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Chloe Shakesby

Neuroscience data analysis firm increases revenue more than 25% for fourth consecutive year

A London data analysis firm has announced that its revenue has increased by more than 25 per cent for the fourth year in a row.

IXICO, an AI data analytics company focusing on neuroscience, saw its full year revenue increase from £7.6m in 2019 to £9.5m - a jump of 26 per cent.

The company also saw its EBITDA more than double from £0.5m to £1.1m, and its year-end order book increase by 36 per cent from £15.9m to £21.7m.

It said that its clinical trials in the period were disrupted by the effects of the coronavirus pandemic, but that the results demonstrate the “underlying resilience” of its technology.

Giulio Cerroni, CEO of IXICO, commented: “IXICO has delivered exceptional progress both operationally and financially during 2020 as we continue to demonstrate our ability to drive sustained growth through a clear focus on our service model strategy.”

“We have responded robustly to the challenges of the COVID-19 pandemic, continuing our track record of strong growth.

“The commercial momentum established in recent years reflects our ability to scale our remote working model and leverage the resilience of our technology to support the global clinical trials market.

“Despite the ongoing uncertainties of the COVID-19 pandemic, which will continue to impact us across 2021, we will continue to invest for medium to long term profitable growth.”

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