Cambridge Cognition Holdings PLC Trading update and notice of results (8995K)
December 19 2018 - 2:00AM
UK Regulatory
TIDMCOG
RNS Number : 8995K
Cambridge Cognition Holdings PLC
19 December 2018
Cambridge Cognition Holdings Plc
('Cambridge Cognition' or the 'Company')
Trading update and notice of results
Cambridge Cognition Holdings plc (AIM: COG), which develops and
markets neuroscience technology to assess brain health, announces a
trading update for the year ending 31 December 2018 ("FY2018").
For FY2018, the Company adopted IFRS15, the new financial
standard on revenue recognition, which has had a short-term adverse
impact on the financial performance of the Company. Under IFRS15,
revenue for FY2018 is expected to be in the region of GBP6.0m. Had
revenue been reported using the same standard adopted as in the
year ending 31 December 2017 ("FY2017"), FY2018 revenue would have
been approximately GBP7.0m. This compares with GBP6.7m in
FY2017.
Improved sales order intake in the year reflects the success
achieved in digital health. Total sales order intake is expected to
exceed GBP7.6m, compared with GBP5.1m in FY2017. In addition there
are a number of materially significant contracts expected to be
signed in Q1 2019. The order book is expected to be approximately
GBP5.6m at 31 December 2018, an increase of 40% compared to the
equivalent value of GBP4.0m at 31 December 2017.
As a consequence of the lower reported revenue in FY2018, the
loss for the year is expected to be GBP1.5m (2017: loss of
GBP0.3m). With a gross margin of over 90% on revenues impacted by
the change to IFRS15, most of the reduction in revenue passes
through to the bottom line. In addition, investment in the
Company's digital health portfolio and technology platform has been
maintained at planned levels in order to ensure plans for the
medium term development of the business and revenue growth remain
on track.
Cash balances at year end are expected to be approximately
GBP0.8m, similar to the GBP0.9m reported at the half year (31
December 2017: GBP1.9m).
Preliminary results for the year ended 31 December 2018 will be
released on 21 March 2019.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Enquiries
Cambridge Cognition Holdings PLC
Steven Powell, Chief Executive Officer Tel: 01223 810 700
Nick Walters, Chief Financial Officer press@camcog.com
finnCap Ltd (NOMAD and Joint Broker) Tel: 020 7220 0500
Geoff Nash / Simon Hicks (Corporate Finance)
Alice Lane (Corporate Broking)
Dowgate Capital Stockbrokers Limited (Joint Tel: 020 3903 7715
Broker)
David Poutney / James Serjeant
IFC Advisory Ltd (Financial PR and IR) Tel: 020 3934 6630
Graham Herring / Miles Nolan / Zach Cohen
About Cambridge Cognition
Cambridge Cognition is a neuroscience technology company
developing digital health products to better understand, detect and
treat conditions affecting brain health. The company's software
products assess cognitive health in patients worldwide to improve
clinical trial outcomes, identify and stratify patients early, and
improve global efficiency in pharmaceutical and healthcare
industries.
For further information visit www.cambridgecognition.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTVVLFFVLFFFBE
(END) Dow Jones Newswires
December 19, 2018 02:00 ET (07:00 GMT)
Cambridge Cognition (LSE:COG)
Historical Stock Chart
From Apr 2024 to May 2024
Cambridge Cognition (LSE:COG)
Historical Stock Chart
From May 2023 to May 2024