TIDMFDBK
RNS Number : 9572P
Feedback PLC
23 February 2021
This announcement contains inside information as stipulated
under the UK Market Abuse Regulations (MAR).
Feedback plc
Interim Results for the six months to 30 November 2020
Significant momentum in creating scalable platform for
Bleepa
London, UK, 23 February 2021 - Feedback plc (AIM: FDBK,
"Feedback" or the "Company"), the specialist medical imaging
technology company, announces its unaudited results for the six
months to 30 November 2020.
The focus during the period was on advancing Bleepa's
proposition by creating strong platforms for growth both via
product enhancement and collaborations as well as receiving
industry recognition within key markets and frameworks.
Operational highlights (including post period-end)
-- As at 30 November 2020, 359 Bleepa users across 10
specialties at Royal Oldham Hospital, an increase of 274 users
since completion of the pilot
-- Wider range of potential revenue streams through broadening market scope
-- Significant progression in developing Bleepa's offering, scalability and security:
o Attainment of CE mark, confirming use of Bleepa as a Class 1
Medical Device
o Appointment to NHSx Framework
o Addition of 3D Imaging offering with Axial3D Partnership
o Selection for WISH 2020 innovation awards,
Digitalhealth.London 2020 Programme & DIT's virtual event to
India
o Significant barriers to entry overcome through certification
of Cyber Essentials Plus and passing of ISO 27001 ISMS standard
-- Strengthening of the Board through appointment of Philipp Prince as Non-executive director
-- Recruitment of marketing specialists both in the UK and India
to expediate commercial strategy
-- Raised GBP5.27m before expenses in July 2020 to further
broaden the Bleepa proposition and reach
Financial summary
-- Loss after tax for the six-month period of GBP723k (H1 2019:
loss GBP603k) due to development and deployment of the Company's
flagship product, Bleepa including increased investment in software
development of GBP672k (H1 2019: GBP301k) in line with focus on
product enhancement linked to market opportunities
-- Loss before interest, tax and amortisation for the six-month
period of GBP920k (H1 2019: loss GBP698k)
-- Cash at 30 November 2020 was GBP3.78m (30 November 2019: GBP1.53m).
Commenting on the results and prospects, Dr Tom Oakley, CEO of
Feedback, said:
"Feedback has continued to make significant advancements in its
transition into the mobile medical communications market -
continuing to invest in further augmenting and expanding Bleepa's
offering.
"As the restrictions imposed by the global pandemic subside, we
are confident in our ability to build on the strong foundations we
have now laid, and to deliver the next key milestones for the
Company. Feedback is continuing commercial discussions, and while
the pandemic slowed progression of Bleepa within the NHS, we are
now seeing improvement in the pace of these talks, as well as a
growing interest outside of the NHS and internationally.
"With Bleepa's unique flexibility, we have been able to make
great strides in strengthening its proposition; through achieving
the CE mark, adding new 3D imaging technology and gaining
industry-standard cyber security certifications, the product now
has a broadened and mature offering. Alongside its cloud-based
installation scalability, Bleepa is well placed to build a strong
presence in numerous markets internationally. Importantly, we have
an exciting pipeline of opportunities which has grown significantly
on the back of the progress made during the period.
Commercialisation is clearly the key priority and we believe that
we will make strong headway in this area in the coming months.
" Bleepa has the potential to fundamentally change the way in
which clinicians communicate, not only making the lives of those
who care for us easier day-to-day, but enabling a route to
inclusive interaction within, between and spanning an entire
medical provider's network to make patient information more easily
accessible. We believe that Bleepa is the future of medical
communications. "
Enquiries:
Feedback plc +44 (0) 20 3997 7634
Tom Oakley, CEO IR@fbk.com
Lindsay Melvin, CFO
Allenby Capital Limited (Nominated Adviser)
David Worlidge / Asha Chotai +44 (0)20 3328 5656
Peterhouse Corporate Finance Ltd (Joint Broker)
Lucy Williams / Duncan Vasey +44 (0)20 7469 0936
Stanford Capital Partners Limited (Joint Broker)
Patrick Claridge / John Howes +44 20 3815 8880
Walbrook PR Ltd Tel: 020 7933 8780 or
feedbackplc@walbrookpr.com
Paul McManus/Nick Rome/Nicholas Johnson 07980 541 893 or 07748
325 236 or 07884 664
686
Notes to editors
Feedback plc (AIM: FDBK) is a medical imaging technology
business. Its core product, Bleepa, is a revolutionary medical
imaging communications app, providing an easy-to-use, high quality
tool to enable remote and secure communications between front-line
clinicians and teams. Importantly, it is the only CE marked medical
imaging communications platform on the NHSx clinical communications
tools framework. Bleepa has unparalleled functionality for everyday
practice and can be accessed from any internet-connected device,
enabling control of patient cases when on the go.
Its highly scalable Software as a Service ("SaaS") based revenue
model will provide increasing levels of visibility as the Company
grows its customer base. With a growing distribution base and
technology in place, the focus is on leveraging key relationships
in order to drive sales both in the UK and internationally to all
forms of care facilitators. As a fully certified medical device,
Bleepa aims to disrupt the medical imaging communications market
and, importantly, increase the accuracy and speed of diagnosis.
Chairman and Chief Executive's Statement
Feedback has made strong progress during the period. The
standout achievement was receipt of the CE mark - confirming use of
Bleepa as a Class 1 Medical Device. This was key in providing
further confidence in the imaging app and setting it apart from
unregulated competitors whilst creating a strong barrier to entry.
In addition to this, we further developed the technology platform,
its security offering and routes to market and are encouraged by
the response received to date.
The focus during the period was very much on establishing a
platform for growth and increasing our marketing and development
opportunities. To that end, we were delighted to raise GBP5.27m
(before expenses) via a placing and open offer in July 2020,
enabling the Company to focus investment on sales, product
development and geographic expansion. Importantly, we strengthened
our marketing team and hired an integration specialist in order to
help increase the speed of roll out. Furthermore, investment into
our infrastructure and operating platform has laid the foundations
for product enhancements, making Bleepa more attractive to a wider
audience.
Product enhancement focused on three areas; scalability -
through the creation of a cloud infrastructure that will enable
Bleepa to be deployed more cost effectively and ensure that
performance is maintained during peak usage; security - through
integration with hospital user administration systems that enable
customers to manage user accounts (also reducing our administrative
costs); and the addition of new key features following customer
feedback and market opportunities.
These included improvements to the image viewer to enhance the
user experience, further differentiating Bleepa from competitors
and enhancing the CE marked features. Additionally, the development
of photocapture enables clinical users to use Bleepa to acquire
clinical photos of wounds and lesions in a unique zero footprint
method. We also added document management functionality to enable
Bleepa to store and present non imaging patient information such as
laboratory reports. The photocapture module opens up wider clinical
opportunities in the fields of dermatology and community wound
management, with document management enhancing the value
proposition of Bleepa in the multidisciplinary team (MDT)
setting.
The NHS remains a key cornerstone of our growth market - with
ongoing trials at The Royal Oldham Hospital, part of the Pennine
Acute Hospitals NHS Trust based around Manchester, and the Royal
Papworth Hospital NHS Foundation Trust in Cambridge continuing to
progress following positive feedback and renewals. Active
discussions continue with Pennine and a number of other NHS
sites.
While COVID has been an unpredictable force in this last year,
it has clearly shown the need for Bleepa within the clinical
setting - with the app being actively used as a tool within the
COVID response at The Royal Oldham Hospital. As at 30 November
2020, there were 359 Bleepa users across 10 specialties at Royal
Oldham Hospital, an increase of 274 users since completion of the
pilot. However, while we were able to demonstrate the benefits of
Bleepa, COVID has understandably consumed the bandwidth of NHS
providers across the UK, extending the timescales on new
engagements being finalised.
It was hoped that the NHSx Clinical Communication Tool Framework
would stimulate engagement with our much-needed technology.
However, at the time of writing, the directors believe that there
has been no award made from the framework to any NHS Trust -
testament to the fact that, even when a payment mechanism exists,
Trusts have not had the bandwidth to engage due to COVID pressures.
Despite these pressures we have made good headway with NHS
stakeholders and have built the value proposition in partnership
with our existing deployments in anticipation of being ready to
address the post COVID landscape and opportunities. As providers
begin to recover from the acute COVID pressures we are confident
that Bleepa is now well positioned to meet their requirements and
we are already seeing increased engagement from a number of
Trusts.
Growth within the NHS is currently focused on individual trusts.
However, we are increasingly looking at supporting wider regional
service delivery and we believe that there is significant
opportunity to implement solutions within a broader structure,
which drove our transition from on-premise to cloud-based
installation capabilities. Additionally, given the product
enhancements we implemented during the period, we are now
positioned to address wider clinical audiences and market
opportunities.
Anticipating potential COVID delays with NHS opportunities, we
took steps early in the pandemic to explore adjacent opportunities
for Bleepa in different segments and have made strong groundwork in
appealing to a wider customer base outside of the NHS - providing
the Company with a number of new potential routes to market. These
activities culminated in the Company joining a successful trade
mission to India with the Department of International Trade in
December 2020. This trade mission generated many promising leads
that the Company is now pursuing and has led to the engagement of
two contractors on the ground in India to help convert these
opportunities.
Operational review
Bleepa(TM)
The Company made strong progress in developing the Bleepa
proposition. Post receipt of the CE Mark, Bleepa was added to the
NHSx National Clinical Communication Tool Framework ("the NCCT
Framework") in July 2020. This was an important development as it
provides a vehicle for NHS Trusts to buy Bleepa by drawing down
from a GBP3 million centralised fund over a two-year period. It
also gives Bleepa national coverage and provides an independent
validation of the quality and suitability of Bleepa for frontline
delivery, a stamp of approval that the Company can use to also
drive sales in other markets. COVID has impacted the NHS's ability
to focus outside of the immediate pandemic, but with positive
ongoing discussions across multiple Trusts and potential easing of
pressure on the NHS resources, we are confident in progressing
these talks.
Additionally, we made further functionality enhancements by
adding 3D imaging through our partnership with Axial3D. The
collaboration enhances our cross-selling capabilities and is the
first example of the Company's strategy to leverage its growing
userbase to generate supplementary revenue, over and above the main
user licence fee. We see this as an important development given our
focus on broadening revenue streams from existing users and
targeting a wide number of end users. We are currently working with
Axial3D to identify an initial deployment site for the joint
offering.
Bleepa's selections as a World Innovation Summit for Health
(WISH) 2020 Innovation Booster and to participate in the
Digitalhealth.London 2020 Accelerator Programme provided further
welcome endorsements. Participation as an Innovation Booster at
WISH 2020, an event to showcase our technology to the Middle
Eastern market, provided an opportunity for the Company to exhibit
Bleepa to some of the world's leading health experts, health
ministers, decision-makers, and investors and we are now
formulating a targeted approach into this market. Furthermore, it
offers a support programme to launch into the Middle-Eastern
market. Given the potential global scalability of the product, we
were able to address a new potential market and to further develop
the Company's international recognition.
The Digitalhealth.London 2020 Accelerator Programme aims to help
20 small and medium sized health technology companies implement its
innovations into the NHS, particularly in London - and Bleepa's
inclusion is recognition of the product's potential to disrupt the
healthcare market and improve care delivery. There is myriad of
complex care delivery challenges that occurs in London as a result
of numerous teams speaking and connecting with each other, and
Bleepa provides an optimised solution to these challenges.
Participation in the programme will provide foundations for Bleepa
to strengthen its potential reach across London. Bleepa also
received High Commendation from the HTN awards for its rapid
response to COVID, with our partners at Pennine Acute Hospitals NHS
Trust taking the prize.
Broadening International Commercial Partnerships
Post period end, Bleepa was selected by Healthcare UK, part of
the Department for International Trade ("DIT"), to join a virtual
healthcare mission to India, providing further recognition of its
functionality and potential market reach. India is key to our
international expansion and following the successful event, we have
now employed two specialists based in India to aid our entry into
this large and untapped market.
We are focused on providing solutions to a range of territories,
all of which have slightly different requirements and potential
revenue models. The importance here is in ensuring that we are able
to offer attractive solutions that can be implemented quickly and
easily within existing entities.
Our ability to target a growing range of potential end users was
significantly enhanced during the period as we focused on product
development, and we believe that we now have the tools in place to
unlock value and to become the medical communication app of
choice.
Receipt of Cyber Essentials Plus and ISO 27001 certification
highlights our commitment to providing clinicians with the right
tools for the job and will give customers confidence about the
security of data on the platform. This further reflects the
importance of investment undertaken during the period - with
additional security, product upgrades and new functionality
paramount in helping to further cement credibility and growth
opportunities.
Other Products
As previously reported, TexRAD sales have continued to decline
in line with expectations, and in line with our strategy we have
reduced the resourcing of this product to a minimum. Cadran
continues to be employed in current contracts across a number of
Trusts. Bleepa has evolved from the Cadran technology and works
both with current PACs and cloud based systems. Therefore, we are
confident that Bleepa offers a standalone solution for Trusts
looking to advance their medical communications
structures/practices.
Strengthening the Board
In July 2020, Philipp Prince joined the Company as an
Independent Non-Executive Director, bringing strong capital markets
and PLC experience to the Company. Given his background, he further
strengthens the Board's ability to deliver a strong growth platform
for Bleepa.
Financial review
In the six months to 30 November 2020, the loss after tax
increased to GBP723k (H1 2019: loss GBP603k) due to a higher cost
base following the recruitment programme to drive new opportunities
and the development and deployment of the Company's flagship
product, Bleepa. Loss before interest, tax and amortisation was
GBP920k (H1 2019: loss GBP698k). During the period, Feedback
invested GBP672k with Future Processing on software development of
Bleepa (H1 2019: GBP301k). This intangible asset will be amortised
against future income streams stemming from this investment. The
tax credit reflects the research and development tax credit
available to Feedback Medical.
Feedback continues to focus on rigorous cost control, with
existing overheads kept well monitored. Cash at 30 November 2020
was GBP3.78m (30 November 2019: GBP1.53m) following the equity
fundraise in July 2020, raising GBP5.27m before expenses.
In light of the pandemic, all staff are working remotely from
home and the Company has renegotiated new rates at its physical
locations to minimise spend. We have seen a further reduction in
travel and associated business expenses as all customer engagements
and product deployments are now fully remote. All spend is targeted
at driving new business opportunities with tailored marketing to
specific clinical audiences and management stakeholders as well as
product development streams linked to qualified market
opportunities. The Board considers the investments made to date and
the current rate of spend to be necessary to position Bleepa to
capitalise on the range of opportunities identified, especially in
the post COVID period. All investments are kept under regular
review to ensure maximum shareholder value is created.
Outlook
Feedback has continued to make significant developments in its
transition to the mobile medical communications market - continuing
to invest in further augmenting and expanding Bleepa's
offering.
As the restrictions imposed by the global pandemic subside, we
are confident in our ability to build on the strong foundations we
have now laid, and to deliver the next key milestones for the
Company. Feedback is continuing commercial discussions, and while
the pandemic slowed progression of Bleepa within the NHS, we are
now seeing improvement in the pace of these talks, as well as a
growing interest outside of the NHS and internationally.
With Bleepa's considerable flexibility, we have been able to
make great strides in strengthening its proposition through
achieving the CE mark, adding new 3D imaging technology and gaining
industry-standard cyber security certifications, the product now
has a broadened and mature offering. Alongside its cloud-based
installation scalability, Bleepa is well placed to build a strong
presence in numerous markets internationally. Importantly, we have
an exciting pipeline of opportunities which has grown significantly
on the back of the progress made during the period.
Commercialisation is clearly the key priority and we believe that
we will make strong headway in this area in the coming months.
Dr T Oakley, CEO
Prof R Shaw, Chairman
UNAUDITED INTERIM STATEMENT OF COMPREHENSIVE INCOME
Notes Unaudited Unaudited Audited
Six months Six months Year
to 30 November to 30 November to 31
2020 2019 May
GBP'000 GBP'000 2020
GBP'000
Revenue 165 269 450
Cost of sales (1) (4) (2)
---------------- ---------------- ----------
Gross profit 164 265 448
Other operating expenses (1,082) (956) (1,863)
Operating loss (918) (691) (1,415)
Net finance income - - 1
---------------- ---------------- ----------
Loss on ordinary activities before
taxation (918) (691) (1,414)
Tax credit 195 88 327
---------------- ---------------- ----------
Loss on ordinary activities
after tax attributable to the
equity shareholders of the Company (723) (603) (1,087)
---------------- ---------------- ----------
Total comprehensive loss for
the period (723) (603) (1,087)
---------------- ---------------- ----------
LOSS PER SHARE (pence)
Basic and diluted 2 (0.07) (0.13) (0.22)
---------------- ---------------- ----------
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share Share Capital Retained Translation Share Total
Capital Premium Reserve Earnings Reserve Option
Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 June 2019 933 3,777 300 (4,115) (210) 261 946
New Shares issued 417 1,583 - - - - 2,000
Costs associated
with the raising
of funds - (139) - - - - (139)
Total comprehensive
expense for the
period - - - (603) - - (603)
--------- --------- --------- ------------ ------------ --------- --------
At 30 November
2019 1,350 5,221 300 (4,718) (210) 261 2,204
Share option
expense reserve - - 42 - (42) -
Total comprehensive
expense for the
period - - - (435) - - (435)
--------- --------- --------- ------------ ------------ --------- --------
At 31 May 2020 1,350 5,221 300 (5,111) (210) 219 1,769
New Shares issued 1,317 3,952 - - - 5,269
Costs associated
with the raising
of funds - (313) - - - (313)
Total comprehensive
expense for the
period - - - (723) - (723)
--------- --------- --------- ------------ ------------ --------- --------
At 30 November
2020 2,667 8,860 300 (5,834) (210) 219 6,002
--------- --------- --------- ------------ ------------ --------- --------
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
Unaudited Unaudited Audited
30 November 30 November 31 May
2020 2019 2020
GBP'000 GBP'000 GBP'000
Notes
ASSETS
Non-current assets
Property, plant and equipment 26 11 11
Intangible assets 3 1,979 753 1,297
-------------
2,005 764 1,309
------------- ------------- ---------
Current assets
Trade receivables - 144 100
Corporation tax 522 247 327
Other receivables 94 18 30
Cash and cash equivalents 3,776 1,526 732
------------- ------------- ---------
4,392 1,935 1,189
Total assets 6,397 2,699 2,498
------------- ------------- ---------
EQUITY
Capital and reserves
attributable to the Company's
equity shareholders
Called up share capital 2,667 1,350 1,350
Share premium account 8,860 5,221 5,221
Capital reserve 300 300 300
Translation reserve (210) (210) (210)
Share option expense
reserve 219 261 219
Retained earnings (5,834) (4,718) (5,111)
------------- ------------- ---------
Total equity 6,002 2,204 1,769
------------- ------------- ---------
Current liabilities
Trade payables 180 143 119
Other payables 215 346 600
-------------
395 489 719
Non-current Liabilities
Other payables - 6 10
------------- ------------- ---------
Total liabilities 395 495 729
-------------
TOTAL EQUITY AND LIABILITIES 6,397 2,699 2,498
------------- ------------- ---------
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
Six months Six months Year
to 30 November to 30 November to 31 May
2020 2019 2020
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss before tax (918) (691) (1,414)
---------------- ---------------- -----------
Adjustments for:
Depreciation and amortisation 2 7 30
Share based payment expense - - 50
Net finance income - - 1
Decrease in trade receivables 100 58 103
(Increase)/Decrease in other
receivables (64) 13 11
Increase in trade payables 61 111 88
Increase/(Decrease) in other
payables (395) (143) 95
Corporation tax received - 91 249
---------------- ---------------- -----------
(296) 137 627
---------------- ---------------- -----------
Net cash used in operating activities (1,214) (554) (787)
---------------- ---------------- -----------
Cash flows from investing activities
Purchase of tangible fixed assets (14) (12) (7)
Purchase of intangible assets (684) (310) (876)
Net finance income received - - 1
Net cash used in investing activities (698) (322) (882)
---------------- ---------------- -----------
Cash flows from financing activities
Net proceeds of share issue 4,956 1,861 1,861
---------------- ---------------- -----------
Net cash generated from financing
activities 4,956 1,861 1,861
---------------- ---------------- -----------
Net increase in cash and cash
equivalents 3,044 985 192
Cash and cash equivalents at
beginning of period 732 541 541
Cash and cash equivalents at
end of period 3,776 1,526 733
---------------- ---------------- -----------
NOTES TO THE UNAUDITED INTERIM REPORT
1. BASIS OF PREPARATION
The accounting policies are unchanged from the financial
statements for the year ended 31 May 2020.
The information set out in this interim report for the six
months ended 30 November 2020 does not comprise statutory accounts
within the meaning of section 434 of the Companies Act 2006. The
accounts for the year ended 31 May 2020 have been filed with the
Registrar of Companies.
This interim report was approved by the directors on 22 February
2021.
2. LOSS PER SHARE
Basic earnings per share are calculated by reference to the loss
on ordinary activities after and on the weighted average number of
shares in issue.
Unaudited Unaudited Audited
Six months to Six months to Year to
30 November 30 November 31 May
2020 2019 2020
GBP'000 GBP'000 GBP'000
Net loss attributable
to ordinary equity
holders (723) (603) (1,087)
--------------- --------------- --------------
Six months to Six months to Year to
30 November 30 November 31 May
2020 2019 2020
Weighted average number
of ordinary shares
for basic earnings
per share 971,380,047 449,131,065 498,854,027
Effect of dilution:
Share Options - - -
Warrants - - -
--------------- --------------- --------------
Weighted average number
of ordinary shares
adjusted for the effect
of dilution 971,380,047 449,131,065 498,854,027
--------------- --------------- --------------
Loss per share (pence)
Basic (0.07) (0.13) (0.22)
Diluted (0.07) (0.13) (0.22)
---------------
3. INTANGIBLE ASSETS
Software Customer Patents Goodwill Total
relationships
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 31 May 2019 1,038 100 154 272 1,564
Additions 301 - 9 - 310
--------------- --------------- -------- --------- --------
At 30 November
2019 1,339 100 163 272 1,874
Additions 564 - 2 566
--------------- --------------- -------- --------- --------
At 31 May 2020 1,903 100 165 272 2,440
Additions 672 - 12 - 684
--------------- --------------- -------- --------- --------
At 30 November
2020 2,575 100 176 272 3,124
--------------- --------------- -------- --------- --------
Amortisation
At 31 May 2019 645 100 97 272 1,114
Charge for the
period - - 7 - 7
--------------- --------------- -------- --------- --------
As at 30 November
2019 645 100 104 272 1,121
Charge for the
period - - 22 - 22
--------------- --------------- -------- --------- --------
At 31 May 2020 645 100 126 272 1,143
Charge for the
period - - 2 - 2
--------------- --------------- -------- --------- --------
At 30 November
2020 645 100 128 272 1,145
--------------- --------------- -------- --------- --------
Net book Value
At 30 November
2020 1,930 - 48 - 1,979
--------------- --------------- -------- --------- --------
At 31 May 2020 1,258 - 39 - 1,297
--------------- --------------- -------- --------- --------
At 30 November
2019 694 - 59 - 753
--------------- --------------- -------- --------- --------
4. AVAILABILITY OF THE INTERIM REPORT
Copies of the report will be available from the Company's
registered office at Health Foundry, Canterbury House, 1 Royal
Street, London SE1 7LL and also from the Company's website
www.fbk.com.
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