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LONDON (Alliance News) - Medical imagine company Feedback PLC on Thursday reported a widened loss in its most recently ended financial year on increased operating expenses.
For the financial year ended May, Feedback's pretax loss widened to GBP747,794 from GBP300,927 on a slight fall in revenue to GBP458,389 from GBP465,885 the year before.
Executive Chairman Alastair Riddell said: "The last year has been a period of transition and major growth for Feedback. The board has been strengthened and the restructuring of our operating subsidiaries into one integrated unit under the Feedback Medical brand is already bringing benefits, demonstrated by the significant improvement in sales performance."
Feedback's invoiced sales increased to GBGP771,000 from GBP508,000. The company explained the difference in sales and revenue as a difference in "contract structures".
The company said sales contract structures "typically comprise installation costs, a contract for a year or more, followed by 20% annual maintenance fee thereafter". The increased level of sales, Feedback said, "will take time to work through into increased revenue".
The significant increase in invoiced sales in the period is a result of a "significant" two-year contact with an "existing major customer" and the company's investment in its employees with training and recruitment of four new hires. Which, in turn, led to higher operating costs.
The company's operating expenses increased to GBP1.2 million from GBP755,9660 the year before.
Riddell added: "We are encouraged by the measurable progress so far, which is continuing into the current financial year. The potential for more significant growth will be enabled by the renewed investor support and our more integrated and collaborative operating company led by an able and supportive board."
Shares in Feedback were up 7.6% Thursday at 1.70 pence each.