REG - IXICO plc - Interim results for six months ending 31/03/2026
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RNS Number : 7918E IXICO plc 19 May 2026
IXICO plc
("IXICO", the "Company" or the "Group")
Interim results for six months ending 31 March 2026
Continued strong revenue and order book growth
19 May 2026 IXICO plc (AIM: IXI), a global leader in neuroscience imaging
and biomarker analytics, using its AI-driven platform to help advance drug
development in neurological disorders, today announces its unaudited interim
results for the six months ended 31 March 2026 ('H1 2026' or 'the period').
Financial highlights
· Revenues up 23% to £3.9 million (H1 2025: £3.2m), driven by new
contract wins, contract extensions and an increased volume of analyses in H1
2026 relative to the equivalent prior period. The Company expects to be at
least in line with market expectations for the full year 2026.
· Gross margin increased to 53% (H1 2025: 50%).
· Order book* of £18.1 million; an increase of 38% on 31 March
2025 (H1 2025: £13.1m) and 31% on 30 September 2025 (FY 2025: £13.8m).
· Loss before interest, tax, depreciation and amortization of £0.5
million (H1 2025: £0.7m loss); reflecting increased revenues, offset by
full period impact of investments made in the Company's Innovate, Lead, Scale
strategy to deliver sustained revenue growth.
· Cash position of £1.7 million (H1 2025: £5.0m).
· The Group completed a capital raise of £10 million (£9.4
million after placing costs) after the period end, on 27 April 2026, to
support its Tech Bio strategy - focussed on accessing novel revenue streams
via integrating and partnering the IXI(TM) platform within the wider ecosystem
of CROs, clinical trial management and clinical healthcare providers.
*Order book refers to those client contracts that have been signed by the
Company but not yet delivered.
Commercial & Operational highlights
· Appointment of Tanya Voloshen as US-based Chief Commercial
Officer.
· Commercial agreement signed with Medidata (a Dassault Systèmes
company), as a partnership where IXI(TM) augments Medidata's well-established,
clinical trials technology platform used in 80% of FDA novel drug approvals.
· Extension of operational imaging site support into both US and
Asia time zones; further enhancing IXICO's global reach.
· Technology and product roadmap progress announced in Alzheimer's
disease (AD) and Parkinson's disease (PD) that increases commercial
opportunities.
· Projects won across therapeutic areas (further strengthening the
Group's position in rare CNS disorders), clinical phases (incl. Phase 2 &
3), and customer types (incl. a growing number of diagnostic companies).
· Focussed execution on the Innovate, Lead, Scale strategy,
delivering a differentiated scientific offering and underpinning revenue,
orderbook and commercial pipeline growth.
Post period activity
· £10 million capital raise (£9.4 million net of placing fees)
completed on 27 April 2026 to support the Company pursue its TechBio strategy.
· Latest version of IXI™ AI-driven platform (version 10)
deployed, increasing data upload and analysis speeds.
Bram Goorden, CEO of IXICO, commented: "The first half of the 2026 financial
year saw strong continued revenue growth driven by new contract wins and
extensions, and increased biomarker analysis activity. This momentum,
combined with improved operational leverage, has delivered an increase in
gross margin while our order book has also grown significantly, providing good
visibility of future revenues. While we continue to invest for growth, we
have reduced our EBITDA loss year-on-year, demonstrating progress towards
profitability. I am also very excited about the recently completed capital
raise which aims at driving increased value from our IXI(TM) platform as a
premium technology. We IXICANs are a mission driven team and for us to be in
the middle of the current surge in research into neurodegenerative diseases
means everything."
Company Presentation
As announced on 21 April, Bram Goorden (CEO) and Grant Nash (CFO) will
provide a live presentation to all existing and potential shareholders
relating to the Interim Results and the Company's progress and ongoing
strategy via:
The Investor Meet Company platform, this afternoon (19 May 2026) at 16:30
BST.
The presentation is open to all existing and potential shareholders. Questions
can be submitted at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet IXICO
PLC via:
https://www.investormeetcompany.com/ixico-plc/register-investor
(https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.investormeetcompany.com%2Fixico-plc%2Fregister-investor&data=05%7C02%7Cjames.chandler%40ixico.com%7Cfd7b2d98fdf74d5f362108dd8303c4d3%7Cd5a3b5c97a6b4ab9abee3de97e9d4955%7C0%7C0%7C638810774401694753%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=DoWkFpNoX3IapWeeYVz5qD7ikqrU%2Fms5pj7zJgFqfaM%3D&reserved=0)
Investors who already follow IXICO PLC on the Investor Meet Company platform
will automatically be invited.
A recording of the results presentation will be made available on the Group's
website.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation 596/2014 which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.
For further information please contact:
IXICO plc +44 (0) 20 3763 7499
Grant Nash, Chief Financial Officer
James Chandler, Chief Business Officer
Cavendish Capital Markets Limited +44 (0) 20 7220 0500
(Nominated Adviser and Sole Broker)
Giles Balleny, Isaac Hooper (Corporate Finance)
Nigel Birks (Healthcare Specialist Sales)
Harriet Ward (Corporate Broking)
Michael F Johnson (Sales)
About IXICO www.IXICO.com (http://www.IXICO.com)
IXICO is a global leader in neuroscience imaging and biomarker analytics,
using its proprietary AI-driven platform to help advance the treatment of
neurological disorders and reduce the uncertainties associated with drug
discovery, development and monitoring. As a key part of the global
neurological disease research community, the Company has built a global
reputation and 20-year track record as an end-to-end Imaging Contract Research
Organisation (iCRO) working with leading pharma companies, innovative
biotechs, disease consortia and non-profit organisations. IXICO has supported
hundreds of neurological clinical trials, analysed hundreds of thousands of
scans and built an expansive network of expert imaging centres around the
world.
The IXI(TM) platform is tailor-made for neurological disease, reliably
processing data from global trials, precisely measuring key imaging biomarkers
associated with the identification, progression and treatment of diseases such
as Alzheimer's, Huntington's and Parkinson's. Image data is interrogated by
the platform and IXICO's expert scientists translating complex data into
clinically meaningful while minimizing data variability and increasing
reproducibility.
2026 H1 RESULTS - CHIEF EXECUTIVE OFFICER'S STATEMENT
_________________________________________________________________________________
Summary
The first half of 2026 was a significant period in IXICO's development and can
be characterised by two key areas of momentum:
· Tangible progress in the existing imaging Contract Research
Organisation (iCRO) activities resulting in revenue growth.
· The leveraging of IXICO's proprietary AI-driven precision
medicine platform to generate new revenue opportunities via a 'TechBio'
strategy.
Regarding its iCRO activities, the Group is delivering against the objectives
stated at the 2025 financial year-end, driving the Group to further growth in
revenues, order book and sales pipeline, and continued progress towards
profitability. Having successfully returned the business to growth last
year, I am pleased to report we have accelerated this further in H1 2026.
Revenues have grown 23% in first half to £3.9 million (H1 2025: £3.2m), the
order book has grown to £18.1 million, up 38% since 31 March 2025 (H1
2025: £13.1m) and 31% since 30 September 2025 (FY 2025: £13.8m). EBITDA
losses have reduced to £0.5 million (H1 2025: £0.7m). The Group strengthened
its position as a multimodal platform player entering the field of Blood Based
Biomarker validation, including the announcement on 15 October 2025 of a new
contract in this space. The Group has made progress winning later-stage
clinical development contracts such as the £3.5 million contract win for
Phase 3 study announced on 17 November 2025 and the £1.5 million Phase 2
contract extension announced on 12 February 2026.
The Group is adopting a TechBio strategy, based on leveraging the IXI(TM)
platform. We successfully completed a £10 million Placing (£9.4 million net
of fees) on 27 April 2026 which positions IXICO to deliver on this strategy.
Early evidence of market appetite for this strategy was demonstrated by our
platform-integrating collaboration with Medidata (announced on 26 March 2026),
a global leader in clinical data services for the BioPharma industry, whose
services are being utilised by 80% of novel FDA approvals.
Continued Revenue Growth and a Foundation for Value Increase
IXICO has accelerated progress made in 2025, reinforcing confidence that the
Group is on a sustainable growth path as a neuroscience focussed precision
medicine player. The core activity of imaging analytics, in which IXICO has
established a respected and leading market position, combines the Group's
scientific and operational expertise with its IXI™ AI-driven neuroscience
imaging and biomarker analytics technology platform, to help the
biopharmaceutical industry develop treatments for neurological disease.
The growth in H1 is underpinned by four core commercial pillars driving
success: new contract wins across a diversity of therapeutic areas and
clinical trial phases; contract extensions; demand for diagnostic blood-based
biomarker validation and continued scientific and AI-technology innovation.
Together, these pillars underpin the key financial, commercial and market
penetration milestones for 2026.
IXICO has made meaningful progress in strengthening the organisation. With the
recent appointment of Tanya Voloshen as Chief Commercial Officer (as announced
on 5 February 2026), based in Boston USA, I believe we have the executive
leadership team and expertise to deliver on our ambitions. There will be a
continued focus on expanding geographic depth and scale in core global markets
such as Europe, the US and increasingly Asia.
During the period, the Group strengthened its thought leadership, expanding
the Scientific Advisory Board with a focus on vascular biomarkers. The IXI™
platform was enhanced to support further studies and provide additional
biomarker algorithms to projects across neurodegenerative conditions.
IXICO's scientific team remains very active in the scientific community,
presenting at major conferences and publishing in peer-reviewed journals, with
a focus on multimodal approaches integrating imaging and blood-based
biomarkers to improve diagnosis and patient stratification.
A major highlight of H1 has been the continued evolution of our AI-driven
precision medicine platform, IXI(TM). Since its transition to a scalable,
cloud-based architecture, the platform has become central to our strategy.
These advances further showcase that technology is at the heart of everything
we do.
Through continuous innovation driven by our scientists, data experts,
collaborations with leading researchers and hundreds of thousands of scans
processed for our biopharma clients, the IXI(TM) platform has become more
powerful, with yet to be fully exploited intrinsic value.
The latest generation of IXI™ recognises our expansion into diagnostics,
mechanistic disease understanding, patient selection/stratification and
clinical decision support. A move made by building an agile and open platform
in order for our company to easily partner with organisations working towards
the same goal of bringing precision medicine solutions in an accelerated
fashion to CNS diseases.
The TechBio Strategy -Positioning the Group for Scale
Beyond the strong financial and operational performance in H1, we have laid
the groundwork for the next chapter of IXICO's evolution. The capital raise
and associated TechBio accelerated growth strategy places the IXI™ platform
at the centre of our strategy, enabling access to new markets, driving
recurring revenue streams, improving margin potential, and uncovering
currently unrecognised value in the Group's technology.
The TechBio strategy aims to increase IXICO's addressable market by enabling
external organisations to directly access IXICO's technology via licensing,
technology integration and partnering models. The basis of the approach is
to provide IXICO's data analytics capabilities, via the IXI™ platform, to a
range of service providers that have significant access to customers but
require the image analysis capabilities that IXICO can provide. By adding
IXI™ capabilities to their offering, the licence partners benefit from
offering a highly valuable set of additional services to their customers.
As a first step towards this opportunity, and a firm precedent indicating
industry appetite for the IXI™ platform, IXICO (as announced on 26 March
2026) entered a commercial and technology collaboration with Medidata, a
Dassault Systèmes brand and leading global provider of clinical trial
solutions to the life sciences industry. The collaboration creates a unique
neuroimaging data and analysis offering linking the IXI™ platform and its
advanced neuroimaging analytics and biomarker algorithm capabilities, with
Medidata's EDC platform to deliver a differentiated, unified user experience
for biopharma customers. I am thrilled about this nascent collaboration and
equally confident that this is only the beginning of a much deeper penetration
in the ecosystem in which IXICO has built a reputation of innovation and
excellence.
Post-period activity
The Group completed a capital raise of £10 million (£9.4 million after
placing costs) on 27 April 2026 to support the Group's TechBio strategy to
partner its IXI(TM) platform within the wider ecosystem of CROs, CTMS and
Clinical Healthcare providers.
Innovation and development of the IXI™ Platform has continued into H2,
evidenced by the announcement made on 12 May 2026 relating to the latest 10.0
release of the Platform that brings increased capabilities particularly in
data upload and image analysis speeds.
Outlook for 2026
Continued revenue growth remains the defining achievement of the period and
will be the core focus of activities in the second half. When I joined IXICO,
I articulated a vision to transform the business into a growth-oriented
organisation that better leveraged its technology and scientific pedigree.
The progress we have made in H1, coupled with the recent support from
shareholders through the capital raise, provides early validation of that
vision. Equally, I want to thank the dedicated and hard work of the team at
IXICO, without whom none of the achievements in H1 would be remotely possible.
Looking ahead to the second half of 2026, our priorities are clear. We remain
focused on delivering on guidance of 15% revenue growth for the full year.
While continuing to execute strongly in our core business, we will advance the
next phase of our strategy by further developing our platform, expanding
partnerships, laying the foundations for longer-term innovation, and
positioning the Company to capitalise on emerging TechBio opportunities.
Such activity will be focused on adapting the IXI™ platform to make it
suitable to operate on third-party systems (integration, automation, and
standardisation functionalities) while corporate development and commercial
partnership resources will be expanded to maximise integration and
commercialisation opportunities with third parties. This will be done with
discipline and focus, ensuring the Group does not lose sight of its core
strengths as we build this next chapter. There will also be a continued
commitment to market leading innovation in biomarker development and image
analysis for neurodegenerative diseases.
I would like to thank our shareholders for their continued support and for the
mandate provided to pursue this strategy. While the capital raise has
reinforced our balance sheet, importantly it is not needed to sustain current
operations, but is instead intended to enable IXICO to decisively accelerate
execution of our strategic ambitions for the future.
In this first half of the year, we solidified our position and created the
resources and organisation needed to move forward with confidence. IXICO has
not only delivered growth but developed a clear diversified strategic
direction for the continuation, expansion, and acceleration of that growth.
As a result, IXICO is now in a more stable and resilient position. We
believe IXICO is well placed to deliver on its ambitions and create
sustainable value in the years ahead. It is my expectation that the Group's
underlying value will be underpinned by revenue growth, margin expansion, a
disciplined path to profitability, and the intrinsic strength of our core
technology platform.
Bram Goorden
CEO, IXCO plc
Financial Review
KPI H1-26 H1-25 Movement FY25
Revenue £3.9m £3.2m £0.7m á £6.5m
Gross profit £2.1m £1.6m £0.5m á £3.2m
Gross margin 53.2% 49.6% 3.6% á 48.7%
EBITDA loss (£0.5m) (£0.7m) £0.2m á (£1.3m)
Operating loss (£1.6m) (£0.9m) (£0.7m) â (£2.6m)
Loss per share (1.21p) (1.11p) (0.10p) â (1.85p)
Net assets £10.7m £12.3m (£1.6m) â £11.7
Order book(1) £18.1m £13.1m £5.0m á £13.8m
Cash(2) £1.7m £5.0m (£3.3m) â £3.5m
Non-current asset investments £0.5m £0.3m £0.2m á £1.1m
(1)Order book is contracted but not yet recognised revenue adjusted down to
reflect the Company's best estimate of delivery.
(2)Cash increased by £9.4 million in April 2026 reflecting the Group's
capital raise (ex-costs) completed after the period end.
Revenue
· The Group reports revenue of £3.9 million (H1 2025: £3.2m)
representing a 23% increase on the equivalent prior period.
· This revenue increase reflects:
o a continued strengthening in new contract bookings across the first six
months of FY26. This is underpinned by developments in the Company's
scientific and commercial approach, an increase in opportunities within the
Group's pipeline and several expansions of existing contracts; and
o an increase in the relative proportion of analysis related revenues
compared to the equivalent prior period.
· Further revenue growth is anticipated as the Group seeks to
increase its contract win rate in the areas of AD and PD following recent
image analysis capability enhancements the Group has brought to its service
offerings in these therapeutic indications.
Gross profit and margin
· Gross profit for H1 2026 is £2.1 million (H1 2025: £1.6m) with
a gross margin of 53.2% (H1 2025: 49.6%).
· The year-on-year increase reflects revenue growth, the relatively
fixed nature of IXICO's costs of delivery, and a proportional increase in
high-margin analysis revenues.
· Gross profit is driven by the total revenues achieved, and the
specific margins of the projects delivered (sales mix). Later phase trials
tend to deliver higher gross margins. As the Group wins more trials and
increases the number of trials that are late stage, so the gross margin of the
Group will further improve.
Operating expenses and capital expenditure
· The Group's operating expenditure for H1 2026 is £3.3 million
(H1 2025: £2.8m).
· The Group has made specific, growth-targeted investments in its
Innovate, Lead, Scale strategy. These investments are designed to enhance
the Group's service offering and drive commercial traction, especially in the
therapeutic indications of AD and PD.
· Capitalised R&D expenditure relating to staff costs in the
period totalled £0.3 million (H1 2025: £0.2m). This reflects ongoing
enhancement of the Group's IXI(TM) platform.
EBITDA and operating loss
· The Group reports an EBITDA loss of £0.5 million (H1 2025:
£0.7m) and operating loss of £1.6 million (H1 2025: £0.9m). Increased
revenues and gross margins have been offset by investments in the Innovate,
Lead, Scale strategy.
· Operating losses have increased because of:
o a change in the treatment of the R&D tax credit, which in the
equivalent prior period was reported within operating losses, but is excluded
in the current period. This increases operating losses by £0.5 million
relative to the prior period; and
o a £0.4 million impairment of retired elements of the IXI(TM) platform
that have been replaced by more recent enhancements.
· With these adjustments removed, operating losses would have been
£0.8m reflecting a like-for-like reduction in these losses of £0.2m compared
to the prior period.
Impact of R&D tax credit accounting change and impairment on operating H1-26 H1-25
profit/loss
£000 £000
Operating loss (1,611) (929)
Impairment of intangible assets 369 -
Taxation 464 (69)
Adjusted operating loss (778) (998)
H1-26 H1-25
£000 £000
Loss attributable to equity holders (1,124) (958)
Depreciation of tangible assets 87 123
Amortisation of intangible assets 167 85
Impairment of intangible assets 369 -
Interest on lease liabilities 12 7
Interest on cash held at bank (35) (47)
Taxation (464) 69
EBITDA (524) (721)
Net Assets
· The Group reports net assets at 31 March 2026 of £10.7 million
(H1 2025: £12.3m). This includes a working capital position of £3.3 million
(H1 2025: £5.6m) and a non-current asset position at £7.9 million (H1 2025:
£6.8m).
Order book
· The Group's order book totalled £18.1 million at 31 March 2026
(H1 2025: £13.1m). Across the last twelve months the order book has increased
by £5.0 million reflecting £12.6 million of new contracts and contract value
increases, offset by £7.2 million revenues recognised and £0.4 million of
contract value reductions reflecting the cancellation or descope of contracts
and other minor adjustments including foreign exchange movements.
· The Group's order book includes contracted revenues equivalent to
95% of the current market expectation for FY26 revenues. The Group expects
to be at least in line with market expectations for revenues for the full year
2026.
Cash
· The Group had a cash balance of £1.7 million at 31 March 2026
(H1 2025: £5.0m).
· Operating cash outflows totalled £0.9 million (H1 2025: £0.9m)
before accounting for timing differences relating to movements in receivables
and payables.
· Net cash outflows in respect of capital and financing costs
totalled £0.6 million in the six months to 31 March 2026 (H1 2025: inflows of
£3.4m).
· As previously announced, the Group raised £9.4 million of new
capital (net of placing costs) on 27 April 2026, after the period end. This
capital will be invested in the Group's TechBio strategy, which builds on its
Innovate Lead Scale strategy by leveraging the IXI(TM) platform the Group has
developed over recent years.
Non-current asset investments
· The Group invested £0.5 million in non-current assets in the
period (H1 2025: £0.3m). This investment constitutes:
o £0.3 million of capitalised employee costs in respect of development of
the Group's IXI(TM) platform.
o £0.1 million of leasehold improvement costs, subsidised by the landlord,
to upgrade the office.
o £0.1 million of IT equipment and infrastructure costs.
Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2026 - unaudited
31-Mar-26 31-Mar-25 30-Sep-25
6 months 6 months 12 months
Unaudited Unaudited Audited
Notes £000 £000 £000
Revenue 3,949 3,208 6,534
Cost of sales (1,849) (1,618) (3,351)
Gross profit 2,100 1,590 3,183
Other income - 287 15
Operating expenses
Research and development expenses (778) (626) (1,328)
Sales and marketing expenses (1,059) (862) (1,665)
General and administrative expenses (1,504) (1,318) (2,759)
Total operating expenses (3,341) (2,806) (5,752)
Asset impairment (369) - -
Operating loss (1,611) (929) (2,554)
Finance income 35 47 121
Finance expense (12) (7) (16)
Loss on ordinary activities before taxation (1,588) (889) (2,449)
Taxation 464 (69) 798
Loss attributable to equity holders for the period (1,124) (958) (1,651)
Other comprehensive income/(expense):
Items that will be reclassified subsequently to profit or loss
Foreign exchange translation differences - 2 -
Movement in fair value of cash flow hedges - (13) 28
Cash flow hedges recycled to revenue - 11 (28)
Total other comprehensive income - - -
Total comprehensive expense attributable to equity holders for the period
(1,124) (958) (1,651)
Loss per share (pence)
Basic loss per share 3 (1.21) (1.11) (1.85)
Diluted loss per share 3 (1.21) (1.11) (1.85)
Consolidated Statement of Financial Position
As at 31 March 2026 - unaudited
31-Mar-26 31-Mar-25 30-Sep-25
6 months 6 months 12 months
Unaudited Unaudited Audited
Notes £000 £000 £000
Assets
Non-current assets
Property, plant and equipment 584 232 167
Intangible assets 7,027 6,547 7,183
Trade and other receivables 268 7 255
Total non-current assets 7,879 6,786 7,605
Current assets
Trade and other receivables 2,167 1,578 1,896
Current tax receivables 1,265 705 801
Cash and cash equivalents 1,675 5,010 3,537
Total current assets 5,107 7,293 6,234
Total assets 12,986 14,079 13,839
Liabilities and equity
Non-current liabilities
Trade and other payables 18 4 15
Lease liabilities 449 82 30
Total non-current liabilities 467 86 45
Current liabilities
Trade and other payables 1,693 1,507 1,908
Derivative financial liability - 2 -
Lease liabilities 110 193 149
Total current liabilities 1,803 1,702 2,057
Total liabilities 2,270 1,788 2,102
Equity
Ordinary shares 4 927 927 927
Share premium 4 88,056 88,056 88,056
Merger relief reserve 1,480 1,480 1,480
Reverse acquisition reserve (75,308) (75,308) (75,308)
Foreign exchange translation reserve (97) (95) (97)
Cash flow hedge reserve - (2) -
Capital redemption reserve 7,456 7,456 7,456
Accumulated losses (11,798) (10,223) (10,777)
Total equity 10,716 12,291 11,737
Total liabilities and equity 12,986 14,079 13,839
Consolidated Statement of Changes in Equity
For the six months ended 31 March 2026 - unaudited
Foreign Cash
Merger Reverse exchange flow Capital
Ordinary Share relief acquisition translation hedge redemption Accumulated
shares premium reserve reserve reserve reserve reserve Losses Total
£000 £000 £000 £000 £000 £000 £000 £000 £000
Balance at 1 October 2024 484 84,802 1,480 (75,308) (97) - 7,456 (9,353) 9,464
Total comprehensive income
Loss for the period - - - - - - - (1,651) (1,651)
Other comprehensive expense:
Movement in cash flow hedges - - - - - 28 - - 28
Cash flow hedges recycled to revenue - - - - - (28) - - (28)
Total comprehensive income/(expense) - - - - - - - (1,651) (1,651)
Transactions with owners
Issue of shares 426 3,623 - - - - - - 4,049
Transaction costs incurred on share issue (369) (369)
Charge in respect of share options - - - - - - - 227 227
Exercise of share options 17 - - - - - - - 17
Total transactions with owners 443 3,254 - - - - - 227 3,924
Balance at 30 September 2025 927 88,056 1,480 (75,308) (97) - 7,456 (10,777) 11,737
Total comprehensive expense
Loss for the period - - - - - - - (1,124) (1,124)
Total comprehensive expense - - - - - - - (1,124) (1,124)
Transactions with owners
Charge in respect of share options - - - - - - - 103 103
Total transactions with owners - - - - - - - 103 103
Balance at 31 March 2026 927 88,056 1,480 (75,308) (97) - 7,456 (11,798) 10,716
Consolidated Statement of Cashflows
For the six months ended 31 March 2026 - unaudited
31-Mar-26 31-Mar-25 30-Sep-25
6 months 6 months 12 months
Unaudited Unaudited Audited
£000 £000 £000
Cash flows from operating activities
Loss for the period (1,124) (958) (1,651)
Finance income (35) (47) (121)
Finance expense 12 7 16
Taxation (464) 69 (798)
Depreciation of fixed assets 88 103 197
Amortisation of intangibles 166 105 214
Impairment of intangibles 369 - -
Research and development expenditure credit - (272) -
Share option charge 103 88 227
(885) (905) (1,916)
Changes in working capital
(Increase)/decrease in trade and other receivables (277) 569 258
(Decrease)/increase in trade and other payables (147) 165 161
Cash used in operations (1,309) (171) (1,497)
Taxation received - - 490
Net cash used in operating activities (1,309) (171) (1,007)
Cash flows from investing activities
Purchase of property, plant and equipment (121) (22) (51)
Purchase of intangible assets including staff costs capitalised (378) (236) (819)
Finance income 44 45 124
Net cash used in investing activities (455) (213) (746)
Cash flows from financing activities
Issue of shares - 4,066 3,697
Transaction costs incurred on share issue - (369) -
Repayment of lease liabilities (98) (90) (194)
Net cash (used in)/generated from financing activities (98) 3,607 3,503
Movements in cash and cash equivalents in the period (1,862) 3,223 1,750
Cash and cash equivalents at start of period 3,537 1,787 1,787
Effect of exchange rate fluctuations on cash held - - -
Cash and cash equivalents at end of period 1,675 5,010 3,537
Notes to the financial statements
1. Presentation of the financial statements
a. General information
IXICO plc (the 'Company') is a public limited company incorporated in England
and Wales and is admitted to trading on the AIM market of the London Stock
Exchange under the symbol IXI. The address of its registered office is 4th
Floor, Griffin Court, 15 Long Lane, London EC1A 9PN.
The Company is a parent of a number of subsidiaries, together referred to
throughout as 'the Group'. The Group is an established provider of
technology-enabled imaging services to the global biopharmaceutical industry.
The Group's services are used to select patients for clinical trials and
assess the safety and efficacy of new drugs in development within the field of
neurological disease.
b. Basis of preparation
The condensed consolidated interim financial statements were approved by the
Board of Directors for issue on 19 May 2026. The condensed consolidated
interim financial statements do not comprise statutory accounts within the
meaning of section 434 of the Companies Act 2006. The condensed consolidated
interim financial statements for the six months ended 31 March 2026, together
with the comparative information for the six months ended 31 March 2025 are
unaudited.
The statutory accounts of the Company for the year ended 30 September 2025
were approved by the Board of Directors on 8 December 2025 and delivered to
the Registrar of Companies. The report of the auditors on those accounts was
unqualified, did not contain an emphasis of matter paragraph and did not
contain any statement under section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements comprise a Statement
of Comprehensive Income, a Statement of Financial Position, a Statement of
Changes in Equity, a Statement of Cash Flows, and accompanying notes. These
financial statements have been prepared under the historical cost convention
modified by the revaluation of certain financial instruments.
The condensed consolidated interim financial statements are presented in Great
British Pounds ('£' or 'GBP') and are rounded to the nearest thousand unless
otherwise stated. This is the functional currency of the Group, and is the
currency of the primary economic environment in which it operates. Foreign
currency transactions are accounted for in accordance with the policies set
out below.
c. Basis of consolidation
The condensed consolidated interim financial statements incorporate the
accounts of the Company and its subsidiary companies adjusted to eliminate
intra-Group balances and any unrealised gains and losses or income and
expenses arising from intra-Group transactions. When necessary, adjustments
are made to the financial statements of subsidiaries to bring their accounting
policies into line with the Group's accounting policies.
The Group controls a subsidiary when the Group is exposed to, or has rights
to, variable returns from its involvement with a subsidiary and has the
ability to affect those returns through its power over a subsidiary. In
assessing control, potential voting rights that are currently exercisable or
convertible are taken into account.
The results of subsidiary companies are included in the condensed consolidated
interim financial statements from the date that control commences until the
date that control ceases. The assets and liabilities of foreign operations are
translated into GBP at exchange rates prevailing at the end of the reporting
period. Income statements and cash flows of foreign operations are translated
into GBP at average monthly exchange rates which approximate foreign exchange
rates at the date of the transaction. Foreign exchange differences arising on
retranslation are recognised directly in a separate translation reserve.
d. Going concern
Following the £9.4 million capital raise (net of proceeds) completed on 27
April 2026 (after the period end), the Group is well capitalised to deliver on
its strategic goals. This capital raise was supported by both existing and new
institutional investors confirming strong alignment to the Group's strategy
and was oversubscribed. The Group grew its revenues during the period and
reduced its EBITDA losses and is supported by a strong balance sheet, with
period end net assets of £10.7 million, a £1.7 million cash balance
(increased by £9.4 million during April 2026), as well as an orderbook of
£18.1 million, representing future contracted revenues.
In assessing going concern, management has prepared detailed sensitised
forecasts which consider different scenarios across more than twelve months.
These include the risk to current projects and expected future sales
pipelines. The Directors have considered these forecasts, alongside the
Group's strong balance sheet and cash balance as well as the ability for the
Group to mitigate costs if necessary. After due consideration of these
forecasts, the Directors concluded with confidence that the Group has adequate
financial resources to continue in operation for the foreseeable future.
2. Significant accounting policies, judgements, and estimation
uncertainty
The unaudited condensed consolidated interim financial statements have been
prepared using the accounting policies as described in the 30 September 2025
audited year end Annual Report and have been consistently applied.
When preparing the condensed consolidated interim financial statements, the
Directors make a number of judgements, estimates and assumptions about the
recognition and measurement of assets, liabilities, income and expenses.
Significant management judgements
The following are significant management judgements in applying the accounting
policies of the Group that have the most significant effect on the
consolidated financial statements.
Capitalisation of internally developed software
Distinguishing the research and development phases of a new software product
and determining whether the requirements for the capitalisation of development
costs are met requires judgement. Management assesses whether a project meets
the recognition criteria as set out in IAS 38 based on an individual project
basis. Where the criteria are not met, the research and development
expenditure will be expensed in the Consolidated Statement of Comprehensive
Income. Where the recognition criteria are met, the items will be capitalised
as an intangible asset.
During the period ended 31 March 2026, research and development expenses
totalled £1,127,000 (H1 2025: £861,000). Of this amount, £349,000 (H1 2025:
£235,000) was capitalised as an intangible asset, £316,000 (H1 2025:
£191,000) relating to employee costs and £33,000 (H1 2025: £44,000)
relating to external costs. The balance of expenditure being £778,000 (H1
2025: £626,000) is recognised in the Consolidated Statement of Comprehensive
Income as an expense.
2. Significant accounting policies, judgements, and estimation
uncertainty (continued)
Impairment of internally developed software
During the period, management determined that indicators of impairment existed
for certain internally developed software assets. Assessing whether an
impairment loss was required involved significant judgement, particularly in
estimating the asset's recoverable amount in accordance with IAS 36.
Management evaluated factors such as changes in expected usage and
technological developments. An impairment charge of £369,000 (H1 2025: £nil)
has been recognised in the period as a result of this assessment.
Recovery of deferred tax assets
Deferred tax assets have not been recognised for deductible temporary
differences and tax losses. The Directors consider that there is not
sufficient certainty that future taxable profits will be available to utilise
those temporary differences and tax losses.
Estimation uncertainty
Information about estimates and assumptions that have the most significant
effect on recognition and measurement of assets, liabilities, income and
expenses is provided below. Changes to these estimations may result in
substantially different results for the period.
Determination of transaction prices in revenue recognition
Client contracts include an agreed work order so the transaction price for a
contract is allocated against distinct performance obligations for each
service, based on their relative stand-alone selling prices. For legacy
contracts prior to the adoption of IFRS 15, management were required to
estimate the standalone price allocated to each distinct service that was
previously grouped in a single price. For new contracts, the fair value of
individual components is based on actual amounts charged by the Group on a
stand-alone basis. Management have determined that for items recognised on a
straight-line basis, including project, site and data management, the demands
of this on the company are spread evenly over the life of the revenue stream.
This was determined through an understanding of the work required to deliver
the various revenue streams and the obligations within the contract needing to
be met.
Share-based payments
The Group measures the cost of equity-settled transactions with employees by
reference to the fair value of the equity instruments at the date at which
they are granted. The fair value of the options granted is measured using an
option valuation model, taking into account the terms and conditions upon
which the options were granted.
Useful lives of depreciable assets
The useful lives of depreciable assets are determined by management at the
date of purchase based on the expected useful lives of the assets. These are
subsequently monitored and reviewed annually and where there is objective
evidence of changes in the useful economic lives, these estimates are
adjusted. Any changes to these estimates may result in significantly different
results for the period.
3. Earnings per share
The calculation of basic and diluted earnings per share ('EPS') of the Group
is based on the following data:
31 Mar 26 31 Mar 25 30 Sep 25
6 months 6 months 12 months
Unaudited Unaudited Audited
Earnings
Earnings for the purposes of basic and diluted EPS, being net profit
attributable to the owners of the Company (£000)
(1,124) (958) (1,651)
Number of shares
Weighted average number of shares for the purposes of basic EPS 92,668,598 86,226,376 89,465,185
Weighted average number of shares for the purposes of diluted EPS 92,668,598 86,226,376 89,465,185
Basic earnings per share is calculated by dividing earnings attributable to
the owners of the Company by the weighted average number of shares in issue
during the period. The diluted EPS is calculated by dividing earnings
attributable to the owners of the Company by the weighted average number of
shares in issue taking into account the share options outstanding during the
period. For the 6 months to 31 March 2026, there was no dilutive effect as the
share options in issue would have decreased the loss per share.
The basic and diluted earnings per share for the Group and Company is:
31 Mar 26 31 Mar 25 30 Sep 25
6 months 6 months 12 months
Unaudited Unaudited Audited
Basic earnings per share (1.21p) (1.11p) (1.85p)
Diluted earnings per share (1.21p) (1.11p) (1.85p)
4. Issued capital and reserves
Ordinary shares and share premium
The Company has one class of ordinary shares. The share capital issued has a
nominal value of £0.01 and all carry the right to one vote at shareholders'
meetings and are eligible to receive dividends. Share premium is recognised
when the amount paid for a share is in excess of the nominal value.
The Group and Company's opening and closing share capital and share premium
reserves are:
Group and Company
Ordinary Share Share
shares capital premium
Number £000 £000
Authorised, issued and fully paid
At 30 September 2025 92,668,598 927 88,056
Share options exercised - - -
At 31 March 2026 92,668,598 927 88,056
5. Share-based payments
Certain Directors and employees of the Group hold options to subscribe for
shares in the Company under share option schemes. There are 2 distinct
structures to the share options in operation in the Group (H1 2025: 2). Both
structures relate to a single scheme outlined in the EMI Share Option Plan
2014, which was subsequently renewed and updated in 2024 (the EMI Share Option
Plan 2024).
The scheme is open, by invitation, to both Executive Directors and employees.
Participants are granted share options in the Company which contain vesting
conditions. These are subject to the achievement of individual employee and
Group performance criteria as determined by the Board. The vesting period
varies by award and the conditions approved by the Board. Options are usually
forfeited if the employee leaves the Group before the options vest.
Total share options outstanding have a range of exercise prices from £0.01 to
£0.70 per option and the weighted average contractual life is 8.6 years (H1
2025: 9.3 years). The total charge for the period relating to employee
share-based payment plans for continuing operations was a charge of £103,000
(H1 2025: £88,000).
09 December 2025
Share options totalling 1,400,000 were granted on 9 December 2025 to employees
of the Group with an exercise price of £0.01 and have performance conditions
linked to retention and revenue growth over 3 years.
Details of the share options under the scheme outstanding during the period
are as follows:
As at 31 March 2026 As at 30 September 2025
Number Weighted average exercise price Number Weighted average exercise price
Outstanding at start of the period 13,135,937 £0.04 3,034,505 £0.12
Granted 1,400,000 £0.01 12,083,546 £0.02
Exercised - - (1,695,717) £0.01
Lapsed (187,647) £0.16 (286,397) £0.19
Outstanding at end of the period 14,348,290 £0.03 13,135,937 £0.04
Exercisable at end of the period 2,684,772 £0.12 1,082,390 £0.29
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