REG - Cambridge Cognition - Interim Results
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RNS Number : 9510W Cambridge Cognition Holdings PLC 28 August 2025
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28 August 2025
Cambridge Cognition Holdings plc
("Cambridge Cognition", the "Company", or the "Group")
Unaudited Interim Results for six months ended 30 June 2025
Continued progress with significant growth in New Sales Orders & Order
Book
Cambridge Cognition Holdings plc (AIM: COG), the brain health software group
specialising in digital health products that advance brain health research and
treatment, announces its unaudited interim results for the six months ended 30
June 2025 (the "period").
H1 Financial Highlights
· New Sales Orders of £6.9m (H1 2024: £3.3m)
· Order Book of £16.4m (H1 2024: £14.6m, 31 December 2024:
£13.6m)
· Revenue of £4.3m (H1 2024: £5.6m)
· Adjusted EBITDA loss £0.4m (H1 2024: loss of £0.1m)
· Operating Cash Flow outflow £0.3m (H1 2024: outflow £1.6m)
· Cash of £0.4m (31 December 2024: £1.3m)
Operational Highlights
Following the commercial and leadership changes in 2024, the Company made
clear operational progress in H1 2025, delivering strong execution in clinical
trials, expanding services, advancing innovation and achieving recognition in
landmark studies.
· Operational delivery: Supported 80 international clinical studies
and initiated 15 new studies, 75% with Tier 1 pharma customers.
· Service offering expansion: Launched in-house Rater Training to
support eCOA and Automated Quality Assurance ("AQUA") offering and recently
the Speaker Identification solution to address duplicate participant enrolment
in clinical trials.
· Regulatory milestone: Submitted an FDA Letter of Intent under the
Drug Development Tool pathway to qualify a digital cognitive assessment for
schizophrenia (CIAS) as a co‑primary trial endpoint.
· Brand recognition: CANTAB® featured in publications relating to
a Phase III schizophrenia trials with Bristol Myers Squibb and the
23,000-participant Intuition Brain Health study with Biogen and Apple.
· Product Roadmap: Continued to evolve our AI-enabled voice
solution and advanced multimodal digital biomarkers, supported by investment
in core data platforms and collaborations such as the Global Alzheimer's
Platform BioHermes project, AD Riddle and IDEA-FAST.
Board & Management Appointments
The Company has announced today in a separate press release that Rob Baker,
Chief Operating Officer, will join the Board of Directors with immediate
effect. Rob will also hold the position of Senior Executive Director. It
is also expected that Alex Livingstone-Learmonth, Chief Commercial Officer,
will join the Board in due course. Additionally, Ronald Openshaw, who has
served as a consultant since 2024, will be appointed as Chief Financial
Officer and Head of Corporate Development with immediate effect. It is
intended that Ronald will be appointed to the Board in due course. The
appointments of both Alex and Ronald are subject to completion of due
diligence checks by the Company's Nominated Adviser.
As part of an ongoing commitment to corporate governance and to refresh
non-executive oversight, both Debra Leeves and Richard Bungay will leave the
Board at 31 December 2025 and Dr Steven Powell, Chair, will not stand for
re-election at the next AGM and will step down from the Board at that time.
Proposed Financing
The Company announces that it has received expressions of intent from certain
investors to subscribe for 4,100,000 new ordinary shares in the capital of the
Company at 27.25p per share, being a 4.8% premium to the closing mid-market
price on 27 August 2025. The financing is expected to raise approximately
£1.1m before expenses and will be used to strengthen the Company's working
capital. A further announcement relating to this placing is expected to be
made later today.
Rob Baker, Joint Managing Director and Chief Operating Officer, commented:
"The first half of 2025 has shown clear progress following last year's
commercial reset. We have set the foundations for long-term success. With an
expanded service offering and recognition in landmark studies, we are
confident that Cambridge Cognition is on track to deliver growth and achieve
our core objective of sustained profitability and cash flow to deliver
shareholder value."
New Sales Orders and Order Book
The Company's lead objective is to restore growth in New Sales Orders. This
will drive revenue to reach sustained profitability, as measured by Adjusted
EBITDA and cash generation. This has led the Board and management to focus
resources on sales and marketing to achieve this goal. We can report that
the indicators show that this recovery is progressing effectively.
The Company saw a significant increase in New Sales Orders in H1 2025 to
£6.9m; an increase of 109% compared to the same period in 2024. At the date
of this announcement the New Sales Orders total had increased to £8.0m, which
is greater than the whole of 2024 (December 2024: £7.4m).
At 30 June 2025, the Order Book of contracted business to be completed equated
to £16.4m (June 2024: £14.6m, December 2024: £13.6m).
Operations
Following the commercial and leadership changes in 2024, the Group has
delivered tangible operational progress. We have created a more efficient
structure while preserving investment capacity in growth initiatives. The
business also focused on creating a scalable delivery model with tech-enabled
efficiencies to ensure clinical operations can expand in line with demand
without proportional increases in cost. In the half year, our delivery teams
supported 80 global clinical studies, maintaining our consistently high
standards of data quality and reinforcing the Company's reputation for
reliable, on-time execution. In addition, 15 new clinical study start-ups
were initiated in H1 2025, 75% with Tier 1 (Top Pharma) customers, providing a
strong foundation for the expanding Order Book.
As reported previously, the Company expanded its service offering with the
launch of an in-house Rater Training solution to support eCOA, alongside the
Automated Quality Assurance (AQUA) platform. These new capabilities are
designed to improve delivery efficiency and quality assurance while creating
incremental revenue opportunities and strengthening customer retention.
Regulatory recognition and scientific progression advanced during H1 2025. The
Group submitted a Letter of Intent to the U.S. Food and Drug Administration
(FDA) under the Drug Development Tool pathway to qualify a digital measure of
Cognitive Impairment Associated with Schizophrenia (CIAS). This represents an
important milestone in demonstrating the clinical and regulatory relevance of
Cambridge Cognition's technologies and the submission remains active pending
formal feedback. Further validation came from two landmark studies that
incorporated CANTAB® data. A post-hoc analysis of Phase III schizophrenia
trials by Bristol Myers Squibb, published in The American Journal of
Psychiatry, demonstrated measurable improvements in patients with
pre-specified cognitive impairments. In addition, CANTAB® was central to the
Intuition Brain Health study conducted by Biogen and Apple in one of the
largest brain health trials ever undertaken with over 23,000 participants.
This study was published in Nature Medicine, which validated the platform's
ability to deliver accurate, unsupervised cognitive assessments at scale.
The product roadmap also advanced in H1 2025. Building on the acquisition of
Winterlight Labs, the Group continued to develop its AI-enabled voice platform
and integrate it with the core clinical trials platform, CANTAB Connect. This
initiative streamlined the portfolio of digital biomarkers, enabling
multimodal (touch and voice) cognitive assessments to be deployed more
efficiently in new studies. Demand for this combined touch-and-voice biomarker
offering is being reinforced through collaborations such as the Global
Alzheimer's BioHermes project. The Group also announced the release of a
Speaker Identification Solution to prevent duplicate participant enrolment in
clinical trials. Alongside these product innovations, the Group continued to
enhance its technology and data platforms, establishing a scalable foundation
for future AI-driven developments and service delivery.
Healthcare & Consumer Health
Earlier this year we reported that we would pursue partnerships and
collaborations with organisations active in the Healthcare and Consumer Health
markets to expand the Company's offering beyond Clinical Study and Academic
Research.
This is underway with encouraging progress being made across multiple
geographic markets. These efforts are expected to lead to agreements with
partners to integrate our products into broader healthcare offerings. While
there are no guarantees that these discussions will result in formal
partnerships, we are optimistic and look forward to publicising further
developments.
Monument Therapeutics
We are pleased to see significant progress at Monument Therapeutics which,
during H1 2025, has achieved positive headline results from its Phase 1
clinical trial of MT-1988, a novel treatment for CIAS. Following this, it
announced a partnership with the Foundation for the National Institute of
Health (FNIH) to evaluate MT-1988 in a proof-of-principle clinical trial.
The Company will provide cognitive assessments for this study. The Company
has a 20% shareholding in Monument Therapeutics, currently valued at £1.8m.
Financial Results
Despite the significant increase in New Sales Orders and Order Book, Revenue
recognised in H1 2025 was £4.3m (H1 2024: £5.6m). This decline was
primarily the result of weak selling in 2024, which depleted the Order Book.
However, with a strong and sustained Pipeline of potential opportunities
totalling £32.5m (31 December 2024: £34.2m), and an increasing Order Book,
the Board believes the Company is positioned to deliver Revenue growth over
the next 18 months.
Gross Profit of £3.4m (H1 2024: £4.5m) was recorded with a 78.5% Gross
Margin, broadly in line with the previous year (H1 2024: 80.7%). Total
Operating Expenses of £4.3m (H1 2024: £5.4m) showed a decline of £1.1m
compared to the previous year. This reduction is due to initiatives in late
2023 and H1 2024 to reduce the cost base, and an ongoing focus on cost
containment. While Sales and Marketing costs were kept in line with the
previous year to assist in driving the selling effort, savings were made in
both R&D and Administrative costs. Overall, despite lower Revenue and
Gross Profit, the cost reduction enabled a consistent year-on-year Operating
loss of £0.8m (H1 2025: £0.8m) and Adjusted EBITDA loss of £0.4m (H1 2024:
£0.1m).
A key objective is to bring the Company to a sustained positive cash flow.
Cash at 30 June 2025 was £0.4m (31 December 2024: £1.3m), a reduction
broadly in line with the reduction in the Company's borrowings and Adjusted
EBITDA. During the period, the Company continued to repay the venture debt
facility and total borrowings at 30 June 2025 were £1.5m (31 December 2024:
£1.9m). This results in a net debt position of £1.0m (31 December 2024:
net debt £0.6m).
In H1 2025, the Company had Operating Cash Flow outflow of £0.3m, a £1.3m
improvement from H1 2024 (cash outflow £1.6m). A significant portion of this
turnaround is attributable to a reversal in the cash flow effect from
movements in deferred income. During the period, this item contributed
£0.2m to cash flow, whereas this was cash consumptive during both 2024
(£2.2m) and 2023 (£4.7m). Due to the nature of clinical studies, it is
industry standard that an upfront payment is due at the commencement of
work. A cash inflow from deferred income occurs when billing on New Sales
Orders exceeds revenue recognised from work undertaken. We view this as a
positive indicator of the effect of the turnaround in the commercial sales
performance of the business.
Proposed Financing
The Company announces that it has received indications from investors to
subscribe for 4,100,000 new ordinary shares at a price of 27.25p per share,
being a 4.8% premium to the closing mid-market price on 27 August 2025, to
raise £1,117,250 before expenses. These funds would strengthen the
Company's working capital and allow the Board and management to concentrate on
the Company's lead objective of growth in revenue to reach sustained
profitability and positive cash flow. The financing is conditional upon the
receipt of signed commitments from participating investors. A further
announcement relating to this financing is expected to be made later today.
Outlook
With a growing Order Book, disciplined cost management, and a clear path to
increasing sales, the business is now well placed to deliver sustained
profitability and cash generation.
Having considered current market conditions, the impact of the weak selling in
2023 and 2024, and the effect of the contract cancellation, the Board expect
total Revenue for the year to be in the region of £9.5m to £10.0m with a
consequential impact on Adjusted EBITDA.
As previously announced, the Board has also considered the outlook for 2026
based on several key future revenue indicators. The Pipeline of potential
opportunities remains strong at £32.5m at 30 June 2025. The Order Book at
30 June 2025 is £16.4m. Importantly, approximately £5.8m of this Order
Book is expected to be recognised as Revenue in 2026. With six months of
further sales activity still to come this financial year, we are confident
that the Revenue underpinned at the start of 2026 will be significantly higher
than that at the start of 2025.
Consequently, we are confident that the Company is on track to meet market
expectations for Revenue in 2026 and see a significant improvement in
profitability and cash generation.
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
For the six months ended 30 June 2025
6 months to 30 June 2025 6 months to 30 June 2024 Year to 31 December 2024
(Unaudited) (Unaudited) (Audited)
Note £'000 £'000 £'000
Revenue 4 4,315 5,603 10,342
Cost of sales (927) (1,079) (1,955)
Gross profit 3,388 4,524 8,387
Research and development expense (1,073) (1,397) (2,559)
Sales and marketing expense (1,162) (1,159) (2,358)
Administrative expense (2,057) (2,726) (4,930)
Non-recurring items 5 - (144) (155)
Total operating expense (4,292) (5,426) (10,002)
Share of profit after tax from joint ventures - - 32
Other operating income 100 63 416
Operating loss (804) (839) (1,167)
Interest receivable 3 12 21
Finance costs (209) (303) (563)
Loss before tax (1,010) (1,130) (1,709)
Tax credit / (expense) 3 10 (76)
Loss for the period (1,007) (1,120) (1,785)
Other comprehensive (loss) / income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (117) (165) (408)
Items that may not be reclassified subsequently to profit or loss:
Fair value movements in equity investments - - 1,688
Total comprehensive loss for the period (1,124) (1,285) (505)
Adjusted EBITDA
Operating loss (804) (839) (1,167)
- amortisation of intangible assets 267 279 552
- depreciation of property, plant and equipment 22 40 68
- non-recurring items 5 - 144 155
- share-based payments charge 95 311 349
Adjusted EBITDA (420) (64) (43)
Loss per share (pence)
Basic 6 (2.4) (3.2) (4.6)
Diluted 6 (2.4) (3.2) (4.6)
All amounts are attributable to equity holders in the parent.
Consolidated statement of financial position
At 30 June 2025
At 30 June 2025 At 30 June 2024 At 31 December 2024
(Unaudited) (Unaudited) (Audited)
Note £'000 £'000 £'000
Assets
Non-current assets
Goodwill 3,333 3,575 3,454
Other intangible assets 2,959 3,727 3,335
Property, plant and equipment 21 68 34
Investments 1,844 156 1,844
Trade and other receivables 7 19 20 20
Total non-current assets 8,176 7,546 8,687
Current assets
Inventories 146 188 128
Trade and other receivables 7 2,696 2,655 2,627
Current tax receivable 291 210 292
Cash and cash equivalents 422 3,434 1,295
Total current assets 3,555 6,487 4,342
Total assets 11,731 14,033 13,029
Liabilities
Current liabilities
Trade and other payables 8 2,215 2,616 2,119
Deferred income on contracts with customers 5,668 6,500 5,511
Loans and borrowings 1,140 879 985
Current tax payable 46 19 147
Total current liabilities 9,069 10,014 8,762
Non-current liabilities
Loans and borrowings 329 1,475 905
Total non-current liabilities 329 1,475 905
Total liabilities 9,398 11,489 9,667
Equity
Share capital 419 417 419
Share premium 17,641 17,337 17,641
Other reserves 5,088 5,448 5,205
Own shares (71) (71) (71)
Retained earnings (20,744) (20,587) (19,832)
Total equity 2,333 2,544 3,362
Total liabilities and equity 11,731 14,033 13,029
Consolidated statement of changes in equity
At 30 June 2025
Share capital Share premium Other reserve Own shares Retained earnings
Total
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2024 (audited) 350 15,169 5,613 (71) (19,778) 1,283
Loss for the period - - - - (1,120) (1,120)
Other comprehensive loss
Exchange differences on translation of foreign operations - - (165) - - (165)
Total comprehensive loss for the period - - (165) - (1,120) (1,285)
Transactions with owners
Issue of new shares in relation to equity fundraising 66 2,559 - - - 2,625
Transaction costs relating to issue of share capital - (446) - - - (446)
Issue of new shares in relation to exercise of employee share options 1 55 - - - 56
Credit to equity for share-based payments - - - - 311 311
Transactions with owners 67 2,168 - - 311 2,546
At 30 June 2024 (unaudited) 417 17,337 5,448 (71) (20,587) 2,544
Loss for the period - - - - (665) (665)
Other comprehensive (loss) / income
Exchange differences on translations of foreign operations - - (243) - - (243)
Fair value movements in equity investments - - - - 1,688 1,688
Total comprehensive Income for the period - - (243) - 1,023 780
Transactions with owners
Shares issued on settlement of share-based arrangements 2 304 - - (306) -
Credit to equity for share-based payments - - - - 38 38
Transactions with owners 2 304 - - (268) 38
At 31 December 2024 (audited) 419 17,641 5,205 (71) (19,832) 3,362
Loss for the period - - - - (1,007) (1,007)
Other comprehensive loss
Exchange differences on translation of foreign operations - - (117) - - (117)
Total comprehensive loss for the period - - (117) - (1,007) (1,124)
Transactions with owners
Credit to equity for share-based payments - - - - 95 95
Transactions with owners - - - - 95 95
At 30 June 2025 (unaudited) 419 17,641 5,088 (71) (20,744) 2,333
Consolidated statement of cash flows
For the 6 months ended 30 June 2025
6 months to 30 June 2025 6 months to 30 June 2024 Year to 31 December
2024
(Unaudited) (Unaudited) (Audited)
Note £'000 £'000 £'000
Net cash flows used in operating activities 9 (251) (1,583) (3,085)
Investing activities
Dividends received from joint venture - - 32
Interest received 3 12 21
Purchase of property, plant and equipment (8) - (3)
Net cash flow generated (used in) / from investing activities (5) 12 50
Financing activities
Proceeds from share issue - 2,624 2,624
Transaction costs arising on issue of shares - (446) (446)
Proceeds from exercise of share options - 57 57
Repayment of borrowings (471) (131) (547)
Interest payments (209) (303) (563)
Net cash flows (used in) / generated from financing activities (679) 1,801 1,125
Net (decrease) / increase in cash and cash equivalents (936) 230 (1,910)
Cash and cash equivalents at start of period 1,295 3,222 3,222
Exchange differences on cash and cash equivalents 63 (18) (17)
Cash and cash equivalents at end of period 422 3,434 1,295
Net (debt) / cash
At 30 June 2025 At 30 June 2024 At 31 December 2024
£'000 £'000 £'000
Cash and cash equivalents 422 3,434 1,295
Loans and borrowings - current (1,140) (879) (985)
Loans and borrowings - non-current (329) (1,475) (905)
Net (debt) / cash (1,047) 1,080 (595)
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General information
Cambridge Cognition Holdings plc ('the Company') and its subsidiaries
(together, 'the Group') develops and markets digital solutions to assess brain
health for sale worldwide, principally in the UK, the US and Europe.
The Company is a public limited company listed on the Alternative Investment
Market ('AIM') of the London Stock Exchange (symbol: COG) and is incorporated
and domiciled in the UK. The address of its registered office is Tunbridge
Court, Tunbridge Lane, Bottisham, Cambridge, CB25 9TU.
The condensed consolidated interim financial statements were approved by the
Board of Directors for issue on 28 August 2025. The condensed consolidated
interim financial statements do not comprise statutory accounts within the
meaning of section 434 of the Companies Act 2006.
Statutory accounts of the Group for the year ended 31 December 2024 were
approved by the Board of Directors on 22 May 2025 and delivered to the
Registrar of Companies. The report of the auditors on those accounts was
unqualified, contained an emphasis of matter over the Group's ability to
continue as a going concern, and did not contain any statement under section
498 of the Companies Act 2006.
The condensed consolidated interim financial statements together with the
comparative information for the six months ended 30 June 2025 have not been
audited.
2. Accounting policies
2.1 Basis of preparation
As explained in note 2.1 of the Group's 2024 Annual Report, the Group made the
following change in presentation of the Consolidated Statement of
Comprehensive Income which has resulted in restatements of previously
presented balances for the 6 months ended 30 June 2024.
The Non-GAAP measure Adjusted operating profit/loss has been replaced with
Adjusted EBITDA. The Company's board and management use Adjusted EBITDA as
their preferred KPI for measuring profitability and present this non-GAAP
measure to allow shareholders to view the same metric. Adjusted operating
profit/loss was defined as operating profit/loss before: non-recurring items,
amortisation of acquisition-related intangible assets and share-based payment
charge. Adjusted EBITDA additionally excludes amortisation of intangible
licences and depreciation of property, plant and equipment. The adjusted
operating loss for the six months ended 30 June 2024 was £(108,000).
2.2 Going concern
To support the going concern conclusion, the Directors have prepared various
working capital models covering from the signing of these financial statements
through to December 2026:
· Base scenario: the Group maintains a positive cash balance
throughout the going concern period. The Group can meet all forecasted
obligations as they fall due.
· Reverse stress scenarios: modelling the reduction in New Sales Orders
required for the Group to have insufficient cash resources to maintain
operations at various stages throughout the going concern period. These models
did not include the potential impact of cost savings over the period.
Given the Group's base scenario maintains a positive cash balance throughout
the going concern period, and the proposed equity fundraising in 2025 (see
management commentary above), the financial statements have been prepared on
the going concern basis of accounting.
Future cash generation is dependent upon both the value and timing of future
New Sales Orders, with the Group typically invoicing a significant portion of
a New Sales Order at the point of signature. The Group's reverse stress
scenarios demonstrates that potential downsides in future New Sales Orders
would result in current available financing being insufficient to meet the
Group's liquidity requirements over the going concern period. There are
several mitigating actions available to the Directors should a downside occur,
however the Group may also need to seek additional sources of financing. This
reliance upon future New Sales Orders represents a material uncertainty that
may cast significant doubt upon the Group's ability to continue as a going
concern. The Directors continually review the Group's cash situation.
These financial statements do not include the adjustments that would be
required if the Group or the Company are unable to continue as a going
concern.
2.3 Accounting policies
The accounting policies adopted in the preparation of the condensed
consolidated interim financial statements are consistent with those followed
in the preparation of the Group's consolidated financial statements for the
year ended 31 December 2024.
3. Critical accounting judgements and key sources of estimation uncertainty
There have been no changes to the Group's significant judgements and estimates
since the year ended 31 December 2024.
4. Segmental information
An analysis of revenue by market segment is as follows:
6 months to 30 June 2025 6 months to 30 June 2024 Year to 31 December 2024
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Clinical studies 3,857 5,207 9,329
Academic research 354 358 869
Healthcare 104 38 144
4,315 5,603 10,342
An analysis of revenue by product type is as follows:
6 months to 30 June 2025 6 months to 30 June 2024 Year to 31 December 2024
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Software 1,657 2,692 4,765
Services 2,494 2,782 5,234
Hardware 91 129 298
Royalties 73 - 45
4,315 5,603 10,342
5. Non-recurring items
At 30 June 2025 At 30 June 2024 At 31 December 2024
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Acquisition and integration of Clinpal - (28) (22)
Acquisition and integration of Winterlight - 68 74
Restructuring - 103 103
- 143 155
Acquisition and integration of Clinpal
The Group acquired Clinpal in October 2022. Costs in the prior year related to
retention awards for key staff. As a result of the departure of a member of
the Clinpal team in 2024, the Group reversed the related charge for retention
awards.
Acquisition and integration of Winterlight
The Group acquired Winterlight in January 2023. Costs in the prior year
included retention awards for key staff.
Restructuring
In the prior year, the Group completed a significant, multi-department
restructuring exercise.
6. Loss per share
Calculation of loss per share is based on the following loss and numbers of
shares:
6 months to 30 June 2025 6 months to 30 June 2024 Year to 31 December 2024
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Loss attributable to owners of the Company for the purposes of:
Basic and diluted loss per share (1,007) (1,120) (1,785)
6 months to 30 June 2025 6 months to 30 June 2024 Year to 31 December 2024
(Unaudited) (Unaudited) (Audited)
'000 '000 '000
Weighted average number of shares for the purposes of:
Basic and diluted loss per share 41,940 35,342 38,640
The diluted loss per share is considered to be the same as the basic loss per
share. Potential dilutive shares are not treated as dilutive where they could
result in an increased loss per share.
6 months to 30 June 2025 6 months to 30 June 2024 Year to 31 December 2024
(Unaudited) (Unaudited) (Audited)
Pence Pence Pence
Loss per share
Basic and diluted loss per share (2.4) (3.2) (4.6)
7. Trade and other receivables
At 30 June 2025 At 30 June 2024 At 31 December 2024
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Trade and other receivables - non-current
Other receivables 19 20 20
Total non-current trade and other receivables 19 20 20
Total Trade and other receivables - current
Accrued income from contracts with customers 117 140 213
Deferred commission 277 275 231
Other receivables 171 531 494
Prepayments 430 395 484
Term deposits 6 6 6
Trade receivables from contracts with customers 1,695 1,308 1,199
Total current trade and other receivables 2,696 2,655 2,627
Total trade and other receivables 2,715 2,675 2,647
8. Trade and other payables
At 30 June 2025 At 30 June 2024 At 31 December 2024
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Accruals 758 1,291 722
Lease liabilities 15 18 18
Other payables 165 418 421
Social security and other taxes 216 123 104
Trade payables 1,060 766 854
2,214 2,616 2,119
9. Reconciliation of operating result to operating cash flows
6 months to 30 June 2025 6 months to 30 June 2024 Year to 31 December 2024
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Loss before tax (1,010) (1,130) (1,709)
Adjustments for:
Depreciation of property, plant and equipment 22 40 68
Amortisation of intangible assets 267 279 552
Share-based payments charge 95 311 349
Share of profit after tax from joint ventures - - (32)
Finance costs 209 303 563
Acquisition related expenses deferred amounts - - (59)
Interest receivable (3) (12) (21)
Research and Development expenditure tax credit - (13) (17)
Operating cash flows before movements in working capital (420) (222) (306)
(Increase) / decrease in inventories (19) - 59
(Increase) / decrease in trade and other receivables (69) (230) (210)
Increase / (decrease) in trade and other payables 97 (13) (484)
Increase / (decrease) in deferred income from contracts with customers 157 (1,199) (2,188)
Cash used in operations before tax (254) (1,664) (3,129)
Taxation credit received less tax paid 3 81 44
Net cash flows used in operations (251) (1,583) (3,085)
10. Related party transactions
Balances and transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not disclosed
in this note.
Transactions between the Group and other related parties are disclosed below:
a) Transactions with Truffaldino Partnership Limited
Steven Powell, Chair of the Group, has provided additional advisory services
to the Group, in excess of his non-executive service contract, since the
departure of the Group's CEO in September 2024. The scope of and remuneration
for these services was discussed with and approved by the Remuneration
Committee Chair and the Board of Directors. These services are contracted
through The Truffaldino Partnership Limited, for which Steven Powell is a
Director and majority shareholder.
During the six months to 30 June 2025, the Group incurred consultancy fees of
£20,000 (six months to 30 June 2024: £nil, 12 months to 31 December 2024:
£12,000). This has been recognised within Administrative expenses. At 30 June
2025, a balance of £10,000 (30 June 2024: £nil, 31 December 2024: £4,000)
was owed to The Truffaldino Partnership Limited.
b) Transactions with Lucia Capital Consulting Limited
Lucia Capital Consulting Limited ('Lucia Capital') has provided the Group
financial leadership support services since July 2024, which the Group
considers to include key management responsibilities.
During the six months to 30 June 2025, the Group was charged £55,000 (six
month to 30 June 2024: £nil, 12 months to 31 December 2024: £94,000) in
relation to financial leadership support services received from Lucia Capital.
This has been recognised within Administrative expense. At 30 June 2025, a
balance of £50,000 (30 June 2024: £nil, 31 December 2024: £68,000) was due
to Lucia Capital.
c) Transactions with Monument Therapeutics Limited
Monument Therapeutics Limited ('Monument') is the Group's 20% owned
investment.
During the six months to 30 June 2025, the Group closed new sales orders of
£36,000 (2024: £nil) with Monument. At 30 June 2025, £20,000 (30 June 2024:
£nil, 31 December 2024: £nil) was due from Monument.
11. Copies of interim financial statements
Copies of the interim financial statements are available from the Company at
its registered office at Tunbridge Court, Tunbridge Lane, Bottisham,
Cambridge, CB25 9TU. The interim financial information document will also be
available on the Company's website www.cambridgecognition.com
(http://www.cambridgecognition.com) .
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