Ixico sees only 'modest' impact on trading from Covid-19

(Sharecast News) - Data analytics company Ixico said on Wednesday that Covid-19 had only had a "modest" impact on trading and stated it expects to maintain double-digit revenue growth in 2021.
Due to the uncertainty around the level and duration of disruption to global clinical trials from the coronavirus outbreak, Ixico had previously opted not to provide clarity regarding its outlook for 2020.

However, Ixico confirmed on Wednesday that the impact of Covid-19 on its expected financial performance for 2020 had been modest and that it was "confident" of achieving at least £9.1m revenues and £900,000 in earnings before interest, tax, depreciation and amortisation.

The AIM-listed group highlighted that this would represent a fourth consecutive year of revenue growth of 20% or more and an increase in EBITDA margin from 6% to 10% year-on-year, despite Covid-19 disruptions to clinical trial timelines.

Ixico also expects to continue to maintain double-digit revenue growth across 2021, whilst continuing to make investments to ensure it will be ready to scale as those clinical trials are initiated.

As of 0940 BST, Ixico shares were up 3.46% at 67.25p.