28th Oct 2014 09:58
LONDON (Alliance News) - Feedback PLC Tuesday said it will restructure its board, as it reported a narrower pretax loss for the year to May 31.
The company said the board will now comprise three non-executive directors: Simon Barrell, Trevor Brown and Tom Charlton, with Simon Barrell assuming the role of non-executive chairman. Nick Shepheard will leave the company to pursue other interests.
The board will actively pursue potential acquisition opportunities while senior management will be responsible for the day-to-day management of the trading businesses, it said.
Feedback reported a pretax loss of GBP471,000 for its last financial year, narrower than the GBP730,000 loss it reported a year earlier, as operating expenses fell sharply, offsetting a fall in revenue to GBP7,000, from GBP1.7 million. Its loss from the continuing operations in fiscal 2013 was GBP549,000.
The company went through a transformation in fiscal 2014, finally selling the industrial site formerly occupied by its Feedback Instruments operations, paying off its debt, and then moving into medical imaging by buying Cambridge Computed Imaging Ltd and TexRAD Ltd through a reverse takeover.
"The board intends to continue to develop CCI and TexRAD and will also look to increase the group's presence in the medical imaging sector with bolt on acquisitions and collaborations with research institutions to further grow the business," it said in a statement.
At 0948 GMT, shares in the company were down 8.8% at 1.30 pence.
By Ian Edmondson
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