Trading Update & Board Change

Cambridge Cognition Holdings PLC
23 July 2024
 

Homepage - Cambridge Cognition

 

23 July 2024

Cambridge Cognition Holdings plc

("Cambridge Cognition", the "Company" or the "Group")

Trading Update & Board Change

On track to achieve profitability in 2024

 

Cambridge Cognition Holdings Plc (AIM: COG), which develops and markets digital solutions to assess brain health, is pleased to announce an update on trading for the six months ended 30 June 2024 (the "Period").

 

Over the course of the first half of 2024, the Company executed measures to accelerate sustainable profitability (defined as "adjusted operating profit"). Development and operational costs have been reduced substantially and funds raised to drive profitable growth.  Investment in research and development is continuing on projects with near term benefits, and investment has also been made to enhance the Company's commercial capability.  

 

 The unaudited financial highlights for the six months ended 30 June 2024 are:

 

·      Revenue of £5.6m (H1 2023 £6.0m)

·      Adjusted operating loss of £0.1m (H1 2023 loss of £2.1m)

·      Cash balance £3.4m as at 30 June 2024 (31 December 2023 £3.2m)

 

Contracts executed during the Period were mostly with existing customers and included clinical trials for CNS disorders, oncology, and rare diseases.  Encouragingly, the Company was also awarded a contract with a new top ten pharmaceutical client.  The contracted order book at the end of June 2024 of £14.6m (31 December 2023: £17.2m) provides good visibility over revenues for 2024 which are expected to be second half weighted, consistent with 2023's full year performance.

 

During the Period the Company raised net proceeds of approximately £2.2 million from a Placing, Subscription and Open Offer of new shares.  The cash will be deployed primarily for growth and technical and business development activities.

 

Matthew Stork, Chief Executive Officer of Cambridge Cognition, commented:

"We have worked hard during the first half of the year to successfully reduce costs and increase our commercial capabilities across the business. Encouragingly, the Company has a healthy forward pipeline of opportunities including multi-contract opportunities with three large customers. This gives us confidence that, as trading conditions continue to improve, Cambridge Cognition is very well placed to continue to win market share and remains on track to achieve profitability in 2024."

 

Board Change

 

As announced in May, Stephen Symonds will step down from his position as Chief Financial Officer (CFO) and his departure is confirmed for the end of July 2024.  The Board wish him well for the future. Recruitment of a new CFO Is progressing well, and in the meantime additional senior financial resources are being provided to support the Group Financial Controller and the Board.

 

Notice of Results

 

The interim results for the six months ended 30 June 2024 will be announced in August.

 

  

Enquiries:

 

Cambridge Cognition Holdings plc 

Matthew Stork, Chief Executive Officer 

Stephen Symonds, Chief Financial Officer 

Tel: 012 2381 0700 

press@camcog.com 

 

Panmure Liberum Limited (NOMAD and Joint Broker) 

Emma Earl / Freddy Crossley / Mark Rogers  

Rupert Dearden 

 

Tel: 020 7886 2968 

(Corporate Finance) 

(Corporate Broking) 

 

Dowgate Capital Limited (Joint Broker) 

David Poutney / Nicholas Chambers 

 

Tel: 020 3903 7715 

 

 

Hudson Sandler (Financial PR and IR) 

Dan de Belder / Hattie Dreyfus 

 

Tel: 020 7796 4133 

cog@hudsonsandler.com

 


 

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: https://cambridgecognition.com/

 

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