TIDMCOG
RNS Number : 1052T
Cambridge Cognition Holdings PLC
23 March 2021
23 March 2021
Cambridge Cognition Holdings Plc
("Cambridge Cognition", the "Group" or the "Company")
Unaudited preliminary results for the year ended 31 December
2020
Record order backlog and strong balance sheet provide
a platform for sustained growth
Cambridge Cognition Holdings plc, which develops and markets
digital technology to deliver customer-focused solutions to assess
brain health, announces its unaudited preliminary results for the
year ended 31 December 2020.
Highlights
The Company delivered a strong performance in 2020, delivering
on its growth strategy through focusing on commercialising its
existing product range while continuing to invest in next
generation products. Sales order intake totalled GBP12.7m, up 158%
on the previous year.
Revenue increased 34% which, coupled with careful cost control,
delivered a much-reduced loss for the year and a profitable fourth
quarter. The contracted order backlog at the end of the year was
GBP11.2m, up 96% on the prior year, and indicates the potential for
further revenue growth in 2021.
At 31 December 2020 the Company had over GBP3m of cash,
resulting from the increased order flow, reduced spending, and the
successful equity placing of GBP1.4m, before costs, in March
2020.
Financial summary
-- Record sales order intake of GBP12.7m (2019: GBP4.9m)
-- Revenue up 34% to GBP6.7m (2019: GBP5.0m)
-- Gross profit up 39% to GBP5.4m (2019: GBP3.9m)
-- Loss for the year GBP0.4m, a GBP2.5m improvement (2019: GBP2.9m loss)
-- Loss per share 1.5 pence (2019: 12.4 pence loss per share)
-- Cash balance at 31 December 2020 GBP3.0m (31 December 2019: GBP0.9m)
Operational highlights
-- Contracted order backlog at 31 December 2020 of GBP11.2m (31 December 2019: GBP5.7m)
-- Increased commercial focus resulted in increases in sales order volumes, average prices and multi-product sales
-- Growth in sales orders across the entire product portfolio:
CANTAB(TM), electronic Clinical Outcomes Assessment ("eCOA"), and
Digital Health solutions
-- Excellent progress with NeuroVocalix (TM) in customer-funded proof-of-concept contracts
Commenting on the results Matthew Stork, Chief Executive
Officer, said:
"2020 was an excellent year for Cambridge Cognition. We saw
strong growth in sales orders, driven by improved commercial
execution, continued investment in drug discovery in Central
Nervous System disorders and several unusually large orders. The
business operated smoothly throughout the year despite the COVID-19
pandemic and any contract delays caused by the pandemic were
compensated for by winning new contracts. We expect the business to
continue to grow strongly through 2021 and beyond."
Enquiries:
Cambridge Cognition Holdings plc www.cambridgecognition.com
Matthew Stork, Chief Executive Officer Tel: 01223 810 700
Mick Holton , Chief Financial Officer press@camcog.com
finnCap Ltd (NOMAD and Joint Broker)
Tel: 020 7220 0500
Geoff Nash / Simon Hicks (Corporate Finance)
Alice Lane / Charlotte Sutcliffe (Corporate Broking)
Dowgate Capital Limited (Joint Broker)
Tel: 0203 903 7715
David Poutney / James Serjeant
IFC Advisory Ltd (Financial PR and Tel: 0203 934 6630
IR) cog@investor-focus.co.uk
Tim Metcalfe / Graham Herring / Zach
Cohen
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014 .
CHIEF EXECUTIVE'S REVIEW
Overview
The Company had a successful year in 2020 delivering
considerable sales growth of its digital technology solutions with
a record GBP12.7m of sales orders secured, representing a 158%
increase on 2019. This was a result of the implementation of the
strategy developed in 2019 to increase focus on commercial
activities, while continuing product development and creating
operational resilience and flexibility. The COVID-19 pandemic
accelerated market interest in virtual clinical trials, creating
more opportunities for the Company in 2020 and beyond.
The 31 December 2020 contracted order backlog, which represents
contracts not as yet completed where revenue is yet to be
recognised, stood at GBP11.2m, almost double the figure from 2019.
We anticipate that over GBP6.0m of the year-end contracted order
backlog will be recognised in 2021, which will provide a solid
platform for revenue growth in 2021.
The strong sales order intake helped to generate 34% revenue
growth, bringing revenues for the year to GBP6.7m, and, with
careful cost control, a considerably reduced loss of GBP0.4m and a
net cash inflow from operating activities of GBP1.0m. With steady
revenue growth and continued cost management over the year, the
Company was profitable in the fourth quarter.
We continued to build the breadth of our digital technology
product portfolio, targeted at major pharmaceutical and well-funded
biotechnology companies. Key developments included new outcomes
instruments and application modules for both our electronic
Clinical Outcomes Assessment ("eCOA") and Digital Health solutions.
Progress on our voice-based platform, NeuroVocalix (TM), also
continued apace.
The COVID-19 pandemic initially slowed the conversion of
contracted orders into recognised revenue. After an adjustment
period, the trials that were delayed by the pandemic resumed as
contingency measures were put in place at clinical trial sites.
Overall, the shortfall in our forecasted revenue was covered by
growth in new contracts, some in part due to more spending on
virtual clinical trials prompted by the pandemic.
We were grateful for the support of investors in our fundraise
in the first quarter of 2020, conducted before COVID-19 was
declared as a pandemic. The funds were used to invest in
commercialising our solutions, to further develop our new voice
solution, and to strengthen our balance sheet.
O verall, after a strong performance in 2020 and with a broader
portfolio and a growing market, we are excited about the potential
for further growth in 2021.
Financial Results
Record sales orders of GBP12.7m, a 158% year-on-year increase
(2019: GBP4.9m), arose from increases in both contract volumes and
average prices. This reflects the Company's continuing focus on
improving commercial execution, with more cross selling between
product areas due, in part, to the expanded product portfolio. The
Company won seven large orders of over GBP0.5m each, exceeding
previous years. It should be noted that the 2020 performance was
accentuated by two large one-off orders that, together, totalled
GBP3.1 million. Such large single orders are outside of the scope
of normal business and may not be repeated every year.
Revenue grew by 34% to GBP6.7m (2019: GBP5.0m). Revenue is
recognised over the term of the contracts and so the GBP6.7m
revenue recognised in 2020 was from contracts won both in 2020 and
in prior years:
-- GBP2.6m from the GBP5.7m contracted order backlog at the end of 2019, and
-- GBP4.1m from the GBP12.7m orders contracted during 2020.
We anticipate the GBP11.2m contracted order backlog at the end
of December 2020 will generate at least GBP6.0m of revenue to be
recognised in 2021 with the to balance be recognised in subsequent
years.
Recognised revenue split by type was as follows:
2020 2019 Increase Increase
GBPm GBPm GBPm
Software 2.7 2.5 0.2 9%
------ ------ --------- ---------
Services 3.7 2.3 1.4 57%
------ ------ --------- ---------
Total Software & Services 6.4 4.8 1.6 32%
------ ------ --------- ---------
Hardware 0.3 0.2 0.1 76%
------ ------ --------- ---------
Total Revenue 6.7 5.0 1.7 34%
------ ------ --------- ---------
Service revenue grew by 57% as more implementation and bespoke
development work was carried out. Software revenue grew by a more
modest 9% but, given the time lag between contract signature and
software usage, we would expect this to grow further in 2021.
Hardware sales were a small proportion of revenue in 2020; 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 2020.
Gross profit was GBP5.4m (80.4% margin) compared with GBP3.9m
(77.2% margin) in 2019. The margin growth was due to a reduction in
third party costs.
Administrative expenses decreased by 13% to GBP6.1m (2019:
GBP7.0m) as a result of two factors:
-- Prior to the pandemic the Company planned and executed a
reduction in operating costs as part of its strategy to reshape the
cost base for its future growth. Subsequently, at the start of the
pandemic, replacement and planned new hires were deferred until
certainty returned to the market (GBP0.6m year-on-year decrease);
and
-- The COVID-19 pandemic meant that key cost areas such as
exhibitions, conferences and travel were greatly reduced (GBP0.3m
year-on-year decrease).
As planned, investment in R&D, which is necessary to
maintain the company's position at the forefront of the sector, was
more targeted in 2020 and this resulted in R&D spend of
GBP1.5m. As a proportion of revenue, this represents a reduction
from 34% in 2019 to 22% in 2020.
The loss before tax was GBP0.6m (2019: GBP3.1m). R&D tax
credits were GBP0.2m (2019: GBP0.2m). The post-tax loss for the
year was GBP0.4m (2019: GBP2.9m), which equates to a loss per share
of 1.5 pence (2019: 12.4 pence loss per share).
Cash inflow from operating activities was GBP1.0m (2019: GBP2.3m
outflow), 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 accounting for the GBP1.3m net received from the equity
placing in Q1 2020, total cash inflow was GBP2.1m, and the year-end
cash balance was just over GBP3.0m, which provides a solid platform
for growth.
Business Strategy
A full strategic review was performed in 2019. The potential to
accelerate the growth of the business was evident and plans were
implemented to take advantage of the opportunities. The aim of the
strategy is to increase market share in two fast growth markets and
to build a substantial, profitable, specialist digital technology
business.
The primary target market is the eCOA market, which is a
US$1.2bn+ market, growing at approximately 15% per annum. 15% of
clinical trials are conducted on Central Nervous System ("CNS")
disorders, which is the Company's core area of expertise, and
pharmaceutical companies continue to invest heavily in CNS drug
development.
The second target market is the Digital Health solutions market
for CNS disorders, which is a US$0.5bn market and is growing at 20%
per annum.
The strategy, outlined in the annual report last year, comprises
five strategic pillars. Progress in the year was as follows:
1. Build a diversified product mix based on four product
categories: CANTAB(TM), eCOA, Digital Health solutions, and
NeuroVocalix(TM). The business made good progress with major growth
in all our production solutions. The development of our
NeuroVocalix(TM) voice platform continued to progress well and has
attracted interest from major pharmaceutical companies.
2. Focus on commercialising products. Record sales order intake,
delivered through increased conversion of opportunities and
increased upselling (especially through multi-product sales), has
been a major success.
3. Build smoother revenues. A deeper contracted order backlog
will naturally begin to smooth revenues. At the same time our
strategy is to target longer-term contracts and long-term licence
deals. We have progressed some exciting opportunities in this
area.
4. Build partnerships to access wider opportunities and
geographies. We have continued to explore partnership opportunities
in Digital Health solutions and Healthcare in large territories
(for example China and India) where direct selling is not an
efficient route to market, with several large Clinical Research
Organisations and a number of major blue chip tech companies. These
are long-term endeavours. The impact has therefore not yet been
factored into our forecasts.
5. Reduce investment in non-strategic activities. R&D spend
was more targeted than in previous years. We have continued to
progress the spin-out of our digital phenotyping business, which is
nearly wholly grant-funded at this time.
Operational Review
Improving commercial execution is an ongoing strategic and
operational goal. The considerable progress made in 2019 has reaped
rewards and the Company continued that focus and progress in
2020.
We built further on the capability and coverage of our sales
team. We hired a new Chief Commercial Officer and expanded the
sales team in the USA later in the year. We ran a focused marketing
programme, which, at the start of the pandemic, was adapted to be
delivered completely online. Consequently we generated considerably
more leads than in 2019.
The volume of orders contracted in the year increased
considerably due to this commercial focus and the broader portfolio
of solutions offered. In addition, cross-selling was successful
with a 52% increase in the number of clinical trial customers
ordering more than one product. As our product development
continues and a broader sales pipeline is established, we will
continue to build long-term resilience and growth within the
business.
We are excited to see our newer products mature and attract more
market interest. In parallel, it is pleasing to report that our
established CANTAB(TM) product is going from strength to strength.
We were delighted to announce our participation in three late phase
schizophrenia trials in September. This is an important disease
area in the neurological space and our involvement is a great
credit to our scientific expertise. Our work on these trials will
deliver revenue of more than GBP2m over the life of the
contracts.
In the eCOA area, we commercialised the major upgrade we
launched in late 2019 and considerably expanded our portfolio of
eCOA instruments. We delivered on the strategy to upsell
CANTAB(TM): approximately half of eCOA orders taken in 2020 were as
an add-on to CANTAB(TM) orders. We also grew our eCOA-only sales
and for the first time took sizeable orders for non-CNS /
non-cognition instruments. We intend to explore the eCOA-only
opportunity further in 2021.
Our catalogue of Digital Health solutions continued to expand
and we demonstrated that these solutions can be scaled effectively.
We delivered three new applications for clinical trials during the
year. With Digital Health solutions being a newer offering, over
the last few years we have taken orders at lower margins with at
least some new software development to satisfy each contract. We
strive to make each new module configurable so it can subsequently
be reused. In late 2020, we achieved an important milestone,
securing a Digital Health contract worth over GBP0.7m that reused
existing modules without any bespoke software development and was
therefore at a high margin.
In 2019, we concluded development of our voice-based platform
prototype, NeuroVocalix(TM). Progress has continued with this
product through 2020 and we are on track to launch a production
version in 2021. Progress is underlined by excellent early results
in ongoing customer funded proof-of-concept clinical trials in
patients using NeuroVocalix(TM).
Operational efficiency improved during 2020 as the number of
clinical trials being implemented increased. Towards the end of the
year, the Company increased the size of the software development
and operational teams to meet the growth in demand, while
continuing to prepare to further improve efficiency in 2021.
As well as the developments mentioned above on our Digital
Health solutions and NeuroVocalix(TM), we continued to build on the
functionality of our core products. For example, we developed a new
cognitive task to measure motor function which helped secure a
large contract that included CANTAB(TM) and eCOA solutions. This
contract will deliver more than GBP1m in revenue over the life of
the contract.
We were also delighted to be part of a successful consortium of
46 academic and industry partners to be awarded an IMI (Innovative
Medicines Initiative) grant. Working with leading industry and
academic partners continues to be an important part of our product
development strategy. The project for which the award was granted
concerns the increasingly important area of fatigue, including
exploring how fatigue plays a role in neurodegenerative disorders
such as Parkinson's disease and Huntingdon's disease.
The Company's strong performance has been underpinned by the
continued excellence of our people who have continued to offer
outstanding customer service in a fast-changing and unprecedented
working environment. I would like to take this opportunity to thank
them for their dedication and tenacity.
Board Changes
As previously announced, Eric Dodd retired from the Board at our
2020 AGM and we are grateful to Eric for his support for the
Company during his tenure.
We were pleased to welcome Richard Bungay to the Board in
September 2020. Richard brings over 25 years' experience in
corporate roles with R&D-based companies in the biotechnology
and pharmaceutical sector. Richard joined the Board as a
Non-Executive Director and is the Chair of the Audit Committee.
We announced in January of this year that Nick Walters is
leaving his position as CFO to pursue other business interests.
Nick has made a major contribution to the Company over seven years
and remains an Executive Director until the forthcoming AGM to
ensure a smooth handover.
Michael (Mick) Holton joined as CFO in January 2021. Mick has
had an extensive career in finance, most recently at Biome
Technologies plc, and previously at Infinis Energy, Alliance Boots
(now Walgreens Boots Alliance) and Kidde plc (now part of United
Technologies Corporation).
COVID-19
COVID-19 brought new challenges to the business. Our first
priority was the safety and welfare of our staff, people in our
local environment, suppliers and customers. The Company adapted
very quickly to working at home and has continued to be fully
operational throughout the pandemic. Our systems are cloud-based,
and supported by remote access to supplementary systems, and so our
business has been uninterrupted.
We have seen a considerable increase in interest in virtual
clinical trials since the start of the pandemic. This has included
some existing trials switching to virtual (out of clinic)
protocols. We are well placed to serve this market, both with our
existing products and our developing technologies.
At the outset of the pandemic, some trials' starts were delayed
and, for others, recruitment was slowed. Clinical trial sites
subsequently put into place contingency measures to allow them to
operate during the pandemic and trials have been running as
expected since then. Uncertainty persists, however, and so we will
continue to carefully monitor the situation and adjust plans as
necessary.
All indications from our scenario planning suggest that our
business can withstand reasonable downside risks from COVID-19. We
are further comforted that the likelihood of these risks
crystallising and their impact appears to be reduced with the
roll-out of vaccinations. We have increased the flexibility of our
cost base leaving us better positioned to respond to changes. Work
on meeting our contractual obligations has continued
unhindered.
Brexit
Over the course of 2020, the Company maintained its readiness
for the ending of the transition period covering the withdrawal of
the UK from the EU and has subsequently continued to trade without
any disruption, other than some minor issues with hardware
shipping. The Company provides primarily IT software and services,
which are not subject to tariffs nor checks. Hardware, procured
from third parties, is only supplied when required by customers.
Early information about additional costs and potential delays was
provided to customers.
Outlook
We believe that our performance in 2020 has affirmed our
position as a leading digital technology company providing
customer-focused solutions primarily for clinical trials. We are
pleased with progress and excited about the potential.
We have a strong pipeline of opportunities that we aim to
convert into orders and revenues in 2021 to add to the GBP6.0m of
contracted order backlog we expect to realise this year.
We were pleased to be profitable in the last quarter of 2020 and
would expect that to continue into 2021. We are anticipating
further revenue growth and plan to continue careful financial
management and targeted investment in research and development.
With a strategy focused on commercial execution, substantial
value anticipated from newer eCOA and Digital Health solutions in
attractive, high growth markets, together with the established
CANTAB(TM) product and the commercial launch of NeuroVocalix(TM)
planned for 2021, we believe that we are well placed to continue to
build substantial, sustainable shareholder value. We look forward
to reporting further exciting progress in 2021.
Matthew Stork
Chief Executive Officer
23 March 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year to 31 December
Notes Year to Year to
31 December 31 December
2020 2019
Unaudited Audited
GBP'000 GBP'000
Revenue 3 6,741 5,042
Cost of sales (1,324) (1,149)
------------- -------------
Gross profit 5,417 3,893
Administrative expenses (6,093) (7,011)
Other operating income 32 -
------------- -------------
Operating loss (644) (3,118)
Interest received 4 5
Finance costs (9) (4)
------------- -------------
Loss before tax (649) (3,117)
Tax received 211 216
------------- -------------
Loss for the year (438) (2,901)
Other comprehensive income
Items that may subsequently be reclassified
to profit or loss
Exchange differences on translation
of foreign operations 93 87
------------- -------------
Total comprehensive income for the
year (345) (2,814)
============= =============
Earnings per share (pence) 4
Basic and diluted earnings per share (1.5) (12.4)
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
2020 2019
Unaudited Audited
GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 379 385
Property, plant and equipment 138 117
Total non-current assets 517 502
--------------- ---------------
Current assets
Inventories 51 53
Trade and other receivables 2,648 1,703
Cash and cash equivalents 3,047 901
Total current assets 5,746 2,657
--------------- ---------------
Total assets 6,263 3,159
=============== ===============
Liabilities
Current liabilities
Trade and other payables 6, 206 4,103
Total liabilities 6,206 4,103
--------------- ---------------
Equity
Share capital 312 242
Share premium 11,151 9,943
Other reserves 6,111 6,018
Own shares (78) (81)
Retained earnings (17,439) (17,066)
--------------- ---------------
Total equity 57 (944)
--------------- ---------------
Total liabilities and equity 6,263 3,159
=============== ===============
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 2019 207 7,707 5,931 (94) (14,277) (526)
Loss for the year - - - - (2,901) (2,901)
Other comprehensive
income - - 87 - - 87
--------- -------------- --------------- ----------- ---------- --------
Total comprehensive
income for the
year - - 87 - (2,901) (2,814)
Issue of new share
capital 35 2,465 - - - 2,500
Share issue costs - (229) - - - (229)
Transfer on allocation
of shares in trust - - - 13 (13) -
Credit to equity
for share based
payments - - - - 125 125
--------- -------------- --------------- ----------- ---------- --------
Transactions with
owners 35 2,236 - 13 112 2,396
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
31 December 2020 312 11,151 6,111 (78) (17,439) 57
========= ============== =============== =========== ========== ========
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December
Notes Year to Year to
31 December 31 December
2020 2019
Unaudited Audited
GBP'000 GBP'000
Net cash flows from operating activities 5 1,010 (2,320)
Investing activities
Interest received 4 5
Purchase of property, plant and equipment (42) (15)
Purchase of intangible assets - (40)
Net cash flow used in investing activities (38) (50)
Financing activities
Proceeds from the issue of share
capital 1,400 2,500
Share issue costs (122) (229)
Lease payments (113) (113)
Net cash flow from financing activities 1,165 2,158
Net increase/(decrease) in cash and
cash equivalents 2,137 (212)
Cash and cash equivalents at start
of year 901 1,110
Exchange differences on cash and
cash equivalents 9 3
------------- -------------
Cash and cash equivalents at end
of year 5 3,047 901
============= =============
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 listed 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 2020 or the year ended 31 December 2019.
The information for the year ended 31 December 2020 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 2020 is unaudited. The
information for the year ended 31 December 2019 is based on
accounts that were approved by the Board and subsequently filed in
2020.
The consolidated financial statements have been prepared in
accordance with International accounting standards in conformity
with the requirements of the Companies Act 2006. The accounting
policies adopted are consistent with those followed in the
preparation of the consolidated financial statements for the year
ended 31 December 2019.
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:
2020 2019
GBP'000 GBP'000
Software 2,751 2,526
Services 3,679 2,339
Hardware 311 177
-------- --------
6,741 5,042
======== ========
4. Earnings per share
The calculation of basic and diluted earnings per share ("EPS")
is based on the following data:
Earnings
2020 2019
GBP'000 GBP'000
Earnings for the purposes of basic and diluted
EPS per share being net loss attributable to
owners of the Company (438) (2,901)
======== ========
Number of shares
2020 2019
'000 '000
Weighted average number of ordinary shares for
the purposes of basic EPS 29,776 23,414
======== ========
Weighted average number of ordinary shares for
the purposes of diluted EPS 29,776 23,414
======== ========
For 2020 and 2019, the effect of options would be to reduce the
loss per share and as such the diluted loss per share is the same
as the basic loss per share.
5. Notes to the cash flow statement
2020 2019
GBP'000 GBP'000
Loss before tax (649) (3,117)
Adjustments for:
Depreciation of property, plant and equipment 132 157
Amortisation of software licences 6 5
Share-based payment expense 68 125
Finance costs 9 4
Interest R
receivable (4) (5)
-------- --------
Operating cash flows before movements in working
capital (438) (2,831)
Decrease/(increase) in inventories 2 (27)
(Increase)/decrease in receivables (1,010) 148
Increase in payables 2,243 110
-------- --------
Cash generated by operations 797 (2,600)
Tax credit received less tax paid 213 280
Net cash from operating activities 1,010 (2,320)
======== ========
Cash and cash equivalents
2020 2019
GBP'000 GBP'000
Cash and bank balances 3,047 901
======== ========
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 27 May 2021. 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.
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END
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March 23, 2021 03:00 ET (07:00 GMT)
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Cambridge Cognition (LSE:COG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
