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AI data analytics company Ixico reported a rise in annual profit as cost cuts helped offset a decline revenue.
For the year ended 30 September 2021, pre-tax profit rose to £1.2 million from £858,000 year-on-year as revenue fell to £9.2 million of £9.5 million.
Revenue was 'adversely impacted by [our] largest client's decision to descope its Huntington's disease phase III trials,' the company said. The company said it had won 16 new projects across 14 clients, 9 of whom were new, equating to £13.8 million of additional multi-year contracts.
In the current year, the company said that while its investment programme was expected to lead to a contraction in the group's EBITDA in the coming year, it should provide the 'basis for accelerated, sustained and profitable growth in the medium and longer terms.'