Trading Update

Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the clinical infrastructure specialist, provides an unaudited trading update for the year-ended 31 May 2026 (the "Period").

Revenue for the Period remained flat at c. £0.8m (FY 2025: £0.9m) with the EBITDA loss for the Period expected to be both lower than expectations and less than the previous year due to focused cost controls and cash management. Cash balances at the end of FY26 were £2.7m, ahead of expectations due to faster collections and cost control. The Company continues to have sufficient cash runway through to mid-2027.

Significant national opportunity

The Company continues to pursue a potential national contract opportunity with NHSE for its Bleepa technology, following the ongoing success of its pilot with QVH. Based on recent conversations, whilst it is outside of the Company's control, the Company is hopeful of a decision around the calendar year end once NHSE and HM Treasury have concluded their evaluation. In the meantime, the Company has been encouraged to continue to build the evidence base by increasing the scale of its deployment in Sussex.

Strong progress in integration with NHS interfaces demonstrates ability to scale

During the Period the Company completed key integrations to further optimise and increase the reach of our pathways and support adoption. These included integration into the NHS e-Referral Service, which captures GP referrals: this has already resulted in a tenfold increase in the number of GP practices referring into Bleepa in the first few weeks. Additionally, integration with Patients Know Best allows communication with patients via the NHS App, reducing administrative costs and friction of patient access to the clinical pathways, while integration with Evolve Electronic Medical Record automates backend document management within the Queen Victoria Hospital in Sussex ("QVH").

The Company has also released the latest generation of Bleepa, version 1.7, which alongside a new user interface based on frontline user feedback includes enhancements around data reporting, security and pathway automation features that reduce the administrative burden of delivering the clinical pathways, increasing scalability and reducing future operating costs of these pathways for NHS customers. The Company believes that evidencing these benefits will further support pending NHSE decisions and increase the likelihood of a contract award.

Proven productivity enhancing solutions

The Company is pleased to report that it continues to see strong growth and performance across the clinical pathways in Sussex, demonstrating Bleepa's transformative impact on NHS workflow, with 100% of Breathlessness patients diverted away from outpatient appointments in the last three months. The Company is also delighted with the successful roll out of the Insomnia pathway across Kent, Surrey and Sussex. Together with QVH, a series of new pathways have been built out and are ready to deploy in the coming months, further demonstrating Bleepa's pathway agnostic capability and rapid innovation across multiple clinical areas, again supporting central contract decision making.

NHS need remains

NHS waitlists remain stubbornly high. Since the Referral to Treatment wait list peaked in September 2023 at 7.77 million, in the 31 months to April 2026, the list has only fallen by 550,000 (7%). Despite recent attempts to boost elective activity via year-end sprints and outsourcing to private sector partners, this has only yielded small, non-recurring improvements.

The need for a transformational alternative approach is clear. In addition to central NHSE discussions the Company continues dialogue with a number of NHS regions around direct opportunities to explore our offering. There is a growing appreciation that the NHS needs a new approach and that the asynchronous pathway model that Bleepa delivers is the solution.

Dr Tom Oakley, CEO of Feedback plc, said: "Despite ongoing frustration around the lack of pace of NHS decision making there are grounds for optimism. The pilot in Sussex continues to deliver evidence of strong, real-world impact across an ever increasing number of pathways and this is translating into a growing recognition of Bleepa at all levels of the NHS. As the consolidation of ICBs finalises, and they adopt their role as Strategic Commissioners, we are already seeing increasing interest at the local level for the alternative solution that Bleepa offers. This, along with the ongoing national conversations, gives management confidence that we are moving towards a pivotal moment for both the NHS and the Company."