14th Aug 2024 14:02
(Alliance News) - Ixico PLC on Wednesday said a strengthening order book has increased confidence in revenue growth over the second half of the year.
The London-based medical analytics company said it expects revenue to be between GBP5.5 million and GBP5.9 million in the year ending on September 30, reflecting at least 20% revenue growth in the second half compared to the first with GBP2.5 million in revenue reported.
However, this would still represent a decline of up to 17% from GBP6.7 million generated in 2023.
Ixico shares were up 37% to 9.74 pence each in London on Wednesday afternoon.
Chief Executive Officer Giulio Cerroni said: "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."
Due to the signing of new contracts and extensions, the order book after the first six months of the current year stands at GBP12.7 million. The company's year-end order book is expected to grow and return to prior year levels with GBP14.8 million recorded in 2023.
On Wednesday Ixico announced that it had been contracted by a US-based pharmaceutical client to provide imaging biomarker services for a clinical trial for patients with Huntington's disease.
The trial will run for up to ten years and contribute almost GBP2 million to the company's order book.
By Elijah Dale, Alliance News reporter
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