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(Alliance News) - Ixico PLC on Wednesday said profit and revenue were down but it expects to return to growth over the medium and long term following recent client trial failures.
The London-based AI data analytics company focusing on neuroscience insights said pretax profit for the financial year that ended September 30 was GBP885,000, down 20% from GBP1.1 million a year prior. Revenue was down 6.5% to GBP8.6 million from GBP9.2 million.
It noted that three large client trials were cancelled between March 2021 and January 2022, affecting revenues during its financial 2022. It also pointed to new client contracts worth GBP12.6 million during the period, including 11 new projects, claiming it diversified the order book.
The closing order book was GBP16.0 million in future contracted revenues, down 15% from GBP18.8 million.
Ixico said it expects to return to growth over the medium and long term during its financial 2023, after a predicted initial short-term contraction in revenues as the recent client trial failures continue to affect short-term revenues.
"Continued traction in the market, coupled with successful wins of new early phase trials, should provide the bedrock for a return to growth over the medium and long term. Ixico is well positioned in its market which continues to grow and attract new investment in the global pursuit of therapies to neurological diseases that impact the lives of millions of people and impose significant social and economic burdens," said Non-Executive Chair Charles Spicer.
Ixico declared no dividend for its financial 2022, citing its primary funding via equity finance means it is not in a position to pay shareholders.
Shares in Ixico were down 4.3% to 28.00 pence in London on Wednesday at midday.
By Greg Rosenvinge, Alliance News reporter
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