TIDMCOG
RNS Number : 4965K
Cambridge Cognition Holdings PLC
22 September 2016
22 September 2016
Cambridge Cognition Holdings Plc
("Cambridge Cognition" or the "Company")
Half Yearly Report
Cambridge Cognition Holdings plc, (AIM: COG, 'the Company'), the
neuroscience company which develops and markets near patient
technologies for the assessment of brain health, announces its
unaudited Interim Results for the six months ended 30 June
2016.
These results demonstrate revenue growth, a reduction in losses,
a stronger balance sheet and significant advances in product and
technology developments.
Financial Highlights
-- Total revenue increased by 11.3% to GBP3.26m (H1 2015: GBP2.93m)
-- EBITDA losses reduced to GBP0.11m (H1 2015: GBP0.26m loss)
-- Loss before tax reduced to GBP0.15m (H1 2015: GBP0.28m loss)
-- Loss per share reduced to 0.6p (H1 2015: 1.7p loss)
-- Completion of an oversubscribed GBP1.25m equity placing
-- Cash balance of GBP1.38m at period end (31 Dec 2015: GBP0.76m)
Operational Highlights
-- Pharmaceutical clinical trial revenues up 17.3% to GBP2.24m
-- Academic research revenues up 4.2% to GBP1.00m
-- Restructured and strengthened sales infrastructure in both the USA and Europe
-- Launched the Company's first online testing product and
subsequently secured the first pharmaceutical collaboration for the
product
-- Secured a joint venture agreement with Ctrl Group and developed a wearable prototype
-- Signed two distribution agreements for complementary products
-- Prepared and submitted an application to the US Food and Drug
Administration (FDA) for regulatory clearance for CANTAB Mobile in
the USA
-- Secured the Academic Research unit's largest ever order from an international biobank
Commenting on the results Steven Powell, Chief Executive Officer
of Cambridge Cognition, said: "The results from the first half of
the year reflect the significant advances that have been made in
marketing of our core products and technology developments that
have resulted in the launch of our online and wearable platforms.
Our products and technologies are now aligned with all stages of
our customers' drug development cycle and the commercial focus is
now set to maximise the opportunities presented by existing sales
channels."
Enquiries:
Cambridge Cognition Holdings www.cambridgecognition.com
plc
Steven Powell, Chief Tel: 01223 810 700
Executive Officer
Nick Walters, Chief Financial
Officer
finnCap Ltd (Nomad and Tel: 020 7220 0500
Joint Broker)
Geoff Nash/Simon Hicks (Corporate Finance)
Alice Lane (Corporate Broking)
Hybridan LLP (Joint Broker) Tel: 020 3764 2341
Claire Noyce (Corporate Broking)
CHIEF EXECUTIVE OFFICER'S REVIEW
We are pleased to report our results for the first half of 2016.
During the period the financial results demonstrated year-on-year
revenue growth and our R&D teams made considerable progress
with the well-received launch of our CANTAB Recruit product and the
commencement of our Cognition Kit joint venture. We expect these
two initiatives to provide the foundation for revenue growth beyond
that developing from our core Connect products.
In addition, we completed an oversubscribed equity placing in
April raising gross proceeds of GBP1.25m (GBP1.14m net); the
proceeds of which have been applied to the expansion of the sales
infrastructure both in the USA and in Europe as well as funding
other product programmes.
Financial Results
Revenue in the period increased 11.3% to GBP3.26m (H1 2015:
GBP2.93m). Within this, our core high-margin software and services
grew by 12.3%. The hardware revenue increased year-on-year due to
fulfillment of a single large contract in H1 2016. The underlying
trend for hardware sales remains downwards, as growth in our
Connect cloud based software reduces our reliance upon lower margin
hardware.
Total revenues from the Pharmaceutical Clinical Trials unit
increased by 17.3% to GBP2.24m (H1 2015: GBP1.91m). Within this
total, the higher margin Software and Services revenues increased
15.8% to GBP1.98m (H1 2015: GBP1.71m).
H1 2016 H1 2015 %
GBPm GBPm Change
-------- -------- -------
Software and Services 1.98 1.71 15.8%
Hardware 0.24 0.18 33.3%
Other 0.02 0.02 0%
----------------------- -------- -------- -------
Total 2.24 1.91 17.3%
----------------------- -------- -------- -------
Revenues from Academic Research increased by 4.2% to GBP1.00m
(H1 2015: GBP0.96m) which included an 8.0% increase in Software and
Services sales to GBP0.95m (H1 2015: GBP0.88m). Sales include
GBP0.33m of revenue recognized from a GBP0.5m contract from an
international biobank - the largest contract secured by the
Academic Research business.
H1 2016 H1 2015 %
GBPm GBPm Change
-------- -------- --------
Software and Services 0.95 0.88 8.0%
Hardware 0.04 0.06 (33.3)%
Other 0.01 0.02 (50.0%)
----------------------- -------- -------- --------
Total 1.00 0.96 4.2%
----------------------- -------- -------- --------
Sales from the Healthcare Technology business unit reduced to
GBP28k (H1 2015: GBP56k) as market and product development
continues in this area. The comparator H1 2015 result was bolstered
by two significant sales for the division that have not been
repeated in 2016. The level of R&D investment in the healthcare
unit remains significant but short term commercialisation of near
patient technologies has been re-directed towards collaborations
with pharmaceutical partners to accelerate revenue growth for the
Group and provide clinical validation of the products for longer
term growth in the large healthcare market.
Gross profit grew by 4.7% to GBP2.70m (H1 2015: GBP2.58m). This
gross profit growth does not match revenue growth due to the lower
margin hardware sales figures noted previously.
The operating loss for the period of GBP0.15m (H1 2015:
GBP0.28m) is a 46.4% reduction on the equivalent period last
year.
H1 2015 H1 2015
GBPm GBPm
-------- --------
Pharmaceutical Clinical
Trials 0.27 0.28
Academic Research 0.30 0.30
Healthcare (0.39) (0.53)
Central Costs (0.33) (0.33)
------------------------- -------- --------
Total (0.15) (0.28)
------------------------- -------- --------
The Pharmaceutical Clinical Trials and Academic Research
businesses produced operating profit consistent with last year in
spite of increased revenues. This reflects an increased level of
spend on sales infrastructure which was one of the purposes behind
the financing round concluded in the reporting period. The
increased headcount since the placing, and some of the associated
recruitment cost, is included in the above figures. H2 costs will
reflect the increased headcount but we expect to see the benefit of
this investment in increased sales.
EBITDA reduced to GBP0.11m loss (H1 2015: GBP0.26m loss). Losses
before tax were also reduced to GBP0.15m (H1 2015: GBP0.28m loss).
As a result, loss per share improved to 0.6p (H1 2015: 1.7p loss).
These results reflect the improved revenues (increase of 11.3%) and
gross margin (increase of 4.7%) as well as a small reduction in
administrative expenses of 3.4%.
Net cash outflow from operations during the period was GBP0.53m,
an increase from an outflow of GBP0.27m for the first half of the
prior year. Normally our cash flow closely follows our operational
performance but due to two large sales made in June for which cash
will be collected in Q3, cash generated from operations was GBP0.4m
less than the result for the year. With the equity placing
producing net proceeds of GBP1.14m, the net cash balance at 30 June
2016 was GBP1.38m (as at 31 December 2014: GBP0.76m).
Operational Review
Previously revenues and profits of our two core business
streams, Academic Research and Pharmaceutical Clinical Trials, were
secured with only modest levels of investment as most of our
resources were channelled into the Healthcare business. During the
first half of the year we refocused our commercial activities and
began a period of significant investment in the commercial
infrastructure for these two core market channels to accelerate
revenue growth and bring forward sustainable profitability for the
Group. As a result of successful development programmes we were
also able to begin the commercialisation of near patient testing
platforms via online and wearable technologies. We also began to
provide consulting services for trial design and analytical
services.
The net result of this is a significantly expanded product offer
across all stages of the development cycle as summarised below:
Previous Offering Current Offering
------------------- ---------------------
Standard device Multiple devices
------------------- ---------------------
On site testing On site and online
testing
------------------- ---------------------
Data on the device Data in the cloud
------------------- ---------------------
Limited Scalable
------------------- ---------------------
Staff administered User administered
------------------- ---------------------
In trial Pre, during and
post trial
------------------- ---------------------
Trial design
and analytical
services
------------------- ---------------------
Distributed products
------------------- ---------------------
As well as expanding the product portfolio, the sales
organisation has been restructured to relax demarcations between
the business units to encourage the sales team to sell a wider
range of products to a wider range of customers. We expect the real
benefit from this reorganisation to drive growth in 2017 as the
timing of the changes is unlikely to have a significant impact on
2016 revenue.
Pharmaceutical Clinical Trials
Expansion of the product range in the period means that we now
offer a range of products and services for use throughout the drug
development cycle to:
- improve efficiency of trial recruitment,
- demonstrate efficacy and safety of new drugs and,
significantly,
- provide quantitative outcome measures.
In April this year we launched CANTAB Recruit, an online patient
recruitment portal for pharmaceutical and biotechnology companies
to accelerate the identification of qualified clinical trial
participants in high-need indications such as Alzheimer's disease.
The web-based platform promises to enrich clinical research by
sensitively pre-screening patients using innovative, interactive
and proven cognitive measures to reduce screen failure rates and
save study sponsors substantial time and cost. The first Recruit
commercial contract was secured after the reporting period and
further contracts are expected to close in the coming months.
The addition of CANTAB Recruit to our core Connect products sold
to Pharmaceutical Clinical Trials customers now offers a multi
platform solution for use throughout the drug development
lifecycle. Furthermore, at the request of our customers, we have
now commercialised our trial design and neuroanalytical
capabilities and offer these as revenue generating services to
complement the product platforms.
In March of this year we announced a joint venture with Ctrl
Group to move our cognitive tests onto a wearable device platform -
Cognition Kit. In August the results of a feasibility study were
announced which confirmed for the first time that wearable consumer
devices can be used clinically to measure cognitive performance
accurately when programmed with the Cognition Kit software. This
technology has application in both late stage clinical trials and
also post approval marketing studies to support patient compliance.
The technology has been well received and we expect the JV to
secure its first collaborative deals before the end of 2016.
In order to maximize the opportunities presented by the new
products the sales team has been expanded both in Europe and the
USA. We now have a local presence in continental Europe for the
first time as well as on the East and West coasts of the USA. The
reporting structure has also been changed such that all members of
the sales team are empowered to transact with any potential
customer they encounter in their geographic territory rather than
limiting themselves to the business unit they represent.
Academic Research
Academic research remains an important market for the Company as
it is a source of third party published data and key opinion
referrals for biotechnology and pharmaceutical R&D.
Sales to research customers have continued to grow at a steady
rate and the Academic Research business remains cash flow positive
despite making additional investments in sales and marketing. One
of the highlights of the first half of the year for the Academic
Research business was the award of a biobank contract of GBP0.5m.
This success is indicative of the new areas which the sales team
are being encouraged to explore. In particular the team has focused
on working with small biotechnology companies, often academic spin
outs, who are commencing clinical development programmes and may
have limited neuroscience support in house.
We also entered into a distribution agreement with UK healthcare
technology company MANUS Neurodynamica Limited. This agreement
provides us with sole rights to market the MANUS Parkinson's Pen, a
sensor pen for diagnosis and monitoring of neuromotor impairments
which, initially, will be launched into the academic research
market. The CE marked medical device uses non-invasive, patented
technology to record and analyse limb and hand motion to assess
underlying neuromotor processes, particularly for patients with
Parkinson's disease and it is a small but significant step towards
combining, for the first time, measures of cognitive function with
phenotypic or 'physical' symptoms to give greater insight into
changes in a patients symptoms. We expect to commence the first
field trials with the product late in 2016.
Healthcare Technology
To date our investment in healthcare technologies has seen the
development of CANTAB Mobile, CANTAB Insight and latterly CANTAB
Recruit and Cognition Kit. These products provide the means to
assess changes in cognitive function near to the patient, not just
in the controlled environment of a clinical trial, and can help
create value in clinical trials and support clinical decisions in
important patient treatment pathways.
At the start of the year, having invested significantly in
technology development over the last three years, we made a key
strategic decision to deploy these technologies across all three
business sectors - research, pharmaceutical and healthcare,
supported by our enlarged sales and marketing groups. The outcome
of this decision is becoming apparent with increased customer
engagement and increased sales in our primary markets.
Both CANTAB Mobile and its sister product, CANTAB Insight, are
fully commercialised. CANTAB Mobile continues to be used routinely
in the NHS and while the revenues remain small, we have now
assessed over 30,000 patients providing an excellent reference in
support of the efficacy of the product. We have now appointed our
first distributors for the product outside of the UK and CANTAB
Mobile is the core product in our 70% owned subsidiary CANTAB
Corporate Health (www.cantabcorp.com), which is marketing cognitive
assessment for corporate health and private health. To date this
activity has been restricted to the UK but in the course of this
year we have begun to extend this activity into the EU. Also, in
May of this year, we filed for 510K clearance with the FDA to
enable us to market Mobile in the USA and early stage discussions
have begun with potential US marketing partners.
Our corporate health initiative will also benefit from the
second of the reseller/distribution agreements signed in the
reporting period. In June we announced that we had secured the
rights to distribute DANA in both Europe and the USA, a product
from AnthroTronix Inc, a Maryland headquartered company. DANA is a
handheld computerized test system which measures and monitors
subtle and acute changes in cognitive efficiency to support medical
rehabilitation. Initially funded by the United States Department of
Defense to evaluate performance degradation in military personnel,
DANA was granted FDA clearance in 2014 for use by medical providers
to aid in the assessment of an individual's medical or
psychological state. We will focus our marketing efforts on
promoting the product in military and corporate health applications
in both the EU and the USA and the DANA agreement demonstrates how
we can utilise our growing sales channel to distribute synergistic
products as well as those that are developed in house.
Outlook
The first half of 2016 has been significant for the investment
in sales and marketing and maturation of the technology pipeline.
This was made possible by the support of existing and new
shareholders at the April equity placing. In the second half of the
year we expect continued revenue growth through sale of core
products and the establishment of multiple technology partnerships
which have the potential to accelerate our growth in new product
areas. This will position us well for continued growth into 2017
and beyond.
Steven Powell
Chief Executive Officer
22 September 2016
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
For the six months ended 30 June 2016
6 months 6 months Year
to 30 to 30 to 31
June June December
2016 2015 2015
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
----------------------------- ----- ---------- ---------- ----------
Revenue 5 3,264 2,927 5,042
Cost of sales (566) (348) (590)
---------- ---------- ----------
Gross Profit 2,698 2,579 4,452
Administrative expenses (2,925) (3,028) (5,620)
Other income 82 165 509
---------- ---------- ----------
Operating (loss) before
exceptional item 5 (145) (284) (659)
Exceptional item - - (208)
---------- ---------- ----------
Operating (loss) after
exceptional item and
(loss) before tax (145) (284) (867)
Income tax - (2) 85
---------- ---------- ----------
(Loss) for the period (145) (286) (782)
========== ========== ==========
Attributable to:
Equity holders in the
parent (118) (286) (782)
Non-controlling interest (27) - -
---------- ---------- ----------
(145) (286) (782)
========== ========== ==========
Earnings per share (pence) 6
Basic and diluted (0.6) (1.7) (4.6)
Basic and diluted excluding
exceptional item (0.6) (1.7) (3.4)
(Loss) for the period (145) (286) (782)
Other comprehensive income
- items that may be reclassified
subsequently to profit or
loss
Exchange differences on translation
of foreign operations (12) - -
Total comprehensive income
for the period (157) (286) (782)
====== ====== ======
Consolidated statement of financial position
At 30 June 2016
At 30 At 30 At 31
June June December
2016 2015 2015
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
----------------------------- ------ ---------- ---------- ----------
Assets
Non-current assets
Goodwill 352 352 352
Property, plant and
equipment 112 110 141
---------- ---------- ----------
Total non-current assets 464 462 493
Current assets
Inventories 62 77 58
Trade and other receivables 2,706 1,711 1,641
Cash and cash equivalents 1,375 1,260 756
---------- ---------- ----------
Total current assets 4,143 3,048 2,455
---------- ---------- ----------
Total assets 4,607 3,510 2,948
========== ========== ==========
Liabilities
Current liabilities
Trade and other payables 2,180 1,637 1,535
Total liabilities 2,180 1,637 1,535
---------- ---------- ----------
Equity
Share capital 204 170 170
Share premium account 7,517 6,412 6,412
Other reserves 5,969 5,981 5,981
Own shares (49) (51) (51)
Retained earnings (11,187) (10,639) (11,099)
---------- ---------- ----------
Equity attributable
to parent 2,454 1,873 1,413
Non-controlling interest (27) - -
---------- ---------- ----------
Total equity 2,427 1,873 1,413
---------- ---------- ----------
Total liabilities and
equity 4,607 3,510 2,948
========== ========== ==========
Consolidated statement of changes in equity
For the 6 months ended 30 June 2016
Share Share Other Own Retained Non-controlling
capital premium reserve shares earnings Interest Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- --------- --------- --------- -------- ---------- ---------------- --------
Balance at 1
January 2015 169 6,335 5,981 (174) (10,262) - 2,049
Total comprehensive
income for the
period - - - - (286) - (286)
--------- --------- --------- -------- ---------- ---------------- --------
Issue of new
share capital 1 77 - - - - 78
Transfer on
allocation of
shares in trust - - - 123 (123) - -
Credit to equity
for share based
payments - - - - 32 - 32
--------- --------- --------- -------- ---------- ---------------- --------
Transactions
with owners 1 77 - 123 (91) - 110
--------- --------- --------- -------- ---------- ---------------- --------
Balance at 30
June 2015 170 6,412 5,981 (51) (10,639) - 1,873
Balance at 1
July 2015 170 6,412 5,981 (51) (10,639) - 1,873
Total comprehensive
income for the
period - - - - (496) - (496)
--------- --------- --------- -------- ---------- ---------------- --------
Credit to equity
for share based
payments - - - - 36 - 36
--------- --------- --------- -------- ---------- ---------------- --------
Transactions
with owners - - - - 36 - 36
--------- --------- --------- -------- ---------- ---------------- --------
Balance at 31
December 2015 170 6,412 5,981 (51) (11,099) - 1,413
Balance at 1
January 2016 170 6,412 5,981 (51) (11,099) - 1,413
Total comprehensive
income for the
period - - (12) - (118) - (130)
--------- --------- --------- -------- ---------- ---------------- --------
Issue of new
share capital 34 1,219 - - - - 1,253
Share issue
costs - (114) - - - - (114)
Transfer on
allocation of
shares in trust - - - 2 (2) - -
Credit to equity
for share based
payments - - - - 32 - 32
--------- --------- --------- -------- ---------- ---------------- --------
Transactions
with owners 34 1,105 - 2 30 - 1,171
--------- --------- --------- -------- ---------- ---------------- --------
Equity attributable
to parent 204 7,517 5,969 (49) (11,187) - 2,454
Non-controlling
interest - - - - - (27) (27)
Balance at 30
June 2016 204 7,517 5,969 (49) (11,187) (27) 2,427
Consolidated statement of cash flows
For the 6 months ended 30 June 2016
6 months 6 months Year
to 30 to 30 to 31
June June December
2016 2015 2015
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
--------------------------------- ----- ---------- ---------- ----------
Net cash flows from operating
activities 7 (527) (271) (708)
Investing activities
Purchase of property, plant
and equipment (3) (66) (133)
---------- ---------- ----------
Net cash flow used in investing
activities (3) (66) (133)
Financing activities -
Proceeds from the issue
of share capital net of
costs 1,139 78 78
---------- ---------- ----------
Net cash flows from financing
activities 1,139 78 78
Net increase in cash and
cash equivalents 609 (259) (763)
Cash and cash equivalents
at start of period 756 1,519 1,519
Exchange differences on 10 - -
cash and cash equivalents
---------- ---------- ----------
Cash and cash equivalents
at end of period 1,375 1,260 756
========== ========== ==========
NOTES TO THE INTERIM FINANCIAL STATEMENT
1. General information
Cambridge Cognition Holdings plc ('the Company') and its
subsidiaries (together, 'the Group') develops and markets near
patient technologies for the assessment of brain health for sale
worldwide, principally in the UK, the US and Europe.
The Company is a public limited company listed on the
Alternative Investment Market ('AIM') of the London Stock Exchange
(symbol COG) and is incorporated and domiciled in the UK. The
address of its registered office is Tunbridge Court, Tunbridge
Lane, Bottisham, Cambridge, CB25 9TU.
The condensed consolidated interim financial statements were
approved by the Board of Directors for issue on 22 September
2016.
The condensed consolidated interim financial statements do not
comprise statutory accounts within the meaning of section 434 of
the Companies Act 2006.
Statutory accounts of the Group for the year ended 31 December
2015 were approved by the Board of Directors on 10 May 2016 and
delivered to the Registrar of Companies. The report of the auditors
on those accounts was unqualified, did not contain an emphasis of
matter paragraph and did not contain any statement under section
498 of the Companies Act 2006.
The condensed consolidated interim financial statements together
with the comparative information for the six months ended 30 June
2016 have been reviewed, not audited.
2. Basis of preparation
Going concern basis
The Group's forecasts and projections, taking account of
reasonably possible changes in trading performance, support the
conclusion that there is a reasonable expectation that the Group
has adequate resources to continue in operational existence for the
foreseeable future, a period of not less than twelve months from
the date of this report. The Group therefore continues to adopt the
going concern basis in preparing its condensed consolidated interim
financial statements.
3. Accounting policies
The accounting policies adopted in the preparation of the
condensed consolidated interim financial statements are consistent
with those followed in the preparation of the Group's consolidated
financial statements for the year ended 31 December 2015.
CANTAB Corporate Health Limited, a company of which the Group
owns 70% of the issued equity, commenced trading on 1 January 2016.
The results of CANTAB Corporate Health Limited have been
consolidated into the Group's results, with a non-controlling
interest accounted for and disclosed.
4. Critical accounting judgements and key sources of estimation
uncertainty
In the application of the Group's accounting policies the
directors are required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may
differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis.
The following are the critical judgements that the directors
have made in the process of applying the Group's accounting
policies.
Revenue recognition
Trading operations within the Group recognise revenue with
regard to amounts chargeable to customers under service contracts.
In making its judgement, management consider the detailed criteria
for the recognition of revenue from the provision of continuous
services set out in IAS 18 Revenue. The directors are satisfied
that the significant risks and rewards are transferred and that
recognition of the revenue over the duration of the contractual
period is appropriate.
Goodwill
The Group reviews the carrying value of its goodwill balances by
carrying out impairment tests at least on an annual basis. These
tests require estimates to be made of the value in use of its CGUs
which are dependent on estimates of future cash flows and long term
growth rates of the CGUs.
Capitalisation of development costs
The point at which development costs meet the criteria for
capitalisation is critically dependent on management judgment of
the probability of future economic benefits.
Recovery of deferred tax assets
Deferred tax assets have not been recognised for deductible
temporary differences, share options and tax losses as management
considers that there is not sufficient certainty that future
taxable profits will be available to utilise those temporary
differences and tax losses.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with
employees by reference to the fair value of the equity instruments
at the date at which they are granted. The fair value is determined
using either a Black-Scholes model or a Binomial Option model. The
accounting estimates and assumptions relating to equity settled
share-based payments would have no impact on the carrying amounts
of assets and liabilities within the next annual reporting period
but may impact profit and loss and equity.
5. Segmental information
The analysis of revenue by business unit is as follows:
6 months 6 months Year to 31
to 30 June to 30 June December
2016 2015 2015
GBP'000 GBP'000 GBP'000
Pharmaceutical Clinical
Trials 2,238 1,913 3,395
Academic Research 998 958 1,544
Healthcare Technology 28 56 103
------------ ------------ -----------
3,264 2,927 5,042
============ ============ ===========
The analysis of revenue by product type is as follows:
6 months 6 months Year to 31
to 30 June to 30 June December
2016 2015 2015
GBP'000 GBP'000 GBP'000
Software and services 2,954 2,631 4,592
Hardware 277 259 329
Other 33 37 121
------------ ------------ -----------
3,264 2,927 5,042
============ ============ ===========
The analysis of operating (loss) before exceptional item by
business unit is as follows:
6 months 6 months Year to 31
to 30 June to 30 June December
2016 2015 2015
GBP'000 GBP'000 GBP'000
Pharmaceutical Clinical
Trials 274 280 197
Academic Research 293 299 303
Healthcare Technology (385) (531) (1,102)
Central costs (327) (332) (57)
(145) (284) (659)
============ ============ ===========
The analysis of operating (loss) allocates costs to the business
unit to which they relate, including an allocation of support
function costs. Central costs represent the Company's corporate
costs less other income.
6. Earnings per share
Calculation of loss per share is based on the following loss and
numbers of shares:
6 months 6 months Year to
to 30 to 30 31 December
June June 2015
2016 2015
GBP'000 GBP'000 GBP'000
Earnings
Earnings for the purposes of
basic and diluted earnings per
share being net loss attributable
to owners of the Company (118) (286) (782)
Earnings for the purposes of
basic and diluted earnings per
share excluding exceptional
item (118) (286) (574)
'000 '000 '000
Number of shares
Basic weighted average number
of shares 18,644 16,739 16,831
--------- --------- -------------
The basic weighted average number of shares excludes shares held
by an Employee Benefit Trust. Fully diluted loss per share is
calculated after showing the effect of outstanding options in
issue. As the effect of the options would be to reduce the loss per
share, the diluted loss per share is the same as the basic loss per
share.
The number of shares in issue at 30 June 2016 was 20,429,235 (31
December 2015: 17,043,124).
7. Reconciliation of operating loss to operating cash flows
6 months 6 months Year to
to 30 June to 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
(Loss) before tax (145) (284) (867)
Adjustments for:
Depreciation 32 20 56
Share-based payments
charge 33 32 68
Operating cash flows
before working capital
movements (80) (232) (743)
Change in inventories (4) 108 127
Change in trade and
other receivables (1,142) (201) (44)
Change in trade and
other payables 611 (66) (168)
------------ ------------ -------------
Cash generated by operations (615) (391) (828)
Tax credit received 88 120 120
------------ ------------ -------------
Net cash flows from
operations (527) (271) (708)
------------ ------------ -------------
8. Copies of interim financial statements
Copies of the interim financial statements are available from
the Company at its registered office at Tunbridge Court, Tunbridge
Lane, Bottisham, Cambridge, CB25 9TU. The interim financial
information document will also be available on the Company's
website www.cambridgecognition.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZMGZLVMRGVZM
(END) Dow Jones Newswires
September 22, 2016 02:00 ET (06:00 GMT)
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