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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Feedback Plc | LSE:FDBK | London | Ordinary Share | GB00BJN59X09 | ORD 50P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 110.00 | 105.00 | 115.00 | 110.00 | 110.00 | 110.00 | 600 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Electronic Computers | 1.03M | -2.92M | -0.2188 | -5.03 | 14.67M |
From Apr 2019 to Apr 2024
TIDMFDBK
RNS Number : 7227V
Feedback PLC
07 November 2017
This announcement contains inside information as stipulated under the Market Abuse Regulation (EU) No 596/2014 (MAR).
Feedback plc
("Feedback", the "Company" or the "Group")
Final results for the year ended 31 May 2017
Notice of Annual General Meeting
Feedback plc (AIM: FDBK), the specialist medical imaging technology company, announces its final results for the year ended 31 May 2017.
Operational highlights (including post-period end)(1)
-- Letter of Intent for TexRAD(R) Lung signed with a leading global medical imaging company -- Exclusive TexRAD(R) distributor agreements signed in China and Korea -- Prototype integration solution for TexRAD(R) demonstrated to Alliance Medical Group -- CCI collaboration with Future Processing Sp. z o.o. to develop medical imaging software
-- Significant TexRAD(R) research interest including 19 presentations at RSNA annual conference
-- Certification received by CCI for ISO 13485:2016 quality management standard compliance -- CE marked release of TexRAD(R) Lung expected by the end of November 2017
Financial highlights (including post-period end)
-- Completion of a placing of 27,272,727 new ordinary shares of 0.25p each in the Company at a price of 2.75 pence per share to raise a total of GBP750,000 (gross) in April 2017
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-- Revenue for the year GBP465,885 (2016: GBP431,454)
-- Loss after tax for the year GBP266,003 (2016: loss GBP183,156)
-- Loss before interest, tax and amortisation was GBP252,750 (2016: loss GBP206,523)
-- Cash as at 31 May 2017 was GBP696,811 (31 May 2016: GBP105,673)
1. Cambridge Computed Imaging Limited ("CCI") is a wholly owned subsidiary of Feedback plc.
Dr Alastair Riddell, Chairman at Feedback plc, said: "We delivered solid operational progress during the period and the increased international sales exposure is particularly encouraging. Our technical and regulatory team have been working diligently on the delivery of a CE marked release of TexRAD(R) Lung. We are acutely aware that this development has taken longer than originally expected, however we are confident that our rigorous regulatory review will pave the way for new products and therefore maximise the potential for TexRAD(R) 's clinical use worldwide. We remain focused on applying our leading research expertise to the clinical setting to drive future revenue growth and would like to thank our shareholders, customers and partners for their continued support."
Notes to editors
About Feedback plc
Feedback plc is a specialist medical imaging technology company. It develops software and systems that provide innovative techniques and improved workflows for practitioners involved in medical research and treating patients. TexRAD(R) , the Company's patented quantitative image texture analysis technology, has the potential to assist clinicians in diagnosis, prognosis and treatment of patients with cancer and is currently installed in over 40 of the world's leading research institutions across Europe, North America and Asia. The Cadran platform provides a suite of medical imaging tools for decision support. The Cadran range includes the picture archiving communication system (PACS) to provide decision support for scan analysis, diagnostic workstations which provide secure remote access to view scans on demand, and products to securely share and transport patient data. Visit www.fbk.com.
For further information, please contact:
Feedback plc Tel: 01954 718072 Dr Alastair Riddell, Chairman hello@fbk.com Lara Mott, Investor Relations Allenby Capital Limited (Nominated Tel: 020 3328 Adviser and Joint Broker) 5656 David Worlidge / James Thomas Northland Capital Partners Ltd Tel: 020 3861 (Joint Broker) 6625 Patrick Claridge / David Hignell Peterhouse Corporate Finance Tel: 020 7469 Ltd (Joint Broker) 0936 Lucy Williams / Duncan Vasey
Chairman's statement
FINANCIAL PROGRESS
In the year ended 31 May 2017, the Group incurred a loss after tax of GBP266,003 (2016: loss GBP183,156) on revenue of GBP465,885 (2016: GBP431,454). The results show a continuation in revenue growth as more customers around the world adopt TexRAD(R) and Cadran products and associated support services. On 26 April 2017, we announced the completion of a placing of 27,272,727 new Ordinary Shares at a price of 2.75 pence per share to raise a total of GBP750,000 (before expenses). A proportion of the net proceeds from the share issue has been invested in product development, sales and marketing with the balance being utilised for general working capital purposes. This accelerated expenditure, including investing in the team and external activities, has contributed to the increase in the loss during the period, however the Directors expect that the benefits of this investment will be seen in the current financial year. Operational cash generation has been satisfactory and reflects customer payments for new purchases and contracts before the periods in which the revenue is recognised. The share issue, net of costs, has contributed to a healthy cash balance at the end of the year.
OPERATIONAL PROGRESS
As previously announced, Feedback's subsidiary company, Cambridge Computed Imaging Ltd ("CCI") is working towards a CE marked release of "TexRAD(R) Lung" for the clinical application of TexRAD(R) in the diagnosis, prognosis and treatment of lung cancer. CE marking is a claim by a medical device manufacturer that a product meets the essential requirements of the Medical Device Directive, which outlines the safety and performance requirements for medical devices in the European Union. TexRAD(R) Lung will be a "software only" medical device providing additional information for the interpretation of computerised tomography (CT) and positron emission tomography (PET) scans.
Feedback is committed to offering its customers the highest quality service across all areas of its business, and therefore compliance with international quality management standards is of paramount importance. CCI received certification for its compliance with the ISO 13485:2016 quality management standard in September 2017. In May 2017, Feedback announced that CCI had identified enhancements to improve the performance of TexRAD(R) which will further support the wider clinical application of the TexRAD(R) technology. Since then, CCI has successfully prepared a "release candidate" version of TexRAD(R) Lung, incorporating over 60 risk control measures to address the 50 potential clinical risk scenarios identified within the product. This in now in the final stages of testing, with an anticipated CE marked release by the end of November 2017.
On 30 March 2017, as part of the intended distribution arrangements, CCI signed a letter of intent with a leading global medical imaging company which would make TexRAD(R) Lung available for purchase on its diagnostic imaging solutions platform. This would, in due course, enable easy access to TexRAD(R) Lung for hundreds of potential users around the world on a subscription basis. We look forward to continuing our ongoing discussions with this company and other leading imaging companies to broaden the range of potential routes to market for clinical versions of TexRAD(R) .
Post-period end, CCI signed exclusive distributor agreements with Korea Computer Motion ISG ("Korea ISG") in June 2017 and Boya Digital Technology (Beijing) Co. Ltd. ("Boya") in July 2017 for sales and distribution of TexRAD(R) in South Korea and the People's Republic of China, respectively.
These agreements represent a significant step in expanding TexRAD(R) sales to meet the fast-growing demand in Asian markets. By successfully identifying and engaging with distributors who are experts in the local market, we can leverage the TexRAD(R) brand to help build a regional sales pipeline. Over the first few months of these agreements, joint marketing and promotional activities have been well-received, we have seen an increase in purchase orders for TexRAD(R) from leading medical institutions in South Korea and we are receiving significant interest in China.
In September 2016, we announced that we have developed a technical solution with Alliance Medical Group ("Alliance") that would allow the integration of TexRAD(R) into Alliance's network of PET/CT scanners in UK hospitals. A prototype version has been demonstrated to potential users and an abstract was presented at the Radiological Society of North America (RSNA) annual conference in November 2016. The poster, entitled "PET/CT in Lung Cancer: An Automated Imaging Tool for Decision Support", highlighted results from a preliminary study which suggests that an automated PET/CT lung cancer tool may standardise clinical performance whilst allowing access to quantitative texture analysis to improve prognostication and fit within clinical workflow. We continue to work closely with Alliance on the future integration of TexRAD(R) Lung.
In March 2017, the Company announced that CCI was finalising arrangements for the secure transfer of patient data from Papworth Hospital NHS Foundation Trust to the new Cambridge Biomedical Campus which was expected to open in April 2018. Papworth Hospital has since extended the timeframe to September 2018 and therefore preparation for the transfer of the extensive archive of medical images is ongoing.
RESEARCH AND DEVELOPMENT PROGRESS
In July 2016, we announced a large-scale collaboration with Future Processing Sp. z o.o. ("Future Processing"), a software development service provider based in Gliwice, Poland to develop medical imaging software. The collaboration will entail a substantially increased development team working on new products and the sharing of intellectual property and future revenues. We believe that by CCI working jointly with the Future Processing healthcare team, CCI's existing product portfolio can be improved and new products developed more rapidly including further applications for TexRAD(R) . The collaboration is fully underway and both teams are working towards agreeing formal licences for new software products to be brought to market in 2018.
We continue to receive significant TexRAD(R) research interest from prestigious institutions worldwide which has resulted in multiple articles in leading publications. In September 2016, University College London ("UCL") published a retrospective study of 67 prostate cancer patients which demonstrated that TexRAD(R) analysis of multi-parametric MRI images may be able to identify the presence of clinically significant prostate cancers in the transition zone and therefore could potentially assist in optimising prostate radiologists' workflow. In November 2016, we attended the 102(nd) Scientific Assembly and Annual Meeting of the Radiological Society of North America (RSNA 2016); the premier global event for radiologists. We had a strong presence at RSNA 2016, with 19 scientific paper presentations featuring TexRAD(R) analysis, further emphasising the significance of our technology across the healthcare industry. Further information on the papers presented at RSNA 2016 can be found at https://rsna2016.rsna.org/program/.
Post-period end in October 2017, our customer at the International University of Health and Welfare Hospital in Tochigi, Japan published article featuring TexRAD(R) analysis in liver cancer. The paper, entitled "Impact of hepatocellular carcinoma heterogeneity on computed tomography as a prognostic indicator" was published in the Nature affiliated journal; Scientific Reports. We also sponsored the American British Course in Neuroradiology in Mumbai, India in October 2017, which included a lunch-time symposium presentation on brain texture analysis using TexRAD(R) technology. These research activities continue to support the potential future clinical application of TexRAD(R) in these other disease indications.
In 2015, we announced the incorporation of a 50:50 joint venture company, Prostate Checker Ltd, with QUIBIM S.L. ("QUIBIM"). The Board has concluded that a joint venture vehicle is no longer required for the collaboration. The Company continues to work closely with QUIBIM to develop a specific application of TexRAD(R) texture analysis for the computer assisted detection and diagnosis of prostate cancer.
BOARD AND ORGANISATION
Tom Charlton stepped down as a director on 30 May 2017 in order to devote more time to his other investment activities. Post-period end, on 8 June 2017, we announced that Trevor Brown resigned as a non-executive Director in order to allow the Company to move rapidly to the next stage in its development. On behalf of the Board, I thank both Tom and Trevor for their invaluable support of the Company following its readmission in 2014 which has enabled it to achieve considerable progress to date.
To further support the Company's growth strategy, Tim Irish joined the Board on 8 June 2017 as Non-Executive Director. Tim is a Professor of Practice at Kings College London as well as a board member of Bournemouth University. He joined the board of the National Institute for Health and Care Excellence (NICE) in April 2015 and became its Senior Independent Director in May 2017. Tim has worked in the life sciences industry for 30 years. His career has spanned global health technology companies across Europe and North America, including GSK, GE and Philips the latter two in senior positions responsible for medical imaging. Tim also currently holds a number of non-executive positions in health and technology related entities.
I would also like to recognise and thank the Group's employees for the outstanding contribution they have made. Having completed the placing in April 2017, we are in strong position to continue to build and invest in a leading team to deliver our objectives.
STRATEGY AND OUTLOOK
Upon delivery of the first CE marked release of TexRAD(R) by the end of November 2017, our ambition is to leverage our leading research, image processing and analysis expertise to position TexRAD(R) technology for routine clinical use to drive future revenue growth. We look forward to continuing our ongoing discussions with leading imaging companies to broaden the range of potential routes to market for clinical versions of TexRAD(R) . Our existing and future distributor agreements will continue to support the Company's international expansion, ensuring that our technology continues to be used by the world's leading institutions to expedite research in this important field. With pioneering technology platforms and strong industry trends, we believe the Group is ideally placed to deliver continued growth.
Dr A J Riddell
Chairman
6 November 2017
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARED 31 MAY 2017
Note 2017 2016
GBP GBP
REVENUE 465,885 431,454
Cost of sales (11,007) (7,438)
----------- -----------
GROSS PROFIT 454,878 424,016
Other income 150
Other operating expenses (755,960) (676,596)
OPERATING LOSS (300,932) (252,580)
Net finance income 5 1,361
----------- -----------
Loss on ordinary
activities before
taxation (300,927) (251,219)
Tax credit 34,924 23,063
----------- -----------
LOSS ON ORDINARY
ACTIVITIES AFTER
TAX (266,003) (228,156)
----------- -----------
Profit on disposal
of investment - 45,000
----------- -----------
Loss for the year
attributable to the
equity shareholders
of the Company (266,003) (183,156)
Other comprehensive
income
Translation differences - -
on overseas operations
----------- -----------
Total comprehensive
expense for the year (266,003) (183,156)
=========== ===========
LOSS PER SHARE (pence)
Basic and diluted 4 (0.11) (0.09)
=========== ===========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31 MAY 2017
Share Share Capital Retained Translation Convertible Total
Capital Premium Reserve Earnings Reserve Debt
Option
Reserve
GBP GBP GBP GBP GBP GBP GBP
At 1 June 2015 476,867 1,409,334 299,900 (2,076,483) (209,996) 189,000 88,622
New shares issued 32,318 190,382 222,700
Costs associated
with the
raising of funds (6,580) (6,580)
Share option
and warrant
costs - - - 8,163 - - 8,163
Total comprehensive
expense for
the year - - - (183,156) - - (183,156)
--------- ---------- --------- ------------ ------------ ------------ -----------
At 31 May 2016 509,185 1,593,136 299,900 (2,251,476) (209,996) 189,000 129,749
New Shares issued 105,982 833,018 - - - (189,000) 750,000
Costs associated
with the
raising of funds - (50,121) - - - - (50,121)
Share option
and warrant
costs - - - 5,726 - - 5,726
Total comprehensive
expense for
the year - - - (266,003) - - (266,003)
--------- ---------- --------- ------------ ------------ ------------ -----------
At 31 May 2017 615,167 2,376,033 299,900 (2,511,753) (209,996) - 569,351
========= ========== ========= ============ ============ ============ ===========
CONSOLIDATED BALANCE SHEET AT 31 MAY 2017
2017 2016
Notes GBP GBP
ASSETS
Non-current assets
Property, plant and
equipment 5 4,109 3,639
Intangible assets 6 80,235 110,747
Investments - 1,000
------------ ------------
84,344 115,386
Current assets
Trade receivables 49,982 40,894
Other receivables 7 62,328 63,910
Cash and cash equivalents 696,811 105,673
------------ ------------
809,121 210,477
Total assets 893,465 325,863
============ ============
EQUITY
Capital and reserves
attributable to the
Company's equity
shareholders
Called up share capital 9 615,167 509,185
Share premium account 2,376,033 1,593,136
Capital reserve 299,900 299,900
Translation reserve (209,996) (209,996)
Retained earnings (2,511,753) (2,251,476)
------------ ------------
569,351 (59,251)
Convertible debt
option reserve - 189,000
TOTAL EQUITY 569,351 129,749
LIABILITIES
Deferred tax liabilities 4,250 19,378
------------ ------------
4,250 19,378
Current liabilities
Trade payables 68,948 21,546
Other payables 8 250,916 155,190
319,864 176,736
------------ ------------
Total liabilities 324,114 196,114
------------ ------------
TOTAL EQUITY AND
LIABILITIES 893,465 325,863
============ ============
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEARED 31 MAY 2017
2017 2016
GBP GBP
Cash flows from operating
activities
Loss before tax (300,927) (251,219)
---------- ----------
Adjustments for:
Share option costs 5,726 8,163
Net finance income (5) (1,361)
Depreciation and amortisation 48,182 46,052
Impairment of investment 1,000 -
(Increase)/decrease in
trade receivables (9,087) 69,976
(Increase)/decrease in
other receivables (36,246) 42,402
Decrease/(increase) in
trade payables 47,400 (18,852)
(Increase)/decrease in
other payables 95,728 (109,772)
Corporation tax received 57,624 9,506
---------- ----------
210,322 46,114
---------- ----------
Net cash used in operating
activities (90,605) (205,105)
Cash flows from investing
activities
Purchase of tangible fixed
assets (2,941) (104)
Purchase of intangible
assets (15,200) (13,860)
Net finance income received 5 1,361
Proceeds from sale of
joint venture - 46,000
Purchase of shares in
joint ventures - (2,000)
Net cash (used by)/generated
from investing activities (18,136) 31,397
Cash flows from financing
activities
Net proceeds of share
issue 699,879 216,120
---------- ----------
Net cash generated from
financing activities 699,879 216,120
---------- ----------
Net increase in cash and
cash equivalents 591,138 42,412
Cash and cash equivalents
at beginning of year 105,673 63,261
Cash and cash equivalents
at end of year 696,811 105,673
========== ==========
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 31 MAY 2017
1. General information
The Company is a public limited company domiciled in the United Kingdom and incorporated under registered number 00598696 in England and Wales. The Company's registered office is Unit 5, Grange Park, Broadway, Bourn, Cambridgeshire, CB23 2TA.
The Company is listed on AIM of the London Stock Exchange. These Financial Statements were authorised for issue by the Board of Directors on the 6 November 2017.
While the financial information included in this preliminary announcement has been prepared in accordance with International Financial Reporting Standards (IFRSs), this announcement does not itself contain sufficient information to comply with IFRSs. The Group has also published full financial statements that comply with IFRSs available on its website and to be circulated shortly.
The financial information set out in the announcement does not constitute the company's statutory accounts for the years ended 31 May 2017 or 2016. The financial information for the year ended 31 May 2016 is derived from the statutory accounts for that year, which were prepared under IFRSs, and which have been delivered to the Registrar of Companies.
The financial information for the year ended 31 May 2017 is derived from the audited statutory accounts for the year ended 31 May 2017 on which the auditors have given an unqualified report, that did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006 and included the following paragraphs:
"Emphasis of matter - Going Concern
In forming our opinion, which is not modified, we have considered the adequacy of the disclosures made in Note 3c of the accounting policies regarding the group and parent company's ability to continue as a going concern. The group incurred a loss of GBP266,003 in the year and may need to obtain further finance during the next twelve months which has not yet been obtained. These factors, along with the matters explained in note 3c of the accounting policies indicate the existence of a material uncertainty which may cast a significant doubt about the group and the company's ability to continue as a going concern.
The financial statements do not include the adjustments that would result if the group and company were unable to operate as a going concern."
The statutory accounts will be delivered to the Registrar of Companies following the Company's annual general meeting.
2. Adoption of new and revised International Financial Reporting Standards
No new International Financial Reporting Standards ("IFRS"), amendments or interpretations became effective in the year ended 31 May 2017 which had a material effect on this financial information.
At the date of approval of this financial information, the following IFRS Standards and Interpretations, which have not been applied in these Financial Statements, were in issue but not yet effective. These new Standards, Amendments and Interpretations are those in issue but not yet effective which are expected to apply to the Group and are effective for accounting periods beginning on or after the dates shown below:
IFRS Standards and Interpretations issued (and EU adopted) but not yet effective:
Mandatory for accounting periods commencing on or after 1 January 2017:
-- Amendments to IAS 12 - Recognition of Deferred Tax Assets for Unrealised Losses -- Amendments to IAS 7 - Disclosure Initiative -- Annual improvements to IFRS Standards 2014-2016 Cycle
Mandatory for accounting periods commencing on or after 1 January 2018:
-- IFRS 9 - Financial Instruments -- IFRS 15 - Revenue from Contracts with Customers -- IFRIC Interpretation 22 - Foreign Currency Transactions and Advance Consideration
Mandatory for accounting periods commencing on or after 1 January 2019:
-- IFRS 16 - Leases
Date of implementation in the European Union not yet known:
-- IFRS 14 - Regulatory Deferral Accounts
The Group has not early adopted these amended standards and interpretations. The Directors do not anticipate that the adoption of these standards and interpretations will have a material impact on the reported results.
3. SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of preparation
These financial statements have been prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective or issued and early adopted as at the time of preparing these statements. The policies set out below have been consistently applied to all the years presented.
No separate income statement is presented for the parent Company as provided by Section 408, Companies Act 2006.
(b) Basis of consolidation
The Group financial statements consolidate the financial statements of Feedback plc and its subsidiaries (the "Group") for the years ended 31 May 2017 and 2016 using the acquisition method.
The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All inter-company balances and transactions, including unrealised profits arising from them, are eliminated. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group.
(c) Going Concern
On 26 April 2017 the Company raised a total of GBP750,000 (before expenses) through a placing to both invest further in the product development and sales and marketing of TexRAD, Feedback's patented quantitative imaging software, and also for general working capital purposes.
Having updated the Group's formal business plan the Directors consider that the Group and the Company are likely to have access to adequate cash resources for at least the next twelve months, from both existing cash balances and by obtaining further equity finance from the financial markets, or alternative funding, if required to enable continued product development and international expansion. Although this further finance has not yet been obtained, the Directors are confident that adequate additional finance will be forthcoming should it be required. Accordingly, the Directors believe that the Group and Company are a going concern and have therefore prepared the financial statements on a going concern basis.
4. LOSS PER SHARE
Basic earnings per share is calculated by reference to the loss on ordinary activities after taxation of GBP266,003 (2016: GBP183,156) and on the weighted average of 232,879,771 (2016: 203,514,709) shares in issue.
As at 31 As at
May 2017 31 May
2016
GBP GBP
Net loss attributable
to ordinary equity
holders (266,003) (183,156)
============ ============
As at 31 As at
May 2017 31 May
2016
Weighted average
number of ordinary
shares for basic
earnings per share 232,879,771 203,514,709
Effect of dilution:
Share Options - -
Warrants - -
------------ ------------
Weighted average
number of ordinary
shares adjusted
for the effect
of dilution 232,879,771 203,514,709
============ ============
Loss per share
(pence)
Basic (0.11) (0.09)
Diluted (0.11) (0.09)
There is no dilutive effect of the share options and warrants as the dilution would be negative.
5. PROPERTY, PLANT AND EQUIPMENT
Plant
and
Equipment Total
GBP GBP
Cost of valuation
At 31 May 2015 10,773 10,773
Additions 104 104
At 31 May 2016 10,877 10,877
Additions 2,941 2,941
---------- -------
As 31 May 2017 13,818 13,818
========== =======
Depreciation
At 31 May 2015 3,858 3,858
Charge for the year 3,380 3,380
---------- -------
At 31 May 2016 7,238 7,238
Charge for the year 2,471 2,471
---------- -------
At 31 May 2017 9,709 9,709
Net Book Value
At 31 May 2017 4,109 4,109
========== =======
At 31 May 2016 3,639 3,639
========== =======
At 31 May 2015 6,915 6,915
========== =======
6. INTANGIBLE ASSETS
Software Customer Patents Goodwill Total
relationships
GBP GBP GBP GBP GBP
Cost
At 31 May 2015 563,099 100,000 74,498 271,415 1,009,012
Additions - - 13,860 - 13,860
--------- --------------- -------- --------- ----------
At 31 May 2016 563,099 100,000 88,358 271,415 1,022,872
Additions - - 15,200 - 15,200
--------- --------------- -------- --------- ----------
At 31 May 2017 563,099 100,000 103,558 271,415 1,038,072
========= =============== ======== ========= ==========
Amortisation
At 31 May 2015 563,099 25,000 9,940 271,415 869,454
Charge for the
year - 25,000 17,671 - 42,671
At 31 May 2016 563,099 50,000 27,611 271,415 912,125
Charge for the
year - 25,000 20,712 - 45,712
At 31 May 2017 563,099 75,000 48,323 271,415 957,837
========= =============== ======== ========= ==========
Net Book Value
At 31 May 2017 - 25,000 55,235 - 80,235
========= =============== ======== ========= ==========
At 31 May 2016 - 50,000 60,747 - 110,747
========= =============== ======== ========= ==========
At 31 May 2015 - 75,000 64,558 - 139,558
========= =============== ======== ========= ==========
In accordance with the accounting policies and IFRS the Directors have assessed the carrying value of the intangible assets. In the year ended 31 May 2015, the Directors took the prudent decision to write down the carrying value of the software development costs in the balance sheet in order to meet the requirements of IFRS. During the years ended 31 May 2017 and 2016 all similar development costs have been expensed as the provisions of IFRS have not been met. However the Directors believe the Group's technology has great potential and this write down does not reflect their commercial assessment of the value of the Group's intellectual property. Expenditure on software development is being written off as incurred until the provisions of IFRS are met. The customer lists and patents are deemed to have ongoing value to the Group.
7. OTHER RECEIVABLES
2017 2016
GBP GBP
Amounts falling due
within one year
Other receivables 18,396 8,684
Corporation tax recoverable 16,318 37,828
Prepayments 27,614 17,398
------- -------
62,328 63,910
======= =======
8. OTHER PAYABLES
2017 2016
GBP GBP
Amounts falling due
within one year
Other payables 5,534 4,885
Other taxes and social
security 7,033 15,386
Accruals 69,827 31,750
Deferred income 168,522 103,169
-------- --------
250,916 155,190
======== ========
9. SHARE CAPITAL AND RESERVES
2017 2016
GBP GBP
Authorised and issued
share capital
Ordinary shares of
0.25 pence each 615,167 509,185
============ ============
Allotted, called
up and fully paid
share capital:
Number Number
As at 1 June 2016 203,673,857 190,746,746
Issued 42,392,727 12,927,111
------------ ------------
As at 31 May 2017 246,066,584 203,673,857
------------ ------------
Share Options
Share options are granted to directors and employees. Options are conditional on the employee completing a specific length of service (the vesting period). The options are exercisable from the end of the vesting period and lapse after ten years after the grant date. The Group has no legal or constructive obligation to repurchase or settle the options in cash.
Share options are valued using the Black-Scholes option pricing model and no performance conditions are included in the fair value calculations. The risk free rate was 1.64%. The expected volatility is based on historical volatility over the last two years and is estimated to be 25%. The average share price during the year was 1.85 pence. During the year the Company had the following share options in issue:
Number of options
At 1 Lapsed Exercised At 31 Exercise Exercise
June May 2017 price date
2016 (pence)
21/05/14
2,400,000 - - 2,400,000 1.25 to19/05/24
21/05/15
4,000,000 - - 4,000,000 3.00 to19/05/24
21/05/15
4,000,000 - - 4,000,000 5.00 to19/05/24
10,400,000 - - 10,400,000
=========== ======= ========== ===========
All share options vest one year after the grant date. Each option can only be exercised from one year after the grant date to ten years after the date of grant.
Warrants
Warrants were issued to the vendors of TexRAD Limited at the time of acquisition. The warrants are exercisable from the end of the vesting period and lapse ten years after the grant date. The Group has no legal or constructive obligation to repurchase or settle the warrants in cash.
Warrants are valued using the Black-Scholes pricing model and no performance conditions are included in the fair value calculations. The risk free rate was 1.64%. The expected volatility is based on historical volatility over the last two years and is estimated to be 25%. The average share price during the year was 1.85 pence. During the year the Company had in existence the following warrants:
Number of warrants
At 1 Granted Cancelled At 31 Exercise Exercise
June May 2017 price date
2016 (pence)
19/05/16
4,550,000 - - 4,550,000 1.25 to 19/05/24
19/05/17
18,200,000 - - 18,200,000 3.00 to 19/05/24
22,750,000 - - 22,750,000
=========== ======== ========== ===========
Reserves
The nature and purpose of each reserve within equity is as follows:
Share premium Amount subscribed for share
capital in excess of nominal
value.
Capital reserve Reserve on consolidation of
subsidiaries
Translation reserve Gains and losses on the translation
of overseas operations into
G
Retained earnings All other net gains and losses
and transactions with owners
not recognised elsewhere
Convertible debt Amount of proceeds on issue
option reserve of convertible debt relating
to the equity component of
the debt.
10. NOTICE OF ANNUAL GENERAL MEETING ("AGM") AND AVAILABILITY OF REPORT AND FINANCIAL STATEMENTS
The Company hereby announces that its AGM will be held at the offices of Mills & Reeve LLP at 4th Floor, 24 Monument St, London EC3R 8AJ at 3.00 p.m. on 30 November 2017.
The Company's Annual Report and Financial Statements for the year ended 31 May 2017 are expected to be posted to shareholders, along with the Notice of AGM, on 7 November 2017 and will be available thereafter at the Company's registered office, Unit 5 Grange Park, Broadway, Bourn, Cambridgeshire CB23 2TA and on its website: http://www.fbk.com/category/financial-reports/
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LQLLBDFFZFBK
(END) Dow Jones Newswires
November 07, 2017 02:00 ET (07:00 GMT)
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