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LONDON (Alliance News) - Feedback PLC said Wednesday its annual sales increased 51% due to investment in recruitment and trading, though it does expect its loss to widen.
Shares in the medical imaging technology company were trading down 5.9% at 1.69 pence each.
For the year ended May 31, Feedback's invoiced sales were up 51% to GBP771,000 from GBP508,000 a year ago, though recognised revenue is expected to fall to GBP458,000 from GBP466,000.
"This 51% increase in invoiced sales is a result of the company's investment in its employees with training and recruitment of four new hires," the company said.
However, costs associated with the new hires widened the firm's operating loss to GBP750,000 compared to GBP300,000 a year ago.
Considering the first quarter of the new financial year, the company said sales performance doubled to GBP236,000 from GBP117,000, driven by international sales which multiplied.
In July, the company's former Chief Executive David Crabb resigned after five months in the job. The company confirmed the search for a new CEO is still ongoing.
Looking ahead, the company believes it has "sufficient capital to fund its near term obligations".
However, it added: "The company is considering additional funding for its mid-term working capital requirements and to deliver on its longer-term growth opportunities and plans to raise the additional capital through public or private financings and/or partnering opportunities."