Trading Update

Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the clinical infrastructure specialist, announces a trading update for the financial year ended 31 May 2024 ("FY2024") (the "Period").

FY2024 revenue is expected to be around £1.2m, approximately 15% higher than the prior year. The EBITDA loss for FY2024 is expected to improve in comparison to market expectations, despite the slower than anticipated revenue growth in FY2024, as the Company continues to optimise its cost base. As such, the Company's FY2024 closing cash position is expected to be at least in line with market expectations. The Company's cash balance as at 30 April 2024 was £4.3m.

NHS procurement processes are more protracted for novel technologies such as Bleepa compared to the replacement of existing similar services where NHS procurement and funding is relatively more straightforward. The Company has been nurturing a number of commercial opportunities with national and regional NHS organisations which we had hoped to convert during the Period; unfortunately, the financial and operational pressures facing the NHS have delayed a number of these strategic conversations and consequently, the Board now believes that these larger NHS opportunities are likely to mature during the upcoming financial year.

Dr Tom Oakley, CEO commented:

"Despite a delay in some of our larger national and regional NHS opportunities we have delivered revenue growth in FY2024 and optimised our cost base.

"Based on information currently available to us we anticipate that new funding streams will land in the system that will enable us to progress with our wider pipeline of opportunity and build on the fantastic foundation that we have built to date, and we are therefore expecting these opportunities to convert to contract and be recognised within FY2025 revenue.

"In the meantime, this has given us an opportunity to continue pursuing our international opportunities and we are making promising progress in India around TB screening and other upcoming opportunities that have been unlocked by our in-country MD, Rohit Singh, having established the right to sell Bleepa as a medical device."