Feedback plc Full-Year 2025 Results: Revenue Dips but Cash Boosted by Fundraising

Feedback plc FY2025 results: cash strengthened, revenues softer, eyes on NHS rollout

Feedback plc has published audited results for the year to 31 May 2025. It was a year of operational progress for Bleepa – but against a tough NHS backdrop that hit revenues and widened losses. The company strengthened its balance sheet with a £6.1 million fundraising, ending the year with £5.95 million of cash and a stated runway to early calendar year 2027.

Management is leaning into national-level discussions as the NHS restructures and funding models evolve. If central procurement moves ahead, Feedback believes it can scale quickly. For now, trading remains constrained by delayed decision-making across trusts and integrated care boards (ICBs).

Headline numbers you need to know

Metric	FY2025	FY2024
Revenue	£0.89m	£1.18m
Sales (non-IFRS)	£0.89m	£0.95m
Gross margin	88%	93%
EBITDA loss	£3.06m	£2.73m
Operating loss	£4.21m	£3.69m
Loss after tax	£7.32m	£3.30m
Intangible impairment	£3.19m	£0.00m
Cash at 31 May	£5.95m	£3.88m
Fundraise during the year	£6.1m (gross)	n/a
Contract liabilities (deferred income)	£0.22m	£0.22m

“Sales” is Feedback’s non-IFRS metric for the total value invoiced in the period. Revenue is recognised over the life of each contract, typically 12 months.

Operations: Bleepa keeps moving while the NHS changes gear

Despite the slowdown, the year saw a steady drumbeat of delivery:

• £495k digital infrastructure contract with Queen Victoria Hospital NHS Foundation Trust.
• Further funding to extend the Community Diagnostic Centre pathway pilot at the Northern Care Alliance site in Oldham.
• An MoU with a primary care solutions partner and an NHS Trust tied to the government’s Neighbourhood Health model, with discussions now re‑commenced after delays.
• Winner of an HSJ Partnership Award for a digital breathlessness pathway that achieved a 63% reduction in wait times versus the 18‑week standard and a 90% reduction in outpatient appointments.
• Key integrations completed: GP Connect, PDS, MIG, eRS and NHSmail single sign-on – important for scale and interoperability.
• Collaboration with Vertex In Healthcare to broaden functionality and reach.

Strategically, Feedback has focused all product development on Bleepa, pausing CareLocker and Feedback Connect as standalone offerings to concentrate resources where it sees the biggest near-term opportunity: elective care productivity and single point of access (SPoA) deployments.

Why revenue fell and losses widened

Revenue dropped 25% to £0.89 million. Management flags two drivers: non‑recurring contributions in the prior year from CDC pilots and Image Engineering development fees, and delays to new NHS business as structures and budgets were reworked. The company did renew all existing NHS customers, with QVH converting to a higher-value full contract.

Margins eased to 88% and operating expenses rose 7% to £5.15 million, mainly from headcount and higher non‑cash items (share-based payments and depreciation/amortisation). EBITDA loss widened to £3.06 million and the statutory loss after tax was £7.32 million, including a £3.19 million impairment to intangible assets reflecting conservative assumptions amid NHS uncertainty. Intangibles fell to £0.56 million.

One point to note is customer concentration: one UK customer delivered £491,250, or 55% of group revenue. That is not unusual at this stage but it does amplify near‑term volatility.

Cash, runway and cost discipline

The £6.1 million fundraise in November 2024 was pivotal. Year-end cash was £5.95 million versus £3.88 million last year. Management says this is sufficient funding through to early CY2027. To preserve cash, post period the company curtailed India activities and cut its outsourced development team in Poland, with further savings identified.

Policy tailwinds, but timing remains the swing factor

The company’s pitch aligns squarely with government priorities. The Prime Minister’s 92% Referral-to-Treatment target within 18 weeks by 2029, the Reforming Elective Care plan, and the NHS 10‑Year Plan’s push from analogue to digital and hospital to community are all areas Bleepa is built for.

Funding mechanics have also shifted: the Elective Recovery Fund has been replaced by a £5.3 billion allocation to ICBs for 2025/26. Feedback argues this simplifies contracting, allowing payment per patient hosted on the platform in line with its G‑Cloud model rather than diversion-based tariffs. If correct, that could make adoption easier once budgets settle.

My take: what this means for investors

The positives

• Cash runway to early CY2027 reduces financing risk in the near term.
• Clear product-market fit for elective care productivity, underpinned by award-winning outcomes at QVH (63% faster pathways, 90% fewer appointments).
• Deepening integrations with core NHS systems – a must-have for scale and defensibility.
• Contract renewals across the base suggest stickiness once deployed.

The watch-outs

• Top-line contraction and widened losses show how exposed the business is to NHS decision delays.
• Large impairment and reduced intangibles reflect conservative near-term expectations – sensible accounting, but a reminder that growth must materialise.
• Customer concentration (55% of revenue) increases risk until new wins land.
• International diversification has been dialled back to save cash, putting more pressure on UK momentum.

Near-term catalysts to track

• Conversion of pilots and expansions, especially at QVH where five additional pathways are in scope.
• Evidence of ICB or central NHS procurements adopting the per‑patient licensing model.
• Progress on a national rollout pathway following engagement with DHSC and NHSE.
• Any additional cost measures that extend runway beyond early CY2027.
• Reduction in revenue concentration as new trusts come on board.

Glossary and quick notes

• EBITDA: Earnings before interest, tax, depreciation and amortisation – a proxy for underlying operating performance.
• Sales (non‑IFRS): Total customer contract value invoiced in the period. Revenue is recognised over the contract term.
• Contract liabilities: Cash invoiced ahead of revenue recognition – shows future revenue already billed.
• Impairment: A non‑cash write-down of asset value. The RNS notes impairments can be reversed if conditions improve.

Bottom line

This readout is a tale of two tracks: strong strategic alignment and product validation on one side, and a difficult NHS buying environment on the other. With cash in the bank and costs tightened, Feedback has time to play for national adoption. The investment case now hinges on execution: landing new NHS contracts as structures settle. If the policy intent turns into procurement, Bleepa looks well placed to benefit. Until then, expect numbers to remain lumpy.