Cambridge Cognition Holdings PLC (AIM:COG) gained over 4% Thursday after reporting operating losses had been slashed over the first half of the year on growing margins and lower costs.
Adjusted operating losses over the six months to June fell from £2.1 million to £0.1 million, Cambridge, which develops technology for cognitive assessments, reported.
This was as gross margins ticked up from 78.8% to 80.7% and operating costs fell by 35.3% to £5.4 million.
Cash on hand climbed to £3.4 million from £3.2 million in December, though revenue dipped 6.7% to £5.6 million against the first half of 2023.
Improvements came after a restructuring in 2023, when its three companies were merged into one, following acquisitions of clinical research platform Clinpal and speech pattern researcher Winterlight.
Cambridge noted investment had been made in exploiting the central nervous systems clinical trials market more recently, including through a clearer focus on cognitive assessments.
“I'm pleased with the progress made during the first half as major steps were taken to strengthen our operation and business,” chief executive Matthew Stork said.
He added the takeovers of Clinpal and Winterlight had continued to help, alongside Cambridge’s expanded commercialisation team.
Shares climbed 4.3% to 44.84p.