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
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