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Neuroscience technology developer Cambridge Cognition reported wider losses as revenue fell and said coronavirus-led disruptions had delayed the closing of some customer contracts.
For the year ended 31 December 2019, pre-tax losses widened to £3.12m from £1.49m on-year as revenue fell to £5.04m from £6.13m on-year.
Transient, negative market factors impacted sales on one of the company's core products, CANTAB, in 2019, the company said. 'The merger of two large customers meant that an anticipated large order was not placed and the same merger delayed progress (and hence revenue recognition) of a study that was won in 2018,' it added.
Collectively, these had an adverse impact of approximately £1m on revenues in 2019, Cambridge Cognition said.
The order book at 31 December 2019 stood at £5.69m, down from £6.08m las year.
'We saw an improvement in sales in our core markets over Q4 2019 and, with a strong pipeline of opportunities for our new technologies, we have had an excellent start to 2020,' the company said.
Looking ahead, the Cambridge Cognition said that it had seen some delays to customer contracts - and warned there 'could be more if the lockdown stretches into late Q3,' but added that recent contract wins were compensating for these delays.
At 10:02am: (LON:COG) Cambridge Cognition Holdings share price was 0p at 21.5p