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/