12th Mar 2015 09:44
LONDON (Alliance News) - Cambridge Cognition Holdings PLC Thursday said it remains on track to deliver its first full year of profitability in 2015, as it posted a narrowed pretax loss for 2014.
Cambridge Cognition produces computerised neuropsychological tests for the purposes of detecting dementia, and other uses.
The company posted a pretax loss of GBP295,000, narrowed from a pretax loss of GBP3.0 million a year before, as revenue rose to GBP5.8 million from GBP4.1 million, and restructuring and AIM listing costs did not recur.
Cambridge Cognition attributed its rise in revenue to the "adoption of a more structured commercial approach", particularly in its Clinical Trials division.
Clinical Trials revenue was up 57%, boosted by its focus on areas producing higher quality and more predictable revenues, namely drug characterisation, safety and human abuse liability, and it launched cloud-based products for these areas.
Its Academic Research division saw sales up 12%, also boosted by the launch of a new cloud-based products. In its Healthcare Technology division, its mobile product saw improved sales of GBP20,000, compared to GBP16,000 a year before. It launched the mobile product in 2013, and said that in 2015, it will focus on extending the product into new countries and applications.
Cambridge Cognition said that the strong performance it had seen towards the end of 2014 had continued into the new year, and it has begun 2015 with a contracted order book of GBP2.5 million, compared to GBP1.8 million at the beginning of 2014.
Shares in Cambridge Cognition are trading up 12% at 86.50 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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