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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% | 56.00 | 55.00 | 57.00 | 56.00 | 56.00 | 56.00 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electronic Computers | 1.03M | -2.92M | -0.2188 | -2.56 | 7.47M |
TIDMFDBK
RNS Number : 6640P
Feedback PLC
22 February 2016
22 February, 2016
Feedback PLC
Half Yearly Report
Feedback PLC
22 February 2016
FEEDBACK PLC
Feedback plc
("Feedback", the "Company" or the "Group")
Interim Results for the six months ended 30 November 2015
Chairman's Statement
We are pleased to present the interim results for the six months ended 30 November 2015. Revenue for the six month period was GBP225,000 (2014: GBP229,000) and the loss after tax was GBP143,000. (2014: loss of GBP219,000). The loss before interest, tax and amortisation was GBP132,000 (2014: Loss GBP138,000). The cash balance as at 30 November 2015 was GBP164,000, (2014: GBP268,000).
The interim results show a small reduction in the loss for the period on similar levels of turnover to 2014. Cambridge Computed Imaging Limited ('CCI') again performed steadily as it continued to serve its established customer base. Revenue recognised from TexRAD research version sales in the six months was higher than in the comparable period in 2014, reflecting the contract wins that took place shortly before the end of the previous financial year. Revenue for the second half of the current financial year from TexRAD is also expected to be higher than in the comparable period. In line with management's expectations, we have sold fewer research versions of TexRAD in recent months although there remains a good deal of customer interest from research institutions who are currently seeking grant funding. The Company has recently signed collaborative agreements with companies in Japan and South Korea to explore further selling opportunities in these markets for TexRAD research versions. The Company has also been looking to provide more support to research customers to assist them in analysing and interpreting the results of their studies. We have recently started work on one such project and this could prove to be a useful additional source of revenue in the future. Dr Balaji Ganeshan has been continuing his work supporting research into new potential applications of TexRAD. This has led to the publication of twelve peer-reviewed papers over the last year as well as a number of presentations at scientific conferences, including the Society of Cardiac MR Annual Scientific Sessions in Los Angeles last month.
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 technical discussions have made good progress. A pilot implementation is currently underway and a retrospective study on a sample of studies with known clinical outcomes has shown promising preliminary results. The next stage will be to integrate with Alliance's internal systems and evaluate our solution with multiple sites across the Alliance network. It is also anticipated that an abstract will be submitted to the Radiological Society of North America (RSNA) for intended publication at its annual conference in November 2016 which will highlight the results from the technical and clinical evaluation. Our development work with Alliance is considered to offer great potential as regards the future commercialisation of TexRAD software. Alliance and Feedback plan to undertake a multi-centre imaging research study to assess the use of TexRAD in lung cancer, with the eventual aim of gaining inclusion of texture analysis in the National Institute for Health and Care Excellence ("NICE") Lung Cancer pathway.
In 2015 the Company formed two joint venture companies, Stone Checker Software Ltd and Prostate Checker Ltd. These companies are at the stage of testing prototype versions of software containing TexRAD plug-ins, firstly on sample data sets and then on larger data sets. Both companies offer the prospect of developing innovative solutions where routine medical images can provide useful additional information for clinicians.
The Board believes the future for Feedback is hugely promising and we look forward to working closely with Alliance and developing our other collaborative ventures. We expect revenue in the second half of the current financial year to be broadly similar to the first half result. Operating expenses have been significantly reduced so when compared to the last financial year, the results for the current financial year are expected to show higher revenue and a reduced operating loss.
Tom Charlton
Chairman
Enquiries:
Feedback plc
Tom Charlton
Trevor Brown
Mike Hayball
Balaji Ganeshan
Tel: 01954 718072
Sanlam Securities UK Limited (Nominated advisor)
Simon Clements / James Thomas
Tel: 020 7628 2200
UNAUDITED INTERIM CONSOLIDATED INCOME STATEMENT ----------------------------------------------------------------- -------------- unaudited unaudited audited 6 months 6 months Year to to to 31 May 30 November 30 November 2015 2015 2014 GBP'000 GBP'000 GBP'000 Revenue 225 229 382 Cost of sales (2) (42) (1) ------------- ------------- -------------- Gross profit 223 187 381 Other operating expenses (378) (416) (889) Impairment of intangible assets - - (689) ------------- ------------- -------------- Total operating expenses (378) (416) (1,578) ------------- ------------- -------------- Operating loss (155) (229) (1,197) Net finance income - - 1 ------------- ------------- -------------- Loss before tax (155) (229) (1,196) Tax credit 12 10 85 ------------- ------------- -------------- Loss for the period attributable to the equity shareholders of the parent Loss on ordinary activities after tax (143) (219) (1,111) ------------- ------------- -------------- Other comprehensive expense Translation differences - - - on overseas operations Total comprehensive expense for the period (143) (219) (1,111) ============= ============= ============== Basic and diluted earnings per share 2 (0.07p) (0.11p) (0.58p) 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 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 2014 477 1,409 300 (1,183) (210) 189 982 Share option and warrant costs - - - (1) - - (1) Total comprehensive expense for the period - - - (892) - - (892) --------- --------- --------- ---------- ------------ ------------ -------- 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 income for the period - - - (143) - - (143) --------- --------- --------- ---------- ------------ ------------ -------- Balance at 30 November 2015 509 1,592 300 (2,215) (210) 189 165 ========= ========= ========= ========== ============ ============ ========
(MORE TO FOLLOW) Dow Jones Newswires
February 22, 2016 02:00 ET (07:00 GMT)
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION ---------------------------------------------------------------------------------------- unaudited unaudited audited 30 November 30 November 31 May 2015 2014 2015 GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Property, plant and equipment 5 6 7 Intangible assets 125 839 140 Investments 5 - - 135 845 147 ------------- ------------- ---------- Current assets Trade receivables 70 160 111 Other receivables 83 73 101 Cash and cash equivalents 164 268 63 ------------- ------------- ---------- 317 501 275 ------------- ------------- ---------- Total assets 452 1,346 422 ============= ============= ========== EQUITY Capital and reserves attributable to the Company's equity shareholders Called up share capital 509 477 477 Share premium account 1,592 1,409 1,409 Capital reserve 300 300 300 Translation reserve (210) (210) (210) Retained earnings (2,215) (1,183) (2,076) ------------- ------------- ---------- (24) 798 (100) Convertible debt option reserve 189 189 189 ------------- ------------- ---------- Total equity 165 982 89 LIABILITIES Non-current liabilities Deferred tax liabilities 24 70 28 ------------- ------------- ---------- Current liabilities Trade payables 43 81 40 Other payables 220 213 265 263 294 305 ------------- ------------- ---------- Total liabilities 287 364 333 ------------- ------------- ---------- Net assets 452 1,346 422 ============= ============= ========== UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS ---------------------------------------------------------------------------------------- unaudited unaudited audited 6 months 6 months Year to to to 30 November 30 November 31 May 2015 2014 2015 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Loss before tax (155) (229) (1,196) ------------- ------------- ---------- Adjustments for: Share option and warrant costs 4 3 1 Net finance income - - (1) Depreciation and amortisation 23 91 184 Impairment of intangible assets - - 689 Decrease/(increase) in trade receivables 41 (72) (23) Decrease in other receivables 26 49 52 Increase/(decrease) in trade payables 3 (145) (185) Decrease in other payables (45) (217) (164) ------------- ------------- ---------- 52 (291) 555 ------------- ------------- ---------- Net cash used in operating activities (103) (520) (642) Cash flows from investing activities Purchase of tangible fixed assets - (6) (9) Purchase of intangible assets (6) (80) (161) Proceeds from sale of assets held for resale - - 1 Purchase of share in joint (5) - - venture ------------- ------------- ---------- Net cash used in investing activities (11) (86) (169) ------------- ------------- ---------- Cash flows from financing activities Net proceeds from share issues 215 - - Net cash generated from financing 215 - - activities ------------- ------------- ---------- Net increase/(decrease) in cash and cash equivalents 101 (606) (811) Cash and cash equivalents at beginning of period 63 874 874 ------------- ------------- ---------- Cash and cash equivalents at end of period 164 268 63 ============= ============= ==========
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 2016. The accounting policies are unchanged from the financial statements for the year ended 31 May 2015.
The information set out in this interim report for the six months ended 30 November 2015 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 2015 included an Emphasis of Matter paragraph in regard to Going Concern. The accounts for the period ended 31 May 2015 have been filed with the Registrar of Companies.
This interim report was approved by the directors on 19 February 2016.
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.
unaudited unaudited audited As at 30 November As at 30 As at 31 May 2015 November 2015 2014 GBP'000 GBP'000 GBP'000 Net loss attributable to ordinary equity holders (143) (219) (1,111) ================== ============== ============= As at 30 November As at 30 As at 31 May 2015 November 2015 2014 Weighted average number of ordinary shares for basic earnings per share 203,355,562 190,746,746 190,746,746 Effect of dilution: Share Options - - - Warrants - - - ------------------ -------------- ------------- Weighted average number of ordinary shares adjusted for the effect of dilution 203,355,562 190,746,746 190,746,746 ================== ============== ============= Loss per share (pence)
(MORE TO FOLLOW) Dow Jones Newswires
February 22, 2016 02:00 ET (07:00 GMT)
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