Feedback PLC on Monday said its loss widened during its most recent financial year, as it also launches a share placing and reorganisation of existing shares.
The London-based company that provides innovative software and systems for use in a clinical setting said its pretax loss for the financial year that ended May 31 widened to £3.6 million from £3.4 million the year before. Revenue grew 20% to £1.2 million from £1.0 million.
Cost of sales fell 6.1% to £79,129 from £84,276 last year; however, other operating expenses rose 9.0% to £4.8 million from £4.4 million.
Shares in Feedback were down 48% at 23.33 pence each in London on Monday afternoon.
Feedback also on Monday announced its launch of a placing and subscription intended to raise around £5.2 million, at a price of 20 pence per share. This represented a 55% discount to the closing price of 44.50p per share on November 1. The company also intends to raise a further £1 million through a retail offer at the same price of 20p per share.
The company announced its plans to reorganise its share capital by subdividing each share into a new ordinary share of 1p and one deferred share of 49p. The new shares will come into effect on November 29, and will not impact the total number of shares in issue.
Chief Executive Officer Tom Oakley said: ‘The shifted political landscape brings exciting opportunities for healthcare reform and signals an increasing need for solutions such as ours to enable the required structural changes. With Labour emphasising the need to undergo the ’biggest reimagining of the NHS,‘ whilst embracing an ’analogue to digital‘ approach that moves diagnostics from primary care settings to the community, Bleepa is perfectly positioned to underpin many of the operational requirements having proved this can be delivered by our technology and the diagnostic pathway approach that we have pioneered at [Queen Victoria Hospital NHS Foundation Trust].
With a growing evidence base, a viable funding mechanism and a channel parter who can help the company deliver national scale at pace, plus growing visibility of international opportunity, we believe there has never been a better time to invest in the company.’
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