10th Sep 2015 08:25
LONDON (Alliance News) - Cambridge Cognition Holdings PLC Thursday reported a narrowed pretax loss for its first half, as it saw a 17.7% rise in revenue, and said its outcome for 2015 will depend on the continued delivery of its commercial and technology pipelines.
For the half year to end-June the company reported a pretax loss of GBP284,000, narrowed from a pretax loss of GBP473,000 a year before, as revenue rose to GBP2.9 million from GBP2.5 million.
Cambridge Cognition attributed its revenue growth to a strong performance from its Clinical and Academic Software and Services sales. During the period the company launched a cloud-based range of products which allowed customers to use iPads, rather than pre-programmed touch screen tablets, which led to a reduction in hardware sales.
Revenue from its Pharmaceutical Clinical Trials unit rose 20%, as higher margin software and services revenue rose, offsetting a 22% reduction in hardware sales.
Gross profit margin increased to 88.1% from 87.0%.
"We are excited by the opportunities presented by both the new product portfolio and the new US business development team. We have continued to grow revenues in the first half of the year while making significant commercial and technological advances; particularly in the healthcare technologies unit," said Chief Operating Officer Steven Powell in a statement.
Shares in Cambridge Cognition were down 3.8% at 77.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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