Cambridge Cognition Holdings plc (LON:COG), which develops and markets digital technology to deliver customer-focused solutions to assess brain health, has announced its unaudited preliminary results for the year ended 31 December 2020.
Highlights
The Company delivered a strong performance in 2020, delivering on its growth strategy through focusing on commercialising its existing product range while continuing to invest in next generation products. Sales order intake totalled £12.7m, up 158% on the previous year.
Revenue increased 34% which, coupled with careful cost control, delivered a much-reduced loss for the year and a profitable fourth quarter. The contracted order backlog at the end of the year was £11.2m, up 96% on the prior year, and indicates the potential for further revenue growth in 2021.
At 31 December 2020 the Company had over £3m of cash, resulting from the increased order flow, reduced spending, and the successful equity placing of £1.4m, before costs, in March 2020.
Financial summary
· Record sales order intake of £12.7m (2019: £4.9m)
· Revenue up 34% to £6.7m (2019: £5.0m)
· Gross profit up 39% to £5.4m (2019: £3.9m)
· Loss for the year £0.4m, a £2.5m improvement (2019: £2.9m loss)
· Loss per share 1.5 pence (2019: 12.4 pence loss per share)
· Cash balance at 31 December 2020 £3.0m (31 December 2019: £0.9m)
Operational highlights
· Contracted order backlog at 31 December 2020 of £11.2m (31 December 2019: £5.7m)
· Increased commercial focus resulted in increases in sales order volumes, average prices and multi-product sales
· Growth in sales orders across the entire product portfolio: CANTAB™, electronic Clinical Outcomes Assessment (“eCOA”), and Digital Health solutions
· Excellent progress with NeuroVocalix™ in customer-funded proof-of-concept contracts
Commenting on the results Matthew Stork, Chief Executive Officer, said:
“2020 was an excellent year for Cambridge Cognition. We saw strong growth in sales orders, driven by improved commercial execution, continued investment in drug discovery in Central Nervous System disorders and several unusually large orders. The business operated smoothly throughout the year despite the COVID-19 pandemic and any contract delays caused by the pandemic were compensated for by winning new contracts. We expect the business to continue to grow strongly through 2021 and beyond.”
