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30 Jun, 2020 11:09 30 Jun, 2020 11:09

Cambridge Cognition order intake nearly doubles in H1

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Software group Cambridge Cognition has seen its order intake almost double in the six months ended 30 June following the company's switch in focus to having a more diversified portfolio and its efforts to commercialise new products.

Cambridge announced further contract wins in the first half of 2020 on Tuesday, taking its order intake to £4.9m year-to-date, a marked improvement on the £2.6m that it brought in during the first half of 2019.

To date, the AIM-listed company has signed contracts for four large orders of over £500,000 and ten for between £50,000 and £500,000, as well as taking many smaller orders, pushing its contracted order book to £7.5m, compared to £5.7m at 31 December 2019.

Looking forward, Cambridge Cognition said its pipeline of opportunities continued to be positive, with several opportunities being for virtual or part-virtual clinical trials. However, unless there is a second wave of the Covid-19 pandemic, the firm expects that most, if not all, physical clinical trial sites will be open during the third quarter.

"Until all clinical trial sites are open again, we remain cautious around the extent to which these increased order levels will have a favourable impact on recognised revenues this year," noted the group.

As of 1100 BST, Cambridge Cognition shares had surged 15.74% to 43.98p.

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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.