The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain
Cambridge, 25 April 2019: Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the specialist medical imaging technology company, announces a trading update for the financial year ending 31 May 2019.
Following new hires and investment in product sales in the first half of the financial year, it is anticipated that Feedback will report significant growth in recognised revenue for the year ending 31 May 2019.
The investment in new hires for Cadran, along with the agreement with Future Processing, signed in January 2019, to accelerate Feedback Medical's technology development and innovation, has increased the Company's cost base, the principal benefit of which will not be realised until the next financial year. As a result, the loss for the current financial year will reflect such investment but not the total anticipated income.
As announced in the half year results in January 2019, these investments have been made in order to help drive sales, increase capabilities and improve functionality of Feedback's technology as well as to provide access to specialist medical imaging and AI expertise.
As announced on 9 April 2019, with the appointment of Dr Tom Oakley as the new CEO of the Company, a strategic review of the business is currently underway. A further announcement will be made in due course.
Tom Oakley, CEO
Lindsay Melvin, CFO
+44 (0)1954 718072
Allenby Capital Limited (Nominated Adviser)
David Worlidge / Asha Chotai
+44 (0)20 3328 5656
Peterhouse Corporate Finance Ltd (Joint Broker)
Lucy Williams / Duncan Vasey
+44 (0)20 7469 0936
Stanford Capital Partners Limited (Joint Broker)
Patrick Claridge / John Howes
Rozi Morris/ Deborah Bell/ Phillip Marriage
+44 20 3815 8880
+44 (0)20 7457 2020
Notes to editors
About Feedback plc
Feedback plc (AIM: FDBK) is a specialist medical imaging technology company providing innovative software and systems, through its fully-owned trading subsidiary, Feedback Medical Limited. Its products advance the work of radiologists, clinicians and medical researchers by improving workflows and giving unique insights into diseases, particularly cancer. Feedback Medical works with customers globally from headquarters in the internationally renowned scientific hub of Cambridge, UK. Its proprietary technologies are TexRAD®, the quantitative texture analysis tool and Cadran, a picture archiving communication system (PACS). For more information, see www.fbk.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.