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Feedback Plc (FDBK) – Interim Report for six months ended 30 November 2016
Feedback plc – Interim Report for the six months ended 30 November 2016
Chairman’s Statement
We are pleased to present the interim results for the six months ended 30 November 2016. Revenue for the six months period was £203,000 (2015: £225,000) and the loss after tax was £126,000 (2015: Loss £143,000). The loss before interest, tax and amortisation was £115,000 (2015: Loss £132,000). The cash balance at 30 November 2016 was £63,000 (30 November 2015: £164,000).
As previously announced, we received a significant number of purchase orders for TexRAD research versions during the period, the majority of which were installed shortly before the period end. Accordingly, these sales only made a modest contribution to revenue in the period. We are continuing to install the remaining orders and have received additional new orders from customers in Singapore and Korea. We therefore expect there to be a substantial increase in TexRAD-related revenue in the second half of the current financial year and growth in our revenue for the year as a whole. Cambridge Computed Imaging again performed steadily during the period.
In November 2015 the Company announced that it had signed a Memorandum of Understanding with Alliance Medical Group with the intention of integrating Feedback’s TexRAD texture analysis software into Alliance’s PET-CT lung cancer imaging service. The Company has made good progress on a technical solution that would allow the integration of TexRAD into Alliance’s network of PET/CT scanners in UK hospitals and a prototype version has been demonstrated to potential users. An abstract was accepted by the Radiological Society of North America (RSNA) for presentation at its annual conference in November 2016 which highlighted the results from the technical and clinical evaluation. The next steps include applying for a CE mark for a medical device which provides analysis of lung PET/CT images with added prognostication through TexRAD. We hope to gain the CE mark before the end of the current financial year. Thereafter the plan is to expand our customer base significantly by developing relationships with imaging hardware companies as well as Alliance to ensure wide market access. This will be linked to a changed business model from a one-off access fee to one of pay-per-use.
During the period Feedback announced a large-scale collaboration with Future Processing Sp. z o.o., a software development service provider based in Gliwice, Poland to develop medical imaging software. Feedback’s assistance has resulted in another successful EU grant application made by Future Processing. The directors of Feedback consider that by CCI working jointly with the Future Processing healthcare team, CCI’s product portfolio can be updated and improved and new products developed more rapidly including further applications for TexRAD. The intention is for the Company to agree formal licences for new software products to be brought to market in 2017/18 under a shared revenue arrangement. Under this collaboration with Future Processing, the Company is currently making substantial savings in software development costs although there could be some strategic advantage in re-establishing some UK-based software development capability.
We are encouraged by the continued strong interest shown in TexRAD and the number of research papers being published which highlight its numerous potential applications, particularly in areas such as liver, prostate and adrenal cancers. We are seeing new opportunities in Asia to make further sales of TexRAD research versions by partnering with companies with a strong local presence. In addition to the TexRAD sales, Feedback is well placed to grow its revenues through the collaboration with Future Processing and the development of a CE marked product for analysis of lung PET/CT images. After several years of relying on very limited resources we have plans to invest in product development, regulatory and marketing resource to step up our activity and take full advantage of our very positive growth prospects. We are excited by the developments in our marketplace in machine learning and artificial intelligence applied to medical images. We have extensive experience in machine learning and the prospects of combining TexRAD with other companies’ proprietary technologies could lead to exciting opportunities.
Dr AJ Riddell
Chairman
Enquiries:
Feedback plc
Dr AJ Riddell – Chairman Tel: 01954 718072
Allenby Capital Limited (Nominated Adviser and Joint Broker)
David Worlidge / James Thomas / Graham Bell Tel: 020 3328 5656
Peterhouse Corporate Finance Ltd (Joint Broker)
Lucy Williams / Duncan Vasey Tel: 020 7469 0936
Brand Communications
Alan Green Tel: 07976 431608
|
UNAUDITED INTERIM CONSOLIDATED INCOME STATEMENT |
|||||
|
6 months to 30 November 2016 |
6 months to 30 November 2015 |
Year to 31 May 2016 |
|||
|
(unaudited) |
(unaudited) |
(audited) |
|||
|
£’000 |
£’000 |
£’000 |
|||
|
Revenue |
204 |
225 |
431 |
||
|
Cost of sales |
(5) |
(2) |
(7) |
||
|
Gross profit |
199 |
223 |
424 |
||
|
Other operating expenses |
(329) |
(378) |
(677) |
||
|
Total operating expenses |
(329) |
(378) |
(677) |
||
|
Operating loss
|
(130)
|
(155)
|
(253)
|
||
|
Net finance income |
– |
– |
1 |
||
|
Loss before tax |
(130) |
(155) |
(252) |
||
|
Tax credit |
4 |
12 |
23 |
||
|
Loss for the period attributable to the equity shareholders of the parent Loss on ordinary activities after tax |
(126) |
(143) |
(229) |
||
|
Profit on disposal of investments |
– |
– |
45 |
||
|
Other comprehensive expense |
|||||
|
Translation differences on overseas operations |
– |
– |
– |
||
|
Total comprehensive expense for the period |
(126) |
(143) |
(184) |
||
|
Basic and diluted earnings per share |
2 |
(0.06p) |
(0.07p) |
(0.09p) |
|
|
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|||||||
|
Share Capital |
Share Premium |
Capital Reserve |
Retained Earnings |
Translation Reserve |
Convertible Debt Option Reserve |
Total |
|
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
|
|
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 expense for the period |
– |
– |
– |
(143) |
– |
– |
(143) |
|
Balance at 30 November 2015 |
509 |
1,592 |
300 |
(2,215) |
(210) |
189 |
165 |
|
Total comprehensive expense for the period |
– |
– |
– |
(36) |
– |
– |
– |
|
Balance at 31 May 2016 |
509 |
1,592 |
300 |
(2,251) |
(210) |
189 |
129 |
|
New shares issued |
38 |
151 |
– |
– |
– |
(189) |
– |
|
Total comprehensive expense for the period |
– |
– |
– |
(126) |
– |
– |
(126) |
|
Balance at 30 November 2016 |
547 |
1,743 |
300 |
(2,377) |
(210) |
– |
3 |
|
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
||||
|
30 November 2016 |
30 November 2015 |
31 May 2016 |
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
£’000 |
£’000 |
£’000 |
||
|
ASSETS |
||||
|
Non-current assets |
||||
|
Property, plant and equipment |
4 |
5 |
4 |
|
|
Intangible assets |
97 |
125 |
111 |
|
|
Investments |
1 |
5 |
1 |
|
|
102 |
135 |
116 |
||
|
Current assets |
||||
|
Trade receivables |
121 |
70 |
41 |
|
|
Other receivables |
50 |
83 |
64 |
|
|
Cash and cash equivalents |
63 |
164 |
106 |
|
|
234 |
317 |
211 |
||
|
Total assets |
336 |
452 |
327 |
|
|
EQUITY |
||||
|
Capital and reserves attributable to the Company’s equity shareholders |
||||
|
Called up share capital |
547 |
509 |
509 |
|
|
Share premium account |
1,743 |
1,592 |
1,592 |
|
|
Capital reserve |
300 |
300 |
300 |
|
|
Translation reserve |
(210) |
(210) |
(210) |
|
|
Retained earnings |
(2,377) |
(2,215) |
(2,251) |
|
|
3 |
(24) |
(60) |
||
|
Convertible debt option reserve |
– |
189 |
189 |
|
|
Total equity |
3 |
165 |
129 |
|
|
LIABILITIES |
||||
|
Non-current liabilities |
||||
|
Deferred tax liabilities |
10 |
24 |
20 |
|
|
Current liabilities |
||||
|
Trade payables |
67 |
43 |
22 |
|
|
Other payables |
256 |
220 |
156 |
|
|
323 |
263 |
178 |
||
|
Total liabilities |
333 |
287 |
198 |
|
|
Total equity and liabilities |
336 |
452 |
327 |
|
|
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
|
|||
|
6 months to 30 November 2016 |
6 months to 30 November 2015 |
Year to 31 May 2016 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£’000 |
£’000 |
£’000 |
|
|
Cash flows from operating activities |
|||
|
Loss before tax |
(130) |
(155) |
(251) |
|
Adjustments for: |
|||
|
Share option and warrant costs |
– |
4 |
8 |
|
Net finance income |
– |
– |
(1) |
|
Depreciation and amortisation |
23 |
23 |
46 |
|
(Increase)/Decrease in trade receivables |
(80) |
41 |
70 |
|
Decrease in other receivables |
14 |
26 |
43 |
|
Increase/(Decrease) in trade payables |
46 |
3 |
(19) |
|
Increase/(Decrease) in other payables |
98 |
(45) |
(110) |
|
Corporation tax |
(5) |
– |
10 |
|
96 |
52 |
47 |
|
|
Net cash used in operating activities |
(34) |
(103) |
(204) |
|
Cash flows from investing activities |
|||
|
Purchase of tangible fixed assets |
(1) |
– |
– |
|
Purchase of intangible assets |
(8) |
(6) |
(14) |
|
Proceeds from sale of assets held for resale |
– |
– |
1 |
|
Purchase of share in joint venture |
– |
(5) |
(2) |
|
Proceed from sale of joint venture |
– |
46 |
|
|
Net cash used in investing activities |
(9) |
(11) |
31 |
|
Cash flows from financing activities |
|||
|
Net proceeds from share issues |
– |
215 |
216 |
|
Net cash generated from financing activities |
– |
215 |
216 |
|
Net (Decrease)/Increase in cash and cash equivalents |
(43) |
101 |
43 |
|
Cash and cash equivalents at beginning of period |
106 |
63 |
63 |
|
Cash and cash equivalents at end of period |
63 |
164 |
106 |
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 for the year ending 31 May 2017. The accounting policies are unchanged from the financial statements for the year ended 31 May 2016.
The information set out in this interim report for the six months ended 30 November 2016 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 2016 included an Emphasis of Matter paragraph in regard to Going Concern. The accounts for the period ended 31 May 2016 have been filed with the Registrar of Companies.
This interim report was approved by the directors on 17 February 2017.
2 LOSS PER SHARE
Basic earnings per share are calculated by reference to the loss on ordinary activities after and on the weighted average number of shares in issue.
|
6 months to 30 November 2016
|
6 months to 30 November 2015
|
Year ended 31 May 2016
|
||
|
(unaudited) |
(unaudited) |
(audited) |
||
|
£’000 |
£’000 |
£’000 |
||
|
Net loss attributable to ordinary equity holders |
(126) |
(143) |
(184) |
|
|
Weighted average number of ordinary shares for basic earnings per share |
203,733,005 |
203,355,562 |
203,514,709 |
|
|
Effect of dilution: |
||||
|
Share Options |
– |
– |
– |
|
|
Warrants |
– |
– |
– |
|
|
Weighted average number of ordinary shares adjusted for the effect of dilution |
203,733,005 |
203,355,562 |
203,514,709 |
|
|
Loss per share (pence) |
||||
|
Basic and Diluted |
(0.06) |
(0.07) |
(0.09) |
|
3 INTANGIBLE ASSETS
|
Software |
Customer relationships |
Patents |
Goodwill |
Total |
|
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
|
|
Cost |
|||||
|
At 31 May 2015 |
563 |
100 |
74 |
272 |
1,009 |
|
Additions |
– |
– |
6 |
– |
6 |
|
At 30 November 2015 |
563 |
100 |
80 |
272 |
1,015 |
|
Additions |
– |
– |
8 |
– |
8 |
|
At 31 May 2016 |
563 |
100 |
88 |
272 |
1,023 |
|
Additions |
– |
– |
8 |
– |
|
|
At 30 November 2016 |
563 |
100 |
96 |
272 |
1,031 |
|
Amortisation |
|||||
|
At 31 May 2015 |
563 |
25 |
10 |
272 |
870 |
|
Charge for the period |
– |
13 |
7 |
– |
20 |
|
As at 30 November 2015 |
563 |
38 |
17 |
272 |
890 |
|
Charge for the period |
– |
12 |
10 |
– |
22 |
|
At 31 May 2016 |
563 |
50 |
27 |
272 |
912 |
|
Charge for the period |
– |
13 |
9 |
– |
22 |
|
At 30 November 2016 |
563 |
63 |
36 |
272 |
934 |
|
Net Book Value |
|||||
|
At 30 November 2016 |
– |
37 |
60 |
– |
97 |
|
At 31 May 2016 |
– |
50 |
61 |
– |
111 |
|
At 30 November 2015 |
– |
62 |
63 |
– |
125 |
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
Feedback chairman says cancer software has ‘real potential’ – Proactive Investors
By Ian Lyall – Proactive Investors
Distilled down to the basics, the company’s TexRAD technology is essentially a very smart piece of software that analyses medical images, to reveal features that are not always evident to the human eye.
Dr Alastair Riddell’s CV reveals a high-flying career with the forerunners of what are now GE Healthcare, Johnson & Johnson and Pfizer, followed by spells guiding businesses to IPO or trade sale.
So, what attracted him to the challenge of Feedback plc (LON:FDBK), an AIM-listed medical imaging firm worth less than £4mln?
“The persistence of Tom Charlton, who would not give me any peace until I said yes,” jokes Riddell.
Charlton is one of Feedback’s major shareholders who recruited the company’s new chairman.
However, Riddell’s mind was actually made up by cold hard data that underscored the potential of its main product, TexRAD.
“When I went to Cambridge and spoke to the people who do the work there it became clear there was real potential in this,” he told Proactive Investors.
“What really convinced me was a small study they’d done.”
Before we get to that study, it is worth getting a feel for TexRAD does.
It was the brainchild of the PhD of Dr Balaji Ganeshan, an expert on textural analysis of images gleaned from computed tomography (CT) scans.
Distilled down to the basics, it is essentially a very smart piece of software that analyses medical images, to reveal features that are not always evident to the human eye.
In doing so, it may “in a very statistical, objective and numerical way relate the output to a prognosis for the patient”, says Riddell.
Ganeshan carried out a study of patients with liver cancer using TexRAD and the results were, in the words of the Feedback chairman, “quite remarkable”.
“It quickly dawned on me that this could be a really valuable objective tool for giving an accurate prognosis,” he adds.
Riddell was announced as chairman in June, which hasn’t given him a lot of time to shape strategy.
But he has a good idea how to get the business into the full commercial phase within the next six to nine months.
He has hired a person with experience in the imaging industry to put together a marketing strategy and business plan “which should be sorted in the next few weeks”.
Feedback is already making money from TexRAD with sales to institutions carrying out research.
To fully commercialise the product it must be granted a CE Mark, European certification for the technology.
It hopes to receive the regulatory green light sometime in the first quarter of next year.
This will enable it to sell TexRAD to hospitals, where it will lend numerical support to the very skilled, interpretative work carried out by radiologists.
At that point it will require funds to hire a sales and sales support team, which in turn means Feedback will have to raise a little money to bankroll the expansion of what is currently a very lean team.
Riddell, the consummate City veteran, won’t say when he will call on shareholders, or just how much Feedback requires, but he acknowledges there will be a need to fund growth.
“We will go the market when I think we have a compelling story and we have some numbers for the market,” he says.
“We are not yet at that stage. We are ticking over; investing a little in market analysis and market development that I think will pay off.”
Riddell’s sights are set first and foremost on securing the CE mark. After that he expects to be able to unveil a new product that analyses tumour deposits in the lung.
In this regard it has partnership with a firm called Alliance Medical Group, which wants to integrate TexRAD into its scanners.
Meanwhile, a tie-up with a company in Poland called Future Processing provides Feedback with the coding know-how to develop a wider product suite.
Sales of the current product, though modest, reveal there is demand from a very specialist audience in the research sphere.
It means the technology is being cited in literature by some of the leading centres for cancer research – providing a great endorsement of the TexRAD from key opinion leaders.
In fact, the technology is also starting to make an impression with businesses operating in the field.
“My view is at the moment we are far too small and far too young to be engaged in corporate discussion,” says Riddell.
“But, if we can grow sales the way I hope we can grow them, then in two or three years we might look differently at these corporate approaches.”
In the meantime, it is about “investing in the company and doing things to a particular standard”, the Feedback chairman says.
“Of course, the next milestone will be getting the CE Mark for TexRAD,” he adds.
“This will enable us to market not just to scientists, but radiologists everywhere, which should lead to a marked expansion in sales.”
Full article here
Feedback PLC (FDBK) – Attendance at RSNA 2016
Feedback plc (AIM: FDBK), the medical imaging software company, is pleased to provide an update on the Company’s attendance at the 102nd Scientific Assembly and Annual Meeting of the Radiological Society of North America to be held 27 November – 2 December 2016, in Chicago, Illinois, USA. (“RSNA 2016”). This is the premier global event for radiologists and features scientific paper presentations and educational courses.
RSNA 2016 is expected to include 19 scientific paper presentations which contain results of TexRAD analysis. 
TexRAD is the Company’s patented texture analysis software which has been sold worldwide to leading centres of oncology research. Several further presentations are expected to review the broader potential of Computed Tomography Texture Analysis (CTTA) as a tool to assist clinicians in quantifying tissue heterogeneity and assessing primary lesions and response to therapy in multiple tumour types.
The results of the Company’s development work in conjunction with Alliance Medical Group are to be presented in an Informatics poster discussion entitled “PET/CT in Lung Cancer: An Automated Imaging Tool for Decision Support.” This preliminary study assesses the performance of an automated PET/CT analysis in lung cancer. An automated PET/CT lung cancer tool may standardise clinical performance whilst allowing access to quantitative texture analysis to improve prognostication and fit within clinical workflow.
Further information on the papers to be presented at RSNA 2016 can be found at https://rsna2016.rsna.org/program/
For further information contact:
|
Feedback plc |
Tel: 01954 718072 |
|
Allenby Capital Limited (Nominated Adviser and Joint Broker) |
Tel: 020 3328 5656 |
|
Peterhouse Corporate Finance Ltd (Joint Broker) |
Tel: 020 7469 0936 |
Feedback (FDBK) – Interim Results for 6 months ended 30 Nov 2015
Feedback PLC (FDBK) – 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 £225,000 (2014: £229,000) and the loss after tax was £143,000. (2014: loss of £219,000). The loss before interest, tax and amortisation was £132,000 (2014: Loss £138,000). The cash balance as at 30 November 2015 was £164,000, (2014: £268,000).
The interim results show a small reduction in the loss for the period on similar levels of turnover to 2014. Cambridge Computed Imaging Limited 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 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 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 to 30 November 2015 |
6 months to 30 November 2014 |
Year to 31 May 2015 |
|||
|
£’000 |
£’000 |
£’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 Capital |
Share Premium |
Capital Reserve |
Retained Earnings |
Translation Reserve |
Convertible Debt Option Reserve |
Total |
|
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’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 |
|
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
|||||||
|
unaudited |
unaudited |
audited |
|||||
|
30 November 2015 |
30 November 2014 |
31 May 2015 |
|||||
|
£’000 |
£’000 |
£’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 to 30 November 2015 |
6 months to 30 November 2014 |
Year to 31 May 2015 |
|||||
|
£’000 |
£’000 |
£’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 venture |
(5) |
– |
– |
||||
|
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 activities |
215 |
– |
– |
||||
|
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 2015
|
As at 30 November 2014
|
As at 31 May 2015
|
||
|
£’000 |
£’000 |
£’000 |
||
|
Net loss attributable to ordinary equity holders |
(143) |
(219) |
(1,111) |
|
|
As at 30 November 2015
|
As at 30 November 2014
|
As at 31 May 2015 |
||
|
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) |
||||
|
Basic and Diluted |
(0.07) |
(0.11) |
(0.58) |
|
3 INTANGIBLE ASSETS
|
Software |
Customer relationships |
Patents |
Goodwill |
Total |
|
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
|
|
Cost |
|||||
|
At 31 May 2014 |
435 |
100 |
41 |
272 |
848 |
|
Additions |
64 |
– |
16 |
– |
80 |
|
At 30 November 2014 |
499 |
100 |
57 |
272 |
928 |
|
Additions |
64 |
– |
17 |
– |
81 |
|
At 31 May 2015 |
563 |
100 |
74 |
272 |
1,009 |
|
Additions |
– |
– |
6 |
– |
6 |
|
At 30 November 2015 |
563 |
100 |
80 |
272 |
1,015 |
|
Amortisation |
|||||
|
At 31 May 2014 |
– |
– |
– |
– |
– |
|
Charge for the period |
73 |
13 |
4 |
– |
90 |
|
As at 31 November 2014 |
73 |
13 |
4 |
– |
90 |
|
Charge for the period |
72 |
12 |
6 |
– |
90 |
|
Impairment charge in the year |
418 |
– |
– |
272 |
689 |
|
At 31 May 2015 |
563 |
25 |
10 |
272 |
869 |
|
Charge for the period |
– |
13 |
7 |
– |
20 |
|
At 30 November 2015 |
563 |
38 |
17 |
272 |
890 |
|
Net Book Value |
|||||
|
At 30 November 2015 |
– |
62 |
63 |
– |
125 |
|
At 31 May 2015 |
– |
75 |
65 |
– |
140 |
|
At 30 November 2014 |
426 |
87 |
53 |
272 |
838 |
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
Feedback PLC – TexRAD signs MoU with Alliance Medical Group
Feedback plc (FDBK) is pleased to announce that it has signed a Memorandum of Understanding with Alliance Medical Group with the intention of integrating Feedback’s TexRAD texture analysis software into Alliance’s lung cancer imaging service. Although the technical discussions are at a very early stage, this is considered by Feedback to be potentially of great significance as regards the future commercialization 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 National Institute for Health and Care Excellence (“NICE”) approval for TexRAD to be used in the Lung Cancer pathway. An update on the progress of the technical discussions will be provided with Feedback’s interim results announcement in February 2016.
In January 2015, NHS England selected a collaborative network led by Alliance to provide PET-CT scanning services across 30 locations in England following a competitive tender process. By December 2015 Alliance and its partners in the network will be providing a substantial amount of PET-CT imaging service in England. Published research studies have suggested that assessing patients already diagnosed with lung cancer by using TexRAD texture analysis software applied on the staging PET-CT imaging examination could potentially be a major application for TexRAD and provide valuable information to clinicians. In April 2015, Feedback announced a clinical adoption study was being commenced to assess the potential for TexRAD’s use in a multi-disciplinary team setting specifically focused on non-small cell lung cancer. This was followed in October 2015 by the announcement that the research arm of NHS England had ‘alerted’ on the potential application of TexRAD in assessing patients with lung cancer.
Dr. Balaji Ganeshan, CEO of TexRAD Ltd and Director of New Business at Feedback Plc commented: “We are delighted to be working with Alliance who are Europe’s leading independent provider of imaging services. The planned research study in lung cancer will be an important step towards the future commercialization of TexRAD.”
Charles Niehaus, Group CMO, COO, Alliance Medical Group commented: “Alliance and clinicians of the Collaborative Network are excited to be working with Feedback Plc to integrate the TexRAD software within Alliance’s lung cancer service across the imaging network. We anticipate this will enhance lung cancer diagnosis and prognosis within the NHS leading to improved patient management and valuable information for both Alliance and Feedback.”
For further information contact:
|
Feedback plc |
Tel: 01954 718072 |
|
Sanlam Securities UK (Nominated Adviser and Joint Broker) |
Tel: 020 7628 2200 |
|
Peterhouse Corporate Finance Ltd (Joint Broker) |
Tel: 020 7469 0936 |
Notes to editors:
TexRAD is a novel sophisticated imaging risk stratification research tool that analyses the textures in existing radiological scans. This research software application analyses textures, detecting and measuring tumour heterogeneity (complexity) from these images, revealing more information from medical images than is readily visible to the naked eye. Research to date has shown that TexRAD could potentially assist the clinician (as an ‘Imaging Biomarker’) in confident decision-making: it has the potential to assess the prognosis, disease-severity (e.g. risk of metastases) and response evaluation of patients with cancer. Currently TexRAD research has shown great potential in many different oncological sites, including, colorectal, breast, lung, prostate, oesophageal, head & neck, lymphoma, liver and renal cancers and could potentially be employed as a heterogeneity assessing tool in the era of ‘Precision and Personalized Medicine’. TexRAD is manufactured under licence by company Cambridge Computed Imaging Ltd, a subsidiary of Feedback plc. More information is available on www.fbk.com and www.texrad.com