(Alliance News) - Cambridge Cognition Holdings PLC on Tuesday reported a widened loss for 2019 as negative market factors led to a decline in revenue.
Shares in Cambridge Cognition were 13% higher at 24.20 pence on Tuesday in London.
For the year, Cambridge Cognition - which develops and markets neuroscience technology - posted a pretax loss of GBP3.1 million, widened from GBP1.5 million a year before.
This was on revenue that declined by 18% to GBP5.0 million from GBP6.1 million, as negative factors in the pharmaceutical industry hurt sales of Cambridge Cognitions's core products CANTAB, compounded by the cancellation of a large order due to the merger of two large customers.
There also was a reduction in the number of clinical trials in the drug safety and Alzehimer's disease, leading to reduced sales orders.
Beyond 2019, for the three months to the end of March 2020, order intake was GBP2.6 million, up from GBP2.1 million in the same period a year before.
Looking ahead, Cambridge Cognition is seeing some delays to customer contracts due to Covid-19 and warned that there could be more if the lockdown stretches into the third quarter of 2020. However, the company believes that it is well positioned to address the growing demand and challenges.
"2019 was a year of difficult financial challenges and a year of transition, part of which was my appointment as CEO in May. We have managed costs carefully, set a new strategy and made considerable progress in commercial and product development. We are excited about the opportunity to grow rapidly with our multi-product strategy targeting two large markets, each growing at around 20% per annum," said Chief Executive Officer Matthew Stork.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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