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7 March 2019

Cambridge Cognition sales orders up 49% to £7.93m

Cambridge Cognition announced preliminary results for the year ended 31 December 2018 with sales orders up 49% to £7.93m. 

Encouraging growth in order intake in 2018 and a consequential increase in the order book at the end of the year offsets lower revenues in 2018 which was a consequence of a low order intake in 2017 and change in accounting practice.

Financial summary

  • Total revenues of £6.13m (2017: £6.73m)*
  • Gross profit of £5.23m (2017: £6.11m)*
  • Adjusted** loss before tax of £1.50m (2017: loss of £0.07m)*
  • Loss before tax of £1.49m (2017: loss of £0.28m)*
  • Loss per share of 7.0 pence per share (2017: loss of 1.3 pence per share)*
  • Cash balance at 31 December 2018 of £1.11m (2017: £1.86m)
  • Equity placing to raise £2.50m announced today

For each of these items, 2018 results were prepared using IFRS 15 and 2017 results prepared using IAS 18.

** Adjusted for share-based payments charge

 

Operational highlights

  • Sales orders won in the year up 49% to £7.93m (2017: £5.31m)
  • Contracted order book at year end: £6.08m (2017: £4.01m)
  • Wider application of Cambridge Cognition technology platform to host a broader range of electronic clinical outcome assessments (‘eCOA’): £2.67m of sales orders won in the year (2017: nil)
  • Continued strong growth in digital healthcare: £0.63m of sales orders won in the year (2017 and earlier: £0.12m in total)
  • Continued investment in research and innovative technology
  • Management team strengthened with appointment of new Chief Operating Officer

 

“The funds secured today will enable us to accelerate our development in two key growth areas of eCOA and Digital Health. The growth in sales orders in these areas already demonstrates that our customers are receptive to our innovative offerings in these areas at a time when the interest in cognitive assessment is growing and commercial opportunities for digital health solutions has never been higher. The equity placing will also allow us to maintain the pace of technology advances that we have demonstrated in the last three years.

We expect to continue to deliver on our stated plans, in particular broadening our penetration of cognitive and clinical assessment markets. We also expect to further develop and nurture key corporate relationships that we have initiated in the year as we continue to drive to sustainable profitability. Our order book and expanding technology platform gives us much confidence in 2019 and beyond.”

Dr Steven Powell, Chief Executive Officer, Cambridge Cognition