Ixico plc
IXICO plc is an AIM-quoted, UK-domiciled imaging Contract Research Organisation (iCRO) and AI-driven biomarker analytics company serving the global biopharmaceutical industry. Its proprietary IXI platform analyses MRI/PET/SPECT neuroimaging data to support clinical trials and drug development in neurodegenerative diseases such as Alzheimer's, Huntington's and Parkinson's. The Group also supports diagnostic validation (e.g. blood-based biomarkers) and post-market surveillance beyond core clinical-trial imaging services.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 13 Dec 2026
- Open the reportJSONComing soonSixty seconds on the FY2025 report
IXICO plc analyses brain scans for drug companies running clinical trials in diseases such as Alzheimer's and Huntington's. In the year to 30 September 2025 revenue rose to £6.5m from £5.8m, and the loss after tax narrowed to £1.7m from £2.0m. The loss from day-to-day operations, before tax, widened to £2.6m from £2.2m. The report puts the growth down to new contracts and extensions of existing ones, while the company invested in its operations in the US and in its technology. The two measures of loss moved in opposite directions partly because a research and development tax credit is now counted in the tax line rather than as other income. Cash at the year end was £3.5m, after £3.7m was raised from shareholders by issuing new shares. There are no borrowings and no dividend. Management says it will seek further double-digit revenue growth in 2026. The auditors raised no doubt about the company's ability to keep trading, but the report notes that it is loss-making and uses up cash, and that clients can end trials early.
From the reportevery line sits on the page it namesWhat drove revenueNew contracts with new and existing clients across therapeutic areas, clinical phases and geographies
Positive commercial momentum is the result of four key drivers: i. New contracts... ii. Scope extensions... iii. Expansion into new industry verticals... iv. Continual scientific innovation
page 8AndScope extensions and contract modifications on existing contracts
the Group delivered 31 contract extension or protocol changes (2024: 26) totalling £2.7 million with an average incremental contract value of £0.09 million
page 12What moved the marginheadwindRevenue mix shift between early-phase (I/II) and later-phase trials
approximately 55% of the Group's revenues have been from phase I and phase II clinical trials (2024: 60%), which tend to be lower margin than later phase trials
page 16AndtailwindRelatively fixed cost base with revenue growth
gross margin of 48.7% (2024: 47.0%)... reflecting the increase in revenues and the relatively fixed cost base of the Group, partially offset by a specific investment into operational capabilities on the ground in the US
page 15One-offs in the year£794k credit: R&D tax credit scheme reclassification from Other Income to Taxation line
page 16What management saidThe ambition is to grow long term revenues towards £20 million+ with a target of reaching £10 million revenues in the medium term.
page 9After the year endBetween 30 September 2025 and 30 November 2025, new contracts announced totalling £4.7 million, taking the orderbook to £17.7 million at 30 November 2025 (+27% since year end).
page 17The dividendThe Board of Directors does not recommend the payment of a dividend. No authority to buy back the Company's ordinary shares has been sought.
page 39Going concern and the auditFinancial statements prepared on a going concern basis; unqualified ('true and fair') audit opinion from Moore Kingston Smith LLP, dated 8 December 2025, with no material uncertainties identified. Key audit matters: revenue recognition (no material misstatements found), valuation/impairment of intangible assets (TTNx; no impairment required), valuation of investments in subsidiaries (Company level; no impairment required), valuation of share-based payments. Going concern assessment covers to December 2026 and beyond, incorporating a reverse stress test; Group has net assets of £11.7m, cash £3.5m, and orderbook of £13.8m (£17.7m by 30 Nov 2025).
page 46The risks it names first- Commercial Risk (High) — failure to understand market trends or build/maintain client relationships amid long sales cycles, delayed trial starts and pricing competition from larger CROs.p.27
- Global presence (High) — risk of being perceived as too small to support global trials as an SME competing against much larger CROs.p.27
- Threat of cyber attacks (High) — operational, financial and reputational risk from ransomware/geopolitical-driven cyber threats.p.27
- Employee retention (Medium) — loss of key skills impacting service provision.p.28
Read from C000696-AR-2025-ch.
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