Last checked at 21 Jul 2022 07:00
21 July 2022
Cambridge Cognition Holdings Plc
("Cambridge Cognition", the "Company" or the "Group")
Trading Update and Notice of Results
Continued strong growth and outlook with revenue increased by 31% on prior year
Cambridge Cognition Holdings Plc (AIM: COG), which develops and markets digital solutions to assess brain health, is pleased to announce strong growth for the six months ended 30 June 2022.
The unaudited financial highlights for the six months ended 30 June 2022 are:
· Increase in like-for-like sales orders of 44% to £7.2 million (H1 2021: £8.6 million including £3.6 million of one-off orders)
· Growth in revenue of 31% to £5.9 million (H1 2021: £4.5 million)
· Increase in contracted order book of £1.5m million since the last year end to £18.6 million (31 December 2021: £17.1 million)
· Profit after tax in line with expectations at £0.02 million (H1 2021: £0.1 million)
· Continued growth in cash balances at 30 June 2022 to £8.6 million (31 December 2021: £6.8 million)
The Company followed up its strong performance in 2021 with a considerable growth in revenues to £5.9 million in the first half of 2022, which is up 31% on H1 2021 (H1 2021: £4.5 million). Order intake was in line with the Board's expectations at £7.2 million, up 44% on a like-for-like basis on H1 2021 (H1 2021: £8.6 million including £3.6 million of one-off orders) and the Company has a healthy and growing qualified pipeline of opportunities for the second half of 2022.
The contracted order book was £18.6 million at 30 June 2022, an increase of £1.5 million since the start of the year. The order book provides the Company with visibility over future revenues and provides a solid foundation from which the Company can continue with its plans to invest in product and commercial development to further expand the business.
Trading conditions continue to be positive and the Company has high levels of engagement with existing and potential new clients. 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 £8.6 million at 30 June 2022 and provides the business with the platform to make considered investments as opportunities arise.
Notice of Results
The interim results for the six months ended 30 June 2022 will be announced on 20 September 2022.
The Company will conduct a live presentation and Q&A session for investors on the same day at 5:30 pm BST. The presentation is open to all existing and potential shareholders. Those wishing to attend should email cog@investor-focus.co.uk and they will be provided with log in details. There will be the opportunity for participants to ask questions at the end of the presentation. Questions can also be emailed to the above address ahead of the presentation.
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information, please contact:
Cambridge Cognition Holdings Plc | Tel: 01223 810 700 |
Matthew Stork, Chief Executive Officer | press@camcog.com |
Stephen Symonds, Chief Financial Officer | |
Panmure Gordon (UK) Ltd (NOMAD and Joint Broker) |
Tel: 020 78862500 |
Freddy Crossley / Emma Earl / Mark Rodgers | (Corporate Advisory) |
Rupert Dearden | (Corporate Broking) |
Dowgate Capital Limited (Joint Broker) | Tel: 020 3903 7715 |
David Poutney / James Serjeant | |
IFC Advisory Ltd (Financial PR and IR) | Tel: 020 3934 6630 |
Tim Metcalfe / Graham Herring / Zach Cohen | cog@investor-focus.co.uk |
Notes to Editors
About Cambridge Cognition
Cambridge Cognition is a technology company developing digital health products to better understand, detect and treat conditions affecting brain health. The Company's software products assess cognitive health in patients worldwide to improve clinical trial outcomes, identify and stratify patients early and improve global efficiency in pharmaceutical and healthcare industries.
For further information visit www.cambridgecognition.com