By Iain Gilbert
Date: Monday 26 Apr 2021
LONDON (ShareCast) - (Sharecast News) - Clinical research firm Ixico said on Monday that revenues were expected to have improved in the six months ended 31 March, despite the impacts of the Covid-19 pandemic on the clinical development sector.
Revenues were pegged to be around £4.9m for the half, an 8% year-on-year improvement, while the group's adjusted order book was said to have grown from £15.3m to £19.0m, partly driven by the signing of £9.4m of contracts across several clients and neurological disease indications over the period.
The AIM-listed group also highlighted that it had a "strong" cash balance of £7.0m, up slightly from the £6.7m on hand at the same time a year earlier.
Ixico also acknowledged that its largest client had stopped dosing participants in its phase III and open-label extension trials in Huntington's disease back in March. However, the client had now provided it with a revised protocol for the trials.
Previously, Ixico had indicated that the maximum impact on revenues could be around £2.7m for the remainder of the 2021 trading year and about £5.0m in 2022 but receipt of the revised protocol enabled the company to estimate impacts on its 2021 performance as being roughly £700,000 and £2.8m for 2022, with a total of £7.1m removed from its order book through to 2024.
Chief executive Giulio Cerroni said: "Considering the delays experienced in the past year to new trial start-ups (other than Covid-19 trials), we are particularly pleased with the increasing pace of new contract wins, combined with continued top-line growth reported for the first half of 2021."
As of 0905 BST, Ixico shares were up 6.67% at 88.54p.
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Currency | UK Pounds |
Share Price | 7.38p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 20.30 |
52 Week Low | 7.25 |
Volume | 0 |
Shares Issued | 48.35m |
Market Cap | £3.57m |
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