REG - Feedback PLC - Final Results
17/09/2025 07:00
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RNS Number : 5989Z Feedback PLC 17 September 2025
Feedback plc
Full Year Results to 31 May 2025
Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the clinical
infrastructure specialist, announces its audited results for the 12 months to
31 May 2025 (the "Period").
Operational highlights
· Awarded £495k digital infrastructure contract with Queen Victoria
Hospital NHS Foundation Trust ("QVH")
· Awarded further funding to extend the delivery of community
diagnostic centre ("CDC") pathway pilot at the Northern Care Alliance NHS
Foundation Trust ("NCA") site in Oldham
· Continued to progress discussions at a both a national level and
locally with Integrated Care Boards ("ICBs")
o Focus on waitlist rationalisation within the NHS provides compelling
backdrop
o Company's solutions tailored to the broader changing landscape
· MOU signed with primary care solutions partner and NHS Trust
providing significant opportunities linked to the government's Neighbourhood
Health model
· Received HSJ Partnership Award for reducing patient wait times and
unnecessary hospital appointments through a digital breathlessness pathway
· Commenced integration of Bleepa® with key NHS referral systems to
provide greater scalability
· Broadened product functionality and reach via collaboration with
Vertex In Healthcare ("Vertex")
Financial highlights
· Revenue of £0.89m (2024: £1.18m)
· Sales(1) were £0.89m (2024: £0.95m); Bleepa contributed 90%
· EBITDA loss of £3.06m (2024: £2.73m)
· Raised gross proceeds of approximately £6.1 million via a Placing
and Retail Offer and completed a share capital reorganisation in November 2024
· Cash as at 31 May 2025 was £5.95m (31 May 2024: £3.88m)
o Sufficient for runway to early CY2027
Retail Investor Briefing, 16:00 Today
Management will be providing a presentation and hosting an Investor Q&A
session on the results and future prospects today at 16:00, through the
digital platform Investor Meet Company. Investors can sign up for free and add
to attend the presentation via the following link:
https://www.investormeetcompany.com/feedback-plc/register-investor
(https://www.investormeetcompany.com/feedback-plc/register-investor)
Questions can be submitted pre event and at any time during the live
presentation via the Investor Meet Company Platform.
Dr Tom Oakley, CEO of Feedback, said: "We have positioned the Company and our
technology base to provide digital solutions that will enable increased
efficiency at the same time as reducing the huge burden on the NHS. It is
clear that the Government is focused on addressing the numerous, well
publicised issues facing our health system. We have the relationships and
systems in place to scale up rapidly once the NHS 10-year plan and Spending
Review are complete. It's clear that the delays we have seen due to the
ongoing changes to government and NHS funding programmes have impacted our
performance during the Period, however we remain well positioned to generate
strong returns."
(1) "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).
-Ends-
Enquiries:
Feedback plc +44 (0) 20 3997 7634
Tom Oakley, CEO IR@fbk.com (mailto:IR@fbk.com)
Anesh Patel, CFO
Panmure Liberum Limited (NOMAD and Broker) +44 (0)20 7886 2500
Emma Earl /Mark Rogers (Corporate Finance)
Rupert Dearden (Corporate Broking)
Walbrook PR Ltd Tel: 020 7933 8780 or feedbackplc@walbrookpr.com
(mailto:feedbackplc@walbrookpr.com)
Nick Rome/Joe Walker 07748 325 236 or 07407 020 470
About Feedback plc
Feedback plc liberates the data and knowledge from multiple healthcare IT
systems and delivers better workflow to enable clinicians to communicate,
collaborate and provide the best healthcare for their patients. We connect
care settings with diagnostic and other relevant data to drive better, faster,
safer decision that improve outcomes for patients.
By linking different clinical systems together into a seamless view of the
patient, we can streamline patient pathways and deliver a digital health and
diagnostics record across multiple care providers.
Bleepa is our communication and collaboration platform that displays clinical
results at a certified and regulated quality, which enables multi-disciplinary
team working and diagnostic-enhanced advice and guidance. CareLocker® is our
patient-facing platform that gives patients access and control over their
diagnostic and other clinical data.
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.
https://feedbackmedical.com/
(https://urldefense.proofpoint.com/v2/url?u=https-3A__feedbackmedical.com_&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=lwwmT1lSfgELFLcwvlJQ2ZXDKcVbkQyitKwD17cChBQ&m=oBFM-ht-5vvdSXufzCuQmLfPWIaMcFGcjFY8Tl7Z-dsq0iW8FbXgExGw9gLP3va-&s=kayb21_5OhwDnHa1pJnJQjB1999VQgQynAFl7rWXro4&e=)
Chairman's statement
Foundations for growth
The election of a new Government in July 2024, with a strong majority and
ambitious vision, has offered optimism for the NHS, our largest target market.
However, changes to NHS England, operational cost reductions across NHS Trusts
and ICBs, combined with global geopolitical tensions and challenging domestic
economic conditions have impacted the Government's fiscal outlook and
near-term budget allocations. Consequently, this has proved a challenging year
for the Company.
The strength of our proposition remains clear and the opportunity for Bleepa
is more relevant than ever, as demonstrated by the successful renewal of
contracts with all our existing NHS customers with whom we continue to
generate positive outcomes. We were also selected to deliver the recent
neighbourhood health service simulation in London, and to be awarded "Most
Effective Contribution to Clinical Redesign" at the recent HSJ Partnership
Awards- fantastic recognition of the work by the Feedback team and our
partners at QVH.
However, despite the continued improvements to our platform, and the value we
have added to our existing customers, ongoing disruption across the NHS has
meant revenue growth has not reached the levels we anticipated. Nonetheless,
the Government's overall vision for the future of the NHS remains strongly
aligned with the Company's offering. The Prime Minister's six milestones
include a key health commitment: achieving a 92% Referral to Treatment ("RTT")
target within 18 weeks for elective care by 2029, and Wes Streeting's vision
of a neighbourhood health service require a crucial technology layer. Through
Bleepa, we are well positioned to support these ambitions.
The Reforming Elective Care plan, published in January 2025, strongly endorses
the outpatient model that Feedback has long championed. Additionally, the July
2025 10 Year Plan sets out a vision for a more productive, digital-first, and
collaborative NHS-an environment in which Bleepa's value proposition should
flourish once current restructuring settles.
In November, we completed a successful fundraising which was upscaled to £6.1
million (gross) - with a number of new investors participating - and completed
a share capital reorganisation. This has enabled us to continue ongoing
development of Bleepa and position it as a crucial element to support the
successful delivery of an efficient and effective health service.
Throughout the year, the Board has maintained an active and supportive role.
We endorsed revisions to Feedback's sales and marketing strategy, including
pursuing national contracts alongside targeted engagement with individual
trusts and ICBs. We continue to monitor established and emerging risks,
including cybersecurity threats and competitor developments, with vigilance.
As Chairman, I take seriously our duty to uphold robust governance that
fosters long-term shareholder value. We continue to adhere to the QCA
Corporate Governance Code, and the Board works closely with the Leadership
Team on all facets of the business. While our revenue performance has fallen
short of expectations this year, the team's dedication has driven improvement
across every other aspect of the business. Our product is more scalable and
refined, stakeholder relations have strengthened, and our regulatory and
compliance standards remain industry leading. We are also focused on enhancing
staff engagement Company wide.
The NHS's restructuring has presented an unforeseen challenge, but once the
sector stabilises, Feedback well positioned to deliver the clinician
collaboration solutions that are essential to unlocking the productivity gains
the NHS urgently needs. I remain confident in our strategy and our team's
ability to navigate these headwinds to create long-term value for shareholders
and the healthcare system.
Rory Shaw
Non-executive Chairman
16 September 2025
CEO's statement
Background
Whether in elective or neighbourhood care, the message across healthcare is
the same: a new operating model is needed, one that brings crucial patient
information together, enables clinician collaboration, embraces a
digital-first approach, and reduces supply costs. Unlocking productivity gains
remains a significant challenge for healthcare systems worldwide. High fixed
supply costs-including staffing, premises, outdated working practices, legacy
technology systems and an overemphasis on cure rather than prevention-combined
with increasing demand, often driven by demographic challenges and increased
patient complexity, limit room for manoeuvre.
In the UK, these themes underpin both the Reforming Elective Care and NHS 10
Year Plans. Against this backdrop, our successful partnership with QVH has
gained increasing significance this year. Our award-winning collaboration has
attracted attention from key stakeholders within the Department of Health and
Social Care (DHSC) and NHSE. We have already developed a model that should be
followed. For example, the breathlessness pathway we created has achieved a
63% reduction in wait times compared to the national standard 18-week RTT
target and a 90% reduction in outpatient appointments-transformative results
that align closely with national ambitions. We are now expanding this model to
five additional pathways at QVH, supported by influential national figures.
Figure 2 - How our redesigned outpatient model reduces inefficiencies in the
patient pathway
Trading conditions over the past six months have undoubtedly been the toughest
I have known, with consistent uncertainty around NHS funding, organisational
structure, and technological appetite beyond major central initiatives; a
reflection of frontline care providers seeing the value but lacking the time
or budget to drive change. The announced abolition of NHSE has caused
significant disruption across the health landscape. Additionally, the
reorganisation of ICBs, also accompanied by significant cuts to management and
back-office roles, has effectively halved management capacity at ICB and Trust
level. Alongside ongoing pressures on providers to reduce budgets, this has
left the NHS largely focused inward and hampered by uncertainty. This
environment has paused or removed several promising pipeline opportunities,
which has been hugely frustrating.
The Government's continued focus on reducing elective care waiting lists
remains encouraging. This continues to be our primary use case and the area
where Bleepa has demonstrated the most significant impact on productivity. The
direction of travel set out in the NHS 10 Year Plan is now clearer, and our
value proposition aligns closely with this. Of the three broad shifts the
Government is pursuing, two - 'analogue to digital' and 'hospital to the
community'- lie at the heart of our operating model. Our deployment diverts
patients away from unnecessary outpatient appointments, accelerates
diagnostics through straight-to-test pathways, utilises Community Diagnostic
Centres, and embeds remote consultations as standard where
appropriate-operational aims articulated in the Reforming Elective Care plan.
Core to the Reforming Elective Care plan is the ability to deliver more
activity from the existing workforce given budget and time constraints.
Bleepa's asynchronous approach enables clinicians to collaborate from
anywhere, at any time, and reduce the patient review time from approximately
30 minutes in a traditional outpatient setting, to as little as 5-6 minutes.
Bleepa can therefore deliver 5-6x the number of patient interactions whilst
also diverting 90% of patients away from the hospital, using the existing
workforce.
Funding for outpatients has also evolved this year. The Elective Recovery Fund
("ERF") has now been rolled into wider NHS funding and no longer exists as a
dedicated fund with a national price for diversion payments. The ERF has been
replaced by a fixed funding allocation to ICBs for elective recovery
(totalling £5.3bn* for 2025/26), linked to ICB indicative activity plans,
placing increased pressure on ICBs to deliver activity within a fixed
financial envelope and timeframe. The end of the national price for diversion
payments under ERF provides greater contracting flexibility between the
Company and ICBs as it stands to be paid for every patient hosted on the
platform instead of linking payment to the number of successful diversions,
aligning to Feedback's standard G-Cloud pricing and licencing model. These
increased financial pressures and simpler model of licensing will make our
product more compelling to customers.
Recently, we were chosen by PPL, the UK's leading social enterprise management
consultancy, to provide the technology underpinning a Neighbourhood Health
Record simulation. This event brought together over 100 delegates from NHSE,
the Greater London Authority, London Councils, the Office for Health
Improvement and Disparities, ICBs, local authorities across London boroughs,
and the voluntary sector. The simulation demonstrated Bleepa's adaptability
and suitability as an enabler of collaborative care delivery across various
settings. We look forward to using feedback from this exercise to refine our
product and work with partners to realise their vision of neighbourhood
health-a developing market we believe has sizeable potential.
A recurring theme from across the NHS is that many technology systems are not
interoperable. This year, we have made improvements to integrate Bleepa with
key NHS systems, providing our customers with greater access to data and
referral options, enabling Bleepa to operate as a standalone system.
The biggest internal change this year was the establishment of our External
Affairs team, aimed at improving our understanding of government priorities
and supporting the pursuit of a national rollout for Bleepa. We have engaged
extensively with the leadership teams at DHSC, NHSE, and wider political
bodies including the Tony Blair Institute. In the run-up to the Spending
Review, we submitted a detailed business case outlining the national
opportunity. While the headline figures were announced by the Chancellor in
June 2025, the detailed funding allocations for individual teams and projects
within departments have yet to be confirmed.
Improving our revenue performance remains our greatest challenge and focus. We
have clarified our value proposition, enhanced our competitor analysis, and
revised our sales strategy and team. Our product delivers clear and
demonstrable benefits, and we continue to operate to the highest regulatory
and compliance standards. We have also established a new partnership with
Moorhouse Consulting as an implementation partner in anticipation of wider
rollouts. Despite the challenges of recent months, we are ready to respond as
soon as the NHS begins to look outwards again, at both local and national
levels.
Business strategy
The long sales cycle associated with our target customers-particularly within
the NHS-has required a business strategy focused on flexibility and breadth.
We have deliberately positioned Bleepa to deliver a broad value proposition
built around clinical collaboration, productivity, and bridging care settings.
This has allowed us to pursue multiple customer segments simultaneously,
enabling us to pivot when needed and capture emerging opportunities. While
sales cycles remain lengthy and to date new sales have been impacted by
significant changes within the NHS and NHS procurement challenges, we
anticipate that they are offset by the long-term value of each contract, with
most renewing annually over several years post-sale.
This year, we embedded a new sales strategy that leverages data insights to
better identify and target priority customers. Our focus has been on those NHS
Trusts and ICBs with the fewest operational barriers, strong potential for
impact based on waiting list data, and existing access to senior
decision-makers. We've also expanded our stakeholder engagement to include
wider networks within these organisations to drive adoption and
implementation. In parallel, we have significantly increased our engagement
with central government and the DHSC. Our product addresses national
challenges in outpatient care and offers scalable, uniform productivity
improvements, making us well-positioned for central procurement. We've
actively shaped conversations with DHSC and NHSE, aligning our value
proposition with their strategic objectives to reduce waiting lists within
existing budget constraints.
The most transformative impact of Bleepa lies in its deployment as a Single
Point of Access (SPoA) tool across a revised outpatient model, which the
partnership with Moorhouse Consulting positions us strongly to implement. We
continue to explore further partnerships-both to raise awareness and to ensure
Bleepa supports every stage of a modernised patient pathway.
While elective care has been our primary focus, Bleepa's adaptability extends
to other healthcare contexts where secure collaboration and data sharing are
essential, and we're working hard to demonstrate this in practice-the PPL
simulation showcased Bleepa's potential as a key enabler for shifting services
from hospitals into community settings. While the commercial model behind
neighbourhood health is still evolving, our involvement positions us well to
shape its future development-and our role within it.
Outside of elective care, on 19 September 2024 we announced an MOU with a
primary care solutions partner with the intention of exploring opportunities
to jointly develop a novel Neighbourhood Diagnostics Solution. After an
initial period of constructive discussion and collaboration, the pace of these
discussions was adversely impacted by a number of factors outside of the
control of the Company including changes to the NHS and the partner going
through significant organisational changes. However, we have now re-commenced
constructive discussions which could open up an alternative route to market
for Bleepa with this partner.
Operational review
Bleepa
Executing an agile strategy has required continued focus, team discipline, and
product evolution. This year, we made the decision to pause development of
CareLocker® and Feedback Connect® as standalone product offerings to focus
resources entirely on Bleepa. In preparedness for any regional or national
roll out. Product development has centred on integrations with the main NHS
systems (GP Connect, PDS, MIG, and eRS and NHSMail as a single sign on, have
all been successfully integrated) so that Bleepa can operate as a scalable
one-stop shop for users. Given growing government scrutiny around poor
interoperability in healthcare IT, we believe our integration-first approach
provides a strong competitive advantage. We've also made targeted improvements
to the user experience based on clinician feedback.
International
While the NHS remains our core customer base, we have been actively building a
pipeline of international opportunities to diversify our revenue streams.
During the Period, Feedback Medical India Limited (100% subsidiary), secured a
paid pilot with a large hospital group which has a presence across Asia, and
launched its first paid pilot for live TB screening programme with HEAL
Foundation arising from the partnership announced in March 2024. Despite this
early success we believe that larger commercial opportunities are still a way
off, given the complexity of this market and the length of decision making
process. Post Period, given the increasing uncertainty in our domestic market,
we have decided to curtail activities in India for the time being in order to
extend our cash runway position. We remain open to reactivating and
reinvesting in India subject to stronger traction and revenue growth in our
core UK market.
As part of our broader sales strategy, we have initiated exploratory work in
other international markets to a limited degree, led by an external
consultant. Post Period, I visited North America and also participated in a
Life Sciences Trade Mission to Canada, to begin early discussions with
potential partners and customers. The requirements identified by potential
customers overlap strongly with the existing use case and value proposition
for Bleepa, and early analysis of the regulatory requirements is favourable.
With procurement cycles in the UK often delayed by structural inertia, we are
prudently equipping ourselves with strategic alternatives.
Our product and value proposition remain a very clear and compelling solution
for the NHS. However, since March 2025, significant changes have unfortunately
delayed decision-making processes. While I remain confident that new
opportunities will emerge within the NHS, we will continue to proportionately
explore other markets and avenues to offset these delays and support
sustainable growth.
Financial review
We consistently manage our financial resources prudently and have taken
sensible steps to explore other markets either as an alternative or as an
addition to the UK and India.
2025 2024
Key performance indicators £m £m
Revenue 0.89 1.18
Gross margin 88% 93%
Sales (non IFRS) 0.89 0.95
Operating expenses (5.15) (4.79)
Operating loss (4.21) (3.69)
EBITDA loss (non IFRS) (3.06) (2.73)
Cash outflows from operating activities (2.82) (2.22)
Cash outflows from investing activities (0.72) (1.22)
Cash & cash equivalents end of period 5.95 3.88
Intangible assets 0.56 4.07
Contract liabilities (deferred income) 0.22 0.22
Net assets 6.16 7.64
Revenue for the year ended 31 May 2025 decreased 25% to £0.89m (2024:
£1.18m), due to the prior period including non-recurring revenue from the CDC
pilot contracts and software development fees from Image Engineering,
partially offset by QVH converting to a full contract at a higher contract
value and other existing NHS customers renewing with inflationary uplifts.
Bleepa contributed 90% (2024: 87%). Gross margin reduced to 88% (2024: 93%)
driven by the fall in revenue.
Sales, a non IFRS measure representing the total customer contract value
invoiced in a period, decreased 5%, reflecting lower contract wins in the
Period. Bleepa contributed 90% (2024: 85%) and Image Engineering license fees
6% (2024: 12%). Sales are recognised as revenue monthly 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) and recognised as revenue in the
forthcoming financial year. Contract liabilities (or deferred income) as at
period end was £0.22m (2024: £0.22m).
Operating expenses increased 7% to £5.15m (2024: £4.79m), primarily due to
headcount expansion and cost-of-living wage increases, higher non-cash share
based payments expense of £0.22m (2024: £0.07m) including a one-off
accelerated charge on surrendered share options of £0.07m (2024: Nil) and
higher depreciation and amortisation costs of £1.15m (2024: £0.96m), offset
by lower spend on advertising and marketing activities ahead of visibility on
the fundraise. Operating loss increased 14% to £4.21m (2024: £3.69m). EBITDA
loss widened 12% to £3.06m (2024: £2.73m).
Cash outflows from operating activities widened 27% to £2.82m (2024: £2.22m)
primarily driven by the higher EBITDA loss and lower R&D tax credit refund
in the Period. Cash outflows from investing activities decreased 41% to
£0.72m (2024: £1.22m) due to lower spend with outsourced software
development partners to preserve cash and Bleepa's maturity. The Group's cash
position as at 31 May 2025 was £5.95m (31 May 2024: £3.88m) which we believe
provides sufficient runway to early CY2027. This follows the successful
fundraising of £6.1m (gross) during the year.
Intangible assets reduced to £0.56m (2024: £4.07m) due to lower software
development expenditure, higher amortisation and a one-off impairment charge
of £3.19m (2024: Nil) arising from the increasing uncertainty in the
Company's trading environment, notably the ongoing NHS restructuring. In
preparing the impairment assessment and reflecting that commercial progress
has to date been slower than anticipated, conservative assumptions were
required to be applied, for example, assuming no additional new customer wins
over a five-year period; however, the Board continues to believe the
technology has significant potential, and this impairment does not reflect
their commercial assessment of the value of the Group's intangible assets.
Under IFRS, an impairment loss can be reversed in future accounting periods if
the circumstances that caused the original loss have been reversed. Net assets
decreased to £6.16m (2024: £7.64m) as at 31 May 2025.
Outlook
Undoubtedly the rhetoric of the Secretary of State and the Interim Chief
Executive of the NHS is as aligned to Feedback's expertise and deployment as
it is possible to be. However, a shift is needed within the NHS - be it
budgetary, a central mandate around technology adoption, or operational
capacity; ideally all three - for the NHS to achieve its objectives, and for
companies like Feedback to thrive. The issues we're facing are systemic and
very difficult but despite these challenging circumstances, we have succeeded
in raising awareness of our compelling product and impact with key decisions
makers within DHSC and NHSE, and our more targeted sales strategy has led to
positive and detailed discussions.
We continue local discussions with ICBs and NHS Trusts but are gaining more
visibility of an opportunity to position Bleepa as a national solution with
central NHS teams and feel that the national route may be more viable given
increased pressures and tighter finances at the local level. In recent weeks
we have also reinvigorated discussions with our primary care partner to open
up alternative routes to market. Whilst progress has been slower than
expected, management remain confident that there continues to be a sizable
opportunity in the UK.
Post Period, to preserve our cash resources, we have taken steps to
significantly reduce spend by curtailing activities in India, significantly
downsizing our outsourced software development team in Poland, and identifying
other areas of future cost savings to extend runway even further - we believe
the current cash position provides runway to early CY2027 on this basis. The
NHS remains our most obvious and natural market, but at the moment the biggest
challenge we have is navigating this period of organisational change and
delays it has created, as it is clear that Bleepa can play a very critical
role in delivering the NHS outlined in the 10 Year Plan and that there is
significant pent-up demand for the benefits of what Bleepa and asynchronous
working can do across the NHS.
Dr Tom Oakley
Chief Executive Officer
16 September
2025
Consolidated Statement of Comprehensive Income
for the year ended 31 May 2025
Note 2025 2024
£ £
Revenue 4 885,623 1,181,544
Cost of sales (106,976) (79,129)
Gross profit 778,647 1,102,415
Other Income 4 159,964 -
Other operating expenses 5 (5,149,158) (4,792,548)
Operating loss 6 (4,210,547) (3,690,133)
Impairment of intangible assets 14 (3,192,429) -
Net finance income 7 117,813 93,135
Loss before taxation (7,285,163) (3,596,998)
Tax (charge)/credit 9 (32,260) 298,631
Loss after tax attributable to the equity shareholders of the Company (7,317,423) (3,298,367)
Other comprehensive income/(losses)
Items that are or may be reclassified subsequently to profit or loss
Translation difference on overseas operation 10,856 (241)
Total comprehensive loss for the year (7,306,567) (3,298,608)
Loss per share (pence)
Basic and diluted* 11 (25.50) (24.74)
The notes below form part of these financial statements
Consolidated Statement of Changes in Equity
for the year ended 31 May 2025
GROUP Share Capital Share Premium Capital Reserve Retained Earnings Translation Reserve Share option Reserve Total
£ £ £ £ £ £ £
At 31 May 2023 6,667,330 15,350,241 299,900 (11,767,246) (212,239) 530,897 10,868,883
Loss of the year - - - (3,298,367) - (3,298,367)
Other comprehensive loss for the year (241) (241)
Total Comprehensive Loss for the year - - - (3,298,367) (241) - (3,298,608)
Share-based payments - - - - - 74,462 74,462
Total transactions with owners - - - - 74,462 74,462
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 - - - (7,317,423) - - (7,317,423)
Other comprehensive loss for the year - - - - 10,856 - 10,856
Total Comprehensive Loss for the year - - - (7,317,423) 10,856 - (7,306,567)
New shares issued 304,800 5,791,223 - - - - 6,096,023
Costs associated with the raising of funds - (486,536) - - - - (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 20,654,928 299,900 (22,383,036) (201,624) 822,289 6,164,587
The notes below form part of these financial statements
Company Statement of Changes in Equity
for the year ended 31 May 2025
COMPANY Share Capital Share Premium Retained Earnings Share option Reserve Total
£ £ £ £ £
At 31 May 2023 6,667,330 15,350,241 (5,711,784) 530,897 16,836,684
Loss for the year and Total comprehensive loss for the year - - (1,488,345) - (1,488,345)
Share-based payments - - - 74,462 74,462
Total transactions with owners - - - 74,462 74,462
At 31 May 2024 6,667,330 15,350,241 (7,200,129) 605,359 15,422,801
Loss of the year and Total comprehensive loss for the year - - (15,519,728) - (15,519,728)
New shares issued 304,800 5,791,223 - - 6,096,023
Costs of new shares issued - (486,536) - - (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
The notes below form part of these financial statements
Consolidated Balance Sheet
for the year ended 31 May 2025
2025 2024
Notes £ £
Assets
Non-current assets
Property, plant and equipment 13 11,583 12,993
Intangible assets 14 564,216 4,068,136
575,799 4,081,129
Current assets
Trade and other receivables 15 98,538 81,641
Corporation tax receivable 129,516 298,644
Cash and cash equivalents 5,949,757 3,877,503
6,177,811 4,257,788
Total assets 6,753,610 8,338,917
Equity
Capital and reserves attributable to the Company's equity shareholders
Called up share capital 18 6,972,130 6,667,330
Share premium account 18 20,654,928 15,350,241
Capital reserve 18 299,900 299,900
Translation reserve 18 (201,624) (212,480)
Share option expense reserve 18 822,289 605,359
Retained earnings 18 (22,383,036) (15,065,613)
Total equity 6,164,587 7,644,737
Liabilities
Current liabilities
Trade and other payables 16 589,023 694,180
589,023 694,180
Total liabilities 589,023 694,180
Total equity and liabilities 6,753,610 8,338,917
The notes below form part of these financial statements
Consolidated Cash Flow Statement
for the year ended 31 May 2025
2025 2024
£ £
Cash flows from operating activities
Loss before tax (7,285,163) (3,596,998)
Adjustments for:
Net finance income (117,813) (93,135)
Other Income - R&D tax credit (159,964) -
Depreciation and amortisation 1,146,711 957,549
Impairment of intangible assets 3,192,429 -
Translation difference in overseas operation 10,856 (241)
Share based payment expense 216,930 74,469
Decrease/(Increase) in trade receivables (1,079) 129,714
Decrease/(Increase) in other receivables (15,818) 13,947
Increase/(Decrease) in trade payables (66,166) 116,085
Increase/(Decrease) in other payables (38,990) (277,361)
Corporation tax received 296,832 455,628
Total adjustments 4,463,928 1,376,655
Net cash used in operating activities (2,821,235) (2,220,343)
Cash flows from investing activities
Purchase of tangible fixed assets (10,450) (12,506)
Purchase of intangible assets (823,361) (1,300,318)
Interest Income 117,813 93,135
Net cash used in investing activities (715,998) (1,219,689)
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 2,072,254 (3,440,031)
Cash and cash equivalents at beginning of year 3,877,503 7,317,534
Cash and cash equivalents at end of year 5,949,757 3,877,503
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.
These Financial Statements were authorised for issue by the Board of Directors
on 16 September 2025.
2. Adoption of the new and revised International Financial Reporting
Standards
The Company has adopted all of the new or amended Accounting Standards and
Interpretations issued by the International Accounting Standards Board (IASB)
that are mandatory for the current reporting period.
The following new and revised Standards and Interpretations are relevant to
the Company, but the Company has not early adopted these new standards. The
Directors do not anticipate that the adoption of these standards will have a
material impact on the reported results of the Company:
- IFRS 1 - First-time adoption of International Financial
Reporting standards - amendments resulting from annual improvements to IFRS
accounting standards - Volume 11 (hedge accounting by first-time adopter)
- IFRS 7 - Financial Instruments: Disclosures; amendments
regarding classification and measurement of financial instruments, amendments
regarding annual improvements Accounting Standards - Volume 11 (Gain or loss
on derecognition, deferred difference between fair value and transaction price
and credit risk disclosures). Amendments regarding the supplier finance
arrangements.
- IFRS 9 - Financial Instruments: amendments regarding
classification and measurement of financial instruments, amendments regarding
annual improvements Accounting Standards - Volume 11 (Lessee derecognition of
lease liabilities and Transaction price)
- IFRS 10 - Consolidated Financial Statements - Amendments
resulting from Annual Improvements to IFRS Accounting Standards - Volume 11
(Determination of a 'de facto agent')
- IFRS 18 - Presentation and Disclosures in Financial Statements
- IFRS 19 - Subsidiaries without Public Accountability:
Disclosures
- IAS 7 - Statement of Cash Flows - Amendments resulting from
Annual Improvements to IFRS Accounting Standards - Volume 11 (Cost method) and
amendments regarding supplier finance arrangements
- IAS 21 - The effects of changes in foreign exchange rates - lack
of exchangeability
3. Significant accounting policies
(a) 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.
(b) 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
2025 and 2024 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.
(c) Going Concern
The Group incurred a net loss of £7,306,567 for the year ended 31 May 2025
however it had net assets of £6,164,587 inclusive of £5,949,757 of cash and
cash equivalents at 31 May 2025.
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 September
2026, including downside scenarios. After making enquiries, the Directors have
a reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future, and that the Group and
Company will have sufficient funds to continue to meet their liabilities,
including providing financial support to the Company's subsidiaries, as they
fall due for at least twelve months from the date of approval of the financial
statements. Accordingly, the Directors believe that the Group and Company are
a going concern and have therefore prepared the financial statements on a
going concern basis.
(d) 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 significant intangible asset cost related to external software
development of products which are integral to the trade of the Group's medical
imaging products.
Amortisation and impairment charges are recognised in other operating expenses
in the income and expenditure account. Internal development costs are not
capitalised but written off 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 written off 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.
(e) Valuation of Investments
Investments held as non-current assets are stated at cost less provision for
impairment.
(f) 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.
(g) 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.
(h) 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.
(i) 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 rates ruling 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.
(j) Revenue recognition
Sales transactions include software installation, software licenses,
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 software consultancy and similar services
is recognised as the services are performed and completed. The invoice is
recognised on a linear basis over the duration of the contract. Revenue
relating to the sale of software licences such as Bleepa or associated support
services is recognised over the contractual period to which the licence
relates or the duration of the support contract.
Revenue recognised from the sale of TexRAD software and related scientific
support services are recognised over the estimated duration of the Group's
involvement in a customer's project which is considered to represent its
performance obligation. This is that the Group will provide the support
required as agreed when the sale was made.
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.
(k) 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.
(l) 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.
(m) 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.
(n) 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.
(o) 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:
· Intangible assets - Patent and trademark applications are included
at cost less amortisation and impairment. Other intangible assets including
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 post
impairment of £564,216 at the 31 May 2025 year-end, 2024: £4,068,136), 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 conservative assumptions 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:
o a pretax discount rate of 20.15%
o Forecast period of 5 years, without any terminal value
o Revenues generated from existing customer contracts only
Given the inherent uncertainty in these assumptions, the carrying value of the
intangible assets is sensitive to changes in key estimates. The most
significant risks to the carrying amount are:
o Discount rate sensitivity in that an increase would reduce the recoverable
amount
o NHS contract wins and timing, lower or slower conversion of expected sales
forecast impacting future cash flow projections
o Growth rates affected due to market conditions, impacting future cash
flows
A reasonable possible change in any of these key assumptions could result in a
material change to impairment loss. The Group and management continue to
monitor these assumptions when reassessing the intangible assets.
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.
· 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.
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
imaging and head office. The trading activities of the Company solely relate
to Medical Imaging, Feedback Medical Imaging India and the Head Office covers
the costs of running the parent company, Feedback PLC.
Year ended 31 May 2025 Medical Imaging Feedback Medical Imaging 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)
Impairment of intangible assets (3,192,429) - - (3,192,429)
Depreciation and amortisation (1,146,387) (324) - (1,146,711)
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 (832,241) (1,569) - (833,810)
The revenues from external customers in 2025 are comprised of the following
products Bleepa: £794,440, Image Engineering license fees: £57,545 and
legacy products Cadran PACS: £33,638.
Medical Imaging Head Office Total
Year ended 31 May 2024
£ £ £
Revenue
External 1,181,544 - 1,181,544
Expenditure
Total (excluding depreciation and amortisation) (2,829,839) (991,154) (3,820,993)
Depreciation and amortisation (957,549) - (957,549)
Loss before tax (2,605,844) (991,154) (3,596,998)
Tax credit 298,631 - 298,631
Balance sheet
Total assets 4,467,243 3,871,674 8,338,917
Total liabilities (608,888) (85,292) (694,180)
3,858,355 3,786,382 7,644,737
Capital expenditure (all located in the UK) (1,312,824) - (1,312,824)
Reported segments' assets are reconciled to total assets as follows:
External revenue by Non-current assets by
location of customer location of assets
2025 2024 2025 2024
£ £ £ £
United Kingdom 822,676 1,058,956 589,023 4,081,129
Europe - - - -
Rest of the world 62,947 122,588 - -
Total 885,623 1,181,544 589,023 4,081,129
£221,378 of revenue recognised in the current year was recorded in contract
liabilities in the prior year (2024: £441,048).
Major customers
During the year ended 31 May 2025, the Group generated £491,250 of revenue
from one customer in the United Kingdom, which is equal to 55% of total Group
revenues in the year. Major customer from the rest of the world is located in
USA and accounts for £57,545 of group revenue generated.
5. Other operating expenses
2025 2024
£ £
Administrative costs:
Employment and other costs 4,002,447 3,834,999
Amortisation and depreciation costs 1,146,711 957,549
5,149,158 4,792,548
6. Operating loss
2025 2024
£ £
This is stated after charging
Owned assets 11,860 14,422
Amortisation of intangible assets 1,134, 852 943,128
Impairment of intangible assets 3,192,429 -
Provision for doubtful debts (720) (320)
Foreign exchange differences 36,621 26,122
Auditors' remuneration
Audit of parent company and group financial statements 25,200 22,170
Audit of subsidiaries 16,800 14,780
7. Net finance income
2025 2024
£ £
Interest received 117,813 93,135
117,813 93,135
8. Directors and employees
2025 2024 2025 2024
Average Average Year-end FTE Year-end FTE
Number of employees
Selling and distribution 6 2 7 3
Administration 16 17 15 17
Research and development 7 7 7 7
29 26 29 27
2025 2024
£ £
Staff costs
Wages and salaries 2,293,588 2,138,863
Social security costs 262,068 250,428
Payments to defined contribution pension scheme 238,044 225,800
Share based payment expense 216,930 74,469
3,010,630 2,689,560
Details of Directors' remuneration for the year ended 31 May 2025 and the
prior year ended 31 May 2024 are set out in the Remuneration Committee report.
9. Taxation on loss
2025 2024
£ £
(a) The tax credit for the year:
UK Corporation tax 1,867 (298,631)
Deferred Tax:
Origination and reversal of timing differences 30,393 -
Current tax (credit)/expense 32,260 (298,631)
32,260 (298,631)
(b) Tax reconciliation
Loss before tax (22,108,134) (4,507,137)
Loss at the standard rate of corporation tax in the UK of 25% (2023 - 20%) (5,527,033) (1,126,784)
Fixed asset differences 1 (1,665)
Expenses non-deductible for tax purposes 3,796,893 270,884
Other permanent differences (298) 164
Additional deduction for R&D expenditure - (345,517)
Surrender of tax losses for R & D tax credit refund - 448,368
Deferred tax not recognised 1,760,830 455,637
Foreign tax credits 1,867 282
Tax charge for the year 32,260 (298,631)
(c) Factors which may affect future tax charges
In view of the tax losses carried forward
there is a deferred tax amount of approximately -£3,727,451 (2024:
£1,966,621) 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 -£1,289,666 (2024:
£1,179,468) 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
£15,519,728 (2024 loss: £1,488,345). The loss for the financial year 2025
includes an impairment charge on the investment in its subsidiary Feedback
Medical Ltd of £14,699,125, further detail on this can be found in note 12.
11. Loss per share
Basic loss per share is calculated by reference to the loss on ordinary
activities after taxation of £7,317,423, (2024: £3,298,367) and on the
weighted average shares in issue of 28,699,980 (2024: 13,334,659).
2025 2024
£ £
Net loss attributable to ordinary equity holders (7,317,423) (3,298,367)
2025 2024
Weighted average number of ordinary shares for basic earnings per share 28,699,980 13,334,659
Effect of dilution:
Share Options - -
- -
Warrants
Weighted average number of ordinary shares adjusted for the effect of dilution 28,699,980 13,334,659
Loss per share (pence)
Basic (25.50) (24.74)
Diluted (25.50) (24.74)
There is no dilutive effect of the share options and warrants as the dilution
would be negative for the periods presented. There are 4,010,875 share options
outstanding as at 31 May 2025 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 2023 12,317,795 12,317,795
Addition (see note below) 8,080 8,080
At 31 May 2024 12,325,875 12,325,875
Addition (see note below) 54,226 54,226
As at 31 May 2025 12,380,101 12,380,101
Provision for impairment
At 31 May 2023 2,817,693 2,817,693
Additional impairment included in operating expenses 1,004,649 1,004,649
At 31 May 2024 3,822,342 3,822,342
Additional impairment included in operating expenses (see note below) 8,557,759 8,557,759
At 31 May 2025 12,380,101 12,380,101
Net Book Value
At 31 May 2025 - -
At 31 May 2024 8,503,533 8,503,533
All of the above investments are unlisted.
The cost additions in 2025 of £54,226 are related to options in Feedback
Medical Limited which would be satisfied with Feedback Plc shares if/when they
are exercised.
The impairment loss in 2025 by the Company (Head Office segment) primarily
relates to a £8,557,657 impairment against the cost of investment in the
principal operating subsidiary of the Group, Feedback Medical Limited. The
carrying value of the Company's investment in Feedback Medical Limited was
£8,557,657 prior to an impairment review and has now been fully impaired. A
full impairment of £102 against the cost of investment in Feedback Medical
India PVT Limited was also made.
The total carrying value of the Company's equity investment plus loan
investment of £6,141,468 in Feedback Medical Limited was £14,699,125 prior
to an impairment review.
The impairment review, which is performed annually or more frequently if
events or changes in circumstances indicate a potential impairment, compares
the carrying value to the recoverable amount, being the higher of value in use
("VIU") and fair value less costs to sell.
Management prepared five-year cash flow forecasts (aligned with IAS 38) under
several scenarios reflecting a range of potential outcomes. To ensure a
prudent assessment the most conservative scenario was selected as the basis
for the impairment review, with a modest revenue growth rate of 5% (Level 3 of
the fair value hierarchy) over this five-year period and without any terminal
value, inherently assuming no new customer wins. The cashflows were discounted
using a discount rate (pre-tax) of 20.15% (Level 3 input of fair value
hierarchy). Management has determined the VIU of Feedback Medical Limited as
being Nil under these conservative assumptions.
On this basis, the recoverable amount has a shortfall compared to the total
carrying value of £14,699,125 (equity investment plus loan) and therefore an
impairment of £14,699,125 has been recognised, of which £8,557,657 has been
recognised against the equity investment in Feedback Medical Limited, bringing
the carrying value to Nil (2024: £8,503,533) and £6,141,468 has been
recognised against the loan investment in Feedback Medical Limited, also
bringing this carrying value to Nil.
Sensitivity analyses of key inputs have been performed, which would result in
a change to the impairment conclusion as follows:
Sensitivity VIU (recoverable amount) Impairment
-2% change in discount rate Nil £14,699,125
10% annual revenue growth £334,777 £14,364,349
25% annual revenue growth £4,830,163 £9,868,963
50% annual revenue growth £18,016,765 Nil
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. No impairment reversals were recognised during the year.
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 £1
Bleepa Limited Dormant England 100%
Ordinary £2
Feedback Medical Limited Medical Imaging England 100%
A Ordinary £1
100% B Ordinary 1p
Feedback Medical India Private Limited Medical Imaging India Direct 0.1% and Indirect 99.9% Ownership 100%
Ordinary INR 10
TexRAD Limited Medical Imaging 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 Shop G 183, Ground Floor,
Raghuleela, Mega Mall, SV Road, Kandivali West, Mumbai, Mumbai City,
Maharashtra, India, 400067. The statutory year end for Feedback Medical India
Private Limited is 31 March.
Each of the other subsidiary's 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 2023 71,038 71,038
Additions 12,506 12,506
At 31 May 2024 83,544 83,544
Additions 10,450 10,450
As 31 May 2025 93,994 93,994
Depreciation
At 31 May 2023 56,129 56,129
Charge for the year 14,422 14,422
At 31 May 2024 70,551 70,551
Charge for the year 11,860 11,848
At 31 May 2025 82,411 82,399
Net Book Value
At 31 May 2025 11,583 11,583
At 31 May 2024 12,993 12,993
14. Intangible assets
Software Intellectual Property Total
development
£ £ £
Cost
At 31 May 2023 5,630,692 197,852 5,828,544
Additions 1,293,342 6,976 1,300,318
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
Amortisation and Impairment
At 31 May 2023 1,952,123 165,475 2,117,598
Amortisation charge for year 932,383 10,745 943,128
At 31 May 2024 2,884,506 176,220 3,060,726
Impairment 3,175,233 17,196 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
Net Book Value
At 31 May 2025 564,216 - 564,216
At 31 May 2024 4,039,528 28,608 4,068,136
An impairment review for the cash generating unit (CGU) - Bleepa has been
performed based on its VIU. Bleepa belongs to the Medical Imaging reportable
segment. Management prepared five-year cash flow forecasts (aligned with the
useful life of the intangible assets) under several scenarios reflecting a
range of potential outcomes. To ensure a prudent assessment the most
conservative scenario was selected as the basis for the impairment review,
whereby revenues are assumed to be generated from existing customer contracts
only of which only two customers renew annually over this five-year period and
without any terminal value.
The cashflows were discounted resulting in an NPV of £564,216 in this
conservative scenario. This compares to a pre-impairment carrying amount of
£3,764,517, resulting in the recognition of an impairment loss of
£3,192,429. The impairment loss has been allocated to individual assets that
constitute the Bleepa CGU in accordance with IAS 36 (104-105). The primary
events and circumstances that led to the recognition of an impairment loss
were:
· Fall in the share price of parent company Feedback plc;
· Uncertainty around NHS contracts and the timing of those contracts due
to the ongoing merging of NHSE with the DHSC and the requirement for ICBs to
reduce operational costs; and
· Wider macro-economic environment of the UK having an effect on growth
rates.
Key assumptions applied in the VIU assessment:
· Discount rate (pre-tax) of 20.15% using the Capital Asset Pricing
Model (CAPM), with the following key assumptions:
- Beta of 2.0, considered conservative when benchmarked against comparable
companies
- Risk-free rate of 4.7% based on the UK 10-year government bond
- Equity risk premium of 5.1% based on latest publicly available data
- Business risk premium of 5.0%
- Long term gearing target of 11.1%
· Forecast period: 5 years, without any terminal value
· Revenues from existing customer contracts only of which only two
customers renew annually
Sensitivity analyses of key inputs has been performed, which would result in a
change to the impairment conclusion as follows:
Sensitivity VIU (recoverable amount) Impairment
+2% change in discount rate £556,744 £3,207,773
-2% change in discount rate £588,437 £3,176,079
+50% change in revenue £1,252,032 £2,512,484
-20% change in revenue £358,884 £3,405,633
Summary:
Carrying value before impairment £3,764,517
VIU (recoverable amount) £564,216
Impairment loss recognised £3,192,429
Management considers that the revised carrying amount of the intangible assets
reflects their recoverable amount as at 31 May 2025. In preparing the
impairment assessment, conservative assumptions were required to be applied,
for example, assuming no additional new customer wins over a five-year period.
The Board continues to believe that the technology has significant potential,
and this impairment does not reflect their commercial assessment of the value
of the Group's intangible assets. 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. No impairment reversals were recognised
during the year.
15. Trade and other receivables
Group Company
2025 2024 2025 2024
£ £ £ £
Amounts falling due within one year
Trade receivables 2,189 1,110 - -
Other receivables 13,069 10,601 11,919 9,868
Prepayments 73,623 59,720 40,540 33,715
Accrued Revenue 9,657 10,210 - -
98,538 81,641 52,459 43,583
16. Trade and other payables
Group Company
2025 2024 2025 2024
£ £ £ £
Amounts falling due within one year
Trade payables 113,589 179,755 13,619 9,654
Other payables 25,650 21,412 - -
Other taxes and social security 76,184 98,394 19,966 18,503
Accruals 149,422 178,163 63,620 57,123
Contract liabilities 224,178 216,456 - -
589,023 694,180 97,205 85,280
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 is exposed to credit risk primarily on its trade receivables, which
are spread over a range of countries, a factor that helps to dilute the
concentration of the risk. 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 £Nil has been recognised during the year (2024:
£Nil) for trade receivables measured at an amount equal to lifetime expected
credit losses.
The Group holds no collateral. It has a minimal risk policy with funds held
following fund raises so it holds the vast majority of its cash with
mainstream UK banks.
The Group's customers were primarily the NHS in 2025, for which the risk of
default has been assessed to be immaterial.
The carrying amount of financial assets represents the maximum credit
exposure. The maximum exposure to credit risk at the reporting date is:
Group Company
2025 2024 2025 2024
£ £ £ £
Trade and other receivables 98,538 81,641 52,459 43,583
Loans to subsidiary companies - - 6,365,645 3,132,873
Cash and cash equivalents 5,949,757 3,877,503 5,767,067 3,828,092
6,048,295 3,959,144 12,185,171 7,004,548
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
30 days past due 60 days past due 90 days past due
Total Current
£ £ £ £ £
Group
2025 2,189 2,050 - - 139
2024 1,110 - 1,110 - -
Company
2025 - - - - -
2024 - - - - -
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 2025.
Group Company
2025 2024 2025 2024
£ £ £ £
Trade Receivables 2,189 - - -
As at 31 May 2025 £2,189 (2024: £Nil) of Feedback Medical Indias's net trade
receivables are denominated in foreign currency. A 5% increase/fall in
exchange rates would lead to a profit/loss of £109 (2024: £Nil). 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
2025 2024 2025 2024
£ £
Trade and other payables 139,240 201,167 13,619 9,654
The following are maturities of financial liabilities, including estimated
contracted interest payments.
Carrying amount Contractual cash flow 6 months or less
£ £ £
Group
2025 139,240 139,240 139,240
2024 201,167 201,167 201,167
Company
2025 13,619 13,619 13,619
2024 9,654 9,654 9,654
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
2025 2024
Number Number
Allotted, called up and fully paid ordinary shares of 1 penny:
As at start of period (01 June) 13,334,659 13,334,659
Issued during year 30,480,120 -
As at end of period (31 May) 43,814,779 13,334,659
Allotted, called up and fully paid deferred shares of 49 pence:
As at start of period (01 June) - -
Issued during year 13,334,659 -
As at end of period (31 May) 13,334,659 -
During 2025, Feedback plc successfully raised approximately £6.1 million
(gross) through a placing, subscription, and retail offer, issuing a total of
30,480,120 new ordinary shares at 20 pence each, with admission to AIM
occurring on 29 November 2024.
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 2024 Granted in year Lapsed in year Cancelled No. options as at 31 May 2025 Exercise price (pence) Exercisable period
26 June 18((1)) 14,000 - - 14,000 372 01 March 19 - 26 June 28
09 April 19((2)) 46,660 - - 46,660 - 218 09 April 19 - 09 April 29
23 April 20((3)) 75,000 - - 50,000 25,000 240 01 June 20 - 24 April 30
06 August 20((4)) 67,493 - - 67,493 - 240 06 August 20 - 06 August 30
23 February 22((5)) 723,752 - - 675,752 48,000 140 31 May 22 - 31 May 30
23 February 22((6)) 83,859 - - 83,859 - 140 23 February 23 - 23 February 32
28 May 24((7)) 49,188 - 5,532 42,153 1,503 140 31 May 25 - 31 May 32
28 May 24((8)) 17,538 - 5,532 10,503 1,503 140 31 May 25 - 31 May 32
14 Jan 25((9)) - 100,000 - - 100,000 20 5 years from vesting date
14 Jan 25((10)) - 2,436,840 - - 2,436,840 20.8 5 years from vesting date
24 Feb 25((11)) - 833,361 - - 833,361 20 5 years from vesting date
14 Jan 25((12)) - 550,668 - - 550,668 1 5 years from vesting date
1,077,490 3,920,869 11,064 976,420 4,010,875
1. Options vest in full on 01 March 19
2. Options vest immediately upon date of grant.
3. 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
4. Options vest over three years as to one-third on 06 August 20, one-third
on 06 August 21, and one-third on 06 August 22
5. 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
6. Options vest over three years as to one-third on the first anniversary
of the date of grant, one-third on the second anniversary of the date of
grant, and one-third on the third anniversary of the date of grant
7. 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)
8. 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
9. Subject to time-based vesting conditions only with the options vesting
in equal monthly tranches over three years
10. 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
11. 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.
12. 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.
During the year the company cancelled 976,420 outstanding share options as per
the above table in accordance with IFRS 2.28(a-c).
Subsequently the parent company granted new options to the director and
employees on 14 Jan 2025 and 24 Feb 2025, 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 director and employees on 14
Jan 2025 and 24 Feb 2025, 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
Unapproved Scheme (Chairman) £ £ £
All 14/01/2025 4.04 0.200 0.208 4.58% 4 year 105.51% 0.154
EMI option scheme (Directors and employees)
Tranche 1 14/01/2025 2.50 0.208 0.208 4.41% 2 Year 75.93% 0.100
Tranche 2 14/01/2025 3.88 0.208 0.208 4.46% 3 Year 89.75% 0.136
Tranche 3 14/01/2025 4.88 0.208 0.208 4.58% 4 Year 105.15% 0.162
Tranche 4 14/01/2025 6.88 0.208 0.208 4.76% 5 year 117.46% 0.186
Unapproved Scheme (CEO)
Tranche 1 14/01/2025 2.50 0.010 0.208 4.41% 2 Year 75.93% 0.199
Tranche 2 14/01/2025 3.88 0.010 0.208 4.46% 3 Year 89.75% 0.200
Tranche 3 14/01/2025 4.88 0.010 0.208 4.58% 4 Year 105.15% 0.202
Tranche 4 14/01/2025 6.88 0.010 0.208 4.76% 5 year 117.46% 0.205
EMI option scheme (CFO)
Tranche 1 25/02/2025 2.50 0.200 0.1775 4.06% 2 year 72.03% 0.076
Tranche 2 25/02/2025 3.76 0.200 0.1775 4.13% 3 year 88.97% 0.110
Tranche 3 25/02/2025 4.76 0.200 0.1775 4.29% 4 year 104.02% 0.134
Tranche 4 25/02/2025 6.76 0.200 0.1775 4.48% 5 year 122.45% 0.159
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
2025 2024 2025 2024
Pence Pence
Outstanding at 01 June 1,077,490 1,065,196 160 186
Granted in year 3,920,869 66,726 21 -
Cancelled in year 976,420 - 156 -
Lapsed in year 11,064 54,432 140 649
Outstanding at 31 May 4,010,875 1,077,490 22 160
Warrants
There are no outstanding warrants at the end of 31 May 2025.
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 £238,044 (2024: £225,800). A balance of £22,254
(2024: £20,986) was payable at the year end.
20. Related party transactions
Key management personnel
Details of Directors' remuneration for the year ended 31 May 2025 and the
prior year ended 31 May 2024 are set out in the Remuneration Committee report.
Management fee from Company to subsidiaries
Feedback Plc invoiced Feedback Medical Limited £429,664 for the management
fee related to 2025 (2024: £401,282), with a balance of £6,195,136 being
receivable as at the year end. Feedback Plc invoiced Texrad Limited £7,171
for the management fee related to 2025 (2024: £6,888), with a balance of
£11,129 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
There are no post balance sheet events to report.
22. Ultimate controlling party
There is no ultimate controlling party.
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. END FR KQLFFEKLBBBDRecent news on Feedback
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