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Data analytics company Ixico said it expected to meet market expectations for the current year and the next even as the company flagged a £3.5m loss in contract revenue after an existing client pulled a contract.
The company also said it had won two new biopharmaceutical client contracts with combined value of over £1m, and was awarded a significant change order to Phase III Huntington's disease worth about £0.9m delivered over three years from an existing client.
The two new biopharmaceutical clients were for the provision of data analytics services to support clinical trials taking place in North America and Europe and would run for approximately 2 years, the company said.
Following an interim data review, an existing client had notified the company of its plans to discontinue a study. This change notification is not anticipated to impact the remainder of financial year 2019. The total impact of the study cessation was a £3.5m reduction in contract value over the full term of the agreement to 2025.
'The Board is confident of meeting market expectations in 2019 and, underpinned by the Company's strong order book, is optimistic about the prospects of the Company,' Ixico said.
At 8:03am: (LON:IXI) IXICO plc share price was -0.5p at 38p