LONDON (Alliance News) - Cambridge Cognition Holdings PLC said Thursday that its loss for the first half of the financial year widened as it recorded a drop in revenue as a result of the new accounting standard IFRS 15.
For the six months to June 30, the neuroscience technology company posted pretax loss of GBP1.0 million compared to GBP386,000 a year prior.
Applying the new accounting standard, IFRS 15, revenue dropped to GBP2.8 million from GBP3.2 million a year ago, while cost of sales increased to GBP371,000 from GBP308,000. On a like-for-like basis, revenue increased 13% to GBP3.6 million.
Administrative costs were also higher at GBP3.4 million from GBP3.3 million.
"The first half has been characterised by the company delivering against its promised strategy as evidenced by a strong sales performance. Our continued investment in R&D means that we remain at the forefront of innovation in digital health and neuroscience and have created platforms for further, future commercial growth," Chief Executive Officer Simon Powell said.
Looking ahead, Cambridge Cognition said it is well placed for the remainder of 2018 as it has a "strong sales order pipeline".
The company added: "In an industry that continues to look for and embrace technological advances, we approach the future with confidence for both the scientific and commercial results to come."
Shares in the company were trading down 6.9% at 135.00 pence each.