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Clinical communication company Feedback said on Thursday that full-year trading was “materially ahead of market expectations”, with revenues expected to be roughly 105% higher year-on-year at £590,000 following a “significant” 280% increase in sales to £670,000.
Feedback stated it had performed “strongly”, with its flagship product Bleepa contributing an increasing proportion of total revenue.
The AIM-listed group also said its full-year performance was further enhanced by technology license fees arising from its partnership with Imaging Engineering, leveraging the group’s existing Cadran platform technology underpinning Bleepa.
Cash and cash equivalents as of 31 May were expected to be approximately £10.30m, up from £2.22m at the same time a year earlier, reflecting the impact of the group’s over-subscribed fundraising in November.
Looking forward, Feedback said: “The company’s growing portfolio of clinical communications apps and strong growth trajectory underpin management’s confidence. The company continues to target a number of exciting opportunities and remains focused on investing in the UK and India and on increasing and diversifying its customer base domestically and internationally.
“Furthermore, while the company has no commitment beyond maintaining and providing software under its licence agreement with Imaging Engineering, this partnership is another example of how its existing technology can be exploited to generate additional revenue opportunities. Following a pickup in activity post-pandemic, the company expects to receive ongoing license fees from Image Engineering.”
As of 1030 BST, Feedback shares were down 3.72% at 0.65p.
Reporting by Iain Gilbert at Sharecast.com
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