24th Jan 2019 09:23
LONDON (Alliance News) - Medical imaging technology firm Feedback PLC said Thursday its interim loss widened due to increased investment, despite revenue rising in a period of "progress" across the business.
For the six months ended November, pretax loss totaled GBP407,000 versus GBP352,000 pretax loss the year prior. Revenue rose modestly to GBP236,000 from GBP229,000 the year before.
Profit performance was hurt by a rise in operating costs to GBP642,000 from GBP575,000 the year prior. This is after it increased investment in its software development to GBP106,000 from GBP41,000 the year before.
"We have seen positive progress across the business during this six-month period, building European sales as well as global sales in the US, South Korea and India," Feedback Executive Chair Alastair Riddell said.
Feedback does not pay an interim dividend.
"We have recruited to provide additional resource in data science and to support Cadran and this month, we have strengthened our partnership with Future Processing," Riddell added. "This will bring increased software development capabilities and improved functionality to our technology as well as access to specialist medical imaging and AI expertise."
"Our fundraise in November 2018 positions us well to build on the operational progress already achieved and to continue to focus on our longer term goals of maximising the clinical opportunities for TexRAD and new business opportunities for Cadran", Riddell continued.
In November, Feedback raised GBP1.4 million through an equity fundraise. This left the firm with GBP1.4 million in cash at the end of the period.
Shares in Feedback were 3.6% lower at 1.35 pence on Thursday.
Related Shares:
Feedback