Last checked at 3 Aug 2021 07:00
3 August 2021
Cambridge Cognition Holdings Plc
("Cambridge Cognition", the "Company" or the "Group")
Trading Update and Notice of Results
Strong financial performance with growth in revenues and sales orders of 50% and 74%, respectively
Cambridge Cognition Holdings Plc (AIM: COG), which develops and markets digital solutions to assess brain health, is pleased to announce a positive trading update for the six months ended 30 June 2021.
The Company enjoyed a strong performance in the first half of 2021, delivering significant growth in revenues, in particular from digital solutions for clinical trials. Order intake was above the Board's expectations at £8.6 million. This includes £6.4 million of substantial orders announced previously, of which two were unusually large orders that totalled £3.6 million.
The contracted order backlog was £15.2 million on 30 June 2021, up 36% from 31 December 2020 and more than double the value at 30 June 2020. The order backlog contains several large contracts for clinical trials in which revenue will be recognised over three to six years, further increasing the long-term revenue base for the Company.
The direct impact of COVID-19 has been minimal, and the business has functioned normally while continuing to operate in a fully remote manner. The growth in interest in virtual clinical trials as a result of the pandemic continues and more orders for home testing solutions were taken.
The unaudited financial highlights for the six months ended 30 June 2021 are:
· Increase in sales orders of 74% to £8.6 million (H1 2020: £4.9 million)
· Growth in revenue of 50% to £4.5 million (H1 2020: £3.0 million)
· Increase in contracted order backlog of 36% since the last year end to £15.2 million (31 December 2020: £11.2 million)
· Adjusted EBITDA positive at £0.2 million (H1 2020: £0.3 million loss)
· Continued improvement in cash balances to £4.2 million (31 December 2020: £3.0 million)
The outlook remains positive and the Company remains on track to be profitable in 2021. The Company has an attractive forward pipeline of opportunities, although, at this time, without the rare, one-off opportunities highlighted in the previous two half-year periods. With increasing investment in commercial activities and continued product development, the Company is well positioned for further year-on-year revenue growth. The rising cash balance provides the business with further opportunities to invest for future growth.
Notice of Results
The interim results for the six months ended 30 June 2021 will be announced on 21 September 2021.
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 |
Mick Holton, Chief Financial Officer | |
finnCap Ltd (Nomad and Joint Broker) | Tel: 020 7220 0500 |
Geoff Nash / Simon Hicks | (Corporate Finance) |
Alice Lane / Charlotte Sutcliffe | (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