TIDMACT
RNS Number : 7581J
Actual Experience PLC
15 December 2022
15 December 2022
Actual Experience plc
(the "Company" or "Actual Experience" or "Actual")
Trading and Commercial Update
Actual Experience (AIM: ACT), the analytics-as-a-service
company, is pleased to announce an update on trading for the
financial year ended 30 September 2022, as well as recent progress
regarding important commercial initiatives.
Trading Update
As reported in both the Company's Interim Results and September
Placing announcement, Actual has been putting in place the people
and technology components required to claim a leading position in
the emerging market for Human Experience Management (HX). Our focus
remains on enabling our customers to optimise their digital
ecosystem to increase productivity and enhance employee wellbeing.
As previously communicated, the financial year ended 30 September
2022 was therefore a period of transition as the Company laid the
groundwork for its new market focus and it is our belief that the
Company is now in a strong position to capitalise on the
significant market opportunity that exists.
Revenue for the year ended 30 September 2022 was generated
entirely from legacy sales engagements and amounted to GBP1.2m
(2021: GBP1.7m); as previously announced, this decrease is
attributable to legacy contracts that were not renewed during the
year.
We remain focused on expanding our sales prospect pipeline and,
in particular, generating orders from our more advanced
opportunities. Feedback from partners and enterprises for our newly
launched Digital Workplace Management Platform ("DWMP") continues
to be very positive, and such is the importance of employee
productivity and welfare we are able to engage with heads of
transformation and C-Suite executives at an early stage in the
sales cycle. Increasingly, commentators such as Gartner and
Forrester suggest that 2023 will be the year when organisations
prioritise investment in technologies that improve their hybrid
digital infrastructure .
During the year, significant cost reductions, relative to the
peak level of spending earlier in the year, amounting to
approximately a third of peak monthly spending (savings of GBP0.2m
per month) were achieved through reduced headcount and other
operational initiatives. This will benefit the new financial year
that commenced 1 October 2022 by lowering the Company's cash burn
and break even point.
Net cash at 30 September 2022 was GBP2.9m (30 September 2021:
GBP8.2m). Following the fund raise completed in October 2022 which
raised net proceeds of GBP2.8m, Actual Experience retains a solid
financial position, with net cash of GBP5.0m at 31 October 2022.
This reflects slightly higher than normal expenditure in
October.
Actual intends to announce its full year results in late January
2023, at which time the Company will provide a further update on
current trading.
Digital Workplace Management Platform
In August 2022, the Company completed the initial scale
deployment of the DWMP with an existing customer and then proceeded
to ongoing live service in October 2022. The platform has proven to
work reliably at scale in this large deployment and is already
providing a wealth of actionable information regarding
opportunities to derive digital workplace efficiencies. This has
resulted in strongly positive customer feedback.
Partner Programme Update
We are pleased with the on-going support and continuing
commitment of our commercial channel partners Verizon and Vodafone,
both of whom are actively promoting DWMP to their customer base.
Most of the sales leads currently being pursued by Actual are being
generated in this way.
Actual is actively seeking new partner relationships with
leading technology and consulting companies. Several of these
projects are well advanced and the Board expects to announce new
partners in due course.
In particular, the Company is pleased with its recent progress
with LACE Partners, a specialist HR consultancy with a 'Big Four'
heritage. Together with LACE, Actual is actively pursuing several
opportunities with LACE's large global clients.
LACE Managing Director and Co-founder Cathy Acratopulo
commented
"Talent attraction, hybrid working, and the employee value
proposition (EVP) are deeply interwoven future of work themes and
dominate HR's 2023 agenda.
There is a once-in-a-generation opportunity to transform the EVP
and workplace technology. CPO and CIO must come together to make
this transformation a success, but this has to be a human-centric,
data-driven process. CPO's have an opportunity to embrace data and
lead their business through systemic, quantifiable improvements in
employee retention and productivity. Equally, CIO's have an
opportunity to embrace new data and deliver more directly than ever
to top-level business objectives This is why we have decided to
partner with Actual, whose insights into the human experience of
the digital workplace uniquely bridge the gap between technology
and employee experience and productivity, and create a new,
actionable common language for CPO and CIO. We are delighted with
the response we have seen from our clients to Actual's
offering."
CEO Recruitment Process
The Company continues to work with an executive recruiter to
evaluate external and internal candidates. This process is close to
completion and a further announcement is expected to be made early
next year. Until this time, Steve Bennetts remains as Interim CEO
(in addition to his CFO duties), and Kirsten English continues to
act as Executive Chair.
Kirsten English, Executive Chair of Actual Experience plc,
commented:
"There has been continuing momentum and clear progress achieved
in recent months driven by our new leadership team and a stronger
commercial focus. In particular, it is encouraging to see the
uniformly positive reaction from both Partners and enterprise
prospects to our newly-launched DWMP.
The measures that we have put in place over the last year have
resulted in the Company being well placed to respond to the strong
emerging enterprise demand for HX solutions to improve digital
productivity and employee wellbeing in the Hybrid Working
environment. We look forward to updating shareholders as 2023
progresses."
Enquiries:
Actual Experience plc Tel: +44 (0)203 128
Steve Bennetts, Interim CEO and Chief 8170
Financial Officer
Singer Capital Markets Advisory LLP Tel: +44 (0)207 496
Shaun Dobson 3000
James Fischer
Turner Pope Investments (TPI) Ltd Tel: +44 (0)203 657
James Pope 0050
Andy Thacker
MHP Communications
Reg Hoare Tel: +44 (0)203 128
Matthew Taylor 8170
act@mhpc.com
About Actual Experience
Actual Experience's goal is to make the digital world work for
everyone, everywhere, all of the time. As the working world evolves
post-pandemic, the global shift to a flexible hybrid model has
brought with it a significant challenge; how do businesses create
an environment that gives their people what they need to thrive,
whilst protecting the commercial efficiency of the business and
driving growth at the same time?
By underpinning their strategic decision making with our
data-driven insights, our customers gain the clarity and confidence
needed to build sustainable digital ecosystems within their
organisations - delivering both a great employee experience and
increasing the efficiency of the digital workplace. Powered by over
10 years of academic Human Experience research, our Digital
Workplace Management System doesn't need any interaction with
employees to provide a unique and highly actionable dataset that
People, Technology and Finance leaders can rely upon to plan
impactful projects against their most critical agenda items
including wellbeing, profitability, DE&I and ESG
initiatives.
Actual Experience is listed on the London Stock Exchange (AIM:
ACT). Our corporate headquarters are in Bath, UK. Actual
Experience's unique and patented digital analytics-as-a-service is
founded on cutting-edge research from Queen Mary University of
London.
For further information please visit www.actual-experience.com
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