Feedback plc (“Feedback”, the “Company” or the “Group”)
Interim Report for the six months ended 30 November 2014
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 £229,000 (2013: non trading) and the loss after tax was £219,000. (2013: loss of £471,000). The loss before interest, tax and amortisation was £138,000 (2013: Loss £471,000). The cash balance at 30 November 2014 was £268,000, (2013: £696,000) which was after the payment of certain overdue creditors totalling £189,000 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.
Tel: 01954 718072
Sanlam Securities UK Limited (Nominated adviser)
Simon Clements/Virginia Bull
Tel: 020 7628 2200