**Summary of Feedback PLCs Final Results for the Year Ended 31 May 2025**
**Operational Highlights**
**Contract Wins** Secured a £495k digital infrastructure contract with Queen Victoria Hospital NHS Foundation Trust (QVH) and extended community diagnostic centre (CDC) pathway pilot funding at Northern Care Alliance NHS Foundation Trust (NCA).
**Strategic Partnerships** Signed a Memorandum of Understanding (MOU) with a primary care solutions partner and an NHS Trust, leveraging the governments Neighbourhood Health model.
**Awards and Recognition** Received the HSJ Partnership Award for reducing patient wait times and unnecessary hospital appointments through a digital breathlessness pathway.
**Product Integration** Integrated Bleepa® with key NHS referral systems to enhance scalability and broadened product functionality through collaboration with Vertex In Healthcare.
**Financial Highlights**
**Revenue:** £0.89m (2024: £1.18m)with Bleepa contributing 90%.
**EBITDA Loss** £3.06m (2024: £2.73m).
**Fundraising** Raised gross proceeds of £6.1 million via a Placing and Retail Offer in November 2024.
**Cash Position** £5.95m as of 31 May 2025, sufficient for runway to early CY2027.
**Strategic Focus**
**NHS Engagement** Continued discussions with Integrated Care Boards (ICBs) and focus on waitlist rationalisation within the NHS.
**Product Development** Emphasis on Bleepas integration with NHS systems and expansion of product functionality.
**International Expansion** Secured a paid pilot in India and explored opportunities in North America and Canada.
**Challenges**
**Revenue Growth** Impacted by NHS restructuring, funding uncertainties, and delays in decision-making processes.
**Impairment Charges** Recognized a £3.19m impairment charge on intangible assets due to increased uncertainty in the trading environment.
**Future Outlook**
**National Solution** Positioning Bleepa as a national solution with central NHS teams to address increased pressures and tighter finances at the local level.
**Cost Management** Implemented cost-saving measures, including curtailing activities in India and downsizing outsourced software development, to extend cash runway.
**Strategic Partnerships** Reinvigorated discussions with primary care partners to explore alternative routes to market.
**Management Perspective**
**CEO Tom Oakley** emphasized the alignment of Feedbacks solutions with government priorities and the NHS 10-Year Plan, highlighting the potential for Bleepa to deliver significant productivity gains.
**Chairman Rory Shaw** acknowledged the challenging year due to NHS restructuring but expressed confidence in the companys strategy and team to navigate headwinds and create long-term value.
**Conclusion**
Feedback PLC remains well-positioned to capitalize on the evolving healthcare landscape, particularly within the NHS, despite short-term challenges. The companys focus on digital solutions, strategic partnerships, and cost management is expected to drive sustainable growth and value creation in the long term.
| Metric | 2025 (£m) | 2024 (£m) | Change |
|---|---|---|---|
| Revenue | 0.89 | 1.18 | -25% |
| Sales (non-IFRS) | 0.89 | 0.95 | -5% |
| EBITDA Loss (non-IFRS) | (3.06) | (2.73) | -12% |
| Operating Loss | (4.21) | (3.69) | -14% |
| Cash & Cash Equivalents (end of period) | 5.95 | 3.88 | +53% |
| Net Assets | 6.16 | 7.64 | -19% |
| Intangible Assets | 0.56 | 4.07 | -86% |
| Contract Liabilities (deferred income) | 0.22 | 0.22 | 0% |
Debt and Cash Flow
| Metric | 2025 (£m) | 2024 (£m) | Change |
|---|---|---|---|
| Cash Outflows from Operating Activities | (2.82) | (2.22) | -27% |
| Cash Outflows from Investing Activities | (0.72) | (1.22) | +41% |
| Net Proceeds of Share Issue | 5.61 | 0 | N/A |
Note: The company does not have any borrowings, so there are no changes in liabilities arising from external financing activities.
**Key Observations:** * **Revenue Decline:** Revenue decreased by 25% from £1.18m in 2024 to £0.89m in 2025, primarily due to non-recurring revenue in the prior period. * **Increased Losses:** EBITDA loss widened by 12% to £3.06m, and operating loss increased by 14% to £4.21m. * **Improved Cash Position:** Cash and cash equivalents increased significantly by 53% to £5.95m, mainly due to the successful fundraising of £6.1m. * **Reduced Net Assets:** Net assets decreased by 19% to £6.16m, largely due to the impairment of intangible assets. * **Intangible Assets Impairment:** Intangible assets decreased by 86% to £0.56m, primarily due to a one-off impairment charge of £3.19m. * **No Significant Debt:** The company does not have any borrowings, and contract liabilities remained stable at £0.22m. This comparison highlights the financial challenges faced by Feedback PLC in 2025, including declining revenue and increased losses, but also shows a strengthened cash position due to successful fundraising efforts.