Cambridge Cognition Holdings PLC Trading Update, Board Change & Notice of Results (0881M)
January 19 2021 - 1:00AM
UK Regulatory
TIDMCOG
RNS Number : 0881M
Cambridge Cognition Holdings PLC
19 January 2021
19 January 2021
Cambridge Cognition Holdings plc
("Cambridge Cognition", the "Company" or the "Group")
Trading Update and Board Change
Strong financial performance with growth in revenues of 34% and
increase in order backlog of 96%
Notice of Results
Cambridge Cognition Holdings plc (AIM: COG), which develops and
markets digital solutions to assess brain health, 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.
Trading Update and Notice of Results
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
GBP12.70 million, up 158% on the previous year's order intake of
GBP4.93 million. This maintains the growth trajectory reported in
the interim results. The contracted order backlog was GBP11.17
million at 31 December 2020 (GBP5.69 million at 31 December 2019)
of which at least GBP6.0 million is expected to be recognised as
revenue in 2021 subject to customer delivery schedules and COVID-19
impacts.
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(TM), 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
GBP3.1 million. Such large single orders are outside of the scope
of normal business and may not be repeated every year.
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 clinical trials, which has created opportunities for the
Company's cloud-based solutions.
The preliminary results for the year ended 31 December 2020 were
slightly ahead of market expectations and will be released on 23
March 2021. Financial Highlights on the basis of unaudited figures
are:
-- Growth in revenues of 34% to GBP6.74 million (2019: GBP5.04 million)
-- Increase in contracted order backlog of 96% to GBP11.17 million (2019: GBP5.69 million)
-- Loss for the year of GBP0.44 million (2019: GBP2.90 million loss)
-- Cash balance of GBP3.05 million at 31 December 2020 (31 December 2019: GBP0.90 million)
The substantial contracted order backlog provides the Company
with a solid foundation for 2021. While there remains some
uncertainty relating to timing of customers' clinical trials due to
the COVID-19 pandemic, the Company is well positioned for continued
growth in the dynamic, expanding market for digital solutions for
clinical trials.
Board Change
Nick Walters has resigned his position as CFO to pursue other
business interests. Nick has played a key role in the development
of the Company for seven years, during which time he has overseen
many operational improvements. Nick will remain an Executive
Director of the Company until the AGM, expected to be towards the
end of May 2021, and we wish him all success in his future
projects.
The Company has appointed Michael (Mick) Holton as CFO,
effective immediately. Mick has had an extensive career in finance,
most recently as interim CFO at AIM quoted Biome Technologies plc.
Prior to that, he was CFO at Infinis, an energy generator, and held
senior finance roles at Alliance Boots (now part of Walgreens Boots
Alliance) and Kidde plc (now part of United Technologies
Corporation). Mr. Walters will provide a smooth transition to Mr.
Holton through to the AGM.
Online Q&A Session
Matthew Stork, Cambridge Cognition's CEO, will be hosting an
online Q&A session regarding the latest developments with the
Company at 12.30 p.m. GMT today. This session is open to all
existing and prospective shareholders, and equity analysts. Those
wishing to attend should email COG@investor-focus.co.uk for access
details. Participants will have the opportunity to submit questions
during the session, but questions are welcomed in advance and may
be submitted to COG@investor-focus.co.uk.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Enquiries:
Cambridge Cognition Holdings plc Tel: 01223 810 700
Matthew Stork, Chief Executive Officer press@camcog.com
Mick Holton, Chief Financial Officer
finnCap Ltd (Nomad and Joint Broker) Tel: 020 7220 0500
Geoff Nash/ Simon Hicks (Corporate Finance)
Alice Lane/ Sunila de Silva (Corporate Broking)
Dowgate Capital Limited (Joint Broker) Tel: 020 3903 7715
David Poutney/ James Serjeant
IFC Advisory Ltd (Financial PR and Tel: 020 3934 6630
IR)
Tim Metcalfe/ Graham Herring/ Zach COG@investor-focus.co.uk
Cohen
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