Feedback PLC on Tuesday said its loss narrowed in the first half of its current financial year, largely as a result of revenue growth driven by the award of an NHS trust contract.

The London-based company that provides innovative software and systems for use in a clinical setting said its pretax loss narrowed to £2.0 million during the six months that ended November 30, from £2.1 million the year before.

Revenue grew 2.7% to £449,000 from £437,000, primarily due to ‘annual inflationary price increases on existing client contracts’ and the firm winning a £495,000 contract at the Queen Victoria Hospital NHS Foundation Trust.

Feedback noted that 2024 had been a ‘difficult year for medical technology companies seeking to sell into the NHS’, as the result of both ‘the general election and wider public sector spending restrictions’.

Cost of sales for the six-month period increased to £49,000 from £36,000, while other operating expenses reduced 4.0% to £2.4 million from £2.5 million.

‘We remain extremely excited by the wider market opportunity,’ said Chief Executive Officer Tom Oakley. ‘We have a product base aligned with increased focus on digitisation and patient-centric models while our relationships and proven technology ensure that Feedback is positioned to scale up delivery. Market drivers and the top-down approach - led by government focus on reform, underpin our confidence.’

Looking ahead, broker Panmure Liberum forecasts a pretax loss of £4.1 million for Feedback’s financial year due to end in May, widened from £3.6 million a year prior.

Oakley continued: ‘We have a growing pipeline of opportunities and routes to market, which we believe will drive meaningful revenues as we focus on conversion.’

Shares in Feedback were down 4.1% at 17.51 pence in London on Tuesday morning.

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