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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% | 62.50 | 60.00 | 65.00 | 62.50 | 62.50 | 62.50 | 168 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electronic Computers | 1.03M | -2.92M | -0.2188 | -2.86 | 8.33M |
TIDMFDBK
RNS Number : 8129E
Feedback PLC
13 February 2015
FEEDBACK PLC
Feedback plc
("Feedback", the "Company" or the "Group")
Interim Report for the six months ended 30 November 2014
Chairman's Statement
We are pleased to present the results for the six months ended 30 November 2014. This is the first set of results that includes the trading of the two medical imaging companies, Cambridge Computed Imaging Limited ('CCI') and TexRAD Limited, (TexRAD) acquired in May 2014.
Revenue for the six month period was GBP229,000 (2013: non trading) and the loss after tax was GBP219,000. (2013: loss of GBP471,000). The loss before interest, tax and amortisation was GBP138,000 (2013: Loss GBP471,000). The cash balance at 30 November 2014 was GBP268,000, (2013: GBP696,000) which was after the payment of certain overdue creditors totalling GBP189,000 owed by CCI.
During this period, significant progress has been made with CCI achieving ISO 13485, the International Standard relating to quality management systems for organisations involved in the manufacture of medical devices.
TexRAD has been granted a European patent. The Group continues to make progress towards the launch later this year of a commercial version of its TexRAD software for the pharmaceutical trials market which is expected to be achieved following 21 CFR 11 self certification in the second quarter of 2015. We will continue to work with our distributor to gain momentum in this market.
The FDA approval application for the Group's software systems has been a more difficult process than anticipated due to the new procedures. We anticipate that the application will be made during the second quarter of 2015.
The Group has invested in people over the period. Two new staff were appointed during the six months under review, with a further two joining before the year end to prepare the business for commercial sales of the products.
We continue to look to develop the Group's presence in the medical imaging sector through acquisitions and collaborations with research institutions. We can offer software systems and regulatory assistance for new medical imaging techniques which will assist the process of bringing them to market.
2015 is expected to be a year of transition for the Company as it moves from development to commercialisation with its TexRAD product.
Simon Barrell
Chairman
Enquiries:
Feedback plc Simon Barrell Tom Charlton Trevor Brown Tel: 01954 718072 Sanlam Securities UK Limited (Nominated adviser) Simon Clements/Virginia Bull Tel: 020 7628 2200
UNAUDITED CONSOLIDATED INCOME STATEMENT
6 months 6 months Year to to to 31 May 30 November 30 November 2014 2014 2013 GBP'000 GBP'000 GBP'000 Revenue 229 - 7 Cost of sales (42) - - ------------- ------------- ---------- Gross profit 187 - 7 Other operating expenses (415) (114) (314) Costs associated with the acquisition of subsidiaries - - (164) ------------- ------------- ---------- Total operating expenses (415) (114) (478) ------------- ------------- ---------- Operating loss (229) (114) (471) Losses on disposal - - - of discontinued operations Finance costs - (8) - ------------- ------------- ---------- Loss before tax (229) (122) (471) Tax credit/(expense) 10 - - ------------- ------------- ---------- Loss for the period attributable to the equity shareholders of the parent Loss on ordinary activities after tax (219) (122) (471) ------------- ------------- ---------- Other comprehensive income/(expense) Translation differences on overseas operations - (14) (3) ------------- ------------- ---------- Total comprehensive expense for the period (219) (136) (474) ============= ============= ========== Basic and diluted earnings per share 2 (0.011p) (0.09p) (0.27p)
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 2013 327 851 300 (510) (207) - 761 Total comprehensive income for the period - - - (122) (14) - (136) --------- --------- --------- ---------- ------------ ------------ -------- Balance at 30 November 2013 327 851 300 (632) (221) - 625 New shares issued 150 598 - - - - 748 Costs associated with the raising of funds - (40) - - - - (40) Share option and warrant costs - - 14 - - 14 Convertible debt raised in the year - - - - - 189 189 Total comprehensive expense for the period - - - (349) 11 - (338) --------- --------- --------- ---------- ------------ ------------ -------- Balance at 31 May 2014 477 1,409 300 (967) (210) 189 1,198 Share option and warrant costs - - - 3 - - 3 Total comprehensive income for the period - - - (219) - - (219) --------- --------- --------- ---------- ------------ ------------ -------- Balance at 30 November 2013 477 1,409 300 (1,183) (210) 189 982 ========= ========= ========= ========== ============ ============ ========
UNAUDITED CONSOLIDATED BALANCE SHEET
30 November 30 November 31 May 2014 2013 2014 GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Property, plant and equipment 6 - 1 Intangible assets 839 - 848 845 - 849 ------------ ------------ -------- Current assets Trade receivables 160 - 87 Other receivables 73 17 121 Cash and cash equivalents 268 696 874 ------------ ------------ -------- 501 713 1,082 ------------ ------------ -------- Total assets 1,346 713 1,931 ============ ============ ======== EQUITY Capital and reserves attributable to the Company's equity shareholders Called up share capital 477 327 477 Share premium account 1,409 851 1,409 Capital reserve 300 300 300 Translation reserve (210) (221) (210) Retained earnings (1,183) (632) (967) ------------ ------------ -------- 798 625 1,009 Convertible debt option reserve 189 - 189 ------------ ------------ -------- Total equity 982 625 1,197 LIABILITIES Non-current liabilities Deferred tax liabilities 70 - 80 ------------ ------------ -------- Current liabilities Trade payables 81 66 225 Other payables 213 22 428 294 88 653 ------------ ------------ -------- Total liabilities 364 88 733 ------------ ------------ -------- Net assets 1,346 625 1,931 ============ ============ ========
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
6 months 6 months Year to to to 30 November 30 November 31 May 2014 2013 2014 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Loss before tax (229) (122) (471) ------------- ------------- -------- Adjustments for: Cost of acquisition of subsidiaries - 164 Share option and warrant 3 - - charges Finance charges - 8 - Depreciation and amortisation 91 - - Foreign exchange difference - (14) 3 (Increase)/decrease in (72) - - trade receivables Decrease/(increase) in other receivables 49 (2) (80) (Decrease)/increase in trade payables (145) (36) 57 Decrease in other payables (217) (412) (155) ------------- ------------- -------- (291) (456) (11) ------------- ------------- -------- Net cash used in operating activities (520) (578) (482) Cash flows from investing activities Purchase of tangible fixed (6) - - assets Purchase of intangible (80) - - assets Proceeds from sale of assets held for resale - 940 940 Cash received on purchase of subsidiaries - - 65 Cash paid on acquisition of subsidiaries - - (31) Cash on acquisition of subsidiaries including costs - - (164) ------------- ------------- -------- Net cash (used in)/generated from investing activities (86) 940 810 ------------- ------------- -------- Cash flows from financing activities Interest paid - (8) - Loan repayment - - (245) Equity based loan received - - 189 Net proceeds from share issue - - 260 Net cash generated from financing activities - (8) 204 ------------- ------------- -------- Net movement in cash and cash equivalents (606) 354 532 Cash and cash equivalents at beginning of period 874 342 342 ------------- ------------- -------- Cash and cash equivalents at end of period 268 696 874 ============= ============= ========
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 at the year end of 31 May 2015. The accounting policies are unchanged from the financial statements for the year ended 31 May 2014.
The information set out in this interim report for the six months ended 30 November 2014 does not comprise statutory accounts within the meaning of section 434 of The Companies Act 2006. The results for the period ended 31 May 2014 are based on the published accounts for that period on which the auditors gave a report which did not contain statements under section 498 of the Companies Act 2006. The accounts for the period ended 31 May 2014 have been filed with the Registrar of Companies.
This interim report was approved by the directors on 13 February 2014.
2 LOSS PER SHARE
.
Basic earnings per share is calculated by reference to the loss on ordinary activities after and on the weighted average of shares in issue.
As at 30 November As at 30 As at 31 May 2014 November 2014 2013 GBP'000 GBP'000 GBP'000 Net loss attributable to ordinary equity holders (219) (122) (471) ================== ============== ============= As at 30 November As at 30 As at 31 May 2014 November 2014 2013 Weighted average number of ordinary shares for basic earnings per share 190,746,746 130,946,746 132,912,773 Effect of dilution: Share Options - - - Warrants - - - ------------------ -------------- ------------- Weighted average number of ordinary shares adjusted for the effect of dilution 190,746,746 130,946,746 132,912,773 ================== ============== ============= Loss per share (pence) Basic (0.11) (0.09) (0.35) 3 INTANGIBLE ASSETS Software Customer Patents Goodwill Total relationships GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Cost At 31 May 2013 - - - - - Additions - - - - - Disposed on sale - - - - - of subsidiary --------- --------------- -------- --------- -------- - - - - - At 30 November 2013 Additions 20 - - - 20 Acquired with subsidiary 415 100 41 272 828 --------- --------------- -------- --------- -------- At 31 May 2014 435 100 41 272 848 --------- --------------- -------- --------- -------- Additions 64 - 16 - 80 At 30 November 2014 499 100 57 272 928 --------- --------------- -------- --------- -------- Amortisation At 31 May 2013 - - - - - Charge for the period - - - - - - - - - - At 30 November 2013 Charge for the period - - - - - At 31 May 2014 - - - - - Charge for the period 73 13 4 - 90 As at 31 November 2014 73 13 4 - 90 --------- --------------- -------- --------- -------- Net Book Value 30 November 2014 426 87 53 272 838 ========= =============== ======== ========= ======== At 31 May 2014 435 100 41 272 848 ========= =============== ======== ========= ======== At 30 November 2013 - - - - - ========= =============== ======== ========= ======== 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 TTMTTMBABTIA
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