Feedback plc (AIM: FDBK), the clinical infrastructure specialist behind the Bleepa® digital collaboration platform, has published its audited final results for the 12 months to 31 May 2026, reporting revenue of £0.78m and an EBITDA loss of £2.99m. The company has flagged a material uncertainty over going concern, warning that additional contracts and/or fundraising are required to sustain liquidity. Post period-end, the Queen Victoria Hospital NHS Foundation Trust contract was extended to March 2027 and an additional project contribution of £249k was secured from QVH to support Bleepa development.

Key Points

  • Feedback plc (AIM: FDBK) — clinical infrastructure specialist and developer of Bleepa® SaaS platform
  • Revenue fell to £0.78m for the year to 31 May 2026 (2025: £0.89m); sales on a non-IFRS basis rose to £0.94m, with Bleepa contributing 91%
  • Cash at 31 May 2026 was £2.73m; if no new contracts are signed, cash runway extends only to end of Q1 2027
  • Investors should watch the NHS national contract decision expected ahead of April 2027 and the outcome of multi-year ICB discussions

Feedback's FY2026 Revenue Declines to £0.78m as NHS Procurement Delays Weigh on Commercial Conversion

Feedback reported a decline in IFRS revenue to £0.78m for the 12 months to 31 May 2026, compared with £0.89m in the prior year, reflecting continued delays in NHS procurement and commissioning cycles. On a non-IFRS sales basis — representing total customer contract value invoiced — the figure improved to £0.94m from £0.89m, with Bleepa accounting for 91% of that total. The operating loss before interest and tax narrowed to £3.24m from £4.21m the year prior, while the EBITDA loss reduced marginally to £2.99m from £3.06m, reflecting tighter cost controls and reduced capital expenditure implemented during the period.

Going Concern Warning Issued as Cash Falls to £2.73m With Runway to Q1 2027 If Contracts Not Secured

The board has prepared accounts on a going concern basis but has explicitly flagged a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern. Cash as at 31 May 2026 stood at £2.73m, down from £5.95m at 31 May 2025. The announcement states that, without new contract wins, cash runway extends only to the end of Q1 2027, reflecting a quarterly rather than annual QVH renewal structure. Management states it is actively working to extend the runway through securing additional contracts and managing expenditure carefully as commercial discussions progress. The directors have noted that additional contracts and/or fundraising are required to support liquidity through at least 12 months from the date of signing the accounts.

QVH Contract Extended to March 2027 and New Pathways Launched in Insomnia, Teledermatology and Paediatrics

Post period-end, the Queen Victoria Hospital NHS Foundation Trust contract was extended to March 2027 to coincide with the NHS financial year, with an annualised contract value of £495k. QVH also made an additional project contribution of £249k to support further Bleepa development. New pathways were launched with QVH covering insomnia, teledermatology, and paediatric services, expanding the platform's clinical evidence base. Independent evaluation cited in the announcement found reductions of more than 90% in outpatient appointments across multiple pathways, an average pathway length of approximately 8.7 weeks — all completed within the national 18-week NHS target — and average savings of £181 per patient.

NHS National Contract Decision Expected Ahead of April 2027 as ICB Discussions and Pipeline Activity Intensify

The announcement states that an NHS national contract decision is expected ahead of April 2027, when a wider NHS England commissioning programme around clinical pathways and elective recovery is due to begin. Detailed discussions are described as underway with one of the largest integrated care boards to explore a multi-year elective transformation plan. During the year, Bleepa was selected as the platform for national Neighbourhood Health Simulations held in Manchester and London. Investors will be watching closely whether sufficient contracts or financing can be secured within the going concern period, as the announcement acknowledges these outcomes are not guaranteed and that the range of possible outcomes remains wide.