TIDMCOG
RNS Number : 0310I
Cambridge Cognition Holdings PLC
12 April 2022
12 April 2022
Cambridge Cognition Holdings Plc
("Cambridge Cognition", the "Group" or the "Company")
Unaudited preliminary results for the year ended 31 December
2021
50% revenue growth, profitable and strongly cash generative in
2021
- well positioned in fast growth markets
Cambridge Cognition Holdings plc, a technology company which
develops and markets patient-focused solutions to better assess
brain health, is pleased to announce its unaudited preliminary
results for the year ended 31 December 2021.
Highlights
The Company delivered a strong performance in 2021 with revenue
growth of 50% and a record sales order intake for the second year
running. These results are due to the successful execution of the
Company's strategy to commercialise a broader product set of
digital outcomes assessments for clinical trials. Uptake of these
assessments has increased during the COVID-19 pandemic with a
step-up in virtual clinical trials and at-home measurements that we
expect to continue. The Company was profitable over the year while
continuing to invest in new solutions for growth in the future.
Financial summary
-- Revenue up 50% to GBP10.1m (2020: GBP6.7m)
-- Gross profit up 49% to GBP8.1m (2020: GBP5.4m)
-- Profit for the year GBP0.5m (2020: GBP0.4m loss)
-- Earnings per share 1.4 pence (2020: 1.5 pence loss per share)
-- Cash balance of GBP6.8m at 31 December 2021 (31 December 2020: GBP3.0m)
Operational highlights
-- Record sales order intake of GBP15.7m (2020: GBP12.7m)
-- Major contract wins, including a GBP2.3m large cohort study
-- Contracted order book GBP17.0m at 31 December 2021 (31 December 2020: GBP11.2m)
-- Well-managed growth leading to profitability
-- Proprietary speech technology for clinical trials in validation trials
-- Completed spin-out of digital phenotyping business, Monument Therapeutics
Commenting on the results, Matthew Stork, Chief Executive
Officer, said:
"We are delighted to have delivered above-market growth and a
profitable year of trading. The demand for digital outcomes
assessments for clinical trials is forecast to continue to grow.
With these tailwinds, we have evolved our strategy and plan further
investment in developing digital biomarkers and corporate business
development, as well as continuing with a focus on commercial
execution. We believe we are well placed for more success in 2022
and beyond."
Enquiries:
Cambridge Cognition Holdings Plc Tel: 012 2381 0700
Matthew Stork, Chief Executive Officer press@camcog.com
Stephen Symonds, Chief Financial Officer
Panmure Gordon (UK) Limited
(NOMAD and Joint Broker) Tel: 020 7886 2500
Freddy Crossley / Emma Earl / Mark Rogers (Corporate Advisory)
Rupert Dearden (Corporate Broking)
Dowgate Capital Limited (Joint Broker) Tel: 020 3903 7715
David Poutney / James Serjeant
IFC Advisory Ltd (Financial PR and IR) Tel: 020 3934 6630
Tim Metcalfe / Graham Herring / Zach Cohen cog@investor-focus.co.uk
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
CHIEF EXECUTIVE'S REVIEW
Overview
2021 has been a landmark year and inflection point for the
Company. With considerable momentum from successes in 2020, the
Company delivered record sales, 50% revenue growth, and
profitability in 2021. I am grateful to both the investors who have
supported us and our team for their commitment and hard work as we
have grown the business.
Cambridge Cognition's goal is to improve the health of people
around the world by discovering and delivering more effective brain
health assessments. The Company's leading computerised cognitive
assessment, CANTAB(TM) , was developed with this in mind at
Cambridge University. We have subsequently built upon that position
with a suite of in-clinic and home-based digital and verbal
cognitive tests and electronic Clinical Outcomes Assessment
("eCOA") instruments.
We have continued to focus on commercial execution to drive
sales of our innovative solutions for clinical trials. At the same
time, there has been increased demand with an acceleration of the
trend towards virtual clinical trials and more investment in
Central Nervous System ("CNS") drug development. These dynamics
resulted in substantial orders and subsequent revenue growth for
both our software and services. We consistently provided value for
our loyal and growing customer base of leading academics, top 20
pharmaceutical and biotech companies.
There were some more delays to clinical trials due to the
pandemic in 2021 - fewer than in 2020 - and once again the impact
on revenues were offset by new contract gains. With our experience
in, and infrastructure for, web-based assessment we were able to
support customers with at-home-measurement as part of a virtual or
hybrid clinical trial.
In addition to delivering a strong performance in 2021, the
contract wins over the year mean we are well prepared for 2022 and
beyond with a contracted order book of over GBP17 million at the
start of 2022, of which at least GBP7.5 million is expected to be
recognised as revenue in 2022, subject to customer delivery
schedules. This gives the Company excellent visibility of revenue
into the year ahead.
Cambridge Cognition has a reputation for leading in the
development of novel digital cognitive assessments. This is evident
from the widespread use of CANTAB(TM) amongst the academic research
community, the leading members of which frequently advise
pharmaceutical companies on clinical trial design. The evidence for
CANTAB(TM) continues to build and there are now over 2,500
publications of studies across over 100 therapeutic areas. We were
also pleased with the progress made developing and publishing on
new short, high frequency cognitive assessments on mobile
phones.
We took a major step forward in 2021 with considerable
scientific communication on our proprietary speech technology,
NeuroVocalix(TM) , a fully automated voice platform that is being
specifically developed for clinical trials. Over the year, we
completed the platform product development, moving it from an
R&D environment to our regulatory compliant production
environment, and are working on verbal assessments for the platform
and validation clinical trials.
Our strategic focus on clinical trials saw us finalise the
spin-out of a digital phenotyping business, Monument Therapeutics,
retaining a minority shareholding and the potential for royalties
in the future.
Financial Results
Revenue grew by 50% to GBP10.1m (2020: GBP6.7m). Revenue is
recognised over the term of the contracts and so the GBP10.1m
revenue recognised in 2021 was from contracts won both in 2021 and
in prior years.
We anticipate the GBP17.0m contracted orderbook at the end of
December 2021 will generate at least GBP7.5m of revenue to be
recognised in 2022 with the balance to be recognised in subsequent
years.
Recognised revenue split by type was as follows:
2021 2020 Increase Increase
GBPm GBPm GBPm
Software 3.6 2.7 0.9 33%
------ ------ --------- ---------
Services 5.6 3.7 1.9 51%
------ ------ --------- ---------
Total Software & Services 9.2 6.4 2.8 44%
------ ------ --------- ---------
Hardware 0.9 0.3 0.6 300%
------ ------ --------- ---------
Total Revenue 10.1 6.7 3.4 50%
------ ------ --------- ---------
Services revenue grew by 51% as more implementation and bespoke
development work was carried out. Software revenue improved by 33%
but, given the time lag between contract signature and software
usage, we would expect this to grow further in 2022.
Hardware sales have increased considerably as a percentage of
revenue in 2021; the hardware, which is procured from third
parties, is only supplied by Cambridge Cognition when specifically
requested by a customer to support a project. Hardware sales had
been expected to decline as digital devices become ubiquitous,
however, we now integrate wearable devices into our solution and so
increased the supply of these in 2021.
Gross profit was GBP8.1m (80.2% margin) compared with GBP5.4m
(80.4% margin) in 2020. The additional spending on hardware was
offset by a reduction in third party costs.
Administrative expenses increased by 28% to GBP7.8m (2020:
GBP6.1m) primarily as a result of an increase in headcount post the
COVID-19 recovery, which accounts for GBP1m of the increase. The
remainder is due to increased legal, professional and third-party
services costs.
As planned, investment in research and development, which is
necessary to maintain the company's position at the forefront of
the sector, was more targeted in 2021 and this resulted in R&D
spend of GBP1.7m (2020: GBP1.5m).
Profit before tax was GBP0.3m (2020: loss before tax GBP0.6m).
R&D tax credits were GBP0.2m (2020: GBP0.2m). The post-tax
profit for the year was GBP0.5m (2020: post tax loss GBP0.4m),
which equates to earnings per share of 1.4 pence (2020: 1.5 pence
loss per share).
Cash inflow from operating activities was GBP3.9m (2020:
GBP1.0m), driven by the high value of sales orders. Sales contracts
for clinical trials typically include an amount of cash billable
upon signing, and as such an invoice is raised (and cash
subsequently collected) as contracts are executed and before
revenue is recognised.
After investing activities total cash inflow was GBP3.8m, and
the year-end cash balance was GBP6.8m, which provides a solid
platform for growth (31 December 2020: GBP3.0m).
Operational Review
Cambridge Cognition had a productive year in 2021, progressing
major contracts and achieving a number of milestones, while
carefully managing costs. The achievements spanned winning sizeable
new contracts, improving the company's brand position, continuing
innovative developments, and spinning-out a drug development
business.
Record sales order intake. Our commercialisation activities
resulted in record sales orders of GBP15.7m in 2021. There were
three main contributors: first, with excellent customer service -
seen in survey responses - we routinely see clients contracting
multiple times over many years; secondly, we have been targeting
new therapeutic areas with the potential for increasing use of
cognitive assessments; and thirdly, we have been continuing to lead
with new solutions and so increased average order values for
clinical trials by 30%.
Large contract wins. As announced, to maintain visibility for
investors, we won several large multi-year contracts: GBP2.9m in
contract value for several schizophrenia trials, a GBP0.5m contract
for at-home testing, GBP1.4m for digital health and wearables, a
GBP2.2m contract for a large cohort study, a GBP1m contract for a
late phase cancer trial, and GBP0.5m for a non-CNS eCOA study.
Leading brand position in the scientific community. As leaders
in cognitive assessment, Cambridge Cognition continued to hold a
prominent position in the scientific community over 2021. This
included presenting cutting-edge data at more than 20 conferences
around the world and writing our own and supporting pharmaceutical
companies to author papers using data from our assessments. We
collaborated with leading pharmaceutical companies, such as
Novartis, to present as well. We also secured more research
partnerships with prestigious consortia, such as the BrainHealth
Registry.
Proprietary speech technology for clinical trials productised
and being validated. Verbal neuropsychological tests are highly
sensitive to the early signs of neurodegeneration in older adults.
However, their dependence on in-person testing and manual scoring
means they are costly and can be unsuitable for large-scale
screening and home-based monitoring. To address this, Cambridge
Cognition developed a fully automated voice platform,
NeuroVocalix(TM). In 2021, we completed its productisation, setting
the Company up with the potential to serve more customers with a
proprietary platform capable of automating the delivery and scoring
of key cognitive assessments for clinical trials within the
security requirements of this highly regulated industry. We are
working on a battery of tests and validation trials with two
leading universities; these are essential to fully commercialise
the solution.
Completed spin-out of digital phenotyping business. Having won a
sizeable grant to investigate digital phenotyping, we incubated a
new business, raised seed funding and spun it out. Monument
Therapeutics is now operating as a wholly independent business with
a licence from Cambridge Cognition. The initial shareholding was
diluted by additional fundraising by Monument Therapeutics to
extend their runway before a Series A investment round. Upon
successful commercialisation of Monument Therapeutics' drug
development programmes, Cambridge Cognition will be paid
royalties.
Strategic Review
Cambridge Cognition serves a niche, high value requirement for
CNS outcomes assessments with differentiated software and services
offerings with intellectual property protection. Our strategy is to
focus primarily on the clinical trials market as the assessments
can be used to demonstrate the efficacy or safety of a potential
new therapeutic agent and therefore provide extremely valuable
information for a pharmaceutical or biotech company. We also serve
the healthcare and academic markets, direct in some markets and via
distributors in others.
We expect the dynamic market for clinical trial outcomes
assessments to continue to evolve rapidly. We are seeing several
favourable trends that could continue well into the future:
-- Market growth is predicted to be 17%(1) and 30%(2) for the
eCOA market and the cognitive outcomes assessment market for
clinical trials respectively.
-- There has been a pre-existing gradual trend away from
'pen-and-paper' questionnaires administered by clinicians or raters
in clinical trials towards objective digital measures, whether in
clinic or at home. More recently, this has been overtaken by the
requirement for digital measurements at home.
-- The COVID-19 pandemic reduced access to clinical trial sites
and accelerated the adoption of virtual or hybrid clinical trials,
with a 50% increase compared to 2020(3) . Virtual assessments
enable patients to participate in clinical trials from home and can
be more cost-effective, inclusive and representative.
-- Industry is increasingly investing in CNS drug development.
In 2021, pharmaceutical companies sponsored the delivery of more
than 850 CNS trials, up 10% on 2020(4) . This investment is set to
continue in 2022 and beyond with more than 1,800 neurological
products in preclinical development(4) .
-- Investment in new digital biomarkers for many conditions and
symptoms, sometimes from an existing or new digital assessment or
wearable device and sometimes combining data from multimodal
sources.
During the second half of 2021, having delivered much of the
strategy set in 2019, we conducted a major review and have set out
plans for the next phase of growth. The areas of focus are:
1. Increasing market share and sales of cognitive assessments
and eCOA solutions with proactive preparation of new assessments,
increased sales and marketing capacity, and commercial distribution
agreements for new territories and market sectors.
2. Developing new intellectual property to serve the evolving
demands of the industry for digital assessments and biomarkers. The
potential for these is considerable with hundreds of clinical
trials already using pen-and-paper cognitive assessments that could
be automated. Our primary programme is our voice-based cognitive
assessment solution, NeuroVocalix(TM). We are also completing a
battery of quick assessments for use on mobile phones. We are
developing these in-house and validating them with leading academic
institutions and major pharmaceutical companies.
3. Pursuing opportunities for inorganic growth through corporate
development activities, such as partnership and licensing-in
software and/or services. As is normal after an early stage of
widespread investment in a new field, there have been some
acquisitions in the sector and further consolidation is likely in
the longer-term. Against this backdrop, in 2022 and beyond we will
review our inorganic growth options by evaluating complementary
products and services that could increase the breadth of our
offering and gain scale efficiencies. We have a leading position in
our core business area, a strong platform and a robust balance
sheet to support corporate business development.
Importantly, to achieve these strategic goals, we are carefully
managing our investment and growth. We have several underlying
enabling activities:
1. Having an outstanding team. We are supporting our existing
team and recruiting people to implement the new contracts we are
winning and also to complete the projects outlined above.
Recruitment has lagged delivery slightly in this difficult market
for hiring though we are making progress.
2. Upgrading our systems and protecting against cyberattacks. We
are working on moving - we are live in one country - to Amazon Web
Services (AWS) to have more flexible server capacity and access to
more microservice usage. We continue to run a full cybersecurity
programme.
3. Enabling efficient growth. For example, we set out and have
now implemented a plan to open a software development unit in a
lower cost overseas country. This will over time reduce our costs
while increasing output.
We have started implementing this new strategy and the enabling
activities in order to make further progress in 2022.
COVID-19
Throughout the pandemic, our priority has been the safety and
welfare of our staff, people in our local environment, suppliers
and customers. The Company has cloud-based systems and has been
fully operational throughout, working virtually at times.
We have seen an acceleration of interest in virtual and hybrid
clinical trials. Orders for at-home testing with our cognitive
assessments have grown rapidly. We have leveraged a publication
that showed that our most popular cognitive assessments provide the
same results at home as they do in the clinic(6) .
At the start of the pandemic, many clinical trials were delayed.
This was less the case in 2021 compared to 2020. We do expect this
to reduce over time. Uncertainty persists, however, and so we will
continue to carefully monitor the situation and adjust plans as
necessary.
Russia & Ukraine
The war in Ukraine is a concern for all and our thoughts are
with those affected. We have no employees or service providers that
are based in Ukraine or Russia. However, although based elsewhere,
a small number of the Company's pharmaceutical and academic clients
run trials at sites in these countries. We continue to communicate
with affected customers, monitor the situation, and do all we can
to support them.
We have a few direct customers in the region, all academic
centres that use our academic solution, and have halted any new
contracts with Russian centres at this time. This has had no effect
on the Company's current revenues.
Board and Management Changes
Two appointments have been made to the Company's senior
management team post period end in April 2022. Stephen Symonds has
joined as Chief Financial Officer and is expected to be appointed
to the board in due course. Nick Walters, previous CFO who has
provided transition support since the departure of Michael Holton,
is now handing over to Stephen. The Board wish both Nick and
Michael well in their future endeavours. Francesca Cormack was
appointed to be Chief Scientist to oversee our science leadership
and research & development and Jenny Barnet, Chief Science
Officer, will step down to concentrate on leading our spin-out,
Monument Therapeutics.
Outlook
We made excellent progress in 2021, delivering strong growth in
orders, revenues and cash generation, together with moving into
profitability and earnings ahead of market expectations.
Furthermore, with a strong contracted order book providing
excellent visibility of revenue through 2022 and well-beyond, we
expect the company is well placed for further success. There does
remain some uncertainty due to COVID-19 and the wider impact of the
war in Eastern Europe, though these are considered limited at this
time.
We have set out three growth strategies to expand market share
in current markets, automate more assessments as demand increases
for virtual clinical trials and seeking corporate business
development opportunities. Each of these represents exciting growth
opportunities for Cambridge Cognition.
With this clear growth strategy, together with a substantial
pipeline of opportunities in an expanding market, leading market
position and strong balance sheet, we believe Cambridge Cognition
is positioned to deliver substantial, sustainable shareholder value
in 2022 and beyond.
Matthew Stork
Chief Executive Officer
12 April 2022
References.
1. GrandView Research 2018 eCOA Report 2018-20225
2. Astute Analytica. 2021. US Cognitive Assessment Market. 2017-2027.
3. TrialTrove (accessed 15.02.2022)
4. Clinical Trials Arena, Analysis December 2021, 2022 forecast
decentralised trials to reach new heights with 28 percent jump
5. PharmaProjects (accessed 15.02.2022)
6. www.jmir.org/2020/8/e16792
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year to 31 December
Notes Year to Year to
31 December 31 December
2021 2020
Unaudited Audited
GBP'000 GBP'000
Revenue 3 10,094 6,741
Cost of sales (2,015) (1,324)
------------- -------------
Gross profit 8,079 5,417
Administrative expenses (7,829) (6,093)
Other operating income 14 32
------------- -------------
Operating profit (loss) 264 (644)
Interest received 0 4
Finance costs (11) (9)
------------- -------------
Profit (Loss) before tax 253 (649)
Tax received 197 211
------------- -------------
Profit (Loss) for the year 450 (438)
Other comprehensive income
Items that may subsequently be reclassified
to profit or loss
Exchange differences on translation
of foreign operations 14 93
------------- -------------
Total comprehensive income for the
year 464 (345)
============= =============
Earnings per share (pence) 4
Basic earnings per share 1.4 (1.5)
Diluted earnings per share 1.4 (1.5)
All items of income are attributable to the equity holders of
the Parent.
The above results relate to continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December
Notes At 31 December At 31 December
2021 2020
Unaudited Audited
GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 373 379
Property, plant and equipment 52 138
Investments 49 -
--------------- ---------------
Total non-current assets 474 517
--------------- ---------------
Current assets
Inventories 126 51
Trade and other receivables 5,130 2,648
Cash and cash equivalents 6,810 3,047
Total current assets 12,066 5,746
--------------- ---------------
Total assets 12,540 6,263
=============== ===============
Liabilities
Current liabilities
Trade and other payables 11,908 6, 206
Total liabilities 11,908 6,206
--------------- ---------------
Equity
Share capital 312 312
Share premium 11,151 11,151
Other reserves 6,125 6,111
Own shares (78) (78)
Retained earnings (16,878) (17,439)
--------------- ---------------
Total equity 632 57
--------------- ---------------
Total liabilities and equity 12,540 6,263
=============== ===============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year to 31 December
Share Share premium Other reserves Own shares Retained
capital earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
1 January 2020 242 9,943 6,018 (81) (17,066) (944)
Loss for the year - - - - (438) (438)
Other comprehensive
income - - 93 - - 93
--------- -------------- --------------- ----------- ---------- --------
Total comprehensive
income for the
year - - 93 - (438) (345)
Issue of new share
capital 70 1,330 - - - 1,400
Share issue costs - (122) - - - (122)
Transfer on allocation
of shares in trust - - - 3 (3) -
Credit to equity
for equity settled
share based payments - - - - 68 68
--------- -------------- --------------- ----------- ---------- --------
Transactions with
owners 70 1,208 - 3 65 1,346
Balance at
1 January 2021 312 11,151 6,111 (78) (17,439) 57
Profit for the
year - - - - 450 450
Other comprehensive
income - - 14 - - 14
--------- -------------- --------------- ----------- ---------- --------
Total comprehensive
income for the
year - - 14 - 450 464
Issue of new share - - - - - -
capital
Share issue costs - - - - - -
Transfer on allocation - - - - - -
of shares in trust
Credit to equity
for equity settled
share-based payments - - - - 111 111
--------- -------------- --------------- ----------- ---------- --------
Transactions with
owners - - - - 111 111
Balance at
31 December 2021 312 11,151 6,125 (78) (16,878) 632
========= ============== =============== =========== ========== ========
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December
Notes Year to Year to
31 December 31 December
2021 2020
Unaudited Audited
GBP'000 GBP'000
Net cash flows from operating activities 5 3,945 1,010
Investing activities
Interest received - 4
Purchase of property, plant and equipment (56) (42)
Purchase of intangible assets - -
Purchase of investment (49) -
Net cash flow used in investing activities (105) (38)
Financing activities
Proceeds from the issue of share
capital - 1,400
Share issue costs - (122)
Interest payments (11) (9)
Lease payments (86) (113)
Net cash flow from financing activities (97) 1156
Net increase/(decrease) in cash and
cash equivalents 3,743 2,128
Cash and cash equivalents at start
of year 3,047 901
Exchange differences on cash and
cash equivalents 20 18
------------- -------------
Cash and cash equivalents at end
of year 5 6,810 3,047
============= =============
1. General information
Cambridge Cognition Holdings plc (the "Company") and its
subsidiaries (together, the "Group") develops and markets digital
solutions to assess brain health.
The Company is a public limited company which is quoted on the
AIM market 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.
2. Basis of preparation
The financial information of the Group set out above does not
constitute "statutory accounts" for the purposes of Section 435 of
the Companies Act 2006.
The financial information in this preliminary results
announcement does not constitute the Group's statutory accounts for
the year ended 31 December 2021 or the year ended 31 December 2020.
The information for the year ended 31 December 2021 is based on
accounts that are in the process of being audited and will be
approved by the Board and subsequently filed. Accordingly, the
information for the year ended 31 December 2021 is unaudited. The
information for the year ended 31 December 2020 is based on
accounts that were approved by the Board and subsequently filed in
2021.
The Group financial statements will be properly prepared in
accordance with UK adopted international accounting standards. The
accounting policies adopted will be consistent with those followed
in the preparation of the consolidated financial statements for the
year ended 31 December 2020.
At the time of approving the preliminary results statement, and
based on a review of the Group's forecasts and business plan,
including in particular the impact of COVID-19 on order intake,
revenue recognition, costs and cash flow, the Directors have a
reasonable expectation that the Company and the Group have adequate
resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of
accounting in preparing the preliminary statement.
3. Segmental information
An analysis of the Group's revenue for each major product and
service category is as follows:
2021 2020
GBP'000 GBP'000
Software 3,609 2,751
Services 5,638 3,679
Hardware 847 311
-------- --------
10,094 6,741
======== ========
4. Earnings per share
The calculation of basic and diluted earnings per share ("EPS")
is based on the following data:
Earnings
2021 2020
GBP'000 GBP'000
Earnings for the purposes of basic and diluted
EPS per share being net profit or (loss) attributable
to owners of the Company 450 (438)
======== ========
Number of shares
2021 2020
'000 '000
Weighted average number of ordinary shares for
the purposes of basic EPS 31,208 29,776
======== ========
Weighted average number of ordinary shares for
the purposes of diluted EPS 31,463 29,776
======== ========
5. Notes to the cash flow statement
2021 2020
GBP'000 GBP'000
Profit (Loss) before tax 253 (649)
Adjustments for:
Depreciation of property, plant and equipment 142 132
Amortisation of software licences 6 6
Share-based payment expense 111 68
Finance costs 11 9
Interest Receivable - (4)
-------- --------
Operating cash flows before movements in working
capital 523 (438)
(Increase) Decrease in inventories (75) 2
(Increase) in receivables (2,482) (1,010)
Increase in payables 5,782 2,243
-------- --------
Cash generated by operations 3,748 797
Tax credit received less tax paid 197 213
Net cash from operating activities 3,945 1,010
======== ========
Cash and cash equivalents
2021 2020
GBP'000 GBP'000
Cash and bank balances 6,810 3,047
======== ========
Cash and cash equivalents comprise cash and short-term bank
deposits with an original maturity of three months or less, net of
outstanding bank overdrafts. The carrying amount of these assets is
approximately equal to their fair value.
6. Annual Report & Annual General Meeting
The Company announces its intention to hold the Annual General
Meeting ("AGM ") on Wednesday 8 June 2022. Details of the nature of
the AGM will be communicated to shareholders via the Company's
website and a Regulatory Information Service as soon as they are
known, along with any practical arrangements. This notice will also
include the date on which the notice of AGM and the Annual Report
will be posted to shareholders.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR SFSFWFEESELL
(END) Dow Jones Newswires
April 12, 2022 02:00 ET (06:00 GMT)
Cambridge Cognition (LSE:COG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Cambridge Cognition (LSE:COG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
