Feedback PLC Reports H1 2025 Results with Bleepa Poised for NHS National Scale

EPS Correction Noted, Then Straight Into the Numbers

Feedback PLC has issued a correction to its earlier half-year release to fix an error in the prior period earnings per share. The updated figure for the prior period is a basic and diluted loss per share of 13.74 pence. Everything else in the announcement remains unchanged.

Now to the meat of it: this half-year covers the six months to 30 November 2025. Operationally, Bleepa looks better positioned than ever for national scale within the NHS. Financially, revenue is steady, losses are still meaningful, and cash runway extends to mid-2027 – with the big potential catalyst being a national funding decision in H1 2026.

Operational Momentum: Bleepa Geared For NHS Scale

Feedback’s strategy is clear: win national and regional NHS deployments by proving Bleepa drives productivity across pathways and care settings. Several milestones support that case:

• Core NHS integrations completed – eRS (electronic referrals), PDS (Personal Demographics Service) and GP Connect – deployed post period. This is central to scaling nationally.
• Sussex ICS took the Non-Site Specific Symptoms (NSS) cancer pathway live on Bleepa – the second at-scale pathway, showing the platform can handle complex, cross-provider cancer flows.
• Bleepa was selected for the UK’s two national simulations of the new Neighbourhood Health Service. Reported potential benefits included a 25% reduction in outpatient appointments and a 14% drop in unplanned admissions.
• A national business case for Bleepa was submitted as part of the Spring Spending Review. Outcome is pending and anticipated in H1 2026. An award here would be material.
• Late-stage strategic partnerships in play (consultancies for implementation, cloud providers, and tech partners) to support at-scale rollouts.
• All existing clients renewed over the period; Queen Victoria Hospital is expanding to more pathways.
• UK focus sharpened – India operations paused; a new Bleepa release with UX upgrades and configurable forms is rolling out soon, and eRS is already live.

Put simply, Feedback spent the half laying the rails for scale. The integrations and pathway wins matter because NHS buyers increasingly demand interoperable, proven platforms that cut waits and improve flow without ripping and replacing core systems.

Key Financials: Stable Revenue, Higher EBITDA Loss, Strong Cash Runway

Metric	Six months to 30 Nov 2025	Prior period (six months to 30 Nov 2024)
Revenue	£0.41m	£0.45m
Bleepa share of revenue	89%	Not disclosed
Sales (non-IFRS, contract value signed)	£0.31m	£0.59m
Gross margin	81%	89%
Operating expenses	£2.22m	£2.40m
Operating loss	£1.79m	£1.99m
Adjusted EBITDA loss	£1.61m	£1.43m
Loss before tax	£1.72m	£1.95m
Basic loss per share	3.98 pence	13.74 pence
Cash at period end	£3.82m	£7.26m
Cash runway	Sufficient to mid-2027

A few details behind the numbers:

• Revenue fell 8% to £0.41m, with the prior period flattered by one-off pilot income. Bleepa contributed 89% of revenue.
• Sales (the total value of contracts signed) dropped 47% to £0.31m, mainly due to QVH moving to six-month extensions from June 2025 and the absence of last year’s pilot.
• Gross margin slipped to 81% from 89%, reflecting proactive platform monitoring and new pathway rollouts.
• Operating expenses fell 7% to £2.22m, helped by lower amortisation post last year’s one-off write-down; operating loss narrowed to £1.79m.
• Adjusted EBITDA loss increased to £1.61m, driven by investment in support teams, developers and cloud infrastructure to deliver scaling customers.
• Cash ended at £3.82m, with management guiding to runway through mid-2027; R&D tax credits added £94k of other income.

Interpretation: Laying Track Before the Train Arrives

This reads like a classic “build-before-scale” half. Revenue and signed sales were softer, but the operating loss narrowed thanks to lower amortisation, while EBITDA losses rose as the company hired and invested in cloud delivery. That is a reasonable trade-off if national or regional contracts land from April 2026.

The important bit is strategic positioning. Integrations into eRS, PDS and GP Connect, evidence from Sussex ICS, and selection for national simulations all boost credibility. If the pending Spending Review outcome greenlights central funding, Bleepa has a plausible route to rapid deployment at ICB or even national level.

Why This Matters: Policy Tailwinds and Procurement Windows

The policy backdrop is supportive. The Government’s NHS 10 Year Plan prioritises shifting care from hospital to community and analogue to digital – both map directly onto Bleepa’s proposition. The Spending Review flagged up to £10 billion of technology investment and an extra £300 million capital in the Autumn Budget, with funding expected to flow from 2026/27.

Practically, that means ICBs and national teams may favour modular, interoperable tools that deliver productivity quickly, rather than big-bang EPR projects. Bleepa’s cross-provider pathways, asynchronous collaboration and referral integration speak to this brief.

Risks And Watchouts

• Procurement uncertainty: the national business case outcome is not guaranteed; timing and structure (national vs ICB) matter.
• Competition: capital will be contested; NHS England will prioritise initiatives with the clearest, evidenced productivity gains.
• Execution at scale: gross margin dipped with proactive monitoring and pathway buildouts; sustaining high margins while scaling cloud delivery will be important.
• Sales volatility: the period shows how contract timing (e.g. QVH moving to six-month terms) can swing reported “sales” and revenue.

What I’m Watching Next

• Spending Review decision in H1 2026 – any confirmation of central funding or a defined procurement route.
• Contract news from April 2026 as the NHS financial year opens – especially multi-site ICB or national programmes.
• Further pathway go-lives at QVH and other customers, plus quantified productivity outcomes that buyers can put in business cases.
• Partnership announcements with cloud providers, consultancies and tech partners to support rapid rollout.
• Cash burn trajectory vs. runway to mid-2027 as cloud usage and support operations scale.

Bottom Line: A Setup Year With A Clear Shot At Scale

This half was about positioning, not top-line fireworks. Revenue is modest, EBITDA losses widened with deliberate investment, and cash remains solid. The upside case hinges on policy tailwinds, strong NHS integrations, tangible pathway results, and – crucially – a positive Spending Review outcome enabling larger procurements.

On balance, I see this as a constructive update: operationally positive, financially prudent, with catalysts ahead. The next few months should reveal whether Bleepa’s national moment is about to arrive.