Feedback Plc Half-Year Results 2025: Positioning for NHS National Rollout as Cash Runway Extends to 2027

Feedback plc H1 2026: Bleepa gears up for NHS scale as cash runway stretches to mid‑2027

Feedback plc’s half-year update is all about positioning. Revenue is steady, losses are controlled, and the company has been quietly wiring Bleepa into core NHS plumbing. The big swing factor now is procurement – and a national business case already sits with the centre awaiting a decision in H1 2026.

For retail investors, this is a classic “set the table, then serve” half-year: muted top-line today, but meaningful catalysts lining up for 2026/27 if the NHS purse strings open as expected.

Operational momentum: integrations, pathways and national simulations

• National business case submitted in the Spring Spending Review for Bleepa – outcome pending in H1 2026. An award would be material and could support national or ICB-level rollout.
• Key NHS integrations completed and implemented post period: eRS (electronic referral service), PDS (Personal Demographics Service) and GP Connect. This is the “roads and rails” needed for scale.
• Pathway proof points: the Non-Site Specific Symptoms (NSS) cancer pathway went live in Sussex ICS, showing Bleepa can run cancer pathways at scale.
• Neighbourhood Health Service simulations: Bleepa was selected for the UK’s two national simulations (London and Manchester). These highlighted potential benefits including a 25% reduction in outpatient appointments and a 14% decrease in unplanned admissions.
• Partnerships: late-stage discussions with consulting firms, cloud providers and technology partners to support at-scale rollouts.
• Client stickiness: all existing clients renewed; Queen Victoria Hospital NHS Foundation Trust (QVH) is expanding to more pathways.
• Focus sharpened: operations in India paused to concentrate on UK opportunity.

Definitions, briefly: ICS is an Integrated Care System; ICB is its commissioning board. These are the structures buying regional solutions. Bleepa’s integrations into eRS/PDS/GP Connect help it plug into everyday NHS workflows – a practical prerequisite for national deployment.

Key numbers at a glance

Metric (six months to 30 Nov 2025)	H1 2026	H1 2025	Comment
Revenue	£0.41m	£0.45m	Down 8%; prior year benefited from one-off pilots
“Sales” (bookings, non-IFRS)	£0.31m	£0.59m	Down 47%; reflects shift of QVH to six-month extensions and prior-year pilot
Gross margin	81%	89%	Impacted by proactive client platform monitoring and new pathway rollout
Operating expenses	£2.22m	£2.40m	Down 7%; lower amortisation following prior-year write-down
Operating loss	£1.79m	£1.99m	Loss narrowed
Adjusted EBITDA loss	£1.61m	£1.43m	Up 12%; driven by support hires and cloud costs
Loss per share	3.98 pence	4.29 pence	Improved
Cash	£3.82m	£7.26m	Runway to mid‑2027, per management
Product mix (revenue)	Bleepa £367k (89%), Imaging Engineering £28k (7%), Cadran PACS £18k (rest)

Why this matters: NHS funding tailwinds meet a ready platform

The NHS 10 Year Plan leans into three pillars: shifting care from hospital to community, analogue to digital, and prevention. Bleepa is built for the first two. Crucially, funding from the Spending Review is expected to flow from 2026/27, including up to £10 billion for technology and an additional £300 million capital allocation in the Autumn Budget.

The market mood music is also helpful: less appetite for mega EPR implementations, more for targeted, workflow-enabling tools that deliver productivity gains without disrupting services. Bleepa’s pitch – connect systems, enable asynchronous working, shorten pathways – lands squarely in that sweet spot.

Commercial routes: national, regional and provider-level

Feedback is now focused on three channels: national programmes, ICB/ICS regional deployments, and individual provider deals. Interest is rising across all three. The prize, plainly, is a centrally funded route that unlocks regional or national adoption. Even without that, expanding use cases inside existing trusts – as seen at QVH – should lift contract lifetime value.

It’s also notable that the company is lining up partners – consulting, cloud and tech – for scaled rollouts. That signals intent to move quickly if the green light arrives.

Costs, cash and the path to scale

Costs are being invested where it counts: support teams to deliver rollouts, developers, an External Affairs function, and cloud delivery. That pushed the adjusted EBITDA loss to £1.61 million, while operating expenses fell thanks to lower amortisation following last year’s software write-down. Gross margin dipped to 81% as more proactive monitoring and pathway support came online – a fair trade-off if it accelerates adoption.

Cash closed at £3.82 million, with a stated runway to mid‑2027. That is a key comfort for shareholders while the company awaits procurement outcomes. Capitalised development of £0.33 million reflects sustained product investment, including user experience upgrades, configurable forms, and reporting.

The catalyst to watch: H1 2026 Spending Review outcome

The national business case for Bleepa, submitted as part of the Spring Spending Review, is the near-term swing factor. A positive decision could see Bleepa adopted nationally or regionally at ICB level, with funding flowing from April 2026. That would be transformative relative to today’s £0.41 million six-month revenue base.

On top of that, Bleepa is already live for cancer and neighbourhood health pathways, and is natively integrated into eRS, which should strengthen confidence on data and cyber assurance at the centre.

Balanced take: positives and pressure points

What’s encouraging

• Clear product-market fit with NHS priorities and funding direction.
• Deep NHS integrations (eRS, PDS, GP Connect) completed – essential for scale.
• Real-world pathway evidence (Sussex NSS) and national simulations with quantified benefits.
• Contract renewals and pathway expansion at QVH indicating stickiness.
• Runway to mid‑2027 provides time to convert pipeline.

Where to be cautious

• Revenue and bookings remain small; “Sales” down 47% reflects a thin period and timing shifts.
• Adjusted EBITDA loss increased as the team scales ahead of revenue – execution risk if procurement slips.
• Gross margin softened as service intensity rose; needs to re-gear at scale.
• NHS procurement cycles can be slow and competitive; outcomes are not guaranteed.

Near-term milestones for investors

• H1 2026 decision on the national business case for Bleepa.
• April 2026 – start of the NHS financial year and potential contract awards.
• Further pathway go-lives at QVH and any new ICS/ICB deployments.
• Announcements on strategic partners for implementation and cloud delivery.
• Rollout of the new Bleepa version with improved UX and configurable forms.
• CFO transition bedded in – watch for discipline on cash and cost-to-serve as scale grows.

Josh’s verdict

This readout is about foundations, not fireworks. Feedback has done the hard graft – integrations, evidence, partnerships – and now stands in front of potentially meaningful NHS funding streams, with cash runway to wait it out. If the Spending Review outcome breaks positively, the revenue profile could look very different by FY2027.

Until then, this remains a high-operating-leverage story: small base, rising readiness, and a binary tilt towards procurement success. For investors comfortable with NHS timing risk, the setup into H1 2026 is the most interesting it has been in years.