(Alliance News) - Ixico PLC on Monday said it expects to report a significant improvement in its earnings for financial 2020 as it also highlighted a strong order book and "robust" balance sheet.
The AI data analytics company said for its financial year ended September 30, revenue increased 26% year-on-year to GBP9.5 million from GBP7.6 million, marking the fourth successive year of revenue growth of more than 25%. Earnings before interest, tax, depreciation, and amortisation more than doubled to achieve at least market expectations of GBP1.1 million from GBP500,000 the year prior.
Ixico stated its results, achieved despite the Covid-19 pandemic which continues to disrupt clinical trials and reduce the number of new clinical trials being initiated, demonstrates the underlying resilience of its technology
"Ixico has delivered exceptional progress both operationally and financially during 2020 as we continue to demonstrate our ability to drive sustained growth through a clear focus on our service model strategy. We have responded robustly to the challenges of the COVID-19 pandemic, continuing our track record of strong growth," said Chief Executive Giulio Cerroni.
Looking ahead, the London-based company confirmed its outlook for financial 2021, highlighting a year-end order book of GBP21.7 million, up 36% from the prior year. Cash held as at September 30 was GBP7.9 million, up 8.2% from GBP7.3 million.
Shares in Ixico were up 6.7% at 95.00 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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