18th Sep 2013 09:55
LONDON (Alliance News) - Cambridge Cognitions Holdings PLC showed decreases in revenues and widened pretax losses for the six months ended June 30 as delayed orders knocked back its clinical-trial products business following its admission to AIM.
In its first results since beginning trading on AIM, Cambridge Cognitions posted revenues of GBP2.0 million, lowered from GBP 2.6 million in the previous year. Revenues from the company's CANTABelect clinical trial products business fell to GBP1.3 million from GBP2.1 million due to fewer new studies and expected orders shifting to the second half of the year. It had a pretax loss of GBP1.5 million, widened from GBP695,000 the previous year, mostly due to expenses from its admission to AIM.
The company warned that the pharmaceutical business would continue to be challenging, which added to the unpredictable timing of new trial starts. However, it said that it has a number of trials in the pipeline which it expects to commence in the second half.
Cambridge said that it was performing in line with expectations, and that it was optimistic about the rest of 2014, particularly with the increased adoption of its CANTABmobile software in the UK. More than 100 CANTABmobile trial licenses were in use across the UK, the company said, and it had established a UK sales and marketing team for the service.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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