(Alliance News) - Ixico PLC on Wednesday said it expects to swing to an interim loss, following some legacy issues dating back to 2021.
Ixico is a London-based precision analytics company delivering insights in neuroscience to help transform the advancement of investigational therapies for neurological diseases, such as Huntington's, Parkinson's, Alzheimer's disease and multiple sclerosis.
Its shares were down 3.4% to 18.60 pence each in London on Wednesday afternoon.
Revenue in the six months ended March 31 is expected to fall annually to GBP3.2 million from GBP3.9 million. It expects to swing to loss before interest, tax, depreciation, and amortisation of GBP600,000 from a GBP500,000 profit.
However, Ixico's contracted order book has increased to GBP13.3 million from GBP12.6 million a year earlier.
Looking ahead, Ixico expects a return to growth in 2024. 2023 will be the final period to reflect the negative impact of the large Huntington disease-trial cessations, it added.
In January 2022, it said 2022 revenue would fall by GBP300,000 after Huntington's disease study contract was cancelled by client. The study had been using IXICO's safety and data analysis service to support the understanding of findings, in an open-label extension after phase three trials ended. The contract was due to run for three more years.
Ixico had stopped another Huntington disease trial back in March 2021. The maximum hit to revenue would be GBP2.7 million, the company had said at the time.
Chief Executive Officer Giulio Cerroni said: "The re-building of our order book is a priority as we look to benefit from investments we are making in our commercial capabilities to support our pipeline of opportunities and address the demand for our specialist AI neuroimaging analytical services."
The company's half-year results will be released on May 23.
By Sophie Rose, Alliance News reporter
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Ixico (IXI)