REG - Cambridge Cognition - Trading Update & Board Change

Cambridge Cognition HoldingsAnnouncement

23/07/2024 07:00

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RNS Number : 3679X  Cambridge Cognition Holdings PLC  23 July 2024

 

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                     Tel: 012 2381 0700

 Matthew Stork, Chief Executive Officer               press@camcog.com (mailto:press@camcog.com)

 Stephen Symonds, Chief Financial Officer

 Panmure Liberum Limited (NOMAD and Joint Broker)     Tel: 020 7886 2968

 Emma Earl / Freddy Crossley / Mark Rogers            (Corporate Finance)

 Rupert Dearden                                       (Corporate Broking)

 Dowgate Capital Limited (Joint Broker)               Tel: 020 3903 7715

 David Poutney / Nicholas Chambers

 Hudson Sandler (Financial PR and IR)                 Tel: 020 7796 4133

 Dan de Belder / Hattie Dreyfus                       cog@hudsonsandler.com (mailto: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/
(https://cambridgecognition.com/)

 

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