(Alliance News) - Cambridge Cognition Holdings PLC on Thursday said revenue grew strongly in the first half of 2022.
Shares in Cambridge Cognition were up 9.3% at 118.00 pence in London on Thursday.
The Cambridge-based assessment software provider reported 31% growth in revenue to GBP5.9 million from GBP4.5 million in the six months to June 30. Profit after tax is expected to fall to GBP20,000 from GBP100,000 a year before, but the firm said this was as expected.
Like-for-like sales orders increased by 44% to GBP7.2 million from GBP5 million. In line with the board's expectations, contracted orders have increased by GBP1.5 million to GBP18.6 million with "healthy and growing...opportunities for the second half of 2022", it said.
The company's cash balances grew to GBP8.6 million from GBP6.8 million at the end of 2021.
The company's said: "With continued investment in commercial activities and product development, the company expects to achieve further year-on-year revenue growth. The cash position continues to grow to GBP8.6 million at 30 June 2022 and provides the business with the platform to make considered investments as opportunities arise".
By Dominique Pretorius; dominiquepretorius@alliancenews.com
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Cambridge Cog (COG)