Cambridge Cognition Holdings plc (LON:COG), which develops and markets digital solutions to assess brain health, has announced its unaudited interim results for the six months ended 30 June 2022.
The Company followed its strong performance in 2021 with a 31% growth in revenues to £5.9million in the first half of 2022 (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 growing, qualified pipeline of opportunities for the second half of 2022.
The contracted order book was £18.6 million at 30 June 2022 increasing from £17.1m at 31 December 2021. The order book provides the Company with visibility over future revenues and provides a solid foundation from which the Company can continue 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 continued to grow to £8.6 million at 30 June 2022 and provides the business with the platform to make considered investments as opportunities arise.
Financial highlights
· Growth in revenue of 31% to £5.9 million (H1 2021: £4.5 million)
· Profit after tax in line with expectations at £0.02 million (H1 2021: £0.1 million)
· Continued growth in cash balances to £8.6 million at 30 June 2022 (31 December 2021: £6.8 million)
· 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)
· Increase in contracted order book of £1.5 million to £18.6 million (31 December 2021: £17.1 million)
Operational highlights
· Strengthened senior leadership team with the appointment of a Chief Financial Officer and a Chief Scientist
· Entered a new therapeutic area for the Company, PTSD
· Launched an Alzheimer’s validation study for the Company’s voice-based cognitive assessment solution
Commenting on the results Matthew Stork, Chief Executive Officer of Cambridge Cognition, said: “I am delighted with our continued progress over the last six months. Our contracted order book is at its highest level and, along with a healthy sales order pipeline and strong cash generation, puts us in a great position to continue to invest in strategies to grow the business further.”
