TIDMFDBK
RNS Number : 0868P
Feedback PLC
07 February 2023
Feedback plc
Interim Results for the six months ended 30 November 2022
Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the
specialist clinical communication company, announces its unaudited
results for the six months to 30 November 2022 (the "Period").
Operational Highlights
-- Awarded GBP450k contract for a 12-month pilot extension of
the Sussex Integrated Care Systems (" ICS") Community Diagnostic
Centre ("CDC") development programme
-- Named as a supplier on G-Cloud 13, the UK Government's digital marketplace
-- Creation of the CareLocker consumer app, giving patients
direct access to their clinical data
-- First CareLocker deployment with an Indian imaging centre, Sampurna Diagnostics, Indore
-- Completion of 200: 1 share consolidation
Financial Highlights
-- 222% increase in revenue to GBP576k (H1 2022: GBP179k); Bleepa-CareLocker accounted for 73%
-- 149% increase in sales(1) to GBP612k (H1 2022: GBP246k);
Bleepa-CareLocker accounted for 77%
-- Adjusted EBITDA loss(2) increased to GBP1,197k (H1 2022:
GBP1,007k), reflecting expansion and scaling of the
Bleepa-CareLocker platform
-- Cash as at 30 November 2022 of GBP9,228k ( 31 May 2022: GBP10,306k)
Analyst Briefing, 11:00 a.m. Today
A briefing for Analysts will be held at 11:00 a.m. this morning.
Analysts interested in attending should contact Walbrook PR by
emailing feedbackplc@walbrookpr.com or by calling 020 7933
8780.
Retail Investor Briefing, 4.00 p.m. Today
Management will be providing a presentation and hosting an
Investor Q&A session on the results and future prospects today
at 4:00 p.m., 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
Questions can be submitted prior to the event and at any time
during the live presentation via the Investor Meet Company
Platform.
Dr Tom Oakley, CEO of Feedback, said: "The continued momentum
during the period, and in particular the contract extension for
Sussex ICS ("Sussex"), together with constructive ongoing
discussions with other CDCs and parties, underpins management's
confidence in delivering increased revenues and further growing our
customer base.
"Our products and clinical care delivery solutions are focused
on growth markets domestically and internationally, which we
believe are underpinned by increased requirements and demand for
secure and regulated access to patient data - focused on reducing
waiting lists and providing integrated systems that can easily be
implemented in a variety of settings.
"We are delighted with the progress made during the period and
we are focused on further harnessing our knowledge and knowhow to
provide value add solutions for our customers, both within hospital
and remote environments. We remain extremely excited by our growth
prospects and continue to target a number of opportunities.
Importantly, we have numerous routes to market and increasing
levels of visibility and look forward to providing the market with
further updates in due course."
Further information on Feedback and its products can be found on
the Company's website:
https://fbkmed.com/feedback-plc/reports-and-presentations/
Note (1): "Sales" is a non-IFRS metric representing the total
value of invoices raised 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).
Note (2): "Adjusted EBITDA Loss" is a non-IFRS metric being
EBITDA less share-based payment charges.
-Ends-
Enquiries:
Feedback plc +44 (0) 20 3997 7634
Tom Oakley, CEO IR@fbk.com
Anesh Patel, CFO
Panmure Gordon (UK) Limited
(NOMAD and Broker)
Emma Earl/Freddy Crossley (Corporate
Finance)
Rupert Dearden (Corporate Broking) +44 (0)20 7886 2500
Walbrook PR Ltd Tel: 020 7933 8780 or 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
centers 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.
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,
the veterinary market and private healthcare providers and its
highly scalable Software as a Service ("SaaS")-based revenue model
is expected to provide increasing levels of visibility as the
Company grows its customer base.
Feedback plc
Chairman and Chief Executive's Statement
This was another busy period for the Company demonstrated by
strong revenue growth with the Sussex contract extension accounting
for the significant step up in comparative performance. Importantly
this contract extension highlights the potential to establish
symptom-based pathway models for Community Diagnostic Centre
("CDC") services using the Company's digital infrastructure
solutions Bleepa and CareLocker. The performance during the Period
reflected the increasing proportion of Bleepa-CareLocker revenues
as we further developed our proposition and moved away from
low-margin legacy PACS contracts.
The Company's performance during the Period also reflects
continued investment in sales and marketing resource alongside
targeted product development linked to sales opportunities. Key
development has focused on progressing the cross-provider pathway
capabilities required for the CDC deployment in Sussex. This is
with a view to creating feature capabilities that will broaden the
appeal of the technology to other customers and enable the
technology to scale to other NHS CDC sites as we open up this
market opportunity.
With further national funding now committed to the CDC
programme, and the UK government making the NHS backlog reduction a
key election pledge, the Board believes that the Company is well
positioned to capture a number of NHS opportunities in the near
term. Our unique product capabilities, refined in collaboration
with our NHS customers and supported by our regulatory
accreditations, give Feedback a leading position to address the
needs of the CDC space. In partnership with the Queen Victoria
Hospital NHS Foundation Trust ("QVH"), we have shown the NHS a new
way of working by implementing symptom-based care pathways and
asynchronous multidisciplinary team meetings (MDTs) which hold real
potential to enable the NHS to use the new CDCs to meaningfully
reduce the growing NHS care backlog.
The Company also further developed opportunities in India,
building the number of patients going through our Tuberculosis
("TB") screening programme in Odisha and opening a new business
line for CareLocker, a consumer app, with a pilot at Sampurna
Sodani Diagnostic Clinic ("Sampurna") in Indore aimed at replacing
film or CD use with direct digital access to images for patients.
This is anticipated to reduce the imaging centre's costs whilst at
the same time improving the experience of patients. The Company is
evaluating various pricing models with Sampurna's patients and
expects to generate CareLocker sales via Sampurna in the near term,
which are initially expected to be modest. If rolled out to more
centres and larger cities, there is significant potential to scale
in this market.
The Company is already engaging with several other imaging
centres to adopt the CareLocker consumer app product offering for
their customers, pending the pilot results in Sampurna. We
commenced the incorporation of an Indian subsidiary company during
the Period as a vehicle to capitalise on the opportunity presented
by the Indian market, hold local tax and medical device
registrations, and to facilitate direct payment collections from
consumers via e-payment mechanisms, streamlining geofencing and
banking requirements set out in Indian regulations. The Company
will build in-country resources through the subsidiary as
appropriate to pursue our opportunity in this market. The
subsidiary, Feedback Medical India Private Limited, is due to be
fully incorporated and operational in H2 of this financial
year.
During the Period the Company also opted to undertake a 200:1
share consolidation with a view to positively impacting the
liquidity and trading activity in the Company's shares and
improving its marketability to a wider investor group.
Business Strategy
Focus on Commercialisation
Bleepa-CareLocker is now the largest contributor to total
revenue, presenting growing commercialisation opportunities as we
expand our target market to address cross-provider areas such as
CDCs, in addition to maintaining our traditional inpatient
deployments. As outlined previously, cross-provider opportunities
are of considerably higher value and offer the potential to on-sell
services into individual NHS Trusts that are users of the
technology in the cross-provider setting. Bleepa-CareLocker is
currently deployed at one CDC site we are seeing significant
interest in this flagship use case and opportunities are emerging
as more NHS funding comes online for CDC deployments. Our expansion
into India has allowed us to create a direct B2C market opportunity
for CareLocker, which had previously been a supporting cloud
infrastructure to Bleepa, now reimagined as a direct patient facing
application giving customers direct access to their imaging and
results data in a digital format. Redirecting internal resource
away from legacy products towards the high margin growth
opportunities represented by Bleepa and CareLocker is essential to
delivering greater value for shareholders and underpins the
Company's strategy to move into larger addressable market
opportunities.
Secure Data Capture and Transfer
Bleepa's patient-centric design enables clinicians to
collaborate on a patient-by-patient basis across geography, with
the clinical discussion forming an auditable record for the patient
episode that is subsequently shared with all stakeholders.
CareLocker's ability to integrate with multiple clinical systems
and centralise data around an individual patient means that all the
diagnostic results can be seen in one place across all provider
groups, ensuring that relevant data can be collected from multiple
clinical settings, travels with the patient and is always available
to clinicians. In combination this digital infrastructure has the
potential to release care delivery from the traditional geographic
and provider confines with clinicians being able to contribute to
cases from any location, at any time and enabling patients to
flexibly choose and change their care provider knowing that their
data will transfer with them. At a time when healthcare systems
globally are looking at how they can leverage specialist staff more
effectively, whilst simultaneously awarding them the same working
flexibility that others have enjoyed in the post-pandemic era of
remote working, our solutions have never been more essential.
Growing UK Opportunity
The Sussex pilot contract represents the first live
symptom-based CDC care pathway in the UK and is a blueprint for how
diagnostic data generated by the CDCs should be integrated into
clinical care to drive patient and system outcomes, including a
reduction in the elective care backlog. Initial data has been
encouraging with an average pathway time well below the national
six week wait target for primary diagnostic investigation, and a
significant reduction in outpatient waits depending on specialty.
Such outcomes, if scaled nationally, will have a dramatic impact on
the NHS and in turn the Company. With over 160 CDC sites to be
implemented nationally this represents a large-scale opportunity,
backed by national funding and political necessity. The Company is
pursuing both direct and partnership approaches to ensure that we
maximise our chance to capture this national opportunity.
Increasing Visibility in India
The deployment of Bleepa and BleepaBox as part of the TB
screening programme in Odisha, in partnership with Amazon Web
Services (AWS) and Qure.ai, has enabled the company to generate
real-world data on the effectiveness and impact of our technology
in facilitating remote diagnosis. Although generated in relation to
TB the implication is that this infrastructure could be used for
any remote diagnostic or care requirement, potentially opening
opportunities in the government, NGO and military spaces. We do not
intend to conduct further pilots of the technology within TB as we
believe we now have sufficient evidence to enable us to engage with
channel partners and to directly pursue contracts with potential
customers. Given the scale and nature of rural deployments it is
likely that these partnership and customer conversations may take
some time to mature but we are now confident of the benefit that
the system can deliver with the evidence to support this.
In the interim, we have been able to leverage the TB screening
pilot to generate interest in our broader technology from imaging
centres that directly serve patients in urban settings. It is our
ability to process patient level imaging data, rather than our
ability to transmit these across 3G networks, that turned out to be
of interest to this customer group, who see the ability to provide
digital access to their patients as a competitive advantage and a
way of reducing the costs associated with the production of
physical film copies, or CDs, as the traditional vehicle of
providing patients with access to their images and reports. During
the Period we established a live pilot with Sampurna, an imaging
centre in Indore. Sampurna were an early adopter and worked with us
to hone the value proposition and adapt the technology to the needs
of the imaging centre, which included developing a patient facing
interface to CareLocker, something that is likely to have further
applications in other markets, including the UK. CareLocker will be
advertised by the imaging centre to their customers as an
additionally purchasable premium product. The imaging centre saves
on the cost of generating a CD or film print for every patient that
purchases a CareLocker account and benefits from the reputational
benefits of being an early adopter of a digital first approach,
potentially allowing the imaging centre to attract more
customers.
The Sampurna pilot demonstrates the willingness of customers to
purchase the product and we are in the process of establishing a
subsidiary company to facilitate direct electronic payment
collection from customers, a process which is tightly geofenced and
which is better delivered locally than internationally, instead of
relying on the imaging centres to collect payments on our behalf.
This is a volume-dependent opportunity with over 40 imaging centres
in Indore alone serving a population of some 3.3m patients, an
opportunity that scales to larger cities such as Dehli and Mumbai
with a population over 10x the size. As such, we are seeking to
establish new partnerships with imaging centres across Indore and
within other major urban centres.
Strong and Growing Portfolio
As the Company continues to develop Bleepa and CareLocker we
have successfully retained the numerous regulatory and quality
certifications that differentiate us within the market, most
notably our ISO 13485, ISO 27001, Cyber Essentials Plus, and DCB
0129 accreditations that support our UKCA certification for Bleepa
as a software as medical device product.
Following the finalisation of our Indian subsidiary setup the
Company will start the process of registering Bleepa as a medical
device in India, allowing us to directly market Bleepa to hospitals
within India for clinical use. It is preferential to use a
wholly-owned subsidiary as a local manufacturer in this regard,
instead of importing Bleepa through a third-party wholesaler, due
to the risks that sharing technical file information would hold for
our IP in India. Therefore the Board has elected to reserve medical
device registration until the subsidiary is operational. We expect
the medical device registration process to take approximately 6-9
months, during which time we will focus on the commercialisation of
the CareLocker consumer app, which does not require medical device
certification in India, and our CDC NHS opportunities in the
UK.
In the UK the Company has leveraged our regulatory
certifications to successfully list our products on the prestigious
UK G-Cloud public procurement framework which provides an assured
framework for NHS procurement and allows potential customers to
directly award contracts to the company without the need for more
localised competitive procurement tenders. Whilst we expect the
majority of NHS opportunities to continue coming via the
competitive tender route this does represent a route to streamline
market access and should accelerate the adoption of our CDC
solution in particular.
Although not directly linked to our regulatory certifications,
the features developed during the period for Bleepa, in
collaboration with QVH, such as workflow management and clinical
labels, stand to further differentiate us from competitors who
offer simple chat-based tools without the medical imaging and
results display capabilities that are already available within
Bleepa. The collaborative clinical refinement of our products at
our customer sites ensures that we maximise our product market fit
and will offer an unparalleled value proposition to both our
existing and future customers.
Financial Review
Revenue in the six months ended 30 November 2022 increased 222%
to GBP576k (H1 2022: GBP179k), reflecting the significant increase
in average contract value for Bleepa-CareLocker compared to legacy
products, with Bleepa-CareLocker comprising 73% of revenue. In
addition, H1 2023 revenue was positively impacted by the 12-month
extension of the Sussex CDC pilot, a GBP450k contract awarded in
September 2022 but covering the 12-month period from 31 March 2022,
resulting in GBP188k of revenue being recognised related to the
5-month period prior to contract signing.
Sales, a non IFRS measure representing the total customer
contract value invoiced in the period, increased 149% to GBP612k
(H1 2022: GBP246k), of which Bleepa-CareLocker contributed 77% and
Image Engineering license fees contributed 11%, more than
offsetting declining legacy product sales. Bleepa-CareLocker
products are sold on an annual license fee basis therefore
benefitting from higher lifetime contract value and gross margin
versus legacy products with one-off license fees plus minimal
support fees thereafter.
Gross margin increased to 94% (H1 2022: 67%) partly due to the
benefit of GBP188k revenue being recognised for the Sussex CDC
pilot relating to the 5-month period prior to contract signing. In
addition, gross margin in the prior period was impacted by one-off
BleepaBox hardware costs for a veterinary customer contract
typically incurred in the first year of a customer contract
only.
Operating expenses increased 59% to GBP2,161k (H1 2022:
GBP1,357k) due to headcount expansion, increased amortisation
charges for capitalised software development, and general cost
inflation. Operating loss increased 31% to GBP1,622k (H1 2022:
GBP1,238k). Excluding depreciation and amortisation of GBP396k (H1
2022: GBP205k) and share-based payment charges of GBP29k (H1 2022:
GBP24k), Adjusted EBITDA loss increased 19% to GBP1,197k (H1 2022:
GBP1,009k).
The Group capitalised a further GBP601k (H1 2022: GBP599k) in
software development and IP related to product enhancements and new
features based on customer demand, including development of the
CareLocker consumer app for the Indian consumer market.
The Group's cash position as at 30 November 2022 was strong at
GBP9,228k (30 November 2021: GBP11,423k, 31 May 2022: GBP10,306k),
providing the Company with the capital required to deliver its
growth projects in the UK and internationally.
Outlook
These results demonstrate the continued upward trajectory of the
Company as it pursues its strategy of delivering cutting edge
technology to frontline clinicians across healthcare settings and
is the result of the strategic pivot undertaken in the later part
of 2019.
As we look to the near term in Q3-Q4 of this financial year, the
Company's focus shall predominantly be on the NHS and pursuing
opportunities in the emerging CDC space, where we see a growing
amount of government investment and substantial clinical need for
our technologies. The CDC opportunity alone is sizeable enough to
give the Company a path to profitability, should we be able to
successfully convert 20-30% of the potential regional NHS CDC
customers, being Integrated Care Systems ("ICSs"). We have already
invested in an increased sales function to pursue CDC opportunities
and are utilising external lead generation companies to ensure that
we capture any opportunities arising around the NHS financial year
end, the period where historically we see the greatest number of
transactions and customers coming to the market.
Regional CDC contracts with ICSs represent the clearest route to
profitability. The Board views this as a priority and is confident
about the opportunity. However, as this is an early and evolving
market with a degree of unpredictability around timescales and
government funding, the Company is pragmatically focused on
exploring other potential customer bases, diversifying and
increasing the number of routes to profitability - with continued
parallel focus on strategic deployments in India.
The opportunities in India are far larger than those in the UK
due to the sheer scale involved; however they are a mid-long term
strategic goal as we incorporate a local entity, obtain in-country
registration as a medical device manufacturer and expand to fulfil
an opportunity of this magnitude. For these reasons we have not
sought to expand our pilot base, beyond the current deployments
necessary to stimulate market interest, and will not commit further
resources until we have clear sight of revenues.
Given the resources available to the Company we are well advised
to stagger these opportunities slightly to ensure that we capture
both the NHS and India markets. The Company will ensure that it is
appropriately resourced to deliver but will link resourcing
directly to qualified opportunities so as to maximise cash
conservation. We expect most contracts in the NHS to be annually
recurring or multi-year and paid upfront annually further
benefiting our strategy of opportunity linked and cash conscious
expansion.
With renewed government commitment to NHS spending on the CDC
programme and growing visibility of customers from imaging centre
sites in India, the Company believes it has multiple roads to
profitability and is appropriately resourced for the journey
ahead.
Dr Tom Oakley
Chief Executive Officer
Professor Rory Shaw
Non-Executive Chairman
07 February 2023
Feedback plc
Consolidated Statement of Comprehensive Income
For the six months ending 30 November 2022
Note 6 months 6 months 12 months
ending ending ending
30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
------------------- --------------------- ------------------------ ------------------------ ----------------------
Revenue 576 179 589
Cost of sales (37) (60) (99)
Gross profit 539 119 489
Other operating
expenses (2,161) (1,357) (3,002)
Operating loss (1,622) (1,238) (2,513)
Net finance income 12 0 2
Loss before
taxation (1,610) (1,238) (2,511)
Tax credit 242 175 392
Loss after tax
attributable to
the equity
shareholders of
the Company (1,368) (1,063) (2,119)
Total
comprehensive
expense for the
year (1,368) (1,063) (2,119)
------------------- --------------------- ------------------------ ------------------------ ----------------------
Loss per share
(pence)
Basic and diluted 2 (10.26) (19.76) (22.67)
------------------- --------------------- ------------------------ ------------------------ ----------------------
Feedback plc
Consolidated Statement of Changes in Equity
As at 30 November 2022
Share Share Premium Capital Retained Translation Share option Total
Capital Reserve Earnings Reserve Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 May 2021 2,667 8,860 300 (6,730) (210) 382 5,269
Total
comprehensive
loss for the
year - - - (2,119) - - (2,119)
New shares
issued 4,000 7,200 - - - - 11,200
Costs of new
shares issued - (709) - - - - (709)
Share-based
payments - - - - - 68 68
--------------- ------------- -------------- ------------- ------------- ------------- ------------- ----------
Total
transactions
with owners 4,000 6,491 - - - 68 10,559
At 31 May 2022 6,667 15,351 300 (8,849) (210) 450 13,709
--------------- ------------- -------------- ------------- ------------- ------------- ------------- ----------
Total
comprehensive
loss for the
year - - - (1,368) - - (1,368)
- - - - - - -
New shares
issued - - - - - - -
Costs of new
shares issued - (0) - - - - (0)
Share-based
payments - - - - - 29 29
--------------- ------------- -------------- ------------- ------------- ------------- ------------- ----------
Total
transactions
with owners - (0) - - - 29 29
At 30 November
2022 6,667 15,351 300 (10,217) (210) 479 12,370
--------------- ------------- -------------- ------------- ------------- ------------- ------------- ----------
Feedback plc
Consolidated Statement of Financial Position
As at 30 November 2022
30 November 2022 30 November 2021 31
(Unaudited) (Unaudited) May
2022
(Audited)
Note GBP'000 GBP'000 GBP'000
------------------------------------------------------- ----- ------------------- ------------------- ------------
Assets
Non-current assets
Property, plant and equipment 16 11 8
Intangible assets 3 3,499 3,079 3,289
------------------------------------------------------- ----- -------------------
3,515 3,090 3,297
------------------------------------------------------- ----- ------------------- ------------------- ------------
Current assets
Trade and other receivables 39 62 308
Corporation tax receivable 242 614 392
Cash and cash equivalents 9,228 11,423 10,306
------------------------------------------------------- ----- ------------------- ------------------- ------------
9,509 12,099 11,006
------------------------------------------------------- ----- ------------------- ------------------- ------------
Total assets 13,024 15,189 14,303
------------------------------------------------------- ----- ------------------- ------------------- ------------
Equity
Capital and reserves attributable to the Company's
equity shareholders
Called up share capital 6,667 6,667 6,667
Share premium account 15,351 15,352 15,351
Capital reserve 300 300 300
Translation reserve (210) (210) (210)
Share option expense reserve 479 406 450
Retained earnings (10,217) (7,793) (8,849)
------------------------------------------------------- ----- ------------------- ------------------- ------------
Total equity 12,370 14,722 13,709
------------------------------------------------------- ----- ------------------- ------------------- ------------
Liabilities
------------------- ------------
Current liabilities
Trade and other payables 654 463 594
------------------------------------------------------- ----- -------------------
654 463 594
------------------------------------------------------- ----- ------------------- ------------------- ------------
Non-current liabilities
Contract liabilities - 4 -
------------------------------------------------------- ----- ------------------- ------------------- ------------
- 4 -
------------------------------------------------------- ----- ------------------- ------------------- ------------
Total liabilities 654 467 594
------------------------------------------------------- ----- ------------------- ------------------- ------------
-
------------------------------------------------------- ----- ------------------- ------------------- ------------
Total equity and liabilities 13,024 15,189 14,303
------------------------------------------------------- ----- ------------------- ------------------- ------------
Feedback plc
Consolidated Statement of Cash Flow
For the six months ending 30 November 2022
6 months ending 6 months ending 12 months
30 November 30 November ending
2022 2021 31 May
(Unaudited) (Unaudited) 2022
GBP'000 GBP'000 (Audited)
GBP'000
Cash flows from operating
activities
Loss before tax (1,610) (1,238) (2,511)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Adjustments for:
Net finance income (12) (0) (2)
Depreciation and
amortisation 396 205 553
Share based payment expense 29 24 68
Decrease/(increase) in
trade receivables 196 (60) (199)
Decrease/(increase) in
other receivables 73 136 29
Increase / (decrease) in
trade payables 1 (95) (30)
Increase / (decrease) in
other payables 59 10 71
Corporation tax received 392 328 767
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total adjustments 1,134 547 1,257
---------------------------- ---------------------------- ---------------------------- ----------------------------
Net cash used in operating
activities (476) (691) (1,254)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Cash flows from investing
activities
Purchase of tangible fixed
assets (13) - (5)
Purchase of intangible
assets (601) (599) (1,149)
Net finance income received 12 0 2
----------------------------
Net cash used in investing
activities (602) (599) (1,152)
---------------------------- ---------------------------- ---------------------------- ----------------------------
Cash flows from financing
activities
Net proceeds of share issue (0) 10,492 10,491
---------------------------- ---------------------------- ---------------------------- ----------------------------
Net cash generated from
financing activities (0) 10,492 10,491
---------------------------- ---------------------------- ---------------------------- ----------------------------
Net increase/(decrease) in
cash and cash equivalents (1,078) 9,202 8,085
Cash and cash equivalents
at beginning of period 10,306 2,221 2,221
Cash and cash equivalents
at end of period 9,228 11,423 10,306
---------------------------- ---------------------------- ---------------------------- ----------------------------
Notes to the Unaudited Interim results for the six months to 30
November 2022
1. Basis of preparation
The accounting policies applied are consistent with those
applied in the most recent consolidated annual report and accounts
for the year ended 31 May 2022.
The information set out in this interim report for the six
months ended 30 November 2022 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 2022 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 directors on 06 February
2023.
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 shares in issue.
6 months 6 months 12 months
ending ending ending
30 November 30 November 31 May
2022 2021 Proforma* 2022 Proforma*
(Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000
------------------------------- ------------------------- ---------------------------- ----------------------------
Net loss attributable to
ordinary equity holders (1,368) (1,063) (2,119)
------------------------------- ------------------------- ---------------------------- ----------------------------
Weighted average number of
ordinary shares for basic
earnings per share 13,334,659 5,378,374 9,345,617
Effect of dilution:
Share Options - - -
Warrants - - -
------------------------------- ------------------------- ---------------------------- ----------------------------
Weighted average number of
ordinary shares adjusted for
the effect of dilution 13,334,659 5,378,374 9,345,617
------------------------------- ------------------------- ---------------------------- ----------------------------
Loss per share (pence)
Basic (10.26) (19.76) (22.67)
Diluted (10.26) (19.76) (22.67)
------------------------------- ------------------------- ---------------------------- ----------------------------
*The comparative periods have been presented on a proforma basis
by applying the 200:1 share consolidation to the weighted average
number of ordinary shares of that period.
3. Intangible assets
Software Customer relationships Intellectual Property Goodwill Total
development
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 31 May 2021 3,269 100 218 271 3,858
Additions 594 - 5 - 599
--------------------------------- ------------- ----------------------- ---------------------- --------- --------
At 30 Nov 2021 3,863 100 223 271 4,458
Additions 542 - 8 - 550
Disposal of fully amortised
assets - - (34) - (34)
--------------------------------- ------------- ----------------------- ---------------------- --------- --------
At 31 May 2022 4,405 100 198 271 4,974
Additions 601 - - - 601
--------------------------------- ------------- ----------------------- ---------------------- --------- --------
At 30 Nov 2022 5,006 100 198 271 5,574
Amortisation
At 31 May 2021 646 100 161 271 1,178
Charge for the year 191 - 11 - 202
--------------------------------- ------------- ----------------------- ---------------------- --------- --------
At 30 Nov 2021 837 100 172 271 1,380
Charge for the year 334 - 6 - 340
Disposal of fully amortised
assets - - (34) - (34)
--------------------------------- ------------- ----------------------- ---------------------- --------- --------
At 31 May 2022 1,171 100 143 271 1,685
Charge for year 382 - 8 - 390
--------------------------------- ------------- ----------------------- ---------------------- --------- --------
At 30 Nov 2022 1,553 100 151 271 2,075
Net Book Value
At 30 Nov 2022 3,453 - 46 - 3,499
At 31 May 2022 3,234 - 55 - 3,289
At 30 Nov 2021 3,027 - 52 - 3,079
4. Availability of this report
A copy of this announcement is available from the Company's
website, being https://fbkmed.com/feedback-plc/announcements/ .
To receive a hard copy of the interim report, please contact
Walbrook Ltd on 020 7933 8780 or feedbackplc@walbrookpr.com .
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END
IR UPUGCPUPWGBQ
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