Feedback losses widen despite improved sales
Medical imaging technology outfit Feedback saw its invoiced sales soar in its last trading year as a result of increased investment in its employees, although the move also resulted in wider full-year losses.
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Feedback invoiced sales of £771,000 for the year ended 31 May, a 51% increase year-on-year, but saw recognised revenues slip 1.72% to £458,000.
The AIM-listed firm told investors on Wednesday that costs associated with its recruitment and restructuring had caused its operating loss for the year to widen 150% to £750,000.
However, Feedback assured investors that its investment had already led to a "significant improvement in sales performance and anticipated long-term growth", with sales in the first quarter of its current year up 100% to £236,000.
Executive chairman Alastair Riddell, said: "This has been a year of transition for Feedback into an integrated medical imaging solutions company, with talented staff and an experienced management team."
"As a result of the investment in our employees, we are seeing improved sales momentum throughout the business, demonstrated by the number and size of orders coming through and in the high calibre international distributors we are now working with."
As of 0815 BST, Feedback shares had slid 11.53% to 1.59p.