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

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.