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FDBK Feedback Plc

140.00
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
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

Feedback PLC Half-year Report (2364X)

20/02/2017 7:00am

UK Regulatory


Feedback (LSE:FDBK)
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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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