Last checked at 
LONDON (Alliance News) - Neuroscience firm Cambridge Cognition Holdings PLC on Thursday reported a narrowed pretax loss and higher revenue for the first half of 2016 as it continued to make progress.
The company, which makes products designed to help assess brain health, said its pretax loss for the half-year to June 30 was GBP150,000, narrowed from a GBP280,000 loss a year prior. Revenue grew 11% to GBP3.3 million from GBP2.9 million.
Pharmaceutical clinical trial revenue increased 17% year-on-year in the half, while academic research sales were up 4.2%. Cambridge Cognition also restructured and boosted its sales teams in the US and Europe and launched its first online testing product.
Revenue in its core, high-margin software and services arm increased 12% in the half, while hardware revenue rose 33% thanks to the fulfilment of a large contract in the half. Cambridge Cognition said the underlying trend for hardware sales remains negative, and it is increasing its focus on its cloud-based software to reduce any reliance on hardware sales.
Cambridge Cognition anticipates continued revenue growth in the second half through its core products and by pursuing further partnerships which will position it well going into 2017.
"The results from the first half of the year reflect the significant advances that have been made in marketing of our core products and technology developments that have resulted in the launch of our online and wearable platforms. Our products and technologies are now aligned with all stages of our customers' drug development cycle and the commercial focus is now set to maximise the opportunities presented by existing sales channels," said Chief Executive Steven Powell.
Shares in the company were down 5.9% at 72.00 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
