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REG - Feedback PLC - Half-year Report

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RNS Number : 2786Y  Feedback PLC  25 February 2025

Feedback plc

 

Half Year Results to 30 November 2024

 

Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the clinical
infrastructure specialists, announces its audited results for the six months
to 30 November 2024 (the "Period").

 

Operational Highlights

·      Awarded £495k contract by Queen Victoria Hospital NHS Foundation
Trust ("QVH") to provide digital infrastructure

·      Awarded further funding to extend the delivery of its community
diagnostic centre ("CDC") pathway pilot at the Northern Care Alliance NHS
Foundation Trust ("NCA") site in Oldham

·      New UK government providing political stability with a
significant focus on the NHS and additional elective care appointments

·      Commenced integration of Bleepa with key NHS referral systems to
provide greater scalability

·      Collaboration with Vertex In Healthcare ("Vertex") broadens
product functionality and strengthens global reach

·      Bleepa approved for reimbursement through the Elective Recovery
Fund ("ERF) for its Diagnostic Enhanced Advice and Guidance ("DEAG") approach

·      Partnership with Moorhouse Consulting as an implementation and
sales partner, allowing faster roll out capability

·      MOU signed with primary care solutions partner and NHS Trust to
pilot a novel Neighbourhood Diagnostics Solution - aligned with government
vision of a digital-first, community centric healthcare system

 

Financial Highlights

·      3% increase in revenue to £449k (H1 2024: £437k), of which
Bleepa contributed 90%

·      43% increase in sales((1)) to £589k (H1 2024: £411k)

·      EBITDA loss decreased to £1,434k (H1 2024: £1,675k)

·      Successful upscaled placing and subscription together with WRAP
retail offer raised £6.1m gross proceeds (£5.6m net proceeds)

o  Approximately £0.5m net proceeds was received shortly after Period end

·      Cash as at 30 November 2024 was £7,259k (30 November 2023:
£5,372k, 31 May 2024: £3,878k)

 

Post period Highlights

·      Two revenue-generating projects operationalised in India:

o  a pilot with a large Asian hospital group

o  Tuberculosis ("TB") screening programme with HEAL Foundation

·      Continued alignment with government and NHS England ("NHSE")

o  Elective waiting lists identified as one of the government's 'six
missions'

o  New External Affairs department established within the Company

·      Successful completion of Bleepa integrations with two NHS
referral systems

·      NHSE 2025/26 Priorities and Operational Planning Guidance
published (January 2025) with an increase in elective recovery funding

·      Multiple ongoing conversations with partners and potential
partners around deploying Feedback's services as part of a collaborative
offering into the NHS

 

Analyst Presentation: 09.30 today

A remote briefing for analysts will be held at 09.30 today. Analysts
interested in attending should contact Walbrook PR
on feedbackplc@walbrookpr.com or 020 7933 8780.

 

Investor Presentation: 16.00 today

Management will be providing a presentation and hosting an investor Q&A
session on the Company's results and future prospects at 16.00 today.
Investors can sign up for free and register to meet FDBK 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 remain extremely excited by the
wider market opportunity. We have a product base aligned with increased focus
on digitisation and patient-centric models while our relationships and proven
technology ensure that Feedback is positioned to scale up delivery. Market
drivers and the top-down approach - led by Government focus on reform,
underpin our confidence. We have a growing pipeline of opportunities and
routes to market, which we believe will drive meaningful revenues as we focus
on conversion."

 

 

Note (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).

 

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

 

Feedback plc helps clinical teams to make better decisions faster for
patients. We design products that enhance clinician access to patient data and
to their colleagues. Our unique approach centres around individual patient
episodes, into which we pull relevant clinical data from hospital systems and
around which we build remote clinical teams for collaboration. As a result, we
produce a digital infrastructure that makes patient data available to
clinicians in multiple settings, in a format that enables them to meaningfully
interact with it, providing flexibility to clinicians and free movement of
patients between provider settings - clinicians can practice from anywhere and
patients can attend any care provider for treatment, with greater connectivity
across organisations.

 

Our products Bleepa® and CareLocker® work together to deliver unparalleled
value to our customers. Bleepa® is our application layer and sits on top of
CareLocker® as our data layer. Bleepa® is a clinician facing platform that
displays clinical results from a patient's CareLocker® at a certified and
regulated quality, that is suitable for clinical use and enables dialogue on a
patient-by-patient basis with colleagues through a secure, auditable chat
interface that links back to the patient medical record. The CareLocker® data
storage model is built around the patient. Our vision is one where relevant
clinical data is always available to the patient as well as to any care
setting that they may attend - a federated data architecture with the patient
as the tenant.

 

The Company has a number of growth opportunities domestically and
internationally across a range of markets including the NHS, and private
healthcare providers and its 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.

 

 

Feedback plc

 

Chairman and Chief Executive's Statement

 

Feedback continues to strengthen its unique position in the UK market through
developments in both its technology and customer engagement. The Company's
alignment with UK government priorities and spending commitments and its
partnerships and international opportunities, provide a strong positioning for
growth.

 

Towards the end of the Period, the Company managed to secure a novel route of
funding for Bleepa through the ERF. This is a significant achievement for the
Company given the challenging trading conditions in the NHS and delays caused
by the snap general election. The ERF is a payment mechanism for additional
clinical activity and is part of the NHS waitlist reduction initiative. Under
the ERF, contracts must be awarded by ICBs who will pay Feedback for every
patient successfully diverted away from an outpatient appointment through
Bleepa and its DEAG approach. The ERF provides a clear funding mechanism for
the Company's products at a time when capital budgets in the NHS remain
stretched.

 

We have undertaken a broad engagement programme with interested ICBs and are
making headway towards contracts although timing has been impacted by the
change in government and the ongoing consultation process following
publication of the NHSE 2025/26 Priorities and Operational Planning Guidance
in January 2025. These contracts require stakeholder support at both the ICB
and individual hospital trust level which further impacts timing, however the
value proposition of a 90% diversion away from outpatients and a potential
six-fold increase in output from the same clinical workforce is compelling for
customers given targets set by the new government. The Reforming Elective Care
Plan and the NHS Mandate 2025 were published in January 2025 requiring ICBs to
achieve a minimum 5% elective waitlist reduction during the NHS 2025/26
financial year and to achieve the target of an 18-week referral to treatment
time for 92% of patients by March 2029, with an interim target of having 65%
of patients treated within 18 weeks by March 2026.

 

The new government's focus on Elective Care notably aligns with Feedback's
positioning and opportunities: additional funding in the 2024 Budget, one of
the six missions for the Government outlined by the Prime Minister in December
2024 and listing Elective Care as the priority for the year in the "Reforming
Elective Care" plan and NHS Mandate published in January 2025. However,
speculation around how the ERF will be utilised in the 2025/26 financial year
has created some uncertainty within the NHS. Whilst the NHSE 2025/26
Priorities and Operational Planning Guidance published in January 2025
contained an increase in elective recovery funding, it is capped, and it is
subject to consultation until late February 2025. This uncertainty has led
some ICBs to hold off on contract discussions until the position is clarified
following the consultation process, which is expected towards the end of March
2025 although this could be delayed by a few months.  We expect the
consultation process to confirm that elective recovery funding can be utilised
as a funding mechanism for technology that enables diversions away from
outpatients such as Bleepa, and that elective recovery funding will form part
of the structured financial settlements allocated to each ICB annually.

 

The Company is developing a number of partnerships to help it to scale and to
unlock new customer opportunities. In September 2024, the Company announced
its partnership with one of the UK's leading primary care providers and we
have since executed a MOU to deploy our combined technologies with an NHS
Trust in a pilot setting. We expect this pilot to go live in the coming months
and we will report more details following the outcome of this deployment and
visibility on the expected operational benefits. We believe that the combined
product offering will represent a foundational infrastructure for a new era of
community-based care delivery, in line with one of the three overall
priorities for the NHS ("From Hospital to Community") outlined by the new
Secretary of State, the Rt Hon Wes Streeting MP, and should put Feedback and
its partner at the front of the NHS transformation agenda and positioned to
capture new pots of central funding as they emerge over the course of the NHS
2025/26 financial year.

 

Post-period, the Company's subsidiary in India (Feedback Medical India
Limited) closed some early revenue-generating opportunities, securing a paid
pilot with a large hospital group which has a presence across Asia and
launching its first paid for live tuberculosis TB screening programme with
HEAL Foundation arising from the partnership announced in March 2024. Although
at an early stage with modest revenues initially, these are material steps
towards the Company pursuing its commercial strategy in India. At this stage
these two deployments can be delivered with limited local resource
requirements and if they have scope for profitable contract expansion, we will
evaluate further investment in India.

 

The Company has clear line of sight on opportunities that, if delivered
successfully, will enable us to achieve breakeven and profitability. This is
the first time in our history, and it is testament to the persistence and
unwavering commitment of our team who have unlocked opportunities that have
evaded larger and more established companies. We look forward to reporting
further success as we progress through the year.

 

Business Strategy

 

The Company's primary focus is to drive sales of its core product Bleepa
within its domestic UK market. The primary customer in this market is the NHS
although we remain actively engaged with private sector hospital providers who
have a growing need for our technology as they take on increasing amounts of
NHS work. Our focus is to align with government priority areas which will be
the primary recipients of funding in the next financial year and in the
2026-2029 NHS financial settlements. To ensure Feedback is well placed to
align with these priorities, post-period, we have added an External Affairs
department to our team, headed by a former Government Minister and staffed by
a team with significant experience in Westminster and British politics.

 

Bleepa's eligibility for reimbursement through the ERF has allowed the Company
to pursue regional contracts with ICBs, with significantly larger contract
values and duration than the traditional individual NHS Trust contracts. The
ERF enables payments by results and aligns the incentives of both the Company
and its NHS customers to drive patient volumes and activity, enabling us to be
positioned as a revenue generator, rather than a cost for our customers.
Alignment to the ERF also embeds the Company into the Reforming Elective Care
programme which is the NHS's core focus of waitlist recovery and one of the
government's six missions, ensuring that we are operating in an area of
sustained focus and prioritisation at a time when most public funding is being
squeezed.

 

Core to the Reforming Elective Care programme is the ability to deliver more
activity from the existing workforce, as recruiting and training new staff is
not possible in the timescales required. The remote asynchronous pathway
capability that Bleepa delivers ensures that clinicians are able to review
comprehensive patient information and collaborate on cases from anywhere,
flexibly, at any time and the amount of time taken to review a patient reduces
from on average 30 minutes (in a traditional outpatient appointment) to as
little as 5-6 minutes, meaning that on Bleepa the same workforce could deliver
5-6x the number of patient interactions whilst also diverting 90% of patients
away from the hospital.

 

The Board believe that Bleepa remains the only asynchronous collaboration
platform that is certified for clinical image display that can therefore
effectively deliver the end-to-end pathways required to affect the Reforming
Elective Care programme. Diagnostics have been recognised as an essential
component to addressing waitlists and the CDC initiative remains an ongoing
area of NHS investment as part of the Reforming Elective Care programme.
Bleepa is already aligned with the CDC programme, having previously received
central funding to pilot diagnostic pathways that utilise the CDCs, and is
well placed to be the tool that embeds diagnostic capabilities into a wider
pathway approach. Elective recovery is the natural evolution of the CDC
programme and the Company's prior involvement with CDCs was essential to our
success around securing ERF funding.

 

Key to our strategy is the ability to integrate effectively with NHS
organisations. During the Period the Company undertook development work on a
series of national integrations that support Bleepa's ability to interface
with both primary and secondary care. The Company also partnered with one of
the UK's leading providers of primary care records, further improving our
access to patient information including the ability to give hospital doctors a
live view of the GP record. These enhanced integrations will allow Bleepa to
scale more rapidly and provides the NHS more assurance in our ability to
securely manage patient care episodes. Bleepa now has the technical capability
to work across the entire NHS ecosystem and 96% of community pharmacies.

 

Our partnership with the primary care provider also aligns us to another key
government priority, the move towards neighbourhood and community care - the
Neighbourhood Health Service. Together, our solutions provide a platform that
connects any care provider with the patient's care record, allowing
collaboration across NHS, social care, local authorities and charities. This
combined platform has the ability to underwrite the government's strategy and
is expected to be deployed in a live clinical setting in the coming months.

 

Financial Review

 

Revenue for the Period increased 3% to £449k (H1 2024: £437k) primarily due
to annual inflationary price increases on existing client contracts and our
pilot at QVH successfully converting to full contract at a higher annualised
value (£495k).

 

Sales, a non IFRS measure representing the total customer contract value
invoiced in the period, increased 43% to £589k (H1 2024: £411k) due to the
QVH pilot extension being billed in H2 the prior year. Bleepa contributed 90%
and Image Engineering license fees 5%. Sales are recognised as revenue monthly
across the life of a customer contract (typically 12 months, although pilot
contracts vary), with any amount not recognised as revenue in the current
financial year remaining on the balance sheet as contract liabilities and
recognised as revenue in the forthcoming financial year.

 

Operating expenses decreased 6% to £2,394k (H1 2024: £2,536k) as the prior
period included one-off contractor/consultancy costs related to both AWS
architecture and tendering activities and lower spend on discretionary
advertising and marketing activities in the Period.  Operating loss reduced
to £1,993k (H1 2024: £2,135k). EBITDA loss, excluding depreciation and
amortisation charges of £554k (H1 2024: £460k), improved 14% to £1,439k (H1
2024: £1,675k).

 

The Group capitalised a further £436k (H1 2024: £654k) in outsourced
software development costs related to product enhancements, including
integration with NHS referral systems (PDS - the national patient demographic
service, GP Connect, and eRS - the NHS electronic referral service) and new
features including camera selection extension for capturing high-quality
patient images and photos.

 

The Group's cash position as at 30 November 2024 was £7,259k (30 November
2023: £5,372k, 31 May 2024: £3,878k).  Approximately £5,113k in net
proceeds from the fundraise was received in the Period, with the remaining
£499k net proceeds being received shortly after Period end.

 

Outlook

 

2024 has been a difficult year for medical technology companies seeking to
sell into the NHS. A combination of the general election and wider public
sector spending restrictions resulted in a pausing of contract awards which
have unfortunately resulted in a number of companies facing administration in
the early part of 2025. Feedback was fortunate to secure its position with ERF
funding eligibility and to successfully complete an equity fundraise in
November 2024.

 

Sir Kier Starmer has made waitlist reduction one of his six priorities and Wes
Streeting, Secretary of State, has indicated that his focus is on moving care
from acute providers into the community and from analogue to digital. Bleepa
uniquely provides the core infrastructure to underwrite these key transitions
and along with a growing network of partners, could deliver this at scale and
pace, enabling the government to potentially deliver waitlist eradication
within one term of parliament, providing decisions are made soon.

 

Our unique capabilities, substantial evidence, prolonged presence in the
market and associated brand recognition mean that the Company is well placed
for contract awards and selection within key government initiatives in 2025
and the capital raised will enable us to take on the deployment and
implementation staff required to deliver these opportunities as they are
captured. The NHSE 2025/26 Priorities and Operational Planning Guidance
published in January 2025 contained an increase in total elective recovery
funding, although it is capped and will form part of the structured financial
settlements allocated to each ICB. The ERF provides a key mechanism of funding
and work is already underway to convert a deep pipeline of ICB engagement to
formal contracts throughout CY2025.

 

 

 

Feedback plc

Consolidated Statement of Comprehensive Income

For the six months ending 30 November 2024

                                                                                         Note                    6 months                  6 months                  12 months ending

                                                                                                                ending                    ending                    31 May

                                                                                                                30 November 2024          30 November 2023          2024

                                                                                                                (Unaudited)               (Unaudited)               (Audited)

                                                                                                                £'000                     £'000                     £'000

 Revenue                                                                4                                       449                       437                       1,182
 Cost of sales                                                                                                  (49)                      (36)                      (79)

 Gross profit                                                                                                   400                       401                       1,102
 Other operating expenses                                                                                       (2,389)                   (2,536)                   (4,793)

 Operating loss                                                                                                 (1,989)                   (2,135)                   (3,690)
 Net finance income                                                                                             38                        47                        93

 Loss before taxation                                                                                           (1,951)                   (2,088)                   (3,597)
 Tax credit                                                                                                     73                        152                       299

 Loss after tax attributable to the equity shareholders of the Company                                          (1,878)                   (1,936)                   (3,298)

 Translation difference on overseas operation                                                                   (2)                       (1)                       (0)
 Total comprehensive expense for the year                                                                       (1,880)                   (1,937)                   (3,298)

 Loss per share (pence)
 Basic and diluted                                                      2                                       (14.22)                   (14.52)                   (24.74)

 

 

 Feedback plc
 Condensed Consolidated Statement of Changes in Equity

 For the six months ending 30 November 2024

                                                              Share Capital  Share Premium        Capital Reserve  Retained Earnings       Translation Reserve     Share option Reserve      Total
                                                              £'000          £'000                £'000            £'000                   £'000                   £'000                     £'000

 At 31 May 2024                                               6,667          15,350               300              (15,065)                (212)                   605                       7,645

 (Audited)

 Loss for the year and Total comprehensive loss for the year  -              -                    -                (1,878)                 (2)                     -                         (1,880)

 New shares issued                                            305            5,791                -                -                       -                       -                         6,096
 Costs of new shares issued                                   -              (484)                -                -                       -                       -                         (484)
 Share-based payments                                         -              -                    -                -                       -                       38                        38
 Total transactions with owners                               305            5,307                -                -                       -                       38                        5,650

 At 30 November 2024                                          6,972          20,657               300              (16,943)                (214)                   643                       11,415

 (Unaudited)

 

 

                                                              Share Capital  Share Premium  Capital Reserve  Retained Earnings  Translation Reserve  Share option Reserve  Total
                                                              £'000          £'000          £'000            £'000              £'000                £'000                 £'000

 At 31 May 2023                                               6,667          15,350         300              (11,767)           (212)                531                   10,869

 (Audited)

 Loss for the year and Total comprehensive loss for the year  -              -              -                (1,936)            (1)                  -                     (1,937)
 Share-based payments                                         -              -              -                -                  -                    37                    37
 Total transactions with owners                               -              -              -                -                  -                    37                    37

 At 30 November 2023                                          6,667          15,350         300              (13,703)           (213)                568                   8,969

 (Unaudited)

 

 

 

 Feedback plc
 Condensed Consolidated Statement of Financial Position

 For the six months ending 30 November 2024

                                                                               30 November 2024   30 November 2023   31 May

                                                                               (Unaudited)        (Unaudited)        2024

                                                                                                                     (Audited)
                                                                         Note  £'000              £'000              £'000
 Assets
 Non-current assets
 Property, plant and equipment                                                 8                  14                 13
 Intangible assets                                                       3     3,956              3,911              4,068
                                                                               3,964              3,925              4,081

 Current assets
 Trade and other receivables                                                   100                435                 82
 Called up share capital not yet paid                                    6     499                -                  -
 Corporation tax receivable                                                    373                151                 299
 Cash and cash equivalents                                                     7,259              5,372               3,878
                                                                               8,231              5,958              4,258

 Total assets                                                                  12,195             9,883              8,339

 Equity
 Capital and reserves attributable to the Company's equity shareholders
 Called up share capital                                                       6,972              6,667              6,667
 Share premium account                                                         20,657             15,350             15,350
 Capital reserve                                                               300                300                300
 Translation reserve                                                           (214)              (213)              (212)
 Share option expense reserve                                                  643                568                605
 Retained earnings                                                             (16,943)           (13,703)           (15,065)
 Total equity                                                                  11,415             8,969              7,645

 Liabilities
 Current liabilities
 Trade and other payables                                                      780                914                694
                                                                               780                914                694

 Total liabilities                                                             780                914                694
                                                                                                                     -
 Total equity and liabilities                                                  12,195             9,883              8,339

 

 

 

 Feedback plc
 Consolidated Statement of Cash Flows

 For the six months ending 30 November 2024

                                                        6 months ending           6 months ending           12 months ending

                                                       30 November               30 November               31 May

                                                       2024                      2023                      2024

                                                       (Unaudited)               (Unaudited)               (Audited)

                                                       £'000                     £'000                     £'000

 Cash flows from operating activities
 Loss before tax                                       (1,951)                   (2,088)                   (3,597)
 Adjustments for:

 Net finance income                                    (38)                      (47)                      (93)
 Depreciation and amortisation                         554                       460                       958
 Share based payment expense                           38                        37                        74
 Decrease/(increase) in trade receivables              0                         (229)                     130
 Decrease/(increase) in other receivables              (18)                      20                        14
 Increase / (decrease) in trade payables               25                        124                       116
 Increase / (decrease) in other payables               60                        (65)                      (277)
 Corporation tax                                       (1)                       456                       456
 Translation difference on overseas operation          (2)                       (1)                       (0)
 Total adjustments                                     618                       755                       1,377

 Net cash used in operating activities                 (1,332)                   (1,333)                   (2,220)

 Cash flows from investing activities
 Purchase of tangible fixed assets                     (1)                       (6)                       (13)
 Purchase of intangible assets                         (436)                     (654)                     (1,300)
 Net finance income received                           38                        47                        93

 Net cash used in investing activities                 (399)                     (613)                     (1,220)

 Cash flows from financing activities
 Net proceeds of share issue                           5,113                     (0)                       -

 Net cash generated from financing activities          5,113                     (0)                       -

 Net increase/(decrease) in cash and cash equivalents  3,381

                                                                                 (1,946)                   (3,440)

 Cash and cash equivalents at beginning of period      3,878                     7,318                     7,318

 Cash and cash equivalents at end of period            7,259                     5,372                     3,878

 

 

 

 

Notes to the Unaudited Interim results for the six months to 30 November 2024

 

 

1.   Basis of preparation

 

Feedback plc is a public limited company listed on the on the Alternative
Investment Market ("AIM") of the London Stock Exchange (AIM: FDBK) and is
incorporated and domiciled in the UK. The address of its registered office is
201 Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT.

 

The consolidated financial statements of Feedback plc have been prepared in
accordance with International Accounting Standard 34 Interim Financial
Reporting. The accounting policies applied are consistent with those applied
in the most recent consolidated annual report and accounts for the year ended
31 May 2024.

 

The information set out in this interim report for the six months ended 30
November 2024 does not constitute full statutory accounts under Section 434 of
the Companies Act 2006 and was not subject to a formal review by the auditors.
The financial information in respect of the year ended 31 May 2024 has been
extracted from the statutory accounts which have been delivered to the
Registrar of Companies.

 

There are no material events to report after the end of the reporting period.

 

This interim report was approved by the Board of Directors on 24 February
2025.

 

2.   Loss per share

 

Basic loss per share is calculated by reference to the loss on ordinary
activities after taxation and on the weighted average number of ordinary
shares in issue.

 

                                                                                  6 months                  6 months                  12 months

                                                                                 ending                    ending                    ending

                                                                                 30 November               30 November               31 May

                                                                                 2024                      2023                      2024

                                                                                 (Unaudited)               (Unaudited)               (Audited)

                                                                                 £'000                     £'000                     £'000

 Net loss attributable to ordinary equity holders                                (1,878)                   (1,936)                   (3,298)

 Weighted average number of ordinary shares for basic earnings per share         13,667,775                13,334,659                13,334,659
 Effect of dilution:
 Share Options                                                                   -                         -                         -
 Warrants                                                                        -                         -                         -
 Weighted average number of ordinary shares adjusted for the effect of dilution  13,667,775                13,334,659                13,334,659

 Loss per share (pence)
 Basic                                                                           (13.74)                   (14.52)                   (24.74)
 Diluted                                                                         (13.74)                   (14.52)                   (24.74)

 

 

3.   Intangible assets

 

                      Software      Customer relationships  Intellectual Property  Goodwill  Total

                      development
                      £'000         £'000                   £'000                  £'000     £'000
 Cost

 At 31 May 2023       5,631          100                     198                    271       6,200
 Additions             654           -                       -                      -         654
 At 30 Nov 2023        6,285         100                     198                    271       6,854
 Additions             639           -                      7                       -         646
 At 31 May 2024       6,924          100                     205                    271       7,500
 Additions            436            -                      -                       -         436
 At 30 Nov 2024       7,360          100                    205                     271       7,936

 Amortisation

 At 31 May 2023        1,952         100                     165                    271       2,489
 Charge for the year   449           -                       5                      -        454
 At 30 Nov 2023        2,401         100                     170                    271       2,943
 Charge for the year  484            -                       6                      -         489
 At 31 May 2024        2,885         100                     176                    271      3,432
 Charge for year       542           -                      6                       -        548
 At 30 Nov 2024       3,427          100                     182                    271       3,980

 Net Book Value

 At 30 Nov 2024       3,933          -                       23                     -        3,956

 At 31 May 2024       4,039          -                      29                      -        4,068

 At 30 Nov 2023       3,884          -                       27                     -         3,911

 

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 and the Head Office covers the costs of running the parent
company, Feedback Plc.

 

 Six months ending 30 November 2024                                          Medical Imaging  Head Office          Total
                                                                             £'000            £'000                £'000
 Revenue
 External                                                                    449              -                     449
 Expenditure                                                                                                        -
 Total (excluding depreciation and amortisation)                             (1,299)          (547)                (1,846)
 Depreciation and amortisation                                               (554)            -                    (554)
 Loss before tax                                                             (1,403)          (547)                (1,951)
 Tax credit                                                                  73               -                    73

 Balance sheet
 Total assets                                                                5,044            7,151                12,195
 Total liabilities                                                           (642)            (139)                (780)
                                                                             4,402            7,013                11,415

 Capital expenditure (all located in the UK)                                 (436)            -                    (436)

 The revenues from external customers in the six months ending 30 November 2024
 are comprised of the following products Bleepa: £404k, Image Engineering
 license fees: £28k and legacy products (Cadran PACS): £17k.

 Six months ending 30 November 2023 (prior period)                           Medical Imaging  Head Office  Total

                                                                             £'000            £'000        £'000
 Revenue
 External                                                                    437              -             437
 Expenditure                                                                                                -
 Total (excluding depreciation and amortisation)                             (1,510)          (555)        (2,065)
 Depreciation and amortisation                                               (460)            -            (460)
 Loss before tax                                                             (1,533)          (555)        (2,088)
 Tax credit                                                                  152              -            152

 Balance sheet
 Total assets                                                                4,773            5,110        9,883
 Total liabilities                                                           (858)            (56)         (914)
                                                                             3,915            5,054        8,969

 Capital expenditure (all located in the UK)                                 (660)            -            (660)

 

Reported segments' assets are reconciled to total assets as follows:

 

                 External revenue by                                     Non-current assets by                                       Total liabilities by
                 location of customer                                    location of assets                                          location of assets

                  6 months                  6 months                      6 months                      6 months                      6 months                      6 months

                 ending                    ending                        ending                        ending                        ending                        ending

                 30 November               30 November                   30 November                   30 November                   30 November                   30 November

                 2024                      2023                          2024                          2023                          2024                          2023

                 (Unaudited)               (Unaudited)                   (Unaudited)                   (Unaudited)                   (Unaudited)                   (Unaudited)
                 £'000                     £'000                         £'000                         £'000                         £'000                         £'000

 United Kingdom  420                       355                           3,964                         3,925                          780                           914
 Europe          -                         -                             -                             -                              -                             -
 Rest of world   29                        82                            -                             -                              -                             -
 Total           449                       437                           3,964                         3,925                          780                           914

 

 

5.   Called up share capital not yet paid

 

On 28 November 2024, the Company announced shareholder approval of an equity
fundraise of £6,096k (gross) through the issue of 30,480,120 new ordinary
shares with a nominal value of 1 penny at an issue price of 20 pence per share
in cash. The Company issued these shares on 29 November 2024, of which £499k
in net proceeds were received after the Period end which has been recognised
as Called up share capital not yet paid.

 

6.   Availability of this report

 

A copy of this announcement is available from the Company's website, being
https://feedbackmedical.com/resources/resource-hub/
(https://feedbackmedical.com/resources/resource-hub/) .

 

To receive a hard copy of the interim report, please contact Walbrook Ltd on
020 7933 8780 or feedbackplc@walbrookpr.com
(mailto:feedbackplc@walbrookpr.com) .

 

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