IXICO has released results for the 12-months to September 2022, announcing revenues of £8.6m, gross margin of 61%, and EBITDA of £1.5m, in line with our forecasts. Cash at period end was £5.8m. IXICO's order book stood at £16.0m at the end of Sep-22, having signed £12.6m of new contracts through the year. We believe IXICO has successfully re-built its order book, and while the recent trial cessations will continue to impact in FY23E (forecasts maintained), we believe the company is in a strong p ....
