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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% | 140.00 | 135.00 | 145.00 | 140.00 | 140.00 | 140.00 | 5,633 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electronic Computers | 1.03M | -2.92M | -0.2188 | -6.40 | 18.67M |
TIDMFDBK
RNS Number : 2364X
Feedback PLC
20 February 2017
This announcement contains inside information as stipulated under the Market Abuse Regulation (EU) No 596/2014 (MAR).
20 February 2017
Feedback plc
("Feedback", the "Company" or the "Group")
Interim Report for the six months ended 30 November 2016
Chairman's Statement
We are pleased to present the interim results for the six months ended 30 November 2016. Revenue for the six months period was GBP203,000 (2015: GBP225,000) and the loss after tax was GBP126,000 (2015: Loss GBP143,000). The loss before interest, tax and amortisation was GBP115,000 (2015: Loss GBP132,000). The cash balance at 30 November 2016 was GBP63,000 (30 November 2015: GBP164,000).
As previously announced, we received a significant number of purchase orders for TexRAD research versions during the period, the majority of which were installed shortly before the period end. Accordingly, these sales only made a modest contribution to revenue in the period. We are continuing to install the remaining orders and have received additional new orders from customers in Singapore and Korea. We therefore expect there to be a substantial increase in TexRAD-related revenue in the second half of the current financial year and growth in our revenue for the year as a whole. Cambridge Computed Imaging ("CCI") again performed steadily during the period.
In November 2015 the Company announced that it had signed a Memorandum of Understanding with Alliance Medical Group ("Alliance") with the intention of integrating Feedback's TexRAD texture analysis software into Alliance's PET-CT lung cancer imaging service. The Company has made good progress on a technical solution that would allow the integration of TexRAD into Alliance's network of PET/CT scanners in UK hospitals and a prototype version has been demonstrated to potential users. An abstract was accepted by the Radiological Society of North America (RSNA) for presentation at its annual conference in November 2016 which highlighted the results from the technical and clinical evaluation. The next steps include applying for a CE mark for a medical device which provides analysis of lung PET/CT images with added prognostication through TexRAD. We hope to gain the CE mark before the end of the current financial year. Thereafter the plan is to expand our customer base significantly by developing relationships with imaging hardware companies as well as Alliance to ensure wide market access. This will be linked to a changed business model from a one-off access fee to one of pay-per-use.
During the period Feedback 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. Feedback's assistance has resulted in another successful EU grant application made by Future Processing. The directors of Feedback consider that by CCI working jointly with the Future Processing healthcare team, CCI's product portfolio can be updated and improved and new products developed more rapidly including further applications for TexRAD. The intention is for the Company to agree formal licences for new software products to be brought to market in 2017/18 under a shared revenue arrangement. Under this collaboration with Future Processing, the Company is currently making substantial savings in software development costs although there could be some strategic advantage in re-establishing some UK-based software development capability.
We are encouraged by the continued strong interest shown in TexRAD and the number of research papers being published which highlight its numerous potential applications, particularly in areas such as liver, prostate and adrenal cancers. We are seeing new opportunities in Asia to make further sales of TexRAD research versions by partnering with companies with a strong local presence. In addition to the TexRAD sales, Feedback is well placed to grow its revenues through the collaboration with Future Processing and the development of a CE marked product for analysis of lung PET/CT images. After several years of relying on very limited resources we have plans to invest in product development, regulatory and marketing resource to step up our activity and take full advantage of our very positive growth prospects. We are excited by the developments in our marketplace in machine learning and artificial intelligence applied to medical images. We have extensive experience in machine learning and the prospects of combining TexRAD with other companies' proprietary technologies could lead to exciting opportunities.
Dr AJ Riddell
Chairman
Enquiries:
Feedback plc
Dr AJ Riddell - Chairman Tel: 01954 718072
Allenby Capital Limited (Nominated Adviser and Joint Broker)
David Worlidge / James Thomas / Graham Bell Tel: 020 3328 5656
Peterhouse Corporate Finance Ltd (Joint Broker)
Lucy Williams / Duncan Vasey Tel: 020 7469 0936
UNAUDITED INTERIM CONSOLIDATED INCOME STATEMENT ----------------------------------------------------------------- -------------- 6 months 6 months Year to to to 31 May 30 November 30 November 2016 2016 2015 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 Revenue 204 225 431 Cost of sales (5) (2) (7) ------------- ------------- -------------- Gross profit 199 223 424 Other operating expenses (329) (378) (677) Total operating expenses (329) (378) (677) ------------- ------------- -------------- Operating loss (130) (155) (253) Net finance income - - 1 ------------- ------------- -------------- Loss before tax (130) (155) (252) Tax credit 4 12 23 ------------- ------------- -------------- Loss for the period attributable to the equity shareholders of the parent Loss on ordinary activities after tax (126) (143) (229) ------------- ------------- -------------- Profit on disposal of investments - - 45 ------------- ------------- -------------- Other comprehensive expense Translation differences - - - on overseas operations Total comprehensive expense for the period (126) (143) (184) ============= ============= ============== Basic and diluted earnings per share 2 (0.06p) (0.07p) (0.09p) UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY -------------------------------------------------------------------------------------------------------- Share Share Capital Retained Translation Convertible Total Capital Premium Reserve Earnings Reserve Debt Option Reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 31 May 2015 477 1,409 300 (2,076) (210) 189 89 New shares issued 32 190 - - - - 222 Costs associated with the raising of funds - (7) - - - - (7) Share option and warrant costs - - - 4 - - 4 Total comprehensive expense for the period - - - (143) - - (143) --------- --------- --------- ---------- ------------ ------------ -------- Balance at 30 November 2015 509 1,592 300 (2,215) (210) 189 165 Total comprehensive expense for - - - (36) - - - the period --------- --------- --------- ---------- ------------ ------------ -------- Balance at 31 May 2016 509 1,592 300 (2,251) (210) 189 129 New shares issued 38 151 - - - (189) - Total comprehensive expense for the period - - - (126) - - (126)
--------- --------- --------- ---------- ------------ ------------ -------- Balance at 30 November 2016 547 1,743 300 (2,377) (210) - 3 ========= ========= ========= ========== ============ ============ ======== UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION ------------------------------------------------------------------------- 30 November 30 November 31 May 2016 2015 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Property, plant and equipment 4 5 4 Intangible assets 97 125 111 Investments 1 5 1 102 135 116 ------------ ------------ ---------- Current assets Trade receivables 121 70 41 Other receivables 50 83 64 Cash and cash equivalents 63 164 106 ------------ ------------ ---------- 234 317 211 ------------ ------------ ---------- Total assets 336 452 327 ============ ============ ========== EQUITY Capital and reserves attributable to the Company's equity shareholders Called up share capital 547 509 509 Share premium account 1,743 1,592 1,592 Capital reserve 300 300 300 Translation reserve (210) (210) (210) Retained earnings (2,377) (2,215) (2,251) ------------ ------------ ---------- 3 (24) (60) Convertible debt option reserve - 189 189 ------------ ------------ ---------- Total equity 3 165 129 ------------ ------------ ---------- LIABILITIES Non-current liabilities Deferred tax liabilities 10 24 20 ------------ ------------ ---------- Current liabilities Trade payables 67 43 22 Other payables 256 220 156 323 263 178 ------------ ------------ ---------- Total liabilities 333 287 198 ------------ ------------ ---------- Total equity and liabilities 336 452 327 ============ ============ ========== UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS ----------------------------------------------------------------------------- 6 months 6 months Year to to to 30 November 30 November 31 May 2016 2015 2016 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 Cash flows from operating activities Loss before tax (130) (155) (251) ------------- ------------- ---------- Adjustments for: Share option and warrant costs - 4 8 Net finance income - - (1) Depreciation and amortisation 23 23 46 (Increase)/Decrease in trade receivables (80) 41 70 Decrease in other receivables 14 26 43 Increase/(Decrease) in trade payables 46 3 (19) Increase/(Decrease) in other payables 98 (45) (110) Corporation tax (5) - 10 ------------- ------------- ---------- 96 52 47 ------------- ------------- ---------- Net cash used in operating activities (34) (103) (204) ------------- ------------- ---------- Cash flows from investing activities Purchase of tangible fixed (1) - - assets Purchase of intangible assets (8) (6) (14) Proceeds from sale of assets held for resale - - 1 Purchase of share in joint venture - (5) (2) Proceed from sale of joint venture - 46 Net cash used in investing activities (9) (11) 31 ------------- ------------- ---------- Cash flows from financing activities Net proceeds from share issues - 215 216 Net cash generated from financing activities - 215 216 ------------- ------------- ---------- Net (Decrease)/Increase in cash and cash equivalents (43) 101 43 Cash and cash equivalents at beginning of period 106 63 63 ------------- ------------- ---------- Cash and cash equivalents at end of period 63 164 106 ============= ============= ==========
FEEDBACK PLC
NOTES TO THE UNAUDITED INTERIM REPORT
1 BASIS OF PREPARATION
The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union ("IFRS") and expected to be effective for the year ending 31 May 2017. The accounting policies are unchanged from the financial statements for the year ended 31 May 2016.
The information set out in this interim report for the six months ended 30 November 2016 does not comprise statutory accounts within the meaning of section 434 of The Companies Act 2006. The auditors' report on the full statutory accounts for the period ended 31 May 2016 included an Emphasis of Matter paragraph in regard to Going Concern. The accounts for the period ended 31 May 2016 have been filed with the Registrar of Companies.
This interim report was approved by the directors on 17 February 2017.
2 LOSS PER SHARE
Basic earnings per share are calculated by reference to the loss on ordinary activities after and on the weighted average number of shares in issue.
6 months 6 months Year ended to to 31 May 2016 30 November 30 November 2016 2015 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 Net loss attributable to ordinary equity holders (126) (143) (184) ============= ============== ============= Weighted average number of ordinary shares for basic earnings per share 203,733,005 203,355,562 203,514,709 Effect of dilution: Share Options - - - Warrants - - - ------------- -------------- ------------- Weighted average number of ordinary shares adjusted for the effect of dilution 203,733,005 203,355,562 203,514,709 ============= ============== ============= Loss per share (pence) Basic and Diluted (0.06) (0.07) (0.09) 3 INTANGIBLE ASSETS Software Customer Patents Goodwill Total relationships GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Cost At 31 May 2015 563 100 74 272 1,009 Additions - - 6 - 6 At 30 November 2015 563 100 80 272 1,015
Additions - - 8 - 8 --------- --------------- -------- --------- -------- At 31 May 2016 563 100 88 272 1,023 Additions - - 8 - --------- --------------- -------- --------- -------- At 30 November 2016 563 100 96 272 1,031 --------- --------------- -------- --------- -------- Amortisation At 31 May 2015 563 25 10 272 870 Charge for the period - 13 7 - 20 As at 30 November 2015 563 38 17 272 890 Charge for the period - 12 10 - 22 At 31 May 2016 563 50 27 272 912 Charge for the period - 13 9 - 22 --------- --------------- -------- --------- -------- At 30 November 2016 563 63 36 272 934 --------- --------------- -------- --------- -------- Net Book Value At 30 November 2016 - 37 60 - 97 ========= =============== ======== ========= ======== At 31 May 2016 - 50 61 - 111 ========= =============== ======== ========= ======== At 30 November 2015 - 62 63 - 125 ========= =============== ======== ========= ======== 4 AVAILABILITY OF THE INTERIM REPORT
Copies of the report will be available from the Company's office and also from the Company's website www.fbk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUCUPUPMGMM
(END) Dow Jones Newswires
February 20, 2017 02:00 ET (07:00 GMT)
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