(Alliance News) - Ixico PLC on Tuesday said it now expects to achieve double-digit revenue growth next year, on the basis of several new early-phase contract wins.
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.
The company reconfirmed its revenue expectations of GBP7 million for the year to September 30, 2023. This represents a contraction from annual revenue a year prior, reported at GBP8.6 million.
However, Ixico now expects double-digit growth for 2024. It attributed this change to a diversified order book, as it continues to build upon the "contract and client wins" of the last two years.
Ixico shares were trading 10% higher at 25.94 pence each in London on Tuesday morning.
"Good progress has been made in winning new early phase contracts, with more clients, in more therapeutic areas over the last two years; significantly reducing client concentration in our order book. We expect this and new client contracts from our 2023/24 opportunity pipeline, to result in the Company returning to revenue growth of at least ten percent in 2024," said Chief Executive Officer Giulio Cerroni.
"Servicing a broad portfolio of early phase trials provides us with opportunities to progress our services with these clients to later phases should the trial drugs show positive efficacy and safety profiles, over the coming years," Cerroni added.
By Holly Beveridge; Alliance News reporter
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Ixico (IXI)