Ixico loss widens as contract wins slow; shares plummet

(Alliance News) - Ixico PLC on Wednesday said it is confident for the year ahead, despite a widening loss amid a slower pace of new client contract wins.

The London-based medical analytics company reported a pretax loss of GBP2.2 million in the financial year ended September 30, widened from GBP1.4 million a year before.

Revenue fell by 13% for the same period to GBP5.8 million, from GBP6.7 million a year before.

Ixico attributed this to a "slower pace" of new client contract wins in the first half of the year, along with the "challenging" macroeconomic backdrop.

More positively, the firm recorded strong growth in its order book towards the end of the year, with revenues rising 27% on-half.

Looking ahead, Ixico said it was optimistic for 2025 with the firm seeing strong growth in its order book towards the end of the year.

Chief Executive Officer Bram Goorden commented: "We expect 2024 to reflect a transition from the recent periods of revenue decline. Thanks to careful cost management, a successful capital raise and by redirecting efforts towards areas of growth, we have defined a clear strategy for scale. Going into 2025, I am confident we will continue to see renewed growth."

Ixico said it is not in a position to pay dividends for 2024.

Ixico shares were down 1.9% at 12.02 pence each in London on Wednesday morning.

By Lydia Doye, Alliance News reporter

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