REG - Feedback PLC - Half-year Report
Today 07:00
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RNS Number : 2356T Feedback PLC 17 February 2026
Feedback plc
Half Year Results to 30 November 2025
Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the clinical
infrastructure specialists, announces its unaudited results for the six months
to 30 November 2025 (the "Period").
Operational Highlights and Developments
· Bleepa's proven, highly scalable model strongly positioned to
fulfil NHS productivity requirements
· A national business case for Bleepa was submitted as part of the
Spending Review in the Spring - outcome pending
· Integrations into eRS, PDS and GP Connect were completed (and
implemented post period) - positioning Feedback for national scale
· NSS pathway went live on Bleepa in Sussex ICS, second at scale
pathway-proving Bleepa can also run cancer pathways
· Strategic partnerships in late stage discussion ahead of at scale
roll out including consulting firms for implementation, cloud providers and
technology partners with supporting propositions
· Bleepa was selected to run the UK's two national simulations of the
new Neighbourhood Health Service - proving Bleepa can also run new care models
Financial Highlights
· Revenue remains stable at £0.41m (H1 2025: £0.45m), of which
Bleepa contributed 89%
· EBITDA((1)) loss increased to £1.61m (H1 2025: £1.43m), driven by
new support team hires to deliver customer roll outs and technology costs
associated with delivering our cloud solution.
· Cash as at 30 November 2025 was £3.82m (30 Nov 2024: £7.26m, 31
May 2025: £5.95m), largely reflecting the higher costs above and our
continued investment in our product. Sufficient runway through to mid-2027
· The Company remains in a stable financial position and has been
laying the groundwork ready to scale in 2026/27
Post period Highlights
· Continued engagement with the NHS at all levels (national, ICB and
trust)
· Increasing dialogue with larger partners to the NHS around
deploying Bleepa in their offerings
· Over the period, all of our existing clients have renewed their
contracts and Queen Victoria Hospital NHS Foundation Trust ("QVH") in
particular is focussed on building out more pathways
· New CFO appointed on 10(th) November 2025, and formally appointed
to the board on 16(th) February 2026
Investor Presentation: 16.00 today
Management will be providing a presentation and hosting an investor Q&A
session on the Company's results and outlook 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:
"The NHS 10 Year Plan and its stated direction of travel are closely aligned
with the solutions provided by Feedback Medical. Funding committed through the
NHS Spending Review is expected to flow to frontline services for the upcoming
2026/27 NHS year. This combined with increasing recognition of the role of
technology in healthcare and the need for material productivity improvements
across the system has the potential to support a new phase of commercial
progress for Feedback."
Note (1): "Adjusted EBITDA Loss" is a non-IFRS metric being EBITDA less
share-based payment charges.
* Chancellor to double down on drive to cut NHS waiting times and rollout of
new Neighbourhood Health Centres - GOV.UK
(https://www.gov.uk/government/news/chancellor-to-double-down-on-drive-to-cut-nhs-waiting-times-and-rollout-of-new-neighbourhood-health-centres)
Enquiries:
Feedback plc +44 (0) 20 3997 7634
Tom Oakley, CEO IR@fbk.com (mailto:IR@fbk.com)
Emma Oswick, 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/Marcus Ulker 07748 325 236 or 07867 984 082
About Feedback plc
Feedback plc is the strategic partner to unlock productivity in health and
care through digital connectivity and asynchronous collaboration. With proven
expertise in system integration, we enable teams to work flexibly, share
information securely, and deliver care more efficiently.
Bleepa® is an award-winning collaboration platform that improves the quality
and productivity of patient pathways enabling health and care organisations to
hit targets with their existing clinical workforce. We achieve this by
connecting digital infrastructure across systems, enabling asynchronous
working, reducing geographic barriers and removing unnecessary appointments.
Bleepa supports the shift from analogue to digital and from hospital to
community-based care, by uniting essential data and teams to enhance clinical
decision making and enable better coordinated care.
The Company has a number of growth opportunities domestically and
internationally across a range of public and private healthcare markets
including the NHS. Our highly scalable software-as-a-service (SaaS) based
model is expected to provide increasing levels of revenue visibility as the
Company grows its customer base.
https://fbk.com (https://fbk.com)
Feedback plc
Chairman and Chief Executive Officer Statement
As expected, external factors continued to impact the Company's ability to
deliver growth in sales and revenue during the period, however, a lot of work
has been achieved in the background to position the Company for near term
growth, and whilst local contracts were difficult to secure during the period,
the Company has set its sights on larger national and regional contracts that
recognise the productivity benefits of cross-provider working and new care
models that Bleepa enables.
Following a multiyear engagement strategy and growing evidence from the Sussex
pilot of Bleepa, the Company was asked by national stakeholders to write a
business case, as part of the Spring Spending Review, for central funding
which would enable potential national adoption of the solution. Since the
submission, the company has been working closely with the national team to
provide further evidence of its impact and the uniqueness of the Bleepa
product, with a view to supporting a potential procurement. An award via this
process, though not guaranteed, would be material for the Company and enable
Bleepa to be potentially taken forward as a single national solution or
potentially on a more regional basis at an ICB level. The outcome of this
process is still awaited but is anticipated in H1 2026. Management continues
to be in regular contact with central stakeholders.
Strongly positioned to deliver at multiple levels
Feedback's growing toolkit of capabilities enables it to address the needs of
a wide range of customer pathways and end solutions, highlighting multiple use
cases across the healthcare system, including reducing outpatient journey
times, as a single point of access, and neighbourhood health. The result is a
strong value proposition into ICS and Acute Provider Collaboratives that are
looking to drive productivity through new operating models, in addition to the
national opportunity outlined above.
Positioning Bleepa during the Period focused further on refining its offering
across three distinct routes to market: (i) national programmes; (ii) regional
and Integrated Care Board (ICB) deployments; and (iii) individual provider
organisations, with interest across all three routes increasing during the
Period. At QVH, expanded usage across additional clinical pathways including
Non Site Specific Symptoms (NSS), enabled the Company to more clearly
demonstrate the impact of its platform to prospective customers, with two
further pathways scheduled to go live in the near term. Importantly, the
lifetime value of individual contracts, which continue to be successfully
renewed highlights the strength of the Company's proposition, underpinning
confidence in its sustainable business model.
Acting as the technology provider for neighbourhood health simulations in
London and Manchester in conjunction with the leading enterprise management
consultancy firm PPL and Optum, the Company was able to further prove the
benefits of its solutions around neighbourhood health delivery, aligned with
the 10 Year Plan for the NHS.
These simulations highlighted the importance of shared digital infrastructure
in enabling system-wide change and demonstrated potential benefits, including
a 25% reduction in outpatient appointments and a 14% decrease in unplanned
admissions. This work was supported by the Company's own white paper on
neighbourhood health, with the Company also providing evidence to the Health
All-Party Parliamentary Group inquiry into neighbourhood health.
Following continued investment in product development, a new version of Bleepa
will be rolled out across customer sites in the coming months. This
incorporates significant improvements to the user experience and has received
positive initial responses during demonstrations. In addition, this upgrade
will include configurable forms to automate communications. The Company has
also maintained its high standards in regulatory compliance and information
security. With the recent go-live of the NHS electronic referral service (eRS)
integration, Bleepa is now natively integrated into a core NHS system, further
strengthening assurance around data management and cyber security.
Given the significant domestic opportunity the Company is focusing on the UK
market and as a result has paused operations in India and is focused on
developing strategic partnerships with cloud providers and technology
partners, positioning Bleepa for roll out nationally.
Supportive backdrop underpinning growth potential
With the NHS funding envelope anticipated to open in April and increasing
recognition of Bleepa's value proposition from target customers, management
believes that Feedback plc and Bleepa are both well positioned to benefit from
upcoming growth opportunities in the NHS and will be central to its digital
transformation.
The current emphasis on productivity improvement within the NHS is
particularly supportive of Bleepa's solutions. Emerging funding streams appear
less focused on large-scale Electronic Patient Record (EPR) implementations,
which have historically been costly, complex to deploy and disruptive to
operational delivery. Such systems have often failed to demonstrate meaningful
productivity gains, and a more flexible approach to digital investment is
creating opportunities for targeted, workflow-enabling solutions such as
Bleepa.
Furthermore, the Government published its 10 Year Plan in July 2025, setting
out three long-term priorities: (i) a shift from hospital to community care;
(ii) analogue to digital transformation; and (iii) a greater focus on
prevention, the first two of which are central to Bleepa's platform offering.
The Plan introduced neighbourhood health as a new operating model for
collaborative care and reinforced the central role of technology in supporting
service redesign, productivity improvement and demand management.
Against this backdrop, the Spending Review, which is expected to flow to
frontline services from 2026/27, included a commitment to additional
technology investment of up to £10 billion, supported by a further £300
million capital allocation in the Autumn Budget.
Combined with an ongoing policy focus on reducing elective care waiting lists
and improving public sector productivity, this provides improved medium-term
visibility on NHS investment priorities. With clearer leadership and
commissioning structures now emerging at local, regional and national levels,
the operating environment is becoming more conducive to procurement activity
and programme delivery. Together with increasing recognition of the role of
technology in healthcare and the need for material productivity improvements
across the system, there is significant potential for a new phase of
commercial progress at Feedback.
Financial Review
Revenue for the Period decreased 8% to £0.41m (H1 2025: £0.45m). H1 2025 was
higher primarily due to one-off pilot contracts. Bleepa contributed 89% and
Cadran license fees 7%, with the remainder attributable to our Imaging
Engineering software.
Sales, a non IFRS measure representing the total customer contract value
signed in the period, decreased 47% to £0.31m (H1 2025: £0.59m). This was
primarily due to our contract with QVH moving from annual to six monthly
extensions from June 2025, as well as the one-off pilot in the first half of
last year.
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 contractual
liabilities to be recognised as revenue when the service is delivered.
Gross margin decreased from 89% in H1 2025 to 81% in H1 2026 as we introduced
proactive client platform monitoring and rolled out new patient pathways for
QVH.
Operating expenses decreased 7% to £2.22m (H1 2025: £2.40m) largely due to
lower amortisation costs as a result of the one off write down of software
development in 2025. As a result, operating loss reduced to £1.79m (H1 2025:
£1.99m) and loss per share fell from 4.29 pence per share to 3.98 pence per
share.
EBITDA loss, excluding depreciation and amortisation charges of £0.18m (H1
2025: £0.55m), grew by 12% to £1.61m (H1 2025: £1.43m). This was primarily
driven by increased staff costs as we onboarded IT developers and support
staff to support QVH, established our External Affairs department and invested
in our cloud offering.
The Company capitalised a further £0.33m (H1 2025: £0.43m) in software
development costs related to product enhancements. This included improvements
to Bleepa's user experience for a more intuitive clinician journey, and
development of the next Bleepa release. We also strengthened the platform's
scalability by moving to a cloud-based delivery model and expanded
interoperability between primary and secondary care (including our first
implementation of eRS), as well as new reporting capabilities.
The Company's cash position as at 30 November 2025 was £3.82m (30 November
2024: £7.26m, 31 May 2025: £5.95m). Cash reduced in the period, reflecting
cost pressures from hires to support our customer pathway roll out and
increased cloud spending, as well as continued focussed investment in our
product. The Company continues to have a proactive cash flow management
approach with sufficient cash runway to mid-2027.
Outlook
With the injection of 3-year capital funding into the NHS post the spending
review, and the move to strategic commissioning by ICBs it is likely that
larger regional or even national contracts will become available at the start
of the next NHS financial year (from April 2026). Competition for the
available capital is likely to be intense and NHSE will have to prioritise
which initiatives to back in the next 3-year period. For those that deliver
demonstrable productivity improvements like Bleepa, there is likely to be
significant opportunity. In addition, Feedback is well positioned to address a
number of key NHS operational priorities, both at a regional and national
level and we are working to ensure that Bleepa's capability to deliver these
benefits is at the forefront of our discussions with the NHS.
Feedback plc
Consolidated Statement of Comprehensive Income
For the six months ending 30 November 2025
Note 6 months 6 months 12 months ending
ending ending 31 May
30 November 2025 30 November 2024 2025
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Revenue 4 413 449 886
Cost of sales (76) (49) (107)
Gross profit 337 400 779
Other income 94 - 160
Other operating expenses (2,218) (2,389) (5,149)
Operating loss (1,787) (1,989) (4,211)
Impairment of intangible assets - - (3,192)
Net finance income 64 38 118
Loss before taxation (1,723) (1,951) (7,284)
Tax (charge)/credit (19) 73 (32)
Loss after tax attributable to the equity shareholders of the Company (1,742) (1,878) (7,317)
Translation difference on overseas operation 7 (2) 11
Total comprehensive loss for the year (1,735) (1,880) (7,307)
Loss per share (pence)*
Basic and diluted 2 (3.98) (4.29) (16.70)
* Loss per share has been calculated based on the weighted average number of
shares in issue during each period
Feedback plc
Condensed Consolidated Statement of Changes in Equity
For the six months ending 30 November 2025
Share Capital Share Premium Capital Reserve Retained Earnings Translation Reserve Share option Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 May 2025 6,972 20,655 300 (22,383) (202) 822 6,164
(Audited)
Loss for the year and Total comprehensive loss for the year - - - (1,742) 7 - (1,735)
Share-based payments - - - - - 32 32
Total transactions with owners - - - - - 32 32
At 30 November 2025 6,972 20,655 300 (24,125) (195) 854 4,461
(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 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)
Condensed Consolidated Statement of Financial Position
For the six months ending 30 November 2025
30 November 2025 30 November 2024 31 May
(Unaudited) (Unaudited) 2025
(Audited)
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 9 8 12
Intangible assets 3 717 3,956 564
726 3,964 576
Current assets
Trade and other receivables 106 100 99
Called up share capital not yet paid - 499 -
Corporation tax receivable 206 373 129
Cash and cash equivalents 3,823 7,259 5,950
4,135 8,231 6,178
Total assets 4,861 12,195 6,754
Equity
Capital and reserves attributable to the Company's equity shareholders
Called up share capital 6,972 6,972 6,972
Share premium account 20,655 20,657 20,655
Capital reserve 300 300 300
Translation reserve (195) (214) (202)
Share option expense reserve 854 643 822
Retained earnings (24,125) (16,943) (22,383)
Total equity 4,461 11,415 6,164
Liabilities
Current liabilities
Trade and other payables 400 780 589
400 780 589
Total liabilities 400 780 589
-
Total equity and liabilities 4,861 12,195 6,754
Feedback plc
Consolidated Statement of Cash Flows
For the six months ending 30 November 2025
6 months ending 6 months ending 12 months ending
30 November 30 November 31 May
2025 2024 2025
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Cash flows from operating activities
Loss before tax (1,723) (1,951) (7,285)
Adjustments for:
Net finance income (64) (38) (118)
Other Income - R&D tax credit (94) - (160)
Depreciation and amortisation 180 554 1,147
Impairment of intangible assets - - 3,192
Share based payment expense 32 38 217
Decrease/(increase) in trade receivables (0) 0 (1)
Decrease/(increase) in other receivables (8) (18) (16)
Increase / (decrease) in trade payables 10 25 (66)
Increase / (decrease) in other payables (200) 60 (39)
Corporation tax (2) (1) 297
Translation difference on overseas operation 7 (2) 11
Total adjustments (139) 618 4,464
Net cash used in operating activities (1,862) (1,332) (2,821)
Cash flows from investing activities
Purchase of tangible fixed assets (3) (1) (11)
Purchase of intangible assets (326) (436) (823)
Net finance income received 64 38 118
Net cash used in investing activities (265) (399) (716)
Cash flows from financing activities
Net proceeds of share issue - 5,113 5,609
Net cash generated from financing activities - 5,113 5,609
Net increase/(decrease) in cash and cash equivalents (2,127) 3,381
2,072
Cash and cash equivalents at beginning of period 5,950 3,878 3,878
Cash and cash equivalents at end of period 3,823 7,259 5,950
Notes to the Interim results for the six months to 30 November 2025
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 interim condensed financial statements of Feedback plc have been prepared
in accordance with International Accounting Standard 34 Interim Financial
Reporting as adopted in the United Kingdom. The interim condensed
consolidated financial statements do not include all of the information and
disclosures required in the annual financial statements and should be read in
conjunction with the Company's annual financial statements for the year ended
31 May 2025.
The interim condensed consolidated financial statements do not constitute
statutory accounts within the meaning of Section 434 of the Companies Act
2006. The statutory accounts for the 12 months ending 31 May 2025 have been
filed with the Registrar of Companies at Companies House. The auditor's report
on the statutory accounts for the 12 months ending 31 May 2025 was
unqualified, did not include any matters to which the auditor drew attention
by way of emphasis and did not contain any statements under Section 498 (2) or
(3) of the Companies Act 2006.
The published financial statements for the year ended 31 May 2025 were
prepared in accordance with UK adopted International Financial Reporting
Standards ("UK adopted IFRS").
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 16 February
2026.
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
2025 2024 2025
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Net loss attributable to ordinary equity holders (1,742) (1,878) (7,317)
Weighted average number of ordinary shares for basic earnings per share 43,814,779 13,667,775 28,699,980
Effect of dilution:
Share Options - - -
Warrants - - -
Weighted average number of ordinary shares adjusted for the effect of dilution 43,814,779 13,667,775 28,699,980
Loss per share (pence)*
Basic (3.98) (13.74) (25.50)
Diluted (3.98) (13.74) (25.50)
*Loss per share has been calculated based on the weighted average number of
shares in issue for each period.
3. Intangible assets
Software Intellectual Property Total
development
£'000 £'000 £'000
Cost
At 31 May 2024 6,924 205 7,129
Additions 436 - 436
At 30 Nov 2024 7,360 205 7,565
Additions 387 - 387
At 31 May 2025 7,747 205 7,952
Additions 327 - 327
At 30 Nov 2025 8,074 205 8,279
Amortisation
At 31 May 2024 2,885 176 3,061
Charge for the year 542 6 548
At 30 Nov 2024 3,427 182 3,609
Charge for the year 581 6 587
Impairment charge for the year 3,175 17 3,192
At 31 May 2025 7,183 205 7,388
Charge for year 174 - 174
At 30 Nov 2025 7,357 205 7,562
Net Book Value
At 30 Nov 2025 717 - 717
At 31 May 2025 564 - 564
At 30 Nov 2024 3,933 23 3,956
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 2025 Medical Imaging Feedback Medical Imaging India Head Office Total
£ £ £ £
Revenue
External 410 3 - 413
Expenditure
Total (excluding depreciation and amortisation) (1,375) (68) (607) (2,050)
Depreciation and amortisation (179) (0) - (180)
Other Income - tax credit 94 - - 94
Loss before tax (1,050) (65) (607) (1,723)
Balance sheet
Total assets 1,049 17 3,795 4,861
Total liabilities (323) (1) (76) (400)
726 16 3,719 4,461
Capital expenditure (329) - - (329)
The revenues from external customers in the six months ending 30 November 2025
relate to the following products Bleepa: £367k, Imaging Engineering license
fees: £28k and legacy products (Cadran PACS): £18k.
Six months ending 30 November 2024 (prior period) 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 (1,404) (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)
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
2025 2024 2025 2024 2025 2024
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000 £'000 £'000 £'000
United Kingdom 382 420 724 3,964 398 780
Europe - - - - - -
Rest of world 31 29 1 - 2 -
Total 413 449 725 3,964 400 780
5. 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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