Cambridge Cognition Holdings plc (LON:COG), which develops and markets digital solutions to assess brain health, has announced its unaudited interim results for the six months ended 30 June 2023.
The Company is positioned to grow revenues and move into profitability, having grown the contracted order book, integrated two acquired businesses and reduced operating costs. Against a challenging market backdrop, revenues in the first half were maintained year-on-year and the contracted order book increased by 13% from 31 December 2022.
Financial highlights
· Increase in contracted order book to £19.9 million (31 December 2022: £17.6 million)
· Revenues of £6.0 million (H1 2022: £5.9 million)
· Adjusted operating loss, reflecting business acquisitions, of £2.1 million (H1 2022: £0.1 million profit)
· Cash balances of £1.9 million as at 30 June 2023 (31 December 2022: £8.3 million)
Operational highlights
· Acquired Winterlight Labs Inc early in 2023 following the acquisition of eClinicalHealth Limited in late 2022
· Integration of acquired businesses resulted in cost reductions that will realise annualised savings of £1.5 million