(Alliance News) - Cambridge Cognition Holdings PLC on Tuesday reported a positive trading year despite Covid-19 having a mixed impact on the business.
The Cambridge, England-based neuroscience technology firm said 2020 revenue was up by 34% to GBP6.7 million from GBP5.0 million in 2019, while its 2020 order intake was a record GBP12.7 million, more than doubling from GBP4.9 million the year before.
Shares in Cambridge Cognition were up 20% at 80.80 pence in London on Tuesday.
Cambridge Cognition's contracted order backlog was GBP11.2 million at December 31, which is a 96% increase from GBP5.7 million a year before. Of this, at least GBP6.0 million is expected to be recognised as revenue in 2021 subject to customer delivery schedules and Covid-19 impacts.
The company said the strong sales performance is due to "improved commercial execution across a wider portfolio of products and increased cross-selling of combinations of its core product, Cantab, together with newer electronic clinical outcomes assessment and digital solutions for frequent, remote testing of patients beyond clinics." The 2020 performance is accentuated by two large one-off orders that totalled GBP3.1 million, it added.
Additionally, Cambridge Cognition announced Nick Walters is to step down as chief financial officer, but will stay on as an executive director until the company's annual general meeting at the end of May.
Following this, Michael Holton has been appointed the new chief financial officer effective immediately. Holton has until recently held the role of interim chief financial officer at Biome Technologies PLC.
The company will publish its full-year results on March 23.
By Zoe Wickens; zoewickens@alliancenews.com
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Cambridge Cog (COG)