REG - Feedback PLC - Trading Update

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RNS Number : 3659G  Feedback PLC  28 April 2025

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended. Upon the publication of this announcement
via a Regulatory Information Service, this inside information is now
considered to be in the public domain.

 

Feedback plc

 

Trading Update

 

Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the clinical
infrastructure specialist, provides a trading update for the year-ended 31 May
2025 (the "Period").

 

The backdrop of the merging of NHS England ("NHSE") with the Department of
Health and Social Care ("DHSC"), and the drive for a 50% reduction of
operational costs across NHS Trusts and Integrated Care Boards ("ICBs") at a
national level, in addition to multiple changes to funding programmes being
announced by the government and the NHS, have resulted in increased levels of
near-term uncertainty and a delay in expected contract awards.

 

Revenue for the Period is now expected to be c. £0.9m (2024: £1.18m). The
Company continues to conservatively manage its finances and remains well
funded with cash and short-term investments of £6.6m as at 31 March 2025
following the successful £6.1m (gross) fundraise in November 2024.

 

Changing Environment

For NHS 2025/26, 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 The ERF has been replaced by a fixed funding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 which we believe must be submitted by
31 May 2025, and places increased pressure on ICBs to deliver activity within
a fixed financial envelope.

 

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. The Company believes the increased financial
pressures and simpler model of licensing will make its products more
compelling and accessible to customers and remains confident that once the
current landscape settles, ICBs will be positioned to finalise budgeting
decisions.

 

Continued Opportunity

The Company continues to progress contract conversations with a growing number
of ICBs at a local level and remains positive about the broader environment
and opportunity - especially with the continued focus on waitlist
rationalisation within the NHS, and the compelling workflow and cost benefits
that Feedback provides. The increasing focus on digitisation and the
flexibility of the Company's solutions - which can be tailored to the broader
changing landscape, underpin management's confidence that Feedback remains
positioned to generate strong returns. Together with our primary care partner
the Company continues to pursue opportunities linked to the government's
Neighbourhood Health model which we believe is likely to form a key component
of the NHS 10-Year plan and lead to opportunities later in the year.

 

Dr Tom Oakley, CEO of Feedback plc, said: "With ICBs focusing on cost
reductions and operational efficiency we believe that there will be increasing
need for innovative productivity solutions such as Bleepa. While there is an
element of turmoil, ICBs and Trusts will remain critical in commissioning. We
believe that there will be increased clarity on the NHS position as we head
into the summer, following the publication of the 10-year plan and Spending
Review and that these, along with the submission of ICB indicative activity
plans, will create the stability to allow NHS organisations to contract with
providers such as Feedback.

 

"We remain excited by the opportunity and were delighted that along with Queen
Victoria Hospital NHS Foundation Trust ("QVH") we were recently awarded the
'Most Effective Contribution to Clinical Redesign Award' at the HSJ
Partnership Awards 2025 for reducing patient wait times and unnecessary
hospital appointments through a digital breathlessness pathway. The
recognition for significantly reducing waiting times for patients, improving
productivity for NHS staff and reducing unnecessary appointments provides a
strong reference point for the wider market."

 

* NHS England » Allocation of resources 2025/26
(https://www.england.nhs.uk/publication/allocation-of-resources-2025-26/)

--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/Freddy Crossley/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://fbk.com (https://fbk.com)

 

 

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