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AI data analytics company Ixico said it expected core earnings in 2021 to be ahead of market expectations, but decline in 2022 owing to a ramp-up in investment.
For the year ended 30 September 2021, earnings before interest, taxes, depreciation, and amortisation, or EBITDA, was expected to be 'materially' ahead of market expectations of £1.2 million and the prior year's £1.3 million.
Revenue was expected to fall to £9.2 million from £9.5 million, but ahead of market expectations for £8.7 million.
Year-on-year revenue was broadly flat despite full year of COVID-19 and lost revenue resulting from largest client's announcement on 23 March 2021 to cease dosing patients in its Huntington's Disease trials.
Looking ahead to 2022, the company said that due to investments to accelerate long-term sustained growth, and the one-time beneficial impacts on EBITDA seen in 2021, it expected to 'see lower profitability in 2022,' it added.