StockMarketWire.com - IXICO saw robust revenue growth in the year to the end of September strengthened by the entry into a number of new commercial contracts in a broad range of neurological diseases.

The group said the results represented a positive first step on its path to profitability. Revenue of £4.1m - up from a restated £3.3m last time - represented 26% growth at actual exchange rates and underlying 20% growth on a project exchange rate (PER) basis.

PER represents the fixed foreign exchange rate applied to each individual customer project. IXICO said the revenue performance reflected an increased number of projects and new contract wins.

Furthermore, the Assessa PML collaboration with Biogen expanded in the year as the project scope broadened to include pharmacovigilance reporting and the on-boarding of additional clinical sites to the pilot.

The operating loss reduced by £1.0m to £1.9m (2016: £2.9m) which, IXICO said, reflected its objective of combining commercially led growth with appropriate cost control.

Chief executive Giulio Cerroni said: 'I am pleased to report that in 2017, the business delivered robust revenue growth strengthened by the entry into a number of new commercial contracts in a broad range of neurological diseases.

'These multi-year contracts underpin our confidence in building further commercial momentum and I am excited about the goals we have set ourselves in our drive to achieve profitability.

'I look forward to the new year with confidence.'





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