Profits boost is big help as Cambridge Cognition expands

Cambridge Cognition’s CEO has spoken of “a bright and profitable future” after announcing its preliminary unaudited results for the year ended 31 December 2023.

The results to the end of last year show revenue up seven per cent to £13.5million, with gross profit up eight per cent as margin improved from 73.9 per cent to 79.9 per cent. The contracted order book stood at £17.2m as of 31 December 2023.

In the second half of 2023, Cambridge Cognition integrated two key strategic acquisitions: Clinpal and Winterlight.

Bottisham-based Cambridge Cognition, which was incorporated in 2001, was spun out of the University of Cambridge to commercialise the CANTAB technology. CANTAB Mobile is a tablet-based cognitive assessment tool for healthcare which helps to understand, detect and treat conditions affecting brain health.

The company has developed and commercialised neuroscience technologies to assess cognitive function for sale worldwide, principally in the UK, the US and Europe. Approximately 69 per cent of its 2023 revenue came from its top 10 customers, all of whom have been long-term clients.

The company recently appointed non-executive directors, Nick Rogers and Stuart Gall, post period-end. Alex Livingstone-Learmonth joined as CCO in February.

Matthew Stork, CEO of Cambridge Cognition, said: “With continued revenue growth in 2023, over the last five years we have delivered a CAGR (compound annual growth rate) of 20 per cent plus.

“The start of 2024 has seen year-on-year orders growth and we have stepped-up our commercialisation capability and activities. Pharma companies are investing more in CNS drug development and we anticipate that market conditions will improve throughout 2024.

“With a focus on commercial growth, tight control of costs and operating in fast-growth markets, we believe the long-term future for Cambridge Cognition is a bright and profitable one.”