IXICO (AIM:IXI) told investors that revenue for the sixth months ended March 31 2020 has grown by a third from the same period last year amid ongoing momentum.
The data analytics firm saw revenue for the period grow by 33% from £3.4m to £4.6m whilst it closed the half in a strong financial position with £6.7m in the bank.
The group said it was therefore in a “robust position” to manage the “short-term headwinds” of the coronavirus pandemic given the solid position of the business.
The forward order book, consisting of contracted but not recognised revenue, has been re-examined to only include that portion of contracted revenue which has a high level of being delivered and reported.
The order book as at 20 April 2020 is therefore £22.5m (Sept £15.9m), which equates to a decrease in full contract values of around £3.3m on previous estimates.
Shares in IXICO were trading -0.72% lower at 69p during Monday afternoon.
The company has developed AI-led software that interprets medical images from clinical trials.
“Our proven remote-access business model has enabled us to minimize disruption to our service levels and continue to deliver image analysis services to our existing portfolio of clinical trial projects,” said Giulio Cerroni, CEO of IXICO.
The group said it has now reported its seventh consecutive period showing revenue growth to be greater than 20% whilst building a “record order book during unprecedented times.”
“This is testament to the increasing market adoption of our proprietary technology services and the highly committed and effective teamwork demonstrated by all our staff,” added Cerroni.
IXICO will release its first half results on 20 May 2020.
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