Cracking year-end trading update today from neuro-medical imaging firm IXICO (IXI) . Here its AI-enhanced analytics help biopharmas and CROs develop new drugs to treat conditions like Huntington's disease, Parkinson's and Alzheimer's.
IXI reported strong performance in H2'24, with sales of £3.0m to £3.4m - or 20% to 36% higher than H1 (£2.5m) levels- thanks to £5.8m of contract wins in the 2nd half and strong cost control.
This means FY24 revenues (£5.5m-£5.9m), LBITDA, net cash and the closing orderbook, should all be better than current market expectations. House broker Cavendish have a 24p/share target price and believe the global clinical trials market is improving.
CEO Giulio Cerroni commenting: "I am pleased with the progress since the half-year, with new contracts signed underpinning revenue growth across H2. In parallel, we have continued to see a strengthening of our opportunities pipeline and whilst we maintain a very close eye on costs, we are doing so in a manner that avoids detriment to our core focus of delivering growth."
IXI shares jumped over 30% on the announcement.
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