Proactive Investors - Cambridge Cognition Holdings PLC (LON:COGC) said revenues for the year just gone were ahead of expectations while it also expects to book a modest underlying profit.
In a trading statement, the group, which develops digital solutions for brain health assessments, said turnover for the 12 months ended 31 December 2022 was up 25% to £12.6mln. It said it has 60% visibility over this year’s top line.
Its contracted order book was £17.6mln at the end of 2022, with a further £2.5mln added after the acquisition of Winterlight Labs Inc earlier this month.
Profit after tax, but before acquisition costs, is forecast to be £200,000, while the company’s cash balance was £8.3mln at the end of the period.
A strong underlying performance was bolstered by the purchase of Clinpal, Winterlight and eClinicalHealth, investors were told.
Going forward, Cambridge Cognition will leverage its expertise in central nervous system (CNS) disorders, the company added.
It pointed out the virtual clinical trial market for CNS disorders is larger than for any other therapeutic area, with around 250 trials starting each year.
“With Cambridge Cognition's gold-standard cognitive assessments, Winterlight's leading vocal biomarker technology, and Clinpal's end-to-end virtual platform, the combined company is well positioned for further considerable growth,” the company’s trading statement said.