resulting from largest client's announcement on 23 March 2021 to cease dosing patients in its Huntington's Disease (HD) trials. \n \n \n \n \n \n · \n Year-end order book of £18.8 million (2020: £21.7 million), despite £7.1m adverse impact from the descoping of the above HD trials.\n \n \n \n · \n Year-end cash of £6.7 million, (2020: £7.9 million) reflecting more than £2 million technology investment to support long term growth (including our next generation, Microsoft Azure cloud-based, imaging data platform and proprietary AI data analytics platform). The Company continues to be debt-free.\n \n \n \n \n \n · \n Earnings before interest, tax, depreciation, and amortisation ('EBITDA') expected to be materially ahead of market expectations of £1.2 million and prior year (2020: £1.3 million). Key contributors include strong trading in the final quarter, careful management of discretionary costs and several positive one-time impacts.\n \n \n \n \n \n Outlook\n \n \n Benefiting from a strong order book, and an improving business outlook resulting from the initiation of new neuroimaging clinical trials during the 2022 financial year, the Company expects a return to revenue growth, albeit at a lower rate than recent historical levels. In the coming year, the Company will continue to pursue its investment plan to accelerate long-term sustained growth. Due to these investments, and the one-time beneficial impacts on EBITDA seen in 2021, the Company expects to see lower profitability in 2022....