Final Results & Notice of AGM
RNS Number : 0559CFeedback PLC06 November 2026
The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Feedback plc
Final Results & Notice of AGM
Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the clinical infrastructure specialist, announces its audited results for the 12 months to 31 May 2026 (the “Period”).
Operational highlights
- Queen Victoria Hospital NHS Foundation Trust (“QVH”) contract extended to end of December 2026 (annualised contract value £495k)
- Continued discussions at both a national level and local level with integrated care boards (“ICBs”).
- Further investment in Bleepa®’s functionality in response to user feedback, supporting multiple specialties and collaboration around a patient journey.
- Continued dialogue with established NHS implementation providers and organisations supporting service delivery to extend our market reach and secure the resources needed to support rollout.
- Bleepa was selected as the platform for the national Neighbourhood Health Simulation held in Manchester and the London simulation, showcasing its ability to support collaboration around a patient in a community setting.
- Continued integration of Bleepa with key NHS referral systems and Patients Know Best to provide greater scalability and end-to-end pathway management and patient communications.
Post year end
- The QVH contract was further extended to March 2027 to coincide with the NHS financial year.
- Additional project contribution of £249k by QVH to support Bleepa development.
- Launch of multiple new pathways with QVH in insomnia, teledermatology, and paediatrics, showcasing Bleepa as a pathway-agnostic platform capable of supporting multiple models of care, and building an increasing evidence base of the impact of Bleepa to support the wider national and regional discussions.
- Detailed discussions underway with one of the largest ICBs to explore a multi-year elective transformation plan alongside potential delivery service providers.
- NHS national contract decision expected ahead of April 2027 when a wider NHS England commissioning programme around clinical pathways and elective recovery is expected to start.
Financial highlights
- Revenue of £0.78m (2025: £0.89m).
- Sales1 were £0.94m (2025: £0.89m); Bleepa contributed 91%.
- EBITDA2 loss of £2.99m (2025: £3.06m).
- Operating loss before interest and tax of £3.24m (2025: £4.21m).
- Cash as at 31 May 2026 was £2.73m (31 May 2025: £5.95m).
- The directors have prepared the accounts on a going concern basis. However, additional contracts and/or fundraising are required to support liquidity through the going concern period of at least 12 months from signing the accounts, and there is a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern.
- Cash runway remains tight and there are a wide range of outcomes. If no new contracts are signed, cash runway extends to the end of Q1 2027 owing to a quarterly rather than the expected annual renewal for QVH to bridge the gap with national and regional discussions.
- Management are working to extend the cash runway further through securing contracts to create more financial headroom and build Bleepa’s evidence base to support commercial discussions.
“Sales” is non-IFRS metric representing the total customer contract value invoiced in a period. The figure does not take account of accrued or deferred income adjustments that are required to comply with accounting standards for revenue recognition across the life of a customer contract (typically 12 months).
2 “EBITDA “is a non-IFRS financial measure and should not be considered as an alternative to profit or loss for the period or other measures prepared in accordance with IFRS. EBITDA is defined by the Group as operating profit/(loss) before depreciation and amortisation and is used by management to assess the underlying operating performance of the business.
Posting of Report & Accounts
The Company will be posting its annual report & accounts, together with notice of AGM, to shareholders shortly, with this document now available on its website here: AIM Rule 26 - Feedback Medical.
Dr Tom Oakley, CEO of Feedback plc, said:
"We enter the new financial year with an expanding network of partners, an improved product platform, and growing market recognition of the need for Feedback’s solutions.
“Having faced delays to the NHS contract processing, we are seeing increasing potential for a broad commercial rollout of Bleepa with the sales pipeline more active than we’ve seen in years. There is increasing commercial engagement at the regional level, while discussions continue on the national contract opportunity. The recognition of our existing pathways and their demonstrable impact on key NHS metrics is driving new interest across all layers of the NHS.
“We have been preparing for this moment. The independently commissioned review of Bleepa at QVH has highlighted the significant positive impacts of its deployment across a growing number of pathways. We have invested in product development in response to customer feedback and have further integrated Bleepa with NHS referral systems allowing for greater scalability and easier rollout across ICBs. We have built partnerships focused on both go to market approaches and on delivering at scale. As a business we remain focused on maximising our cash resources and are carefully managing expenditure as we work towards converting ongoing commercial discussions.
“With a growing customer evidence base, and independent validation of our model, we believe that Feedback is increasingly well positioned to support healthcare organisations deliver a more efficient operating model.”
--Ends—
Enquiries:
Feedback plc
Tom Oakley, CEO
Emma Oswick, CFO
+44 (0) 20 3997 7634
Panmure Liberum Limited (NOMAD and Broker)
Emma Earl/Mark Rogers (Corporate Finance)
Rupert Dearden (Corporate Broking)
+44 (0)20 7886 2500
Walbrook PR Ltd;
Tel: 020 7933 8780 or feedbackplc@walbrookpr.com
Nick Rome/Marcus Ulker
07748 325 236 or 07867 984 082
About Feedback plc
Feedback plc is the strategic partner to unlock productivity in health and care through digital connectivity and asynchronous collaboration. With proven expertise in system integration, we enable teams to work flexibly, share information securely, and deliver care more efficiently.
Bleepa® is an award-winning collaboration platform that improves the quality and productivity of patient pathways enabling health and care organisations to hit targets with their existing clinical workforce. We achieve this by connecting digital infrastructure across systems, enabling asynchronous working, reducing geographic barriers and removing unnecessary appointments.
Bleepa supports the shift from analogue to digital and from hospital to community-based care, by uniting essential data and teams to enhance clinical decision making and enable better coordinated care.
The Company has a number of growth opportunities domestically and internationally across a range of public and private healthcare markets including the NHS. Our highly scalable software-as-a-service (SaaS) based model is expected to provide increasing levels of revenue visibility as the Company grows its customer base.
Chairman’s statement
FY2025-26 was a year in which Feedback strengthened its strategic position despite a challenging external environment.
The Board recognises that a number of anticipated commercial opportunities progressed more slowly than originally expected. However, this reflected broader structural and funding uncertainties across the NHS rather than any weakening of the market need for our solutions. During the year, the market drivers underpinning our strategy became increasingly pronounced and our confidence in the long-term opportunity strengthened accordingly.
As a Board, we remain focused on building a company capable of delivering sustainable shareholder value through differentiated technology, strong customer outcomes and scalable market opportunities.
This is balanced against our cash position: our going concern assessment is based on these opportunities translating into commercial reality or, if necessary, further financing being forthcoming to increase our financial headroom whilst commercial agreements progress.
This dependence represents a material uncertainty relating to going concern, described in the Financial Position section below and in note 3(c).
A growing market need
The pressures facing the NHS continue to intensify with elective waiting lists remaining stubbornly high, increasing from 7.33m in July to 7.37m in August. Healthcare organisations are expected to improve productivity, recover waiting times, redesign services and deliver more care closer to home, all within an increasingly constrained resource environment.
At the same time, government policy and NHS strategy are increasingly focused on digital transformation, pathway redesign and new models of care delivery. These strategic priorities align closely with Feedback's long-standing focus on improving healthcare productivity through connectivity, collaboration and workflow redesign.
The Board believes the need for more fundamental service transformation is growing and that traditional approaches alone are unlikely to deliver the scale of improvement required.
A differentiated position
Feedback continues to occupy a distinctive position within the healthcare technology market.
We are not simply another point solution addressing a single element of the patient journey. Instead, our strategy is focused on connecting clinicians, diagnostics, and operational workflows within a single digital framework designed to support pathway transformation.
Over time, this has evolved the role of Feedback from software supplier towards transformation provider. Our expertise combines clinical collaboration, workflow management, interoperability, imaging, patient engagement (via platform integrations) and pathway redesign. This broader capability increasingly differentiates us from vendors focused solely on individual tasks or communication tools.
The Board believes this positioning becomes more valuable as healthcare providers and commissioners seek integrated solutions capable of supporting whole-pathway change.
Evidence from real-world deployment
One of the most encouraging developments during the year has been the continued maturation of our customer evidence base.
The Board is particularly encouraged by progress at Queen Victoria Hospital, where the expansion of multiple pathways has demonstrated the adaptability of the platform and provided growing evidence that a consistent pathway redesign methodology can be applied across different specialties.
The independent evaluation by a consulting firm provides important third-party validation of the operational and economic benefits generated by this model. Beyond the specific results achieved, the evaluation reinforces the strategic proposition that asynchronous clinical collaboration and digitally enabled pathways can contribute meaningfully to NHS productivity goals.
These deployments are helping establish an increasingly robust evidence base to support wider adoption.
Progress towards a connected platform strategy
The Board remains committed to the Company's vision of a connected healthcare ecosystem.
During the year we made further progress towards this objective through ongoing investment in interoperability, integration and collaboration development.
The integration with Patients Know Best represents a significant milestone, extending our proposition beyond clinician workflows to create stronger patient connectivity and engagement.
Similarly, continued integration with national NHS infrastructure supports greater scalability and easier deployment across healthcare organisations.
Our strategic relationship with AWS further strengthens the technological foundation required to support larger-scale deployments, while developing relationships with leading NHS innovation organisations and networks offers potential routes to accelerate adoption across broader healthcare systems.
Taken together, these developments move the Company closer to an integrated platform capable of supporting end-to-end pathway transformation.
Financial position
While the Board are encouraged by the development of Bleepa over the past year and the increasing evidence base for Bleepa based pathways, the additional delay in procurement cycles has put pressure on Feedback’s cash position. We have taken steps to reduce monthly cash burn and manage cash runway, through tight cost control, restructuring to reduce costs, and reduced capital expenditure.
The Board are encouraged by increasing dialogue at regional and national level and we expect some of these opportunities to convert into contracts, further extending cash runway with the aim of moving into a sustainable profitable position in due course. This is the basis on which the Board expects the company to remain a going concern though we acknowledge that there can be no certainty as to either the timing or outcome of such discussions. This dependence represents a material uncertainty relating to going concern, described further in the Financial review and in note 3(c). Should these opportunities not be secured, or be materially delayed, the Group would be required to implement further mitigating actions, which could include reducing operating expenditure, securing additional sources of funding and pursuing other strategic alternatives.
Positioned for growth
While commercial timing remains influenced by external NHS procurement and funding cycles, the Board believes the Company's strategic position strengthened materially during FY2025-26.
Feedback has entered the new financial year with:
- Stronger customer evidence.
- More live pathways and use cases.
- An enhanced product platform.
- Broader integration capabilities.
- Greater patient engagement functionality.
- Expanding strategic collaborations.
- Increased participation in national healthcare transformation discussions.
- Additional routes to market capable of supporting scale.
Most importantly, we believe the market is becoming increasingly receptive to the type of digitally enabled pathway redesign that Feedback supports, while carefully managing our financial position until these opportunities crystallise, as explained in the financial position section above, and in note 3(c) to the accounts.
The Board therefore views FY2025-26 as a year of strategic strengthening in readiness for growth rather than financial acceleration. We believe the progress achieved during the year has enhanced the Company's ability to capture future growth opportunities and create long-term value for shareholders.
Rory Shaw
Non-executive Chairman
5th November 2026
CEO’s statement
FY2025-26 was a year of strategic strengthening for Feedback. While the year did not deliver all anticipated commercial outcomes within the expected timeframe, we made significant progress in the areas that matter most for long-term growth.
During the year, our focus remained firmly on building the foundations required to support scalable and sustainable growth, strengthening our product through the launch of new features, pathways and additional integrations, while deepening customer engagement, expanding our evidence base and increasing our participation in national healthcare transformation initiatives.
Commercial environment
The pace of commercial conversion continued to be influenced by factors largely outside the Company's control. Ongoing restructuring across the NHS, evolving commissioning responsibilities, funding pressures and extended procurement cycles resulted in delays to a number of anticipated opportunities, including the decision regarding a national contract. Whilst these factors affected the timing of contract awards, they did not diminish the need for the challenges our solutions address.
We continued to progress discussions regarding larger-scale opportunities across ICBs and the wider NHS, including national programmes, where decision-making timelines have necessarily reflected the complexity and scale of the potential deployment.
Financial discipline and operational focus
Against this backdrop, we maintained a disciplined approach to financial management throughout the year. While revenue performance reflected the delays in commercial conversion, focused cost controls, improved cash management and operational efficiencies enabled the Company to reduce cash consumption and maintain our financial position. This disciplined approach ensured that we were able to continue investing in product innovation, system integrations and strategic growth initiatives whilst preserving financial flexibility and extending our operational runway.
Financial headroom is however limited until these larger scale opportunities convert: our expectation is that enough of these will crystallise to support us going forward, forming the basis of our going concern assessment. We acknowledge that this is dependent on sufficient contracts or financing being available to support our liquidity position, and these are not guaranteed. This dependence represents a material uncertainty relating to going concern, described in the Financial review below and in note 3(c).
A healthcare system under increasing pressure
Healthcare systems continue to face rising demand, workforce shortages, financial constraints and sustained pressure to reduce waiting times. Despite national efforts to improve elective recovery through waiting list validation, productivity and digitisation programmes, demand continues to outpace capacity in many areas, with elective waiting lists increasing again in recent months from 7.33m in July to 7.37m in August.
As NHS organisations seek to deliver greater productivity with existing resources, interest is increasing in new care models that reduce unnecessary appointments and support more efficient clinical decision-making. Against this backdrop, our conviction has strengthened that digitally enabled pathway redesign, connected systems and asynchronous collaboration can play an important role in improving both operational performance and patient experience.
Clinical pathway transformation validating the strategy
Our work with Queen Victoria Hospital NHS Foundation Trust (QVH) continues to provide important validation of our strategy.
What began as a single pathway initiative has evolved into a broader demonstration of how digital infrastructure can support pathway redesign at scale. During the year, the number of live pathways expanded, creating evidence across a range of services including breathlessness, insomnia, respiratory diagnostics, teledermatology, paediatric respiratory diagnostics and cancer-related pathways. Together, these deployments have underlined that Bleepa is not tied to a single specialty but can serve as a pathway-agnostic platform capable of supporting multiple models of care. This was further confirmed when Bleepa was selected as the platform for the national Neighbourhood Health Simulations in Manchester and London, demonstrating its capability for supporting collaboration for healthcare professionals around a patient in a community setting.
Importantly, the focus has increasingly shifted away from digitising existing processes towards redesigning care delivery itself. By bringing diagnostics, clinical collaboration and decision-making closer together, pathways are reducing unnecessary appointments, enabling earlier specialist input and improving patient flow.
An independent evaluation conducted by an independent consulting firm validated both the operational and economic impact of this approach. Findings demonstrated substantial reductions in outpatient appointments (more than 90% fewer outpatient appointments across multiple pathways), faster pathway completion (around 8.7 weeks average pathway length with 100% completed within the national 18-week NHS target) and measurable savings (£181 on average per patient), providing further evidence that digitally enabled pathway redesign can support NHS productivity objectives.
The significance of this work extends beyond a single customer deployment. QVH has become an important reference site demonstrating a repeatable transformation model that can be adapted across healthcare settings and specialties.
Product development and platform maturity
We continued to invest in the evolution of Bleepa throughout the year, strengthening its usability, scalability and ability to support increasingly complex pathway deployments.
A key milestone was the release of Bleepa v1.7, introducing significant usability enhancements and workflow improvements informed directly by user feedback. The update streamlined navigation, reduced friction in day-to-day clinical workflows and introduced new mechanisms for gathering real-time user insight, supporting our commitment to clinician-led product development.
Alongside usability improvements, we continued to strengthen the platform's enterprise readiness. Our cloud-based architecture, supported through our relationship with Amazon Web Services (AWS), positions Bleepa for scalable deployment across organisations and care settings while reducing dependence on local infrastructure.
Interoperability remains central to our strategy. During the year we continued to expand integration capabilities across both national and local healthcare systems, including NHS e-Referral Service (e-RS), Personal Demographics Service (PDS), and GP Connect. These capabilities allow Bleepa to operate as a coordination layer across fragmented healthcare environments.
We also announced our integration with Patients Know Best (PKB), bringing together clinician collaboration, diagnostics and patient engagement within a connected digital pathway. The integration enables patients to contribute information, complete questionnaires and receive pathway communications while allowing clinicians to access this information within their existing workflow. This represents an important step towards our vision of connected, end-to-end pathway management.
Expanding strategic reach
A significant focus of the year was expanding our ability to reach larger healthcare transformation opportunities.
We strengthened our engagement across the NHS ecosystem, participating in key national discussions relating to elective care transformation, neighbourhood health services and diagnostic pathway redesign. These engagements reinforced our belief that the NHS increasingly understands the need for fundamental pathway redesign to address productivity and waiting list challenges, but that many organisations are still at an early stage in translating strategic ambition into operational delivery.
Consequently, a key focus for Feedback during the year was demonstrating proven pathway models, building the evidence base and helping healthcare leaders understand how connected digital infrastructure can support practical implementation and measurable outcomes.
We also continued to benefit from our involvement with programmes such as the NHS Innovation Accelerator and broader innovation networks, helping increase awareness of the productivity challenges Bleepa is designed to address.
A barrier to adoption is often the NHS organisations’ capacity for the broader change management work required for pathway redesign programme implementation. So in parallel, we developed relationships with major consulting and transformation organisations capable of supporting these programmes at larger scale. These discussions have created additional routes to market that complement our direct customer engagement model and have already led to joint discussions with prospective healthcare organisations.
Financial review
We continue to manage our financial resources prudently, with regular cash flow forecasts and ongoing cost control.
2026
2025
Key performance indicators
£m
£m
Revenue
0.78
0.89
Gross margin
79%
88%
Sales (non IFRS)
0.94
0.89
Operating expenses
(4.05)
(5.15)
Operating loss
(3.24)
(4.21)
EBITDA loss (non IFRS)
(2.99)
(3.06)
Cash outflows from operating activities
(2.89)
(2.82)
Cash outflows from investing activities
(0.32)
(0.72)
Cash & cash equivalents end of period
2.73
5.95
Intangible assets
0.43
0.56
Contract liabilities (deferred income)
0.37
0.22
Net assets
2.75
6.16
Revenue for the year ended 31 May 2026 decreased 12% to £0.78m (2025: £0.89m), due to a pilot in 2025 not converting, and Imaging Engineering not renewing a licence for our legacy software. Bleepa contributed 91% (2025: 90%). Gross margin reduced to 79% (2025: 88%) driven by a combination of the fall in revenue, a more proactive approach to monitoring Bleepa, and work associated with the additional roll out of pathways at QVH.
Sales, a non IFRS measure representing the total customer contract value invoiced in a period, increased 6% compared with the prior year due to early invoicing for QVH to extend their contract to the end of 2026, partly offset by non-renewals from Imaging Engineering and RBH. Sales are recognised as revenue across the life of a customer contract (typically 12 months), with any amount not recognised as revenue in the current financial year remaining on the balance sheet as contract liabilities (deferred income) for recognition as revenue in the forthcoming financial year. Contract liabilities (or deferred income) as at period end was £0.37m (2025: £0.22m) driven by QVH invoicing.
Operating expenses decreased by 21% to £4.05m (2025: £5.15m). This reduction was largely due to reduced amortisation of intangibles (£0.89m lower) after the 2025 impairment reduced holding values, as well as lower share option charges (£0.17m) and careful cost control across all areas. Staff costs declined by £0.23m in the year. Operating loss is down 23% (£0.97m) at £3.24m (2025: £4.21m) despite lower revenue, primarily due to lower amortisation. EBITDA loss reduced by 2% to £2.99m (2025: £3.06m) despite lower revenues.
Cash outflows from operating activities increased slightly to £2.89m (2025: £2.82m) primarily due to lower corporation tax receipts for R&D tax credits as investment in intangibles slowed. This slowdown in investment is also the driver behind cash outflow from investing activities dropping by 55% to £0.32m (2025: £0.72m) as we minimised spend with our external software development provider to preserve cash.
Intangible assets reduced to £0.43m (2025: £0.56m) reflecting lower software development expenditure, amortisation and an impairment charge of £0.31m (2025: £3.19m). As part of the annual impairment review, management applied a cautious assessment to reflect the uncertainty around the timing of future contracts and cash flows. While this resulted in an impairment charge reflecting the downside risk, the Board and management remain confident in the long-term commercial potential of Bleepa and are encouraged by increasing market engagement, growing customer interest and the strategic opportunities being pursued across the healthcare sector. Under IFRS, impairment losses may be reversed in future periods where commercial progress and associated cash flow expectations support such a reassessment. Net assets decreased to £2.75m (2025: £6.16m) as at 31 May 2026, driven primarily by the cash movement.
The Group’s cash position as at 31 May 2026 was £2.73m (2025 £5.95m). In the absence of any new contracts this would indicate limited financial headroom, but we expect some of the current discussions with potential customers to convert and extend our cash runway over the coming months. Whilst we have a reasonable expectation that these opportunities will be successfully concluded, there can be no certainty as to either the timing or outcome of such discussions. Should these opportunities not be secured, or be materially delayed, the Group would be required to implement further mitigating actions, which could include reducing operating expenditure, securing additional sources of funding and pursuing other strategic alternatives.
We are conscious that our cash position remains tight until those opportunities crystallise, and we are focused on controlling cash and maintaining momentum on contract discussions to address this. Our going concern assessment is therefore dependent on sufficient contracts or financing being available over the assessment period. The Directors have prepared the financial statements on a going concern basis, but this dependence represents a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern (see note 3(c)).
The Group continues to work to address its cash position. Our investment in Bleepa has positioned us as a pathway management tool and we are in active discussions with a number of NHS customers, alongside the national contract conversation.
In circumstances where the value of the Company’s net assets falls below half (or less) of its called-up share capital (constituting a “serious loss of capital” under the Companies Act 2006 (CA 2006)), its Directors are required, pursuant to section 656 of CA 2006, to convene a general meeting of the Company for the purpose of allowing shareholders to consider whether any, and, if so, what, steps should be taken to deal with the situation. As at 31 May 2026 the Company’s net assets were £2,642,182 (Group: £2,753,609) against called-up share capital of £6,972,130.
As the AGM was already set to be convened, the Directors do not believe it necessary to convene a separate general meeting to consider the serious loss of capital matter as it can be considered at the AGM. The Board welcomes dialogue with the Company’s shareholders, and the AGM will provide a forum for such discussions to take place. The Board do not consider it necessary to propose a specific resolution in relation to the serious loss of capital and shareholders will not be asked to vote on this matter at the AGM. The Board will continue to prudently manage the Company’s cash reserves and minimise its operating expenses whilst it continues its future strategy.
Preparing for scale
Although commercial conversion timelines remained challenging during the year, we believe Feedback emerged from FY2025-26 significantly stronger than it entered from a strategic perspective, though our cash position remains a significant constraint as explained above. We used this period to invest in the foundations that support growth:
- A stronger and more mature platform.
- Independent evidence validating customer outcomes.
- Increased pathway coverage and use cases.
- Deeper integration with NHS systems.
- Enhanced patient engagement capabilities.
- Expanded strategic collaborations.
- Greater participation in national healthcare transformation discussions.
- Organisational restructuring designed to improve operational focus and execution.
We are also encouraged by increasing levels of market engagement. Interest in elective care redesign, single-point-of-access models and productivity improvement continues to grow among NHS trusts, integrated care boards, cancer alliances and health innovation organisations. We believe this reflects increasing recognition that healthcare systems require new models of care delivery rather than incremental optimisation of existing processes.
Outlook
The long-term drivers underpinning our strategy continue to strengthen.
Healthcare systems are under sustained pressure to improve productivity, reduce waiting times and deliver more care outside traditional hospital models. These challenges align directly with Feedback's focus on digitally enabled pathway redesign, asynchronous collaboration and connected care.
While the timing of major contract awards remains influenced by wider NHS funding, procurement cycles and the broader fiscal envelope, our confidence in the strategic opportunity ahead has increased during the year, as we are seeing increased interest in Bleepa across the NHS at both local and national levels.
The Company is pleased to report increasing commercial engagement across multiple opportunities, including an approach by one of the largest ICBs to explore a multiyear elective transformation opportunity. The scope of work is currently being negotiated and is subject to contract terms being agreed. Whilst there is no certainty that the project will proceed, the scope is likely to involve an initial paid pilot phase with a clinical pathway going live across several providers around the calendar year end with a view that this will both inform and roll into a wider commissioning piece from April 2027, at the start of the next NHS financial year.
We enter FY2026-27 with a more mature platform, stronger customer evidence, an expanding ecosystem of service delivery providers and growing market recognition of the need for the solutions we provide. We believe Feedback is increasingly well positioned to support healthcare organisations seeking practical and scalable approaches to pathway transformation.
Dr Tom Oakley
Chief Executive Officer
5th November 2026
Consolidated Statement of Comprehensive Income
for the year ended 31 May 2026
Note
2026
£
2025
£
Revenue
4
780,139
885,623
Cost of sales
(167,173)
(106,976)
Gross profit
612,966
778,647
Other Income
4
188,652
159,964
Other operating expenses
5
(4,045,237)
(5,149,158)
Operating loss
6
(3,243,619)
(4,210,547)
Impairment of intangible assets
14
(310,614)
(3,192,429)
Net finance income
7
105,779
117,813
Loss before taxation
(3,448,454)
(7,285,163)
Tax (charge)/credit
9
(38,327)
(32,260)
Loss after tax attributable to the equity shareholders of the Company
(3,486,781)
(7,317,423)
Other comprehensive income/(losses)
Items that are or may be reclassified subsequently to profit or loss
Translation difference on overseas operation
18
24,136
10,856
Total comprehensive loss for the year
(3,462,645)
(7,306,567)
Loss per share (pence)
Basic and diluted*
11
(7.96)
(25.50)
The notes below form part of these financial statements
Consolidated Statement of Changes in Equity
for the year ended 31 May 2026
GROUP
Share Capital
Share Premium
Capital Reserve
Retained Earnings
Translation Reserve
Share option Reserve
Total
£
£
£
£
£
£
£
At 31 May 2024
6,667,330
15,350,241
299,900
(15,065,613)
(212,480)
605,359
7,644,737
Loss of the year
Other comprehensive loss for the year
-
-
-
-
-
-
(7,317,423)
-
-
10,856
-
(7,317,423)
10,856
Total Comprehensive Loss for the year
New shares issued
Costs associated with the raising of funds
-
304,800
-
-
5,791,223
(486,536)
-
-
-
(7,317,423)
-
-
10,856
-
-
-
-
-
(7,306,567)
6,096,023
(486,536)
Share-based payments
-
-
-
-
-
216,930
216,930
Total transactions with owners
-
-
-
-
216,930
5,826,417
At 31 May 2025
6,972,130
20,654,928
299,900
(22,383,036)
(201,624)
822,289
6,164,587
Loss of the year
-
-
-
(3,486,781)
-
-
(3,486,781)
Other comprehensive loss for the year
-
-
-
-
24,136
-
24,136
Total Comprehensive Loss for the year
-
-
-
(3,486,781)
24,136
-
(3,462,645)
Share-based payments
-
-
-
-
-
51,667
51,667
Total transactions with owners
-
-
-
-
-
51,667
51,667
At 31 May 2026
6,972,130
20,654,928
299,900
(25,869,817)
(177,488)
873,956
2,753,609
The notes below form part of these financial statements
Company Statement of Changes in Equity
for the year ended 31 May 2026
COMPANY
Share Capital
Share Premium
Retained Earnings
Share option Reserve
Total
£
£
£
£
£
At 31 May 2024
6,667,330
15,350,241
(7,200,129)
605,359
15,422,801
Loss for the year and Total comprehensive loss for the year
New shares issued
Cost of new shares issued
-
304,800
-
-
5,791,223
(486,536)
(15,519,728)
-
-
-
-
-
(15,519,728)
-
6,096,023
(486,536)
Share-based payments
-
-
-
216,930
216,930
Total transactions with owners
304,800
5,304,687
-
216,930
5,826,417
At 31 May 2025
6,972,130
20,654,928
(22,719,857)
822,289
5,729,490
Loss of the year and Total comprehensive loss for the year
-
-
(3,138,975)
-
(3,138,975)
Share-based payments
-
-
-
51,667
51,667
Total transactions with owners
-
-
-
51,667
51,667
At 31 May 2026
6,972,130
20,654,928
(25,858,832)
873,956
2,642,182
The notes below form part of these financial statements
Consolidated Balance Sheet
for the year ended 31 May 2026
2026
2025
Notes
£
£
Assets
Non-current assets
Property, plant and equipment
13
5,760
11,583
Intangible assets
14
431,774
564,216
437,534
575,799
Current assets
Trade and other receivables
15
94,939
98,538
Corporation tax receivable
152,858
129,516
Cash and cash equivalents
2,732,246
5,949,757
2,980,043
6,177,811
Total assets
3,417,577
6,753,610
Equity
Capital and reserves attributable to the Company’s equity shareholders
Called up share capital
18
6,972,130
6,972,130
Share premium account
18
20,654,928
20,654,928
Capital reserve
18
299,900
299,900
Translation reserve
18
(177,488)
(201,624)
Share option expense reserve
18
873,956
822,289
Retained earnings
18
(25,869,817)
(22,383,036)
Total equity
2,753,609
6,164,587
Liabilities
Current liabilities
Trade and other payables
16
663,968
589,023
663,968
589,023
Total liabilities
663,968
589,023
Total equity and liabilities
3,417,577
6,753,610
The notes below form part of these financial statements
Consolidated Cash Flow Statement
for the year ended 31 May 2026
2026
2025
£
£
Cash flows from operating activities
Loss before tax
(3,448,454)
(7,285,163)
Adjustments for:
Net finance income
(105,779)
(117,813)
Other Income - R&D tax credit
(188,652)
(159,964)
Depreciation and amortisation
257,196
1,146,711
Impairment of intangible assets
310,614
3,192,429
Translation difference in overseas operation
24,136
10,856
Share based payment expense
51,667
216,930
Decrease/(Increase) in trade receivables
2,064
(1,079)
Decrease/(Increase) in other receivables
1,535
(15,818)
Increase/(Decrease) in trade payables
(34,645)
(66,166)
Increase/(Decrease) in other payables
109,589
(38,990)
Corporation tax received
126,983
296,832
Total adjustments
554,708
4,463,928
Net cash used in operating activities
(2,893,746)
(2,821,235)
Cash flows from investing activities
Purchase of tangible fixed assets
(4,601)
(10,450)
Purchase of intangible assets
(424,943)
(823,361)
Interest Income
105,779
117,813
Net cash used in investing activities
(323,765)
(715,998)
Cash flows from financing activities
Net proceeds of share issue
-
5,609,487
Net cash generated from financing activities
-
5,609,487
Net increase/(decrease) in cash and cash equivalents
(3,217,511)
2,072,254
Cash and cash equivalents at beginning of year
5,949,757
3,877,503
Cash and cash equivalents at end of year
2,732,246
5,949,757
The notes below form part of these financial statements
Notes to the Financial Statements
1. General information
The Company is a public limited company limited by shares, domiciled in the United Kingdom and incorporated under registered number 00598696 in England and Wales. The Company’s registered office is 201 Temple Chambers, 3-7 Temple Avenue, London, England, United Kingdom, EC4Y 0DT.
The Company is quoted on AIM, a market operated by the London Stock Exchange. The financial information contained within this full year results statement was approved and authorised for issue by the Board on 05 November 2026. The 2026 accounts, together with notice of the Annual General Meeting, are expected to be posted to shareholders shortly and will be available from the Feedback plc website (https://fbk.com) from the 06 November 2026. They will also be available from the Company's registered office.
2. Adoption of the new and revised International Financial Reporting Standards
New and amended standards adopted
The Company has applied all new and amended IFRS Accounting Standards that are relevant to its operations and effective for the financial year commencing 1 June 2025. The adoption of these standards and amendments has not had a material impact on the amounts recognised or disclosures presented in these financial statements.
Standards issued but not yet effective
At the date of authorisation of these financial statements, certain new and amended IFRS Accounting Standards had been issued but were not yet effective for the Company and had not been adopted early.
The principal standards and amendments not yet effective are:
- IFRS 18, Presentation and Disclosure in Financial Statements (effective for annual reporting periods beginning on or after 1 January 2027). IFRS 18 will replace IAS 1, Presentation of Financial Statements, and introduces new requirements relating principally to the presentation of the statement of profit or loss, including defined subtotals, management-defined performance measures and enhanced requirements for aggregation and disaggregation.
- IFRS 19, Subsidiaries without Public Accountability: Disclosures.
- Annual Improvements to IFRS Accounting Standards, Volume 11.
The Directors have considered the potential impact of IFRS 18 and, given the nature and scale of the Company's current activities and transactions, do not presently expect its adoption to have a material impact on the recognition or measurement of amounts reported in the financial statements. The presentation and disclosures in the financial statements will be reviewed and updated as necessary on adoption.
The Directors do not expect any other standards or amendments issued but not yet effective to have a material impact on the Company's financial statements.
3. Significant accounting policies
- Basis of preparation
These financial statements have been prepared in accordance with UK adopted international accounting standards. The policies set out below have been consistently applied to all the years presented.
No separate income statement is presented for the parent Company as provided by Section 408, Companies Act 2006.
- Basis of consolidation
The Group financial statements consolidate the financial statements of Feedback plc and its subsidiaries (the “Group”) for the years ended 31 May 2026 and 2025 using the acquisition method.
The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All inter-company balances and transactions, including unrealised profits arising from them, are eliminated.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group.
Investments in subsidiary companies are held at cost less any impairment. Impairment reviews are performed annually or more frequently if events or changes in circumstances indicate a potential impairment. The impairment review compares the carrying value to the recoverable amount, which is calculated as the higher of the value in use and the fair value less costs to sell.
- Going Concern
The Group incurred a net loss of £3,486,781 for the year ended 31 May 2026 and it had net assets of £2,753,609 inclusive of £2,732,246 of cash and cash equivalents at 31 May 2026.
The directors have considered the applicability of the going concern basis in the preparation of the financial statements. This included a review of financial results, internal budgets and cash flow forecasts to 30 November 2027, including downside scenarios. After making enquiries, the Directors consider it appropriate to prepare the financial statements on a going concern basis. However, there is material uncertainty that may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern, as explained below.
Current position. At 31 May 2026 the Group had cash of £2.73m (2025: £5.95m) and net assets of £2.75m. The net cash outflow for the year was £3.22m, an average of £0.27m a month. At 28 October 2026 cash was £1.17m. Current monthly gross cash outflow, excluding customer receipts and following the cost reductions described below, is £0.33m, down from £0.41m in the equivalent period last year.
Base case. The base case assumes the renewal of existing contracts plus at least one additional early adopter ICB contract, followed by further contracts in the second half of the financial year. None of these contracts had been signed at the date of approval of the financial statements.
A potential national contract has not been modelled as it remains uncertain and it is unclear whether this would be a national licence or national framework. This is expected to drive faster adoption, and higher revenue and cash flow.
Downside case. In the downside case, which assumes that anticipated contract opportunities are not secured and no alternative sources of revenue, funding or other mitigating actions are successfully implemented, the Group's forecasts indicate that available cash resources would be insufficient to support operations throughout the going concern assessment period. In such circumstances, the Group would be required to pursue further strategic and financing alternatives and may be required to significantly curtail its operations.
Reverse stress test. The Directors estimate that the Group requires £1.88m of new contracted revenue or financing by end of Q1 2027 to meet its liabilities as they fall due throughout the November 2027 assessment period.
Mitigating actions. The Directors have taken, and continue to take, the following actions: reductions in non-core activities and discretionary spend, reducing monthly gross cash outflow from £0.41m to £0.33m, and are exploring financing options, including grants. These actions are only partly within the Directors’ control: securing new contracts and external financing depends on third parties, including the NHS, and cannot be assured.
Conclusion. The Directors have concluded that the conditions described above indicate the existence of a material uncertainty that may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern and, therefore, that the Group and the Company may be unable to realise their assets and discharge their liabilities in the normal course of business. The Directors nevertheless
consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the
adjustments that would result if the Group or the Company were unable to continue as a going concern.
Significant judgement. The assessment of the timing and probability of new contracts, and of the availability of financing, is a significant judgement in preparing these financial statements (see also note 3(o)).
- Intangible assets
Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. An intangible asset acquired as part of a business combination is recognised outside goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be reliably measured.
The intangible asset cost relates to external software development of products which are integral to the trade of the Group’s clinical workflow and healthcare software solutions.
Amortisation is recognised in other operating expenses in the income and expenditure account while impairment charges are disclosed separately. Internal development costs are not capitalised but are expensed during the year in which the expenditure is incurred. The carrying value of intangible assets which are not yet being amortised because they are not yet available for use are reviewed for impairment annually. The carrying value of intangible assets which are currently being amortised are reviewed for impairment when there is an indication that they may be impaired. Impairment losses are recognised in other operating expenses in the income and expenditure account.
Costs incurred on development projects (relating to the design and testing of new or improved products) are recognised as intangible assets when it is probable that the project will be a success, considering its commercial and technological feasibility, and costs can be measured reliably. Only external software development expenditure is capitalised. Internal research expenditure is expensed in the year in which it is incurred.
Other development expenditure is recognised as an expense as incurred. Intangible assets that have a finite useful life and that have been capitalised are amortised on a straight-line basis as follows:
Intangible asset
Useful economic life
Intellectual Property
5 – 10 years
Customer relationships
4 years
Software development
5 years
Intellectual Property primarily relates to patent and trademark application costs. Software development costs capitalised in the year relate to products and product improvements which are yet to be ready for use.
- Valuation of Investments
Investments held as non-current assets are stated at cost less provision for impairment.
- Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. When used, bank overdrafts are shown within borrowings in current liabilities on the balance sheet.
- Goodwill
Business combinations on or after 1 April 2006 are accounted for under IFRS 3 using the acquisition method. Any excess of the cost of business combinations over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recognised in the balance sheet as goodwill and is not amortised.
After initial recognition, goodwill is not amortised but is stated at cost less accumulated impairment loss, with the carrying value being reviewed for impairment, at least annually and whenever events or changes in circumstance indicate that the carrying value may be impaired.
For the purposes of impairment testing, goodwill is allocated to the related cash generating units monitored by management. Where the recoverable amount of the cash generating unit is less than its carrying amount, including goodwill, an impairment loss is recognised in the statement of comprehensive income.
- Property, plant and equipment
All property, plant and equipment is stated at historical cost less depreciation. Depreciation on other assets is provided on cost or valuation less estimated residual value in equal annual instalments over the estimated lives of the assets. The rates of depreciation are as follows:
Computer and office equipment 10 – 50% p.a.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.
- Foreign currency
Transactions denominated in foreign currencies are translated into sterling at the rates ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the prevailing spot rate at that date. These translation differences are dealt with in the income statement.
Translation to presentation currency: The results and financial position of Group entities (none of which has the currency of a hyper‐inflationary economy) that have a functional currency different from the presentation currency (GBP) are translated into the presentational currency as follows:
- assets and liabilities presented are translated at the closing rate at the date of that reporting period;
- income and expenses are translated at average exchange rates; and
- all resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income.
- Revenue recognition
Sales transactions include software installation, software licences, scientific and software support and consultancy. Revenue is measured at the fair value of the contractually agreed consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of VAT.
The Group recognises revenue on the basis of following IFRS15 whereby revenue is recognised on the promise of goods and services to the customer at the transaction price contractually agreed and once the performance obligations have been met. Revenue relating to implementation, software consultancy and similar services is recognised as the services are performed and completed. Revenue relating to the sale of software licences such as Bleepa, Cadran or associated support services is recognised over the contractual period to which the licence relates or the duration of the contract.
The difference between the amount of revenue from contracts with customers recognised and the amount invoiced on a particular contract is included in the statement of financial position as contract liabilities. Normally, the full contract value is invoiced when the customer’s purchase order is received.
Cash payments received as a result of this advance billing are not representative of revenue earned on the contract as revenues are recognised over the duration of the contract (typically twelve months). Contract liabilities which are expected to be recognised within one year are included within current liabilities. Contract liabilities which are expected to be recognised after one year are included within non-current liabilities.
Government Grants:
Grants that reimburse the Group for specific expenses are recognised in the income statement over the periods in which the related expenses are incurred, on a basis that reflects the pattern of those expenses. Claims are submitted for pre-defined periods, with any timing differences recorded as accrued or deferred income.
- Pension Costs
The Group operated a defined contribution pension scheme during the year. The pension charge represents the amounts payable by the Group to the scheme in respect of that year.
- Taxation
The tax credit represents the sum of the current tax credit and deferred tax credit.
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated by using tax rates that have been enacted or substantively enacted by the balance sheet date.
Tax credits claimed under the Merged Scheme R&D Expenditure Credit (RDEC) are accounted for under IAS 20 as government grants in line with the accounting policy above. The company previously made claims under the Small and Medium-sized Enterprise (SME) R&D tax relief scheme where the tax credit would be treated as non-taxable income unlike the RDEC scheme.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax
liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in business
combination) of other assets and liabilities in a transaction which affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is charged or credited in the income statement, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity.
- Financial instruments
Financial assets
Financial assets are measured at amortised cost, fair value through other comprehensive income (FVTOCI) or fair value through profit or loss (FVTPL). The measurement basis is determined by reference to both the business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. The group’s financial assets comprise of trade and other receivables and cash and cash equivalents.
Trade receivables
Trade receivables are initially recognised at transaction price and subsequently measured at amortised cost, carried at the original invoice amount less allowances for expected credit losses. Expected credit losses are calculated in accordance with the simplified approach permitted by IFRS 9, using a provision matrix applying lifetime historical credit loss experience to the trade receivables. The expected credit loss rate varies depending on whether, and the extent to which, settlement of the trade receivables is overdue and it is also adjusted as appropriate to reflect current economic conditions and estimates of future conditions.
For the purposes of determining credit loss rates, customers are classified into groupings that have similar loss patterns. The key drivers of the loss rate are the aging of the debtor, the geographic location and the customer type (public vs private).
When a trade receivable is determined to have no reasonable expectation of recovery it is written off, firstly against any expected credit loss allowance available and then to the income statement.
For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised in the consolidated statement of comprehensive income.
Subsequent recoveries of amounts previously provided for or written off are credited to the income statement.
Cash and cash equivalents
Cash and cash equivalents comprise cash at hand and deposits with maturities of three months or less.
Financial liabilities
The Group’s financial liabilities consist of trade payables and other financial liabilities. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as FVTPL if it is held-for trading, it is a derivative or it is designated as such on initial recognition. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense is recognised in profit or loss.
- Employee share options and warrants
The Group has applied the requirements of IFRS 2 Share-based Payments.
The Group has issued equity-settled share-based payment transactions to certain employees and previously issued warrants to the vendors of the acquired subsidiary, TexRAD Limited. Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest.
Fair value is measured by use of the Black Scholes option pricing model for share options without performance obligations and the Monte Carlo option pricing model for share options with performance obligations. The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.
- Key areas of judgement
The preparation of financial statements requires the Board of Directors to make estimates and judgments that affect reported amounts of assets, liabilities, revenues and expenses. These estimates and judgements are based on historical experience and various other assumptions that management and the Board of Directors believe are reasonable under the circumstances, the results of which form the
basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.
The key areas of judgement are:
- Going concern – The Directors’ assessment of the Group’s ability to continue as a going concern requires significant judgement about the timing and probability of new NHS contracts and the availability of financing over the assessment period. The conclusions reached, including the material uncertainty, are set out in note 3(c).
- Intangible assets – Patent and trademark applications are included at cost less amortisation and impairment and are current held at nil NBV after impairment. Other intangible assets including software development costs are recognised only when it is probable that a project will be a success. There is a risk therefore that a project previously assessed as likely to be successful fails to reach the desired level of commercial or technological feasibility. Where there is no probable income to be generated from these assets an estimation of the carrying value and the impairment of the intangible assets and development costs, including goodwill, has been made.
- Impairment review of intangible assets – The Group conducts an annual impairment review of its intangible assets (with a net book value of £431,774 post impairment at 31 May 2026, 2025: £564,216), or more frequently if indicators of impairment are identified. In performing this review, the Group takes into consideration various factors, including the inherent uncertainty around winning new NHS contracts, the timing of those contracts, and the cash flows expected to be generated. An impairment review has been conducted using under a range of scenarios reflecting our current contracting expectations using a 5-year net present value (NPV), value-in-use model to compare the estimated recoverable amount of the intangible assets to their carrying value. Management has applied the following key assumptions:
- a pretax discount rate of 16.9% reflecting our market sector, including an additional 5% point uplift to reflect the additional risks associated with NHS contracting
- forecast period of 5 years, without any terminal value
- revenues generated under multiple contract adoption scenarios
Given the inherent uncertainty in these assumptions, the carrying value of the intangible assets can be sensitive to changes in key estimates. The most significant risks to the carrying amount are:
- Discount rate sensitivity in that an increase would reduce the recoverable amount
- NHS contract wins and timing, lower or slower conversion of expected sales forecast impacting future cash flow projections
- Growth rates affected due to market conditions, impacting future cash flows
A reasonable possible change in any of these key assumptions could result in an impairment loss. The Group and management continue to monitor these assumptions when reassessing the intangible assets, as discussed in Note 14.
- Investments in subsidiaries and intercompany loans – The recoverable amount of the Company’s investments in subsidiaries and intercompany loans is assessed using the same five-year contract scenarios as the impairment review of intangible assets, and is therefore subject to the same uncertainty around NHS contract wins and their timing. The Company’s intercompany loans were impaired in full during the year (see note 12).
- Revenue recognition – revenue on the sale of software and provision of related scientific support services is recognised over the expected duration of the group’s involvement in customer’s projects as the group’s staff contribute significant support, analysis and input to those customers using our software for research purposes. Judgement based on past experience is used to determine the expected duration of involvement over which income should be deferred and recognised however the duration of the group’s involvement may vary from expectations.
- Fair value measurement – share options and warrants issued included in the Group’s and Company’s financial statements require measurement at fair value. The calculation of fair values requires the use of estimates and judgements, details of the valuation can be found in Note 18 of this report.
4. Segmental reporting
The Directors have determined that the operating segments based on the management reports which are used to make strategic decisions are medical software and head office. The trading activities of the Company solely relate to Healthcare Software, Feedback Healthcare Software India and the Head Office covers the costs of the parent company, Feedback PLC.
Year ended 31 May 2026
Healthcare Software(1)
Feedback Healthcare Software(1) India
Head Office
Total
£
£
£
£
Revenue
External
776,687
3,452
-
780,139
Expenditure
Total (excluding depreciation, amortisation and impairment)
(2,709,911)
(89,859)
(1,049,665)
(3,849,435)
Impairment of intangible assets
(310,614)
-
-
(310,614)
Depreciation and amortisation
(256,348)
(848)
-
(257,196)
Other Income – tax credit
188,652
-
-
188,652
Loss before tax
(2,311,534)
(87,255)
(1,049,665)
(3,448,454)
Balance sheet
Total assets
705,516
5,457
2,706,604
3,417,577
Total liabilities
(564,197)
(8,090)
(91,681)
(663,968)
141,319
(2,633)
2,614,923
2,753,609
Capital expenditure
(429,544)
-
-
(429,544)
(1) Our segmental reporting activities categorisation has been updated to Healthcare Software instead of Medical Imaging to more accurately reflect the current trading operations of the company. Bleepa is a software platform for pathway management, encompassing medical imaging as part of this offering. No changes have been made to the structural grouping categories, this is purely a change of category description to reflect our workflow solutions.
The revenues from external customers in 2026 are comprised of the following products:
Product
2026
2025
£
£
Bleepa
712,742
794,440
Imaging Engineering
32,525
57,545
Cadran PACS (Legacy)
34,872
33,638
780,139
885,623
Year ended 31 May 2025
Healthcare Software(1)
Feedback Healthcare Software(1) India
Head Office
Total
£
£
£
£
Revenue
External
880,221
5,402
-
885,623
Expenditure
Total (excluding depreciation and amortisation)
(2,681,421)
(136,605)
(1,173,584)
(3,991,610)
Depreciation and amortisation
(1,146,387)
(324)
-
(1,146,711)
Impairment of intangible assets
(3,192,429)
-
-
(3,192,429)
Other Income – tax credit
159,964
-
-
159,964
Loss before tax
(5,980,052)
(131,527)
(1,173,584)
(7,285,163)
Balance sheet
Total assets
929,272
4,812
5,819,526
6,753,610
Total liabilities
(486,204)
(5,599)
(97,220)
(589,023)
443,068
(787)
5,722,306
6,164,587
Capital expenditure (all located in the UK)
(832,241)
(1,569)
-
(833,810)
Reported segments’ assets are reconciled to total assets as follows:
External revenue by
Non-current assets by
location of customer
location of assets
2026
2025
2026
2025
£
£
£
£
United Kingdom
744,162
822,676
437,534
589,023
Europe
-
-
-
-
Rest of the world
35,977
62,947
-
-
Total
780,139
885,623
437,534
589,023
£229,100 of revenue recognised in the current year was recorded in contract liabilities in the prior year (2025: £221,378).
Major customers
During the year ended 31 May 2026, the Group generated £495,000 of revenue from one customer in the United Kingdom, which is equal to 63% of total Group revenues in the year. The largest customer from the rest of the world is located in USA and accounts for £32,525 of group revenue generated. Merged Scheme R&D Expenditure Credit (RDEC)
Other income
Other income relates to R&D tax credits received under the Merged Scheme R&D Expenditure Credit (RDEC), accounted for in accordance with IAS 20.
5. Other operating expenses
2026
2025
£
£
Administrative costs:
Employment and other costs
3,788,041
4,002,447
Amortisation and depreciation costs
257,196
1,146,711
4,045,237
5,149,158
6. Operating loss
2026
2025
£
£
This is stated after charging:
Depreciation and amortisation
Owned assets
10,424
11,860
Amortisation of intangible assets
246,771
1,134,852
Provision for doubtful debts
2,136
(720)
Foreign exchange differences
46,628
36,621
Auditors’ remuneration
Audit of parent company and group financial statements
27,000
25,200
Audit of subsidiaries
18,000
16,800
7. Net finance income
2026
2025
£
£
Interest received
105,779
117,813
105,779
117,813
8. Directors and employees
2026
2025
2026
2025
Average
Average
Year-end FTE
Year-end FTE
Number of employees
Selling and distribution
7
6
7
7
Administration
14
16
13
15
Research and development
6
7
6
7
27
29
26
29
2026
2025
£
£
Staff costs
Wages and salaries
2,298,818
2,293,588
Social security costs
292,030
262,068
Payments to defined contribution pension scheme
238,198
238,044
Share based payment expense
51,667
216,930
2,880,713
3,010,630
Details of Directors’ remuneration for the year ended 31 May 2026 and the prior year ended 31 May 2025 are set out in the Remuneration Committee report.
9. Taxation on loss
2026
2025
£
£
(a)
The tax charge for the year:
UK Corporation tax
2,483
1,867
Deferred Tax:
Origination and reversal of timing differences
35,844
30,393
Current tax (credit)/expense
38,327
32,260
38,327
32,260
(b)
Tax reconciliation
Loss before tax
(3,448,454)
(7,285,163)
Loss at the standard rate of corporation tax in the UK of 25% (2025 – 25%)
(862,113)
(1,821,290)
Fixed asset differences
-
1
Expenses non-deductible for tax purposes
39,126
91,150
Other permanent differences
(432)
(298)
Deferred tax not recognised
859,263
1,760,830
Foreign tax credits
2,483
1,867
Tax charge for the year
38,327
32,260
The Group previously disclosed the tax reconciliation at the Company level rather than Group level so this note has been updated for 2025 and 2026 to reflect the Group position.
(c) Factors which may affect future tax charges
In view of the tax losses carried forward there is a deferred tax amount of approximately £4,556,320 (2025: £3,727,451) which has not been recognised in these Financial Statements. This contingent asset will be realised when the Group makes sufficient taxable profits in the relevant company.
(d) Deferred tax – Company
In view of the tax losses carried forward there is a deferred tax amount of approximately £1,403,651 (2025: £1,289,666) which has not been recognised in the Company Financial Statements. This contingent asset will be realised when the Company makes sufficient taxable profits.
10. Results of Feedback Plc
As permitted by Section 408 of the Companies Act 2006, the income and expenditure account of the parent company is not presented as part of these financial statements. The Company’s loss for the financial year is £3,138,975 (2025 loss: £15,519,728). The loss for the current financial year includes impairment charges of £2,651,083 against intercompany loan balances for the subsidiaries Feedback Medical Ltd and Feedback Medical India Pvt Ltd. The loss for the prior year, FY 2025, includes an impairment charge on the investment in its subsidiary Feedback Medical Ltd of £14,699,125. These are discussed in further detail in note 12.
11. Loss per share
Basic loss per share is calculated by reference to the loss on ordinary activities after taxation of £3,486,781, (2025: £7,317,423) and on the weighted average shares in issue of 43,814,779 (2025: 28,699,980).
2026
£
2025
£
Net loss attributable to ordinary equity holders
(3,486,781)
(7,317,423)
2026
2025
Weighted average number of ordinary shares for basic earnings per share
43,814,779
28,699,980
Effect of dilution:
Share Options
-
-
Warrants
-
-
Weighted average number of ordinary shares adjusted for the effect of dilution
43,814,779
28,699,980
Loss per share (pence)
Basic
(7.96)
(25.50)
Diluted
(7.96)
(25.50)
There is no dilutive effect of the share options and warrants as the dilution would be negative for the periods presented. There are 3,659,538 share options outstanding as at 31 May 2026 which could potentially dilute basic earnings per share in the future but were not included in the calculation of diluted earnings per share because they are anti-dilutive for the periods presented.
12. Investments
Share in Group undertakings
Total
Company
£
£
Cost
At 31 May 2024
12,325,875
12,325,875
Additions (see note below)
54,226
54,226
At 31 May 2025
12,380,101
12,380,101
Additions (see note below)
19,715
19,715
At 31 May 2026
12,399,816
12,399,816
Provision for impairment
At 31 May 2024
3,822,342
3,822,342
Additional impairment (see note below)
8,557,759
8,557,759
At 31 May 2025
12,380,101
12,380,101
At 31 May 2026
12,380,101
12,380,101
Net Book Value
At 31 May 2026
19,715
19,715
At 31 May 2025
-
-
All of the above investments are unlisted.
The additions during the year of £19,715 relate to options in Feedback Medical Limited which, upon exercise, would be satisfied through the issue of Feedback plc shares. At 31 May 2026, the Company held investments with a carrying value of £19,715 (2025: £nil).
The impairment review, which is performed annually or more frequently if events or changes in circumstances indicate a potential impairment, compares the carrying value of these balances to the recoverable amount, being the higher of value in use ("VIU") and fair value less costs to sell.
The Directors performed an impairment assessment of both the Company's investment in Feedback Medical Limited and its intercompany loan balances. As described in more detail in Note 14, management prepared five-year cash flow forecasts under a range of scenarios reflecting potential contractual outcomes. These scenarios were assessed individually and on a probability-weighted basis in order to determine the expected recoverable amount.
As described in more detail in note 14, management prepared five-year cash flow forecasts (aligned with IAS 36) under several scenarios reflecting a range of potential contractual outcomes and the outcomes of these were reviewed both individually and on a probability weighted expected value basis. The cashflows were discounted using a discount rate (pre-tax) of 16.9% calculated in line with the capital asset pricing model, with an additional premium of 5 percentage points added or 40% uplift to reflect the risk of contracting with one large customer (the NHS). The range of outcomes is very wide, with a national licence generating the highest NPV, and no new contracts a negative NPV.
The same scenarios and weights were applied in assessing the Company's investment in Feedback Medical Limited. The recoverable amount of the investment exceeded its carrying amount and no impairment was recognised. The investment is carried at £19,715, representing options in Feedback Medical Limited which, upon exercise, would be satisfied through the issue of Feedback plc shares.
The key sensitivities relate to the scenario weights rather than the discount rate. The effect of changes in these is set out in note 14.
During the year, the Company recognised impairment charges of £2,651,083 against intercompany loan balances under IFRS 9. This comprised an impairment of £2,591,261 in respect of the loan due from Feedback Medical Limited and £59,822 in respect of the loan due from Feedback Medical India Private Limited. Following recognition of these impairment charges, both loan balances were fully impaired at 31 May 2026.
Given the stage of commercial development at the balance sheet date, the Directors concluded that the loans would not be recoverable within a reasonable period. Accordingly, impairment charges of £2,591,261 in respect of the loan to Feedback Medical Limited and £59,822 in respect of the loan to Feedback Medical India Private Limited were recognised during the year. Following recognition of these impairment charges, both loan balances were fully impaired at 31 May 2026 (2025: impairment of £14.9m, split between the equity investment in Feedback Medical Limited £8.6m, and £6.1m against the associated loan with Feedback Medical Limited and an impairment charge of £0.2m against Feedback Medical India PVT Limited).
Impairment losses recognised on investments and loans may be reversed in future periods where there has been a subsequent change in the estimates used to determine recoverable amount. No impairment reversals were recognised during the year. Future reversals will be considered should commercial developments and contracting activity provide evidence of increased recoverability.
Particulars of principal subsidiary companies during the year, all the shares of which being beneficially held by Feedback plc, were as follows:
Company
Activity
Country of incorporation and operation
Proportion of Shares held
Brickshield Limited
Dormant
England
100%
Ordinary £1Bleepa Limited
Dormant
England
100%
Ordinary £2Feedback Medical Limited
Medical Software
England
100% A Ordinary £1
100% B Ordinary 1p
Feedback Medical India Private Limited
Medical Software
India
Direct 0.1% and Indirect 99.9% Ownership 100%
Ordinary INR 10
TexRAD Limited
Medical Software
England
100%
Ordinary 1p
All the subsidiary companies have been included in these consolidated financial statements.
TexRAD Limited is owned 100% by virtue of a direct holding by Feedback plc of 91% and an indirect holding via Feedback Medical Ltd of 9%.
Feedback Medical India Private Limited is owned 100% by virtue of a direct holding by Feedback Plc of 0.1% and an indirect holding via Feedback Medical Ltd of 99.9%. Its registered office address is
296, Sumati Smriti CHS, Old Cadell Road, Dadar West, S V S Marg, Mumbai-400028, Maharashtra, India. The statutory year end for Feedback Medical India Private Limited is 31 March.
Each of the other subsidiaries’ registered office address is 201 Temple Chambers, 3-7 Temple Avenue, London, England, United Kingdom, EC4Y 0DT.
In accordance with section 394A of the Companies Act 2006, a company is exempt from preparing individual accounts for a financial year. This section 394A of the Companies Act 2006 applies to Brickshield Limited (company registration number 06514313) and Bleepa Limited (company registration number 12118570).
13. Property, plant and equipment
Computer
Total
Equipment
Group
£
£
Cost
At 31 May 2024
83,544
83,544
Additions
10,450
10,450
At 31 May 2025
93,994
93,994
Additions
4,601
4,601
At 31 May 2026
98,595
98,595
Depreciation
At 31 May 2024
70,551
70,551
Charge for the year
11,860
11,860
At 31 May 2025
82,411
82,411
Charge for the year
10,424
10,424
At 31 May 2026
92,835
92,835
Net Book Value
At 31 May 2026
5,760
5,760
At 31 May 2025
11,583
11,583
14. Intangible assets
Software
development
Intellectual Property
Total
£
£
£
Cost
At 31 May 2024
6,924,034
204,828
7,128,862
Additions
823,361
-
823,361
At 31 May 2025
7,747,395
204,828
7,952,223
Additions
424,943
-
424,943
At 31 May 2026
8,172,338
204,828
8,377,166
Amortisation and Impairment
At 31 May 2024
Impairment
2,884,506
3,175,233
176,220
17,196
3,060,726
3,192,429
Amortisation charge for year
1,123,440
11,412
1,134,852
At 31 May 2025
7,183,179
204,828
7,388,007
Impairment
310,614
-
310,614
Amortisation charge for year
246,771
-
246,771
At 31 May 2026
7,740,564
204,828
7,945,392
Net Book Value
At 31 May 2026
431,774
-
431,774
At 31 May 2025
564,216
-
564,216
An impairment review for the cash generating unit (CGU) relating to Bleepa has been performed based on its value in use (VIU). Bleepa belongs to the Healthcare Software reportable segment. Management prepared five-year cash flow forecasts, aligned with the useful life of the underlying intangible assets, under several scenarios reflecting a range of potential commercial and contracting outcomes. The results of these were reviewed both individually and on a probability weighted expected value basis to determine the recoverable amount of the CGU. The cashflows were discounted using a discount rate (pre-tax) of 16.9% calculated in line with the capital asset pricing model, together with an additional 5 percentage point premium or 40% uplift to reflect the risk of contracting with one large customer (the NHS).
Key assumptions applied in the VIU assessment:
- Discount rate (pre-tax) of 16.9% using the Capital Asset Pricing Model (CAPM), with the following key assumptions:
- Beta of 1.41, aligned with Bleepa’s market position, being approximately 70% Healthcare Software and 30% Medical Devices, with sector-specific betas used.
- Risk-free rate of 4.80% based on the UK 10-year government bond at May 2026.
- Equity risk premium of 5.01% based on latest publicly available data.
- Business risk premium of 5.0% reflecting additional risks of NHS adoption.
- Pre-tax and post-tax rates are equivalent due to substantial tax losses brought forward making a tax charge unlikely during the period under review.
- Absence of gearing – Feedback plc has no debt
- Forecast period: 5 years, without any terminal value
Management also considered a range of downside scenarios as part of its sensitivity analysis. These scenarios were considered in determining the recoverable amount used within the assessment.
Following completion of the impairment review, management concluded that the recoverable amount of the CGU was below its carrying value in the downside case as at the balance sheet date. As a result, an impairment charge of £310,614 was recognised during the year ended 31 May 2026. The impairment reflects the uncertainty surrounding the timing and scale of future commercial adoption and contract conversion assumptions.
An impairment loss for a non-goodwill asset can be reversed in future accounting periods if the circumstances that caused the original loss have been reversed. Once contracts are secured our position on impairment will be reviewed but given that no contracts have been signed and the outcome remains uncertain, no impairment reversals have been proposed or recognised during 2026.
15. Trade and other receivables
Group
Company
2026
2025
2026
2025
£
£
£
£
Amounts falling due within one year
Trade receivables
125
2,189
-
-
Other receivables
11,146
13,069
11,146
11,919
Prepayments
83,668
73,623
45,688
40,540
Accrued Revenue
-
9,657
-
--
94,939
98,538
56,834
52,459
16. Trade and other payables
Group
Company
2026
2025
2026
2025
£
£
£
£
Amounts falling due within one year
Trade payables
78,944
113,589
9,863
13,619
Other payables
29,154
25,650
-
-
Other taxes and social security
111,572
76,184
12,485
19,966
Accruals
70,251
149,422
69,321
63,620
Contract liabilities
374,047
224,178
-
-
663,968
589,023
91,669
97,205
Neither the Group or the Company have any borrowings and so there are no changes in liabilities arising from external financing activities.
17. Financial instruments
The Group’s overall risk management programme seeks to minimise potential adverse effects on the Group’s financial performance.
The Group’s financial instruments comprise cash and cash equivalents and various items such as trade payables and receivables that arise directly from its operations. The Group is exposed through its operations to the following financial risks:
- Credit risk
- Foreign currency risk
- Liquidity risk
- Cash flow interest rate risk
- Reliance on one major customer
Fair value Hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
- Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities
- Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly
- Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data
The share options and warrants issued by the group during prior years were valued under level three above as noted in note 18 below.
In line with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group’s objectives, policies and processes for managing those risks. Further quantitative information in respect of these risks is presented throughout these financial statements. There have been no substantive changes in the Group’s exposure to financial instrument risks and consequently the objectives, policies and processes are unchanged from the previous period.
The Board has overall responsibility for the determination of the Group’s risk management policies. The objective of the Board is to set policies that seek to reduce the risk as far as possible without unduly affecting the Group’s competitiveness and effectiveness. Further details of these policies are set out below:
Credit risk
The Group holds no collateral. It has a minimal risk policy with funds held following fund raises so it holds almost all of its cash with mainstream UK banks, with the small balance held in India.
The Group is exposed to credit risk primarily on its trade receivables. Group policy, implemented locally, is to assess the credit risk of each new customer before entering into binding contracts. Each customer account is then reviewed on an ongoing basis (at least once a year) based on available information and payment history.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for all trade receivables. The provision for credit losses on trade receivables is based on an expected credit loss model that calculates the expected loss applicable to the receivable balance over its lifetime.
Expected credit losses are calculated in accordance with the simplified approach permitted by IFRS 9, using a provision matrix applying lifetime historical credit loss experience to the trade receivables. An additional provision for credit loss of £2,136 has been recognised during the year (2025: £(720)) for trade receivables measured at an amount equal to lifetime expected credit losses.
The Group’s customers were primarily the NHS in 2026, for which the risk of default has been assessed to be immaterial.
The Group and Company assess expected credit losses ("ECLs") in accordance with IFRS 9. Trade receivables are assessed using the simplified approach, under which a lifetime ECL is recognised from initial recognition. Other financial assets, including intercompany balances and loans to subsidiary undertakings, are assessed using the general approach.
The Group and Company consider whether there has been a significant increase in credit risk since initial recognition by assessing available quantitative and qualitative information, including payment performance, financial position, liquidity, forecast cash flows and other indicators of financial difficulty. For intercompany balances, the assessment also considers the financial performance and funding position of the relevant subsidiary undertaking together with the Group's ability and intention to provide ongoing financial support where appropriate.
A financial asset is considered to be in default where there is objective evidence that the counterparty is unlikely to meet its contractual obligations in full. Indicators include significant financial difficulty, insolvency, administration, liquidation proceedings or prolonged non-payment. Trade receivables are generally considered to be in default when amounts are more than 90 days past due unless there is reasonable and supportable evidence to the contrary.
A financial asset is regarded as credit-impaired when one or more events have occurred that have a detrimental impact on the estimated future cash flows of that asset. Such events include significant financial distress of the borrower, default, insolvency or other circumstances indicating that recovery of the asset in full is unlikely.
Financial assets are written off when there is no reasonable expectation of recovery. Indicators include cessation of trading, liquidation of the debtor, bankruptcy proceedings or the exhaustion of legal recovery procedures. No financial assets were written off during the year that remained subject to enforcement activity at 31 May 2026 (2025: nil).
Expected credit losses are estimated using historical loss experience adjusted for current conditions and forward-looking information. Forward-looking information considered includes expected trading performance, forecast cash flows, funding availability and broader economic conditions where relevant. Given the nature of the Group's customer base, which consists primarily of NHS organisations, management considers the impact of macroeconomic factors on expected losses to be limited.
There were no material changes during the year to the estimation techniques or significant assumptions used in measuring expected credit losses.
The Company's principal credit risk exposure relates to amounts due from subsidiary undertakings. Expected credit losses on these balances are assessed by considering the financial position and projected cash flows of each subsidiary together with management's assessment of future funding requirements and available Group resources. Based on this assessment, management concluded that no additional material expected credit loss provision was required at 31 May 2026 other than provisions recognised elsewhere in these financial statements where indicators of impairment existed.
Reconciliation of expected credit loss allowance
2026
2025
Opening expected credit loss allowance
47,731
48,451
Increase/(decrease) in expected credit loss allowance in profit or loss
2,136
(720)
Closing ECL allowance
49,867
47,731
Gross trade receivables and expected credit loss allowance
Group
2026
2025
Gross trade receivables
49,992
49,920
Expected credit loss allowance
(49,867)
(47,731)
Net trade receivables
125
2,189
The expected credit loss allowance relates predominantly to legacy trade receivable balances that are considered unlikely to be recovered. The movement in the allowance during the year reflects management's reassessment of lifetime expected credit losses on those balances.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date is:
Group
Company
2026
2025
2026
2025
£
£
£
£
Trade and other receivables
11,271
98,538
11,146
52,459
Loans to subsidiary companies
-
-
7,531
6,365,645
Cash and cash equivalents
2,732,246
5,949,757
2,649,771
5,767,067
2,743,517
6,048,295
2,668,448
12,185,171
All financial assets mentioned in the above table are measured at amortised cost.
The measurement basis is determined by reference to both the business model for managing the financial asset and the contractual cash flow characteristics of the financial asset.
The group’s financial assets comprise of trade and other receivables and cash and cash equivalents. Trade receivables are measured at amortised cost and are carried at the original invoice amount less allowances for expected credit losses.
Analysis of trade receivables
Total
Current
30 days past due
60 days past due
90 days past due
£
£
£
£
£
Group
2026
125
-
-
-
125
2025
2,189
2,050
-
-
139
Company
2026
-
-
-
-
-
2025
-
-
-
-
-
No financial assets were written off during the year whilst remaining subject to enforcement activity (2025: nil).
The ageing analysis above reflects the carrying value of trade receivables after taking account of the associated expected credit loss allowance. This represents the maximum exposure to credit risk relating to trade receivables.
Foreign currency risk
Foreign exchange transaction risk arises when the Group enters into transactions denominated in a currency other than the functional currency.
Foreign currency amounts generated from trading are converted back to sterling and required foreign currency amounts for suppliers will be converted from sterling and the use of forward currency contracts is considered. However, the Group does not currently use any forward contracts.
The Group’s main foreign currency risk is the short-term risk associated with accounts receivable and payable denominated in currencies that are not the subsidiaries’ functional currency. The risk arises on the difference in the exchange rate between the time invoices were raised/received and the time invoices were settled/paid.
The following table shows the net assets, stated in pounds sterling, exposed to exchange rate risk that the Group and Company had at 31 May 2026 and 2025.
Group
Company
2026
2025
2026
2025
£
£
£
£
Trade Receivables
125
2,189
-
-
As at 31 May 2026 £125 (2025: £2,189) of Feedback Medical India’s net trade receivables are denominated in foreign currency. A 5% increase/fall in exchange rates would lead to a profit/loss of £6
(2025: £109). The Directors do not generally consider it necessary to enter into derivative financial instruments to manage the exchange risk arising from its operations.
Liquidity risk
Cash flow forecasting is performed for both the Group and in the operating entities of the Group. Rolling forecasts of the Group’s liquidity requirements are monitored to ensure it has sufficient cash to meet operational needs.
Financial liabilities measured at amortised cost
Group
Company
2026
2025
2026
2025
£
£
Trade and other payables
106,385
139,240
9,862
13,619
The following are maturities of financial liabilities, including estimated contracted interest payments.
Carrying amount
£
Contractual cash flow
£
6 months or less
£
Group
2026
106,385
106,385
106,385
2025
139,240
139,240
139,240
Company
2026
9,862
9,862
9,862
2025
13,619
13,619
13,619
Cash flow interest rate risk
The Group presently has no substantial interest rate risk exposure.
Capital under management
The Group considers its capital to comprise its ordinary share capital, share premium, capital reserve, and accumulated retained earnings.
The Group’s objectives when managing the capital are:
● To safeguard the Group’s ability to remain a going concern.
● To maximise returns for shareholders in order to meet capital requirements and appropriately adjust the capital structure, the Group may issue new shares, dispose of assets to pay down debt, return capital to shareholders and vary dividend payments.
There have been no changes to the group’s capital management objectives in the year, and there have been no changes to the group’s exposure to financial instrument risk in the year.
18. Share capital and reserves
2026
2025
Number
Number
Allotted, called up and fully paid ordinary shares of 1 penny:
As at start of period (01 June)
43,814,779
13,334,659
Issued during year
-
30,480,120
As at end of period (31 May)
43,814,779
43,814,779
Allotted, called up and fully paid deferred shares of 49 pence:
As at start of period (01 June)
13,334,659
-
Issued during year
-
13,334,659
As at end of period (31 May)
13,334,659
13,334,659
Share Options
Share options are granted to directors and employees. Options are conditional on the employee completing a specific length of service (the vesting period).
The options are exercisable from the end of the vesting period and lapse after ten years after the grant date. The Group has no legal or constructive obligation to repurchase or settle the options in cash.
During the year, the Company had the following share options in issue:
Grant Date
No. options as at 31 May 2025
Granted in year
Lapsed in year
Cancelled
No. options as at 31 May 2026
Exercise price (pence)
Exercisable period
26 June 18(1)
14,000
-
-
-
14,000
372
01 March 19 – 26 June 28
23 April 20(2)
25,000
-
-
-
25,000
240
01 June 20 – 24 April 30
23 February 22(3)
48,000
-
-
-
48,000
140
31 May 22 – 31 May 30
28 May 24(4)
1,503
-
1,503
-
-
140
31 May 25 – 31 May 32
28 May 24(5)
1,503
-
1,503
-
-
140
31 May 25 – 31 May 32
14 Jan 25(6)
100,000
-
-
-
100,000
20
5 years from vesting date
14 Jan 25(7)
2,436,840
-
415,575
-
2,021,265
20.8
5 years from vesting date
24 Feb 25(8)
833,361
-
625,021
-
208,340
20
5 years from vesting date
14 Jan 25(9)
550,668
-
-
-
550,668
1
5 years from vesting date
10 Jul 25(10)
-
254,117
-
-
254,117
20
5 years from vesting date
22 Apr 26(10)
-
438,148
-
-
438,148
20
5 years from vesting date
4,010,875
692,265
1,043,602
-
3,659,538
- Options vest in full on 01 March 19
- Options vest over three years as to one-third on 01 June 20, one-third on 01 June 21, and one-third on 01 June 22
- Options vest based on share price performance conditions as to one- third when the 60 day weighted average share price reaches 240p at any time during the period from 31 May 2022 to 31 May 2025, one-
third when the 60 day weighted average share price reaches 372p at any time during the period from 31 May 2023 to 31 May 2025, and one- third when the 60 day weighted average share price reaches 600p at any time during the period from 31 May 2024 to 31 May 2025
- Options vest based on share price performance conditions - first third when SP hits 240p (from 31/05/25 onwards), 2nd third when share price hits 372p (from 31/05/26 onwards) and final third when share price hits 600p (from 31/05/27 onwards)
- 50% of Options vest based on share price performance conditions - first third when SP hits 240p (from 31/05/25 onwards), 2nd third when share price hits 372p (from 31/05/26 onwards) and final third when share price hits 600p (from 31/05/27 onwards). 50% of Options vest over three years - of which: one-third in May 2025, one-third in May 2026 and one-third in May 2027
- Subject to time-based vesting conditions only with the options vesting in equal monthly tranches over three years
- The Options will vest in four equal tranches, conditional on achieving certain targets as follows: 1. 25% vest immediately - to create a retention mechanism from grant; 2. 25% vest on Reported Revenue of £8.0m; 3. 25% vest on Reported Revenue of £12.0m; and 4. 25% vest on Reported Revenue of £20.0m
- The Options will vest in four equal tranches, conditional on achieving certain targets as follows: 1. 25% vest immediately - to create a retention mechanism from grant; 2. 25% vest on Reported Revenue of £8.0m; 3. 25% vest on Reported Revenue of £12.0m; and 4. 25% vest on Reported Revenue of £20.0m.
- The Options will vest in four equal tranches, conditional on achieving certain targets as follows: 1. 25% vest immediately - to create a retention mechanism from grant; 2. 25% vest on Reported Revenue of £8.0m; 3. 25% vest on Reported Revenue of £12.0m; and 4. 25% vest on Reported Revenue of £20.0m.
- The Options will vest in four equal tranches, conditional on achieving certain targets as follows: 1. 25% vest immediately - to create a retention mechanism from grant; 2. 25% vest on Reported Revenue of £8.0m; 3.
25% vest on Reported Revenue of £12.0m; and 4. 25% vest on Reported Revenue of £20.0m.
Vesting conditions - Options vest in four equal tranches as follows: 1. 25% vest in three equal instalments annually (8.33% on each of the first, second and third anniversary of grant), 2. 25% vest on Reported Revenue of £8.0m; 3. 25% vest on Reported Revenue of £12.0m; and 4. 25% vest on Reported Revenue of £20.0m. “Reported Revenue” is either:
- a year’s revenue reported in the full year audited financial statements;
- 12 months’ revenue being H2 of the last full year audited financial statements plus H1 of the last published interim financial statements.
The parent company granted new options to the directors and employees on 10 July 2025 and 22 Apr 2026, the Bank of England Yield Curve data was used to determine the risk-free rate reasonable depending on the expected life of each tranche. Expected volatility was calculated using a peer group average of similar companies with similar sizes within a comparable industry, using the expected life of the option capped at 5 years due to reasonable assumption due to volatility and pivot of Feedback’s product.
For the options granted by the parent company to the directors and employees on 10 Jul 2025 and 22 Apr 2026, the following assumptions have been made using the Black Scholes model for each tranche:
Tranche
Date granted
Option period
Exercise price
Market value at grant
Risk free rate
BoE - yield basis
Volatility
Fair value
£
£
£
EMI option scheme (Directors and employees)
Tranche 1
10/07/2025
3.00
0.200
0.145
3.95%
3 year
62.50%
0.051
Tranche 1
10/07/2025
3.25
0.200
0.145
3.95%
3 year
89.28%
0.078
Tranche 1
10/07/2025
4.00
0.200
0.145
4.23%
4 year
108.11%
0.101
Tranche 2
10/07/2025
3.45
0.200
0.145
3.95%
3 year
97.08%
0.087
Tranche 3
10/07/2025
3.95
0.200
0.145
4.23%
4 year
101.92%
0.096
Tranche 4
10/07/2025
4.45
0.200
0.145
4.23%
4 year
110.65%
0.107
EMI option scheme (CFO)
Tranche 1
22/04/2026
3.00
0.200
0.0975
4.33%
3 year
104.22%
0.051
Tranche 1
22/04/2026
3.50
0.200
0.0975
4.33%
3 year
121.48%
0.065
Tranche 1
22/04/2026
4.00
0.200
0.0975
4.57%
4 year
122.58%
0.070
Tranche 2
22/04/2026
3.05
0.200
0.0975
4.33%
3 year
97.08%
0.047
Tranche 3
22/04/2026
3.56
0.200
0.0975
4.57%
4 year
101.92%
0.055
Tranche 4
22/04/2026
4.06
0.200
0.0975
4.57%
4 year
110.65%
0.064
The following table illustrates the number and weighted average exercise prices of, and movements in, share options during the year:
Number
Weighted average exercise price
2026
2025
2026
2025
Pence
Pence
Outstanding at 01 June
4,010,875
1,077,490
22
160
Granted in year
692,265
3,920,869
20
21
Cancelled in year
-
976,420
156
Lapsed in year
1,043,602
11,064
21
140
Outstanding at 31 May
3,659,538
4,010,875
22
22
Warrants
There are no outstanding warrants at the end of 31 May 2026.
The nature and purpose of each reserve within equity is as follows:
Share premium
- Amount subscribed for share capital in excess of nominal value
Capital reserve
- Reserve on consolidation of subsidiaries
Translation reserve
- Gains and losses on the translation of overseas operations into GBP
Retained earnings
- All other net gains and losses and transactions with owners not recognised elsewhere
Share Option Reserve
- Fair value of share options issued
19. Pensions
The Company operated a defined contribution scheme during the year, and the assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost represents contributions payable and amounted to £238,198 (2025: £238,044). A balance of £27,772 (2025: £22,254) was payable at the year end.
20. Related party transactions
Key management personnel
Details of Directors’ remuneration for the year ended 31 May 2026 and the prior year ended 31 May 2025 are set out in the Remuneration Committee report.
Management fee from Company to subsidiaries
Feedback Plc invoiced Feedback Medical Limited £433,792 for the management fee related to 2026 (2025: £429,664), with a balance of £8,786,397 being receivable as at the year end. Feedback Plc invoiced TexRAD Limited £7,531 for the management fee related to 2026 (2025: £7,171), with a balance of £7,531 being receivable as at the year end.
The Directors interests in shares of the Company are contained in the Directors’ Report.
21. Post balance sheet events
Since 31 May 2026: the contract with Queen Victoria Hospital NHS Foundation Trust has been extended to March 2027 (value: £0.1m); Queen Victoria Hospital NHS Foundation Trust has made a further project contribution of £0.25m to support Bleepa development; and 273,841 share options lapsed.
No other material post balance sheet events requiring disclosure have been identified.
22. Ultimate controlling party
There is no ultimate controlling party.
23. Annual General Meeting
The AGM will be held at DAC Beachcroft, Woolgate, 25 Basinghall St, London EC2V 5HA, on Monday 30 November 2026 at 11:00 a.m. Please refer to the Notice of AGM for full details.
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