Computerised brain function testing company CogState (ASX:CGS) has posted an unaudited profit increase of 18% to $1.6 million for FY10.
CogState said its net profit result had been impacted by a decision to bring to account the future benefit of accrued tax losses.
Revenue grew 9.2% to $9.4 million. While some contracts had been delayed by hold-ups in clinical trials held by its customers, some of the new contracts signed late in the financial year contributed to FY10 earnings.
Although operating profit fell 58% to $500,000, this was an improvement on the company's expected operating earnings of between $200,000 and $400,000.