Business
Trading Update & Board Change
Trading Update & Board Change.
About this update from Cambridge Cognition Holdings Plc
[{"type":"text","content":"\n\n\n \n23 July 2024\nCambridge Cognition Holdings plc\n(\"Cambridge Cognition\", the \"Company\" or the \"Group\")\nTrading Update & Board Change\nOn track to achieve profitability in 2024\n \nCambridge 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\").\n \nOver 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. \n \n The unaudited financial highlights for the six months ended 30 June 2024 are:\n \n· Revenue of £5.6m (H1 2023 £6.0m)\n· Adjusted operating loss of £0.1m (H1 2023 loss of £2.1m)\n· Cash balance £3.4m as at 30 June 2024 (31 December 2023 £3.2m)\n \nContracts 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.\n \nDuring 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.\n \nMatthew Stork, Chief Executive Officer of Cambridge Cognition, commented:\n\"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 g...