Actual Experience half-year revenue plummets on contract cancellations

(Alliance News) - Actual Experience PLC on Monday said its half-year loss narrowed, but revenue dropped amid contract cancellations.

The Bath, England-based analytics-as-a-service company said pretax loss for the six months ended March 31 narrowed slightly to GBP2.5 million from GBP2.8 million a year prior, as administrative expenses were cut by 22% to GBP2.5 million from GBP3.2 million.

Revenue fell by 73% to GBP225,271 from GBP824,706 the year before, attributed to a cancellation of long standing contracts.

The company declared no interim dividend.

Looking ahead, Actual Experience's immediate focus is on generating orders and "tightly" managing operating expenses. Upon the recent launch of a new digital workplace management platform, the company said it has progressed with its sales strategy and execution, and has achieved the first sale of the new platform.

Chair Kirsten English said: "Actual Experience has implemented fundamental and extensive changes to the business in the last 12 months. Since the beginning of the current financial year, the company has completed the goals that were set by the board for this turnaround phase, and the focus will now move to execution and growth with predictable revenue and strong customer fulfilment at the top of the agenda."

Shares in Actual Experience were down 3.5% at 0.70 pence each in London on Monday morning.

By Sabrina Penty, Alliance News reporter

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