London data analytics firm "well positioned" for 2021 with 26% revenue increase

A London data analytics company has today announced that it has more than doubled its profit in its fourth successive year of revenue growth higher than 25 per cent.

IXICO, which delivers insights in neuroscience, saw a 26 per cent increase in revenue this year, rising from £7.6m to £9.5m, with EBITDA more than doubling from £0.5m to £1.3m.

The company’s operating profit saw growth of more than £0.5m, increasing to £0.9m from 2019’s £0.4m, with its order book reaching a record £21.7m - a rise of 36 per cent.

It said that the increase in business was driven by a sales mix arising from multi-year clinical trials contracts, and that this year has “demonstrated the resilience of the business model”.

Giulio Cerroni, CEO of IXICO, commented: “2020 has been a fourth successive year of greater than 25 per cent revenue growth for IXICO and one in which we have demonstrated the resilience of our business model.

“In addition, the group has more than doubled its EBITDA profitability to £1.3m, generated significant operational cashflows, strengthened the balance sheet and increased its contracted order book by 36 per cent to £21.7m.

“I am delighted with these financial achievements, but even more so, I am proud of the way that IXICO has responded to the Covid-19 pandemic and continued to provide valuable new insights in clinical development to our global pharmaceutical clients.

“Our dedicated employees adapted rapidly to the changing circumstances and redoubled their focus and efforts on supporting our clients, who in turn continue to look to IXICO for neuroimaging expertise across a wide range of therapeutic areas in new clinical trials scheduled to commence during 2021 and beyond.

“With a record order book and a clear investment programme, the group is well positioned for the year ahead.”