Cambridge Cognition Holdings PLC on Thursday said it narrowed its loss in the first half despite falling revenue after slashing costs across the business.

The Cambridge, England-based company developing and marketing digital brain health assessment solutions said pretax loss narrowed to £1.1 million in the first half that ended June 30 from £3.4 million the previous year.

Revenue fell 7.2% to £5.6 million from £6.0 million, while cost of sales fell 16% to £1.1 million from £1.3 million.

Total operating expenses were cut by 35% to £5.4 million from £8.4 million.

Research & development expenses were down 36% to £1.4 million; Sales & marketing expenses were down 38% to £1.2 million; Administrative expenses were down 20% to £2.7 million.

In May, the Cambridge Cognition raised £2.6 million through a placing of 6.6 million shares at 40 pence each.

‘The funds raised enable us to grow technical and business development activities; to explore healthcare opportunities; for working capital purposes, including expansion of the commercial team; continuation of core development projects and provision of balance sheet strength,’ Cambridge Cognition said.

At June 30 the order book stood at £14.6 million, down 15% from £17.2 million on December 31.

Chief Executive Officer Matthew Stork said: ‘I’m pleased with the progress made during the first half as major steps were taken to strengthen our operation and business. The acquisitions of [eClinicalHealth Ltd] and Winterlight [Labs Inc] are delivering new and expanded solutions and our recently enhanced commercial team is generating a growing pipeline of new business opportunities. All these actions support our core objective to ensure we close 2024 with a secure balance sheet and a strong contracted order book of business to drive sustainable profitability and cashflow.’

Cambridge Cognition shares were up 7.0% at 46.00 pence each in London on Thursday afternoon.

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