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CogState (ASX:CGS) FY10 unaudited profit up 18%

CogState (ASX:CGS) FY10 unaudited profit up 18%

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.

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Tags ASX:CGSfinancial resultse-healthCogState

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