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Cambridge Cognition slashes first-half losses as new contract wins boost revenue

By BFN News | 09:45 AM | Tuesday 22 September, 2020


Cambridge Cognition, developer and marketer of digital solutions to assess brain health, cut first-half losses by 75% on higher revenue thanks to new contract wins. For the six months ended 30 June 2020, pre-tax losses fell to £0.43m on-year and revenue was up 39% to £3m. Contract wins jumped 87% in the half on the prior-year period. Administrative expenses were reduced by 18% to £2.90m. 'We expect to meet our previously stated aim to breakeven in Q4 2020,' the company said. 'The strong H1 2020 performance and fund raising in March has strengthened the Company's cash position and the Board believes that the Company has sufficient cash reserves to drive the business to profitability even if there is a resurgence in the COVID-19 pandemic.' 'Of course, if there is a major resurgence of COVID-19, there is the risk of a further financial impact, but we are well placed to withstand that scenario,' it added. At 9:45am: (LON:COG) Cambridge Cognition Holdings share price was +2.5p at 50.5p Story provided by StockMarketWire.com

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