Business
Trading Update, Board Change & Notice of Results
Trading Update, Board Change & Notice of Results.
About this update from Cambridge Cognition Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0881M\n Cambridge Cognition Holdings PLC\n 19 January 2021\n \n \n \n \n 19 January 2021 \n \n \n \n \n \n Cambridge Cognition Holdings plc \n \n \n (\"Cambridge Cognition\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Trading Update and Board Change\n \n \n Strong financial performance with growth in revenues of 34% and increase in order backlog of 96%\n \n \n \n \n Notice of Results\n \n \n \n \n \n Cambridge Cognition Holdings plc (AIM: COG), which develops and markets digital solutions to assess brain health,\n is pleased to announce a positive trading update and notice of results for the year ended 31 December 2020, together with details of a forthcoming change to the Company's board. \n \n \n \n \n \n Trading Update and Notice of Results\n \n \n \n \n \n The Company had a successful year in 2020, delivering significant growth in revenues from digital solutions for clinical trials by executing its strategy of increased focus on commercialisation. Order intake for the year closed at a record £12.70 million, up 158% on the previous year's order intake of £4.93 million. This maintains the growth trajectory reported in the interim results. The contracted order backlog was £11.17 million at 31 December 2020 (£5.69 million at 31 December 2019) of which at least £6.0 million is expected to be recognised as revenue in 2021 subject to customer delivery schedules and COVID-19 impacts. \n \n \n \n \n \n The strong sales performance is due to improved commercial execution across a wider portfolio of products and increased cross-selling of combinations of the Company's core product, CANTAB™, together with newer electronic Clinical Outcomes Assessment (\"eCOA\") and digital solutions for frequent, remote testing of patients beyond clinics. The 2020 performance is accentuated by two large one-off orders that, together, totalled £3.1 million. Such large single orders are outside of the scope of normal business and may not be repeated every year. \n \n \n \n \n \n COVID-19 had a mixed impact on the business over the year. It did cause delays to some orders and revenue recognition as some clinical trials were temporarily suspended, but the pandemic also provided an impetus for an industry shift towards evaluating virtual clinic...