**Summary of Feedback PLC Half-Year Report (to 30 November 2025)**
**Operational Highlights**
**Bleepa Platform** Positioned as a scalable solution to meet NHS productivity needs, with integrations into eRS, PDS, and GP Connect completed, enabling national-scale deployment.
**Pathway Success** Bleepa launched a cancer pathway in Sussex ICS, proving its versatility beyond primary care.
**Strategic Partnerships** Late-stage discussions with consulting firms, cloud providers, and technology partners to support large-scale rollout.
**National Simulations** Selected for UK’s Neighbourhood Health Service simulations, demonstrating Bleepa’s ability to support new care models.
**NHS Engagement** Continued engagement at national, ICB, and trust levels, with renewed contracts and expanded pathway development at Queen Victoria Hospital NHS Foundation Trust.
**Financial Highlights**
**Revenue Stability** Revenue at £0.41m (H1 2025: £0.45m), with Bleepa contributing 89%.
**EBITDA Loss** Increased to £1.61m (H1 2025: £1.43m) due to new support team hires and cloud solution technology costs.
**Cash Position** £3.82m as of 30 November 2025, sufficient runway until mid-2027, despite higher costs and continued product investment.
**Financial Stability** The company remains financially stable, laying groundwork for scaling in 2026/27.
**Post-Period Highlights**
**Client Renewals** All existing clients renewed contracts, with QVH expanding pathway usage.
**Leadership** New CFO appointed in November 2025 and formally appointed to the board in February 2026.
**Strategic Focus**
**UK Market Priority** Paused India operations to focus on UK strategic partnerships and national/regional contracts.
**Product Development** New Bleepa version rolled out with improved user experience and configurable forms for automation.
**Regulatory Compliance** Maintained high standards in data management and cybersecurity, with eRS integration strengthening NHS system alignment.
**Market Opportunity**
**NHS Alignment** Bleepa aligns with NHS 10-Year Plan priorities (community care, digital transformation, prevention) and neighbourhood health initiatives.
**Funding Environment** Anticipated NHS funding injection from April 2026 and £10 billion technology investment create opportunities for productivity-focused solutions like Bleepa.
**Competitive Edge** Bleepa’s workflow-enabling capabilities position it as a cost-effective alternative to large-scale EPR systems, which often fail to deliver productivity gains.
**Outlook**
**Growth Potential** Focus on securing larger regional/national contracts as NHS prioritizes productivity improvements and digital transformation.
**Strategic Positioning** Well-positioned to address NHS operational priorities, with Bleepa’s capabilities central to discussions with healthcare stakeholders.
**Financial Review**
**Revenue Decline** 8% decrease to £0.41m due to one-off pilot contracts in H1 2025.
**Sales Decrease** 47% drop to £0.31m, attributed to contract changes and prior-year pilots.
**Gross Margin** Fell from 89% to 81% due to proactive client monitoring and new pathway rollouts.
**Operating Loss** Reduced to £1.79m (H1 2025: £1.99m) due to lower amortisation costs.
**Cash Management** Proactive approach with sufficient runway to mid-2027.
**Conclusion**
Feedback PLC is strategically positioned to capitalize on NHS digital transformation and productivity initiatives, with Bleepa’s scalable model and proven impact aligning with national healthcare priorities. Despite short-term financial pressures, the company’s focus on larger contracts and strategic partnerships sets the stage for significant growth in 2026/27.