Ixico PLC on Tuesday bemoaned the impact of cancelled clinical trials, as it swung to a loss over its first half.

For the six months ended March 31, the medical imaging advanced analytics company reported revenue of £3.2 million, down 18% from £3.9 million a year prior.

Ixico shares were trading 14% lower at 17.00 pence each in London on Tuesday morning.

Ixico blamed this on ‘the final tail effects’ of large client trials being cancelled during 2021 and 2022. It added that the contract cycle ‘typical of the clinical trials market’ leads to a recovery in the contracted order book before it is seen in revenue.

Ixico posted a loss for earnings before interest, tax, depreciation and amortisation of £600,000, swung from profit of £500,000. Its operating loss for the period was £900,000, from profit of £200,000 a year prior.

The firm said this reflected the reduced revenues across the period. It added that the company’s cost base remained largely flat, with cost management actions largely offset by inflation and increased sales and marketing expenditure.

Loss per share was 1.50 pence, from earnings of 0.35p the previous year.

‘Careful cost management will continue to be a focus in 2023 as we balance a period of lower revenues and increased inflationary pressures alongside the commitment to investments designed to enhance growth across the medium- and long-term. As we rebuild our order book, we expect to see increased revenues in 2024,’ said Chief Executive Officer Giulio Cerroni.

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