(Alliance News) - Cambridge Cognition Holdings PLC on Tuesday reported a strong rise in annual revenue amid record sales order intake, as the software company eyes a swing to annual profit in 2021.
Cambridge Cognition shares soared 13% at 85.00 pence each in London on Tuesday morning.
Cambridge Cognition develops digital technology to deliver customer-focused solutions to assess brain health.
For 2020, the company reported a narrowed pretax loss of GBP649,000 from GBP3.1 million the year prior. Revenue increased 34% to GBP6.7 million from GBP5.0 million. Sales order intake was at GBP12.7 million, more than double the prior year's GBP4.9 million.
"The company delivered a strong performance in 2020, delivering on its growth strategy through focusing on commercialising its existing product range while continuing to invest in next generation products," the company said.
Cambridge Cognition does not pay dividends.
Chief Executive Matthew Stork said: "We have a strong pipeline of opportunities that we aim to convert into orders and revenues in 2021 to add to the GBP6.0 million of contracted order backlog we expect to realise this year.
"We were pleased to be profitable in the last quarter of 2020 and would expect that to continue into 2021. We are anticipating further revenue growth and plan to continue careful financial management and targeted investment in research and development."
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Cambridge Cog (COG)