ACTUAL EXPERIENCE PLC Annual Report 2022
Transforming the digital workplace to meet the growing demands of the new ways of working
01 PAGEOUR PURPOSETITLE
Actual gives business leaders around the world the data- driven confidence they need to make informed strategic decisions on the future of work
Our mission is for the digital workplace to work for everyone, everywhere, all of the time.
Using our patented algorithms, we harness the power of technical measurements by seeing beyond individual data points. We map the path forward for business transformation by discovering the underlying story.
Every decision we make is driven by the needs of our market and customers. Before investing in new features, we relentlessly seek consensus from a diverse range
of voices and we work hard to provide our customers with tangible, high-impact improvements.
Our desire to use technology for good unites us. We thrive as a team when we use our diverse skills and experiences to do good. We're motivated by the fact that when we get it right, we can make a difference.
"In our opinion none of our competitors match the capability of Actual's new Digital Workplace Management Platform (DWMP) when it comes to providing the insights that corporate boards and management teams need to address in the complex, hybrid working environment. "
Kirsten English
Chair
Company overview Strategic report
Governance Financial statements Other information
Actual Experience plc Annual Report 2022
02 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS
Financial Headlines
Revenue | Loss for the year | |
£1.18m | £5.27m | |
(2021: £1.74m) | (2021: £5.85m) | |
Loss per share | Cash and cash equivalents | Average number of employees |
9.19p | £2.87m | 65 |
(2021: 10.84p) | (2021: £8.22m) | (2021: 72) |
Operational Highlights
- Significant refresh of the Board and C-suite leadership bringing critical skills and experience in SaaS scale-ups (p. 5)
- Extensive market research project to identify and define our target audience and their pain points (p. 7-8 and 14)
- Applied our legacy technology to this newly emerged market problem (p.10)
- Rebranded and repositioned our messaging and the problem we solve (p.9)
- Scaled our infrastructure to service global enterprise customers (p. 18)
- Built and launched a brand new offering, our Digital Workplace Management Platform (p. 11-13)
- Completed a £3.1m equity fundraise after the year-end
Company overview
01 Our purpose
- Key financial and operational highlights
- At a glance
- Highlights
Strategic report
- Chair's statement
- Our market context
- The problem we solve
- Transforming for growth
- Our digital workplace insights
- Our new digital workplace management platform
- Our value proposition playbook
- Transforming our business model
- Interim Chief Executive's statement
- Strategy in action
- Sustainability strategy
- Section 172(1) statement and stakeholder engagement
- Stakeholder engagement
- Key decisions in 2022
- Financial review
- Principal risks and uncertainties
Governance
- Board of Directors
- Corporate governance report
30 Statement of compliance with the QCA corporate governance code
- Audit committee report
- Directors' remuneration report
- Directors' report
- Statement of Directors' responsibilities in respect of the financial statements
- Independent auditors' report
Financial statements
- Consolidated statement of comprehensive income
- Consolidated statement of changes in equity
- Consolidated statement of financial position
- Consolidated statement of cash flows
- Notes to the consolidated financial statements
- Company statement of changes in equity
- Company statement of financial position
- Company statement of cash flows
- Notes to the company financial statements
Other information
- Notice of annual general meeting
- Glossary of terms
Company overview Strategic report
Governance Financial statements Other information
Actual Experience plc Annual Report 2022
03 AT A GLANCE
We are Actual
Who we are
Actual Experience plc is a United Kingdom-based Human Experience Management Company. We are pioneering the future of work and powering business transformation.
What is HX
Our Human Experience (HX) score is the translation of IT metrics into the employee perspective. It identifies and quantifies the things that cause tangible frustration to employees as well as showing how this experience impacts operational efficiency.
What we do
For business leaders, our Digital Workplace Management Platform (DWMP) quantifies the impact that their digital ecosystem has on both their people and productivity (known as the Human Experience, or HX) and identifies where resource and investment must be focused to make tangible improvements.
Our team and technology
Actual Experience is led by an experienced executive team and the technology is built on ten years of research at Queen Mary University of London to develop our unique Digital Workplace Management Platform.
Our HQ is located in the UK, with a regional sales office in the US.
We currently employ approximately 50 employees.
Our partners and customers
Partnering with and through global brands, we are targeting many large corporations with our new platform. This is supported by our Direct Sales and Marketing capability.
Transforming for growth
2022 has been a transformational year for Actual Experience as we revisited our market proposition, developed a new product offering and strengthened operationally as a business.
We are refreshed and ready for growth.
A year of transformation
In the wake of the pandemic, businesses across the globe have had to drastically rethink their
approach to the workplace. With a host of newly emerging strategic challenges as they navigate the complicated decisions and policies needed to support hybrid work in a way that's sustainable for both their people and their financial productivity, leaders are increasingly seeking sources of reliable data to underpin their processes as they move forward.
Our core technology is well placed to provide this, so in 2022 we've applied the talent and energy of our teams to repositioning our offering as our new Digital Workplace Management Platform (DWMP).
Address a market
problem
Strengthened | Developed a new | |
operationally | solution | |
Company overview Strategic report
Governance Financial statements Other information
Actual Experience plc Annual Report 2022
04 HIGHLIGHTS
We're doing things differently
In FY22 we've tackled our toughest challenges as a business. Despite the strength of our core technology, we needed to overhaul both our go-to-market approach and our operations in order to build a strong foundation for growth moving forward.
Challenges | Transformation strategy | Outcomes |
Company overview Strategic report
Struggling to achieve revenue growth
Underwhelming sales & market response
Requirement to deliver at pace during the transformation
Refreshed Leadership
A radical refresh of leadership across both the Board and C-Suite, bringing a wealth of growth experience to the top table
Achieved Product Market Fit
Defined and validated the problem and reapplied our technology to address it
Focused on Operational Rigour
Rebuilt the sales function, completed critical technology scaling and reduced costs
Kirsten English (NED since January 2020) took over as Chair in March 2022, guiding the business to focus on transforming for growth (see more on page 9)
Richard Steele (experienced AIM CFO) and Harmesh Suniara (Portfolio Manager at Lombard Odier) welcomed to the Board in June & October 2022 respectively
Scarlet Jeffers (Chief Product Officer, October 2021) and Roy Jugessur (Chief Revenue Officer, May 2022), joined the C-Suite to lead the transformation
In September 2022, our co-founder Dave Page stepped down as CEO, now holding the Chief Strategy Officer role and focusing on partnerships and media coverage
Extensive market research carried out to understand the challenges posed to businesses by the new ways of working
Built and released a new SaaS offering, our Digital Workplace Management Platform (learn more on page 11-13), moving away from our previous model of highly bespoke, static PDF reports
Rebranded the company with a fresher image to bolster our go-to-market efforts with the new product launch
Rebuilt the sales function from the ground up including defining a new Ideal Customer Profile (see Market Context on page 7), building a new go-to-market model (see page
- and introducing a rigorous pipeline analysis process
Scaled our technology and infrastructure to meet the needs of enterprise customers and successfully deployed 30,000 Digital Users in a day
Significantly reduced headcount and cost base to extend cash runway
Governance Financial statements Other information
Prepared for enterprise sales by achieving ISO 27001 cerfification
Actual Experience plc Annual Report 2022
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Actual Experience plc published this content on 27 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2023 07:04:09 UTC.
