22nd Aug 2024 13:42
(Alliance News) - Cambridge Cognition Holdings PLC on Thursday said it narrowed its loss in the first half despite falling revenue after slashing costs across the business.
The Cambridge, England-based company developing and marketing digital brain health assessment solutions said pretax loss narrowed to GBP1.1 million in the first half that ended June 30 from GBP3.4 million the previous year.
Revenue fell 7.2% to GBP5.6 million from GBP6.0 million, while cost of sales fell 16% to GBP1.1 million from GBP1.3 million.
Total operating expenses were cut by 35% to GBP5.4 million from GBP8.4 million.
Research & development expenses were down 36% to GBP1.4 million; Sales & marketing expenses were down 38% to GBP1.2 million; Administrative expenses were down 20% to GBP2.7 million.
In May, the Cambridge Cognition raised GBP2.6 million through a placing of 6.6 million shares at 40 pence each.
"The funds raised enable us to grow technical and business development activities; to explore healthcare opportunities; for working capital purposes, including expansion of the commercial team; continuation of core development projects and provision of balance sheet strength," Cambridge Cognition said.
At June 30 the order book stood at GBP14.6 million, down 15% from GBP17.2 million on December 31.
Chief Executive Officer Matthew Stork said: "I'm pleased with the progress made during the first half as major steps were taken to strengthen our operation and business. The acquisitions of [eClinicalHealth Ltd] and Winterlight [Labs Inc] are delivering new and expanded solutions and our recently enhanced commercial team is generating a growing pipeline of new business opportunities. All these actions support our core objective to ensure we close 2024 with a secure balance sheet and a strong contracted order book of business to drive sustainable profitability and cashflow."
Cambridge Cognition shares were up 7.0% at 46.00 pence each in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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