15th Oct 2019 12:30
(Alliance News) - IXICO PLC on Tuesday said it expects to post its first full-year of positive earnings before interest, taxes, depreciation and amortisation since listing in financial 2019, due to acceleration in revenue growth and continuation of good business performance.
In financial 2018, the company posted Ebitda loss of GBP600,000.
IXICO shares were up 13% at 61.88 pence each in London on Tuesday afternoon.
For the year ended September 30, the data analytics company predicts a 40% year-on-year rise in revenue to GBP7.6 million from GBP5.4 million a year ago. Net cash at period end stood at GBP7.3 million versus GBP7.9 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," IXICO said.
IXICO Chief Executive Giulio Cerroni said: "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." The company's contracted order book stood at GBP15.9 million at financial 2019 end.
By Tapan Panchal; [email protected]
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