IXICO plc (AIM: IXI), the AI data analytics company delivering insights in neuroscience, is pleased to announce a trading update for the year ended 30 September 2019. IXICO is expecting its first full year of positive earnings before interest, tax, depreciation and amortisation ("EBITDA") since listing. This better than forecast performance has been driven by accelerated revenue growth and builds on the breakeven performance reported in the Company's interim statement.
For the year ended 30 September 2019, revenue increased year-on-year by 40% to £7.6 million (2018: £5.4 million). The Company will continue to benefit from a healthy contracted order book of £15.9 million, which takes account of the client early trial cessation reported on 9 August 2019, and retains a strong position for growth delivery in 2020 and beyond.
Net cash at 30 September 2019 was £7.3 million (2018: £7.9 million). The strong cash position enables the Company to continue to organically fund investment to strengthen its technology and innovation portfolio and to grow the Company market position in the global biopharmaceutical clinical trials market for AI-driven analytics.
The Company intends to announce its audited results for the year ended 30 September 2019 in early December 2019.
Giulio Cerroni, Chief Executive Officer of IXICO, commented:
"We are very pleased to have again delivered on our client and financial commitments, exceeding full year guidance, while continuing to invest in the long-term future of the Company. 2019 has been a pivotal year in the Company's transformation into a profitable, scalable business, and we enter 2020 on a strong growth trajectory supported by our order book, highly talented staff and strengthened leadership team."