IXICO Reports Double-Digit Revenue Growth and Strong Order Book in FY25 Trading Update

IXICO’s FY25 trading update: revenue beats, order book steadies, investment continues

IXICO plc (AIM: IXI) has reported a stronger-than-expected finish to the year ended 30 September 2025, with double-digit revenue growth and improving commercial momentum in the second half. This is a pre-audit trading update, so the headline figures could see minor tweaks, but the direction of travel looks clear.

At a glance: revenue topped market expectations at £6.5 million, up 13% year-on-year, and the year-end order book closed at £13.8 million after a second-half uptick. Cash strengthened to £3.5 million following an oversubscribed capital raise, while EBITDA loss is expected to be slightly better than anticipated at no more than £1.6 million.

Revenue beats expectations: what drove the 13% growth?

FY25 revenue came in at £6.5 million (2024: £5.8 million), a 13% uplift driven by new contract wins, extensions on existing work, and a broader offering into new verticals. In simple terms, IXICO has landed more work across a wider range of customer needs.

That matters because IXICO operates as an imaging contract research organisation (iCRO) focused on neurological disorders. The more biopharma trials it supports, the more recurring and extension-prone the revenue becomes. The update suggests commercial execution improved across the year, not just a one-off deal spike.

Order book: year-on-year lower, but H2 momentum improved

The year-end order book was £13.8 million (2024: £15.3 million). On the face of it, that’s a reduction year-on-year, which tempers the top-line beat. However, the second half tells a more encouraging story.

From £13.1 million at 31 March 2025, the order book rose to £13.8 million at year-end. This H2 increase was built on £4.2 million of new contracts and extensions, offset by £3.3 million of revenue recognised and £0.2 million of small scope and FX adjustments. In other words, IXICO both delivered revenue and replenished its pipeline – a good sign for sustainability.

Early FY26 has also started on the front foot, with a further £0.9 million of wins signed since the end of September. That supports management’s message that the acceleration in new work is continuing.

Cash position: stronger balance sheet after capital raise

Year-end cash was £3.5 million (2024: £1.8 million). The improvement primarily reflects a £3.7 million (net of fees) fundraise completed in the first half, partially offset by investments in the Company’s I-L-S strategy. The RNS doesn’t spell out the components of I-L-S, but the thrust is clear: IXICO is investing to scale its commercial reach and platform capability in neurodegenerative R&D.

From a retail holder’s perspective, this provides more comfort on near-term liquidity while the company works towards improved operating performance. It also raises the bar for execution: investors will want to see those investments convert into faster order intake and margin progress.

EBITDA loss narrows slightly: still investment mode, not profitability

EBITDA (a proxy for operating performance before non-cash items and finance costs) is expected to be no more than a £1.6 million loss, slightly better than market expectations and an improvement on the £1.7 million loss last year. Management links this to double-digit revenue growth, partly offset by targeted growth investments.

In short, IXICO remains in investment mode. The company is prioritising growth – new customers and verticals – over near-term profitability. The next milestone investors will look for is operating leverage as revenue builds: stable costs plus bigger contracts equals narrowing losses.

CEO tone: confident and growth-focused

CEO Bram Goorden’s commentary is notably upbeat, highlighting an “oversubscribed capital raise” and “initial positive signals” that he believes will “translate into a sustained period of growth and value creation”. He also points to biopharma’s intense focus on CNS research, which supports IXICO’s specialism in neurodegenerative disease trials.

Notably: “Failure is not an option. Patients are waiting for solutions, and the biopharma industry is working harder than ever in CNS to develop treatments.” Strong words – and they set a clear expectation that IXICO intends to keep pressing the accelerator.

Why this update matters for shareholders

Positives you can bank (cautiously) on

• Revenue beat and 13% growth: concrete evidence of commercial progress.
• Second-half order book rebuild: H2 intake outpaced delivery, a healthy dynamic.
• Cash up to £3.5 million: improved liquidity thanks to the £3.7 million raise.
• EBITDA loss slightly better than expected: early hint of operating discipline alongside growth.
• Early FY26 wins of £0.9 million: momentum appears to be continuing post year-end.

Watch-outs and open questions

• Order book still down year-on-year: visibility has improved since March but hasn’t yet surpassed last year’s level.
• Path to profitability not disclosed: we have an improved EBITDA loss but no guidance on breakeven timing.
• Investment payback: the I-L-S strategy is being funded – investors will want evidence of higher win rates and larger deal sizes.
• FX and scope tweaks: small in H2 (£0.2 million), but a reminder that global trials carry variables outside IXICO’s control.

Key numbers from IXICO’s FY25 trading update

Metric	FY25	FY24/Comparative	Notes
Revenue	£6.5 million	£5.8 million	Up 13%, ahead of market expectations
Order book (year-end)	£13.8 million	£15.3 million	Up from £13.1 million at 31 March 2025
H2 new wins and extensions	£4.2 million	Not disclosed	Offset by £3.3 million revenue recognised and £0.2 million adjustments
Cash (year-end)	£3.5 million	£1.8 million	Reflects £3.7 million net capital raise and investment in I-L-S strategy
EBITDA	Loss no more than £1.6 million	£1.7 million loss	Slightly improved on market expectations
Post year-end new wins	£0.9 million	Not applicable	Signed since 30 September 2025

Jargon buster: quick definitions

• Pre-audit: initial figures released before the auditors sign off the final accounts.
• Order book: contracted future revenue not yet recognised.
• EBITDA: earnings before interest, tax, depreciation and amortisation – a measure of underlying operating performance.
• AIM: London Stock Exchange’s market for smaller, growth companies.

What to watch next

• Audited results in December 2025: look for detail on gross margins, operating costs, and contract mix.
• Order intake trends: can the H2 pace be maintained or improved in early FY26?
• Conversion of order book to revenue: steady execution should support further revenue growth.
• Investment outcomes: evidence that spending on the I-L-S strategy is driving larger, higher-margin wins.

About IXICO’s niche

IXICO positions itself as a specialist iCRO in neuroscience, using an AI-driven platform to analyse imaging biomarkers for disorders like Alzheimer’s, Huntington’s and Parkinson’s. That focus aligns with the “thriving” neurodegenerative biopharma R&D market referenced by management. You can read more about the company’s platform and background at www.IXICO.com.