Feedback PLC Interim Results for the 6 months ended 30 Nov 2015 (6640P)
22 Februar 2016 - 8:00AM
UK Regulatory
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
========= ========= ========= ========== ============ ============ ========
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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)
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