Cambridge Cognition order intake nearly doubles in H1

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.