Cambridge Cognition Holdings plc AIM:COG
- Incorporated
- United Kingdom
- Chief executive
- Rob Baker
- Employees
- 74
- Reports in
- GBP
- Companies House
- 08211361
Read straight from the annual reports
No price history · 11 reported years, 2015–2025
No daily prices have been collected for this company.
| Line | FY201512/15 | FY201612/16 | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
11 years, at a glance
Operating profit as a share of revenue: the pence of profit in each pound of sales.
C000241-AR-2025-ch
— annual report
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Clinical studies (long-term contracted studies, milestone-billed)
Clinical Studies revenue £8.4m (2024: £9.3m); new sales orders £11.9m (+79%). 114 studies for 46 clients (2024: 141 studies). Revenue is recognised from the order book, so the weak opening order book drove the decline.
page 15Order book conversion
Order book £16.5m at 31 Dec 2025 (2024: £13.6m); £8.8m expected as 2026 revenue, £3.1m in 2027, £4.6m 2028+. Order book supports 2026 revenue of £8.5-9.0m; after Q1 2026 it 'has now increased to £9.5m'.
page 12Fixed staff-heavy cost of sales in Clinical Studies
Most Clinical Studies cost of sales are staff costs that were flat year-on-year, so the revenue reduction 'dropped straight through to Gross Profit'. Group gross margin fell to 75% (restated 2024: 78%).
page 15Cost-base reduction (admin, R&D)
Administrative expense reduced 6% to £3.0m (adjusted); R&D fell 22% to £2.0m; S&M flat at £2.7m; average headcount 74 vs 84. Adj. EBITDA -£0.5m vs -£0.04m despite £0.9m lower revenue.
page 17'At the end of 2025 the order book supported 2026 revenues of £8.5-9.0m, taking account of revenue recognised in Q1 and the current order book this has now increased to £9.5m.' Management is 'confident that the Company will show good revenue growth in 2026'.
page 7Q1 2026 new sales orders £2.6m (Q1 2025: £4.2m); order book reduced to £15.6m; with Q1 revenue and order book, 2026 revenue now expected at £9.5m (from £8.5-9.0m). Extended contract negotiations pushed some orders to Q2 2026.
page 62The Directors do not recommend payment of a dividend (2024: nil). No stated policy beyond that.
page 45Unmodified audit opinion (Cooper Parry Group Ltd; senior statutory auditor George Style FCA, 13 April 2026) with a 'Material uncertainty related to going concern' paragraph (opinion not modified). Note 2.2: reverse stress test (sales orders cut by a consistent percentage representing 94.7% of 2025 sales orders) takes cash to nil in Q3 2026; the Board says this is a material uncertainty that may cast significant doubt on going concern. Base case keeps positive cash; net cash £269k. KAMs: goodwill impairment (£3.4m), Monument valuation (£1.8m, Level 3), parent's investment in subsidiaries (£7.6m). Group materiality £95k. New auditor in 2025 (Crowe UK LLP for 2024).
page 49- Liquidity/going concern: material uncertainty; dependent on winning new sales orders; loan repayments £0.9m in 2026; cash £1.1mp.19
- Customer concentration: four customers >10% of sales orders (65% cumulative)p.19
- USD exposure: about 80% of cash in USD, costs in GBP/EUR/CADp.18
- Product and market development (CANTAB Pathway into new segments)p.18
Read from C000241-AR-2025-ch.
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Sources: Companies House (10)
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