Final Results

Feedback plc                                  

             Preliminary Results for the year ended 31 March 2003              

Chairman's Statement

I am pleased to report that the improving trend in the fortunes of the Group
continued to the end of the year. Turnover has now increased in each of the
past four six month periods despite some difficult trading conditions in key
overseas markets.

The Group made a profit before tax of £178,500 from turnover of £10,557,700,
which was up 19 % on the previous year.

Export business continues to account for over half the Group's turnover with
equipment sales in over 60 countries.

Of particular note was the performance of TekniCAL which became a wholly owned
subsidiary towards the end of the previous financial year. It has substantially
increased turnover and reported a healthy profit for the year.

Feedback Instruments Limited

Despite some very sensitive political problems, the Company traded well in
areas where one might have expected difficulties.

The Middle East made a very good contribution to the year and political
uncertainties notwithstanding, should continue in a positive vein. The
rebuilding of the educational infrastructure in Iraq may well present major
opportunities for us as, historically, Iraq was one of our best markets prior
to the first Gulf War in 1991.

The Company secured good business in Central and South America, reflecting the
commitment made by the Company over the last few years to this region.
Prospects for the future in these markets remain very encouraging.

The Far East, excluding China, achieved budgeted levels of business and
prospects remain promising.  China was expected to contribute significantly but
business was delayed due to budgetary problems. The Company is expecting
substantial business in the coming year.

In the UK our marketing and sales commitment continued and although business
during the year was marginally below expectations, prospects for the coming
year are encouraging.

The strategy of marketing complete laboratory solutions is beginning to show
results. Much of the UK, Middle East and Far East business was for integrated
mixed technology laboratories, where the management of the facilities via
intranet and internet based systems is achieved through the Company's Discovery
Manager system.

TekniCAL Limited

In the year under review the Company continued to make good progress by
securing additional business in its key UK Further Education market together
with follow on sales from existing customers. A significant proportion of sales
are now on an annual licence basis thereby generating a future revenue stream
for the Company.

During the year the Company commenced wholesale supply of product through
strategic partners to address eLearning within the School Sector.  The product
is a modified Virtual Learning Environment (VLE) and the Company offers,
through this VLE, educational content to support Key Stage learning. 

The Company was successful in securing business from several regional NHS
authorities.  Products supplied included the VLE, standard educational content
and bespoke course material specifically designed to meet the needs of the NHS
and delivered through their intranet.

The Company continued to invest heavily in development and within the last
quarter brought a range of new products to market.  Of particular note is a
Virtual Learning Support Centre (VLSC), which integrates the VLE into a number
of support technologies including call centre telephony.  The first installed
system is now operative in a large private training provider.  A further group
of new products has also been released to support the production and storage of
eLearning content by existing customers.

The market for intranet and internet based Virtual Learning continues to grow
with many new market sectors now embracing eLearning technology.  The Company
individually and through partnerships is well positioned to take advantage of
these growth opportunities.

Feedback Incorporated

The Company had an excellent first half-year. This encouraging performance
continued into the second half of the year but there was a marked slowdown in
the last quarter caused by uncertainties in State budgets and concerns over the
situation in Iraq.

Of particular encouragement was the continued and increasing level of sales
achieved through representatives. The strategy of working more closely with
active representatives over recent years is now producing real benefits.

New products from Feedback Instruments continue to be well accepted. In
particular the range of enhanced Power and Machines equipment has been
installed in a number of prestigious establishments throughout the country.
Further products, from outside suppliers, complementary to our range have been
introduced.  This increases turnover and enhances the Company's profile.

Feedback Data Limited

This Company, with its German subsidiary, operated close to breakeven on
turnover similar to the previous year.

The Company is due to release a new data capture terminal during the coming
year. This product has been a substantial development and incorporates many
innovative facilities together with internet-based communication technologies.
Initial exposure of the prototype device has been well received.

The Company continues to develop new hardware and software products to create
direct sales opportunities outside its traditional data capture terminal market
where products are typically sold through Value Added Resellers.  Solutions for
staff scheduling and for food temperature monitoring have seen significant
interest from the care home and leisure sectors, which has highlighted
opportunities for additional modules in these markets.

These new product developments will enable the Company to augment its profile
in its traditional markets and to develop new business in other areas.

Current Trading and Future Prospects

Trading in the first quarter of the current year has been below expectations. 
Prospects for the full year depend, as always, on securing the anticipated
level of business.

Feedback Instruments, through its restructured sales organisation, has
identified, and is confident of winning, a number of large contracts in
overseas markets.

Continued product development, combined with the launch of a number of new
products, means that we are well placed to support an improvement in the
Group's fortunes.

Dividend

Your Board is not recommending that a dividend be paid on the ordinary shares
(2002:nil).

Directors and Staff

I would like to refer to the Board changes which have occurred since my last
Report.  I am very pleased that Tom Charlton has joined the Board as a
non-executive Director.  He has already made a valuable contribution and
brought a new perspective to bear.

Roger Barnett retired as Group Managing Director at the end of December after
35 years of service.  During that time, he developed a great knowledge and
experience of all aspects of our Group.  However, his outstanding contribution
has been to guide and 'hold together' our Company over recent years when so
many others in similar situations have failed.  We shall miss him very much and
wish him well in his retirement.

At the same time we are pleased that David Sawyer is our new Group Managing
Director and welcome him back to the U.K. after his successful spell in looking
after our U.S. business.  We wish him every success.

In addition to Roger and David, we owe the Directors, both on the Main and
Subsidiary Boards and all our staff our thanks.  They have worked hard and
loyally in achieving the better results shown by this year's accounts.

D H Harding

Chairman

14th July 2003


FEEDBACK PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT

Year ended 31 March 2003

                                                             Total      Total
                                                                             
                                                              2003       2002
                                                                             
                                                              £000       £000
                                                                             
Turnover: Group and share of joint venture                10,557.7    8,908.2
                                                                             
Less: Share of joint venture's turnover                          -    (146.2)
                                                                             
GROUP TURNOVER                                            10,557.7    8,762.0
                                                                             
Cost of Sales                                            (5,111.6)  (4,771.6)
                                                                             
Gross profit                                               5,446.1    3,990.4
                                                                             
Other operating expenses                                 (5,231.2)  (4,297.9)
                                                                             
Operating profit /(loss)                                     214.9    (307.5)
                                                                             
Share of operating (loss) of joint venture                       -    (301.9)
                                                                             
Profit /(loss) on ordinary activities before interest        214.9    (609.4)
and tax                                                                      
                                                                             
Net interest (payable) / receivable                         (36.4)       16.4
                                                                             
PROFIT / (LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION       178.5    (593.0)
                                                                             
Tax on profit / (loss) on ordinary activities               (39.7)        5.2
                                                                             
PROFIT / (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION        138.8    (587.8)
                                                                             
Dividends (non-equity)                                      (98.6)     (97.7)
                                                                             
RETAINED PROFIT / (LOSS)                                      40.2    (685.5)
                                                                             
EARNINGS / (LOSS) PER SHARE (pence)                                          
                                                                             
Basic                                                       0.34 p    (5.7) p
                                                                             
Diluted                                                     0.34 p    (5.7) p
                                                                             


FEEDBACK PLC CONSOLIDATED BALANCE SHEET

at 31 March 2003

                                                         2003       2002
                                                                        
                                                         £000       £000
                                                                        
Fixed Assets                                                            
                                                                        
Intangible assets                                       656.7      695.2
                                                                        
Tangible assets                                         619.5      607.7
                                                                        
                                                       1276.2    1,302.9
                                                                        
Current assets                                                          
                                                                        
Stocks                                                1,356.6    1,810.3
                                                                        
Debtors                                               4,349.8    3,305.5
                                                                        
Cash at bank and in hand                                360.7      365.3
                                                                        
                                                      6,067.1    5,481.1
                                                                        
Creditors: amounts falling due within one year                          
                                                                        
Borrowings                                            (132.3)    (264.6)
                                                                        
Other creditors                                     (2,879.4)  (2,319.7)
                                                                        
                                                     (3011.7)  (2,584.3)
                                                                        
Net current assets                                    3,055.4    2,896.8
                                                                        
Total assets less current liabilities                 4,331.6    4,199.7
                                                                        
Creditors: amounts falling due after more than one                      
year                                                                    
                                                                        
Borrowings                                            (249.9)    (338.6)
                                                                        
                                                      4,081.7    3,861.1
                                                                        
CAPITAL AND RESERVES                                                    
                                                                        
Called up share capital                               2,055.2    2,055.2
                                                                        
Share premium accounts                                  367.3       24.8
                                                                        
Revaluation account                                     369.4      268.8
                                                                        
Capital reserve                                         299.9      299.9
                                                                        
Other reserve                                               -      342.5
                                                                        
Profit and loss account                                 989.9      869.9
                                                                        
Total reserves                                        2,026.5    1,805.9
                                                                        
                                                      4,081.7    3,861.1
                                                                        

Included within shareholders' funds is an amount of £789,626 (2002 - £777,447)
in respect of non-equity interests.


FEEDBACK PLC CONSOLIDATED CASH FLOW STATEMENT

Year ended 31 March 2003

                                                          2003     2002
                                                                       
                                                          £000     £000
                                                                       
Net cash inflow / (outflow) from operating activities    412.5  (204.0)
                                                                       
Returns on investments and servicing of finance                        
                                                                       
Interest received                                          0.4     19.0
                                                                       
Interest paid                                           (36.8)    (2.6)
                                                                       
Non equity dividends paid                               (86.3)   (86.6)
                                                                       
Net cash outflow from returns on investments and       (122.7)   (70.2)
servicing of finance                                                   
                                                                       
                                                         289.8  (274.2)
                                                                       
Corporation tax recovered                                  0.0     17.5
                                                                       
Capital expenditure and financial investment                           
                                                                       
Purchase of tangible fixed assets                       (83.7)   (90.1)
                                                                       
Sales of tangible fixed assets                            10.3     17.9
                                                                       
Net cash outflow from capital expenditure and           (73.4)   (72.2)
financial investment                                                   
                                                                       
Acquisitions and disposals                                             
                                                                       
Purchase of subsidiary undertaking                           -  (135.0)
                                                                       
Net overdraft acquired with subsidiary                       -  (165.0)
                                                                       
Net cash outflow from acquisitions and disposals             -  (300.0)
                                                                       
Net cash inflow / (outflow) before management of         216.4  (628.9)
liquid resources and financing                                         
                                                                       
Management of liquid resources                                         
                                                                       
Treasury deposit                                             -    450.0
                                                                       
Financing                                                              
                                                                       
New bank loan advanced                                       -    250.0
                                                                       
Repayments of bank and other loans                      (67.0)   (30.0)
                                                                       
Capital element of finance leases and rental payments    (9.2)     17.8
                                                                       
Net cash (outflow) / inflow from financing              (76.2)    237.8
                                                                       
Increase in cash in the year                             140.2     58.9
                                                                       


FEEDBACK PLC CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

Year ended 31 March 2003

                                                               Group    Group
                                                                             
                                                                2003     2002
                                                                             
                                                                £000     £000
                                                                             
Profit / (loss) for the financial year                                       
                                                                             
- parent and subsidiaries                                      138.8  (285.9)
                                                                             
- joint venture                                                    -  (301.9)
                                                                             
Unrealised surplus on revaluation of land and buildings        100.5        -
                                                                             
Total gains / (losses) for the year before currency            239.3  (587.8)
adjustments                                                                  
                                                                             
Currency translation differences on foreign currency net        67.6    192.1
investments                                                                  
                                                                             
Total recognised gains / (losses) for the year                 306.9  (395.7)
                                                                             

Notes

 1. Earnings per share

Basic earnings per share for the year ended 31 March 2003 is based on the Group
profit on ordinary activities after taxation and preference dividends of £
40,200 (2002 - loss of £685,500) attributed to 11,920,181 Ordinary Shares,
being the weighted average number of shares in issue throughout the year (2002
- 11,902,989).  The diluted earnings per share is calculated allowing for both
the full conversion of the Preference Shares and the full exercise of
outstanding share options.  However, in accordance with Financial Reporting
Standard 14, as neither of these conversions have a dilutive effect the
earnings per share figure remains unaltered.

The Other Reserve, which is non-distributable, arises on the conversion of
Preference Shares into Ordinary Shares and has now been transferred to the
Share Premium Account.

The financial information for the year ended 31 March 2002 is extracted from
the Group's financial statements to that date which received an unqualified
auditor's report and have been filed with the Registrar of Companies.  The
financial information for the year ended 31 March 2003 is extracted from the
Group's financial statements to that date which received an unqualified audit
report and will be filed with the Registrar of Companies.

The Report and Accounts will be posted to shareholders in due course and the
Annual General Meeting will be held at 11.00 a.m. on 29 August 2003.

Enquiries:           

Mr David Sawyer        
                       
Group Managing Director
                       
Feedback plc           
                       
Tel. [phone]