TIDMACT
RNS Number : 2949A
Actual Experience PLC
01 June 2021
1 June 2021
Actual Experience plc
(the "Company" or "Actual Experience" or "Actual")
UNAUDITED CONSOLIDATED INTERIM RESULTS
for the six months ended 31 March 2021
Actual Experience plc (AIM: ACT), the analytics-as-a-service
company, is pleased to announce its unaudited consolidated interim
results for the six months ended 31 March 2021.
Highlights
-- Revenue of GBP889,467 (H1 FY20: GBP971,516)
-- Gross profit of GBP446,902 (H1 FY20: GBP507,099)
-- Operating loss before exceptional item of GBP2,185,439 (H1 FY20: GBP2,620,436)
-- Loss per share of 4.29p (H1 FY20: loss per share of 6.06p)
-- Equity placing in January 2021 raised gross proceeds of GBP10 million
-- Cash and cash equivalents at 31 March 2021 of GBP10,064,778
(30 September 2020: GBP2,754,274)
-- Successfully completed a large-scale Business Impact
Assessment ("BIA") project with a leading global energy supplier
and in negotiations to establish a longer-term relationship
-- Currently in advanced discussions with a global FMCG
organisation with regard to an initial BIA project
-- Commenced direct sales and marketing activities to complement
existing Channel Partner sales approach
Dave Page, CEO of Actual Experience plc, said: " We are pleased
with the increasing level of interest in our services, and the
success of our recent equity placing gives us the resources to
respond to this significant opportunity. In particular, I am
excited by the progress of our newly established direct sales team
and the promising opportunities that are emerging. This team
complements our existing Channel Partner strategy and I look
forward to being able to share further details of this initiative
in the coming months. We are seeing increased focus and progress
from our Channel Partners with regard to sales execution, and this
represents significant validation that they and their enterprise
customers understand the value of our service offering.
The continuing improvement in customer and Partner engagement
evidences the value of our dataset to businesses as they focus on
new ways of working, and helps enterprises improve their efficiency
as well as driving their Environmental, Social, Governance,
Diversity, Equality and Inclusion ambitions. As the global economy
becomes ever more reliant on digital technology and more flexible
workplaces, the need for our services is greater than ever. "
Enquiries:
Actual Experience plc via Alma PR
Dave Page, Chief Executive Officer
Steve Bennetts, Chief Financial Officer
N+1 Singer Advisory LLP Tel: +44 (0)207 496
Shaun Dobson 3000
Iqra Amin
Alma PR
Josh Royston Tel: +44 (0)7780 901979
Robyn Fisher Tel: +44 (0)7540 706191
Caroline Forde Tel: +44 (0)7779 664584
About Actual Experience
Actual Experience's goal is to significantly improve the
performance of the digital world.
The Company enables its customers to optimise their digital
ecosystems to increase productivity and enhance brand experiences
through Human Experience Management.
Developed from 10 years of academic research and using patented
technology, the Company's Human Experience Management Services
analyse the human experience of digital services. The Company's
service provides organisations with actionable information whereby
changes to their systems can be made to optimise and improve
digital experience for customers and employees. For any
organisation, this means that their most valuable assets - their
employees - are liberated from digital slow time, their online
brand reputation can be protected and they can make informed system
investment decisions. As the global economy becomes ever more
reliant on digital technology and more flexible workplaces, the
need for the Company's services is greater than ever.
Actual Experience is listed on the London Stock Exchange (AIM:
ACT). Our corporate headquarters is in Bath, UK. Actual
Experience's unique and patented digital analytics-as-a-service is
founded on cutting-edge research at Queen Mary University of
London.
For further information please visit
www.actual-experience.com
COVID-19
More than a year on from its start, companies all around the
world continue to be impacted by the unprecedented effects of
COVID-19. Actual Experience, though not immune to the impact, has
weathered the pandemic well, largely due to our successful business
continuity plan, and as the easing of nationwide lockdown has
begun, the wellbeing and safety of our people, Channel Partners and
their customers remains a top priority of the Company. Our office
remains closed and all employees are working from home with no
impact or disruption to business operations. We have been able to
continue supporting our Partners and their enterprise customers
while maintaining efficient service levels.
BUSINESS REVIEW
Following our successful equity placing in January, we completed
a thorough strategic review of business operations and the
decisions arising from this are now being implemented. In
particular, we are developing a direct sales and marketing
capability. This initiative complements our Partner programme and
will enable us to generate further demand for our services with
enterprise customers. We have reviewed the lists of the best sales
prospects with our most active Channel Partners and have agreed a
refreshed process for securing contracts with those customers. We
expect that sales generated directly will be serviced by our
Channel Partners .
We have now successfully completed the first large scale
Business Impact Assessment ("BIA") engagement with a customer of
one of our Channel Partners, a large energy company. Actual
Experience's software was used to analyse the digital experience of
thousands of home and office-based employees. The company and our
partner are both delighted with the results of the project and
discussions are currently underway to put in place a longer-term
relationship. It represents a significant milestone for the
Company, confirming the emerging opportunity for the BIA offering
to meet the needs of our Channel Partners and their large
enterprise customers as they address the continuing challenges of
COVID-19-related changes and newly established ways of working
across the world. In addition, we are currently in advanced
discussions with a global FMCG organisation; this is the first
large-scale BIA opportunity generated by our direct sales
efforts.
As noted in the Financial Review, revenues decreased in the
first half of the year by 8.5% from the corresponding period in the
prior year. Half of this reduction is due to the decrease in the
sterling value of sales in U.S. dollars and the balance arises from
the cancellation of small legacy contracts.
Following the successful equity placing in January 2021, it is
expected that administrative costs will increase in the second half
of the current fiscal year as key hires are recruited, particularly
in the Company's customer facing teams. The Company has already
recruited additional direct sales executives in response to the
expanding pipeline of sales prospects, as well as commencing demand
generating marketing programmes.
Board Changes
In April 2021, we announced that Stephen Davidson has informed
the Board of his intention to retire from his role as Chairman by
the time of the 2022 AGM, in what will be his ninth year with the
Company. The Board has begun the process to identify his
replacement.
Market
The global digital economy is currently seen as accounting for
about a third of the total world economy, and we believe that
digital activities will continue to grow as businesses strive to
further refine and enhance their value propositions to their
customers.
Our Analytics-as-a-Service (AaaS) gives our customers insight
into impact that the digital workplace is having on employees and
business efficiency. With zero employee interaction, our analytics
establish a highly actionable, scientific and quantified dataset
for leaders responsible for delivering the business objectives for
new ways of working.
We now have a number of large Channel Partners building our
analytics into their processes in a way that will enable us to
continue to scale and reach further into the global digital
economy.
The market opportunity for Actual Experience remains large and
is rapidly growing, driven by heavy reliance on the digital
workplace and the shift towards remote and hybrid working models.
As the pandemic has progressed and the timescale of remote working
prolonged, we observe that the Boards of large corporations require
broader data sets to provide clearer insight on their employees'
wellbeing, with duty of care an increasingly important
consideration. Our analytics can provide this on both an aggregated
and individual basis. Even with a return to office working or a
more flexible, hybrid model, we believe that this duty of care will
remain firmly on the corporate agenda.
Strategy
Over the past year, the Company has completed its pivot from
managed services to professional services and our primary focus is
to deliver a successful PS consulting led offering to our
customers. Our aim is to continue to harness and execute on the
momentum we have seen within our Channel Partners and the funnel
that they have developed.
In order to ensure future growth in our pipeline of
opportunities we will continue to develop a direct sales
capability. This initiative is progressing well and we are pleased,
in particular, with the success achieved with a global FMCG on our
second large-scale BIA project.
Product development
Over the next year, we will continue to invest in the
development of our technology to ensure our product is made even
more user friendly for our Channel Partners and their customers.
This will result in a significant reduction in the skill and
knowledge required by our Channel Partners and will deliver value
to their customers more quickly. We have reviewed the proposals for
further development work on our product to ensure that we continue
to undertake only work that is expected to increase our revenue
potential in the near future.
We have made further improvements in the reporting of analysis
of users' human experience, including better user interfaces. A key
element of this is the automation of the report generation for PS
engagements. The objective for this shift is to reduce our
Partners' reliance upon us to generate the reports and give our
Partners the ability to generate and execute the reports with
ease.
In addition, we will use part of the proceeds of the equity
placing to efficiently and effectively scale our data centres to
cope with the anticipated increase in the number and size of
customer deployments.
Sales & Marketing
As highlighted at the time of the equity placing, a significant
portion of the funds raised is being used to invest further in our
sales and marketing programmes, particularly as we look to increase
the level of direct customer engagements alongside our channel
partner approach. Early indications are that these direct sales and
marketing efforts will bear fruit. The Board is firmly of the
belief that further digitisation, the current working environment,
and the increasing recognition of the importance of employee
wellbeing create the ideal opportunity for our services.
Outlook
The market opportunity for Actual Experience continues to grow
as almost all businesses seek to develop and prioritise their
digital workplace as part of their post-pandemic 'new ways of
working' strategy. The dataset provided by our product is used to
improve the digital workplace and create a uniformly high standard
of service for all employees. This will in turn improve business
efficiency, support commercial growth, and facilitate the reduction
of business travel and the associated level of carbon
emissions.
Since the start of the calendar year, direct sales and marketing
activities have already created significant new opportunities with
a number of well-known global blue-chip organisations, and there is
clear promise of more to come.
The Company now has a solid operational basis for business
acceleration based on validation of the first BIA projects,
improving Channel Partner sales execution, and our new direct sales
and marketing capability. The progress we have seen since launching
our professional service offering confirms that our customers
understand the value delivered by our offering.
The Board would like to thank all of our staff for the
professionalism and dedication that they have shown throughout this
difficult period and their unswerving attention to supporting our
Partners to help them navigate the challenges presented.
FINANCIAL REVIEW
Consolidated Income Statement
Total revenue for the six months to 31 March 2021 was
GBP889,467, a decrease on the prior year of 8.5% (H1 FY20:
GBP971,516); at constant GBP to US $ exchange rates, the decrease
was 4.3%. This adjusted decrease reflects the cancellation of small
legacy accounts. The Company continued to focus on indirect sales
with its partners during the period, with revenues from Channel
Partners accounting for 97.9% of sales (H1 FY20: 99.5%).
A gross profit of GBP446,902 was achieved in the period,
compared to the gross profit of GBP507,099 in the corresponding
period in 2020. The gross margin for the six months was 50.2%, a
decrease of 2.0% on the prior period (H1 FY20: 52.2%); at constant
exchange rates, the gross margin for both periods would have been
broadly similar.
Administrative costs amounted to GBP2,632,341, compared to
GBP3,127,535 in the six months to 31 March 2020. This reduction
resulted from the decrease in headcount following the restructuring
of operations in February 2020. Following the recent equity
placing, it is expected that administrative costs will increase in
the second half of the current fiscal year as key hires are
recruited, in particular in the Company's customer facing
teams.
The functional cost breakdown is as follows:
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2021 2020 2020
GBP GBP GBP
---------------------------- ----------- ----------- --------------
Research and development 1,018,316 1,082,459 1,960,213
Operational support 489,335 577,721 1,055,113
Sales and marketing 564,187 948,945 1,512,709
Finance and administration 535,780 514,376 1,045,116
Foreign exchange losses 24,723 4,034 27,458
---------------------------- ----------- ----------- --------------
Total 2,632,341 3,127,535 5,600,609
---------------------------- ----------- ----------- --------------
As disclosed in the notes to the Company's 2020 Financial
Statements, and in accordance with the requirements of IAS 38,
qualifying development expenditure is capitalised and amortised
over the estimated useful life of the developed assets. Total
expenditure on research and development in the six months to 31
March 2021, prior to IAS 38 adjustments, was GBP861,558 (H1 FY20:
GBP1,264,860).
Development expenditure and the related IAS 38 capitalisation
and amortisation charges are as follows:
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2021 2020 2020
GBP GBP GBP
---------------------------- ----------- ----------- --------------
R&D expenditure pre-IAS 38
adjustment 861,558 1,264,860 2,140,529
---------------------------- ----------- ----------- --------------
Capitalised costs (391,444) (584,566) (1,132,440)
Amortisation 548,202 402,165 952,124
---------------------------- ----------- ----------- --------------
Net IAS 38 adjustment 156,758 (182,401) (180,316)
R&D expenditure post-IAS
38 adjustment 1,018,316 1,082,459 1,960,213
---------------------------- ----------- ----------- --------------
The Company continues to benefit from the tax relief given in
the UK on qualifying development expenditure. This research and
development tax credit is estimated at GBP46,781 for the period (H1
FY20: GBP154,314) and substantially accounts for the tax credit in
the Consolidated Income Statement.
The Group recorded an operating loss in the period of
GBP2,185,439 (H1 FY20: loss of GBP3,031,961) and a loss per share
of 4.29p (H1 FY20: loss per share of 6.06p). A summary of the
Group's results is set out below
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2021 2020 2020
GBP GBP GBP
-------------------------- ------------ ------------ --------------
Revenue 889,467 971,516 1,960,933
-------------------------- ------------ ------------ --------------
Gross profit 446,902 507,099 1,020,400
-------------------------- ------------ ------------ --------------
Operating loss (2,185,439) (3,031,961) (4,991,734)
Loss for the period/year (2,150,074) (2,868,224) (4,681,488)
-------------------------- ------------ ------------ --------------
Balance sheet
The Group has a debt free balance sheet. Cash and cash
equivalents increased during the period, from GBP2,754,274 at 30
September 2020 to GBP10,064,778 at 31 March 2021. This increase
arose from the GBP9,441,951 net proceeds of the January 2021 equity
placing, partially offset by the loss incurred during the period.
Free cash flow for the period was GBP(2,056,338) (H1 FY20:
GBP(3,425,490)). Free cash flow is defined as net cash flows used
in operating activities, plus development of intangible assets,
plus purchase of property, plant and equipment.
Trade and other receivables of GBP986,669 at 31 March 2021 (31
March 2020: GBP672,148) comprise trade debtors of GBP716,313,
prepayments of GBP150,927 and other debtors of GBP119,429.
The increase in trade and other payables to GBP705,518, from
GBP464,314 as of 31 March 2020, reflects the higher level of
deferred revenue of GBP321,427 (31 March 2020: GBP31,050) arising
from orders received in the period that have yet to be recognised
as revenue.
Cash flow statement
The movement in cash and cash equivalents during the period
was:
Six months Six months Year
ended ended Ended
31 March 31 March 30 September
2021 2020 2020
GBP GBP GBP
-------------------------------------- ------------ ------------ -------------
Net cash used in operating
activities (1,661,947) (2,826,438) (3,856,067)
Net cash used in investing
activities (394,088) (585,472) (1,134,343)
Net cash generated from/(used
in) financing activities 9,372,616 (70,157) (128,605)
Effect of exchange rate fluctuations (6,077) (462) (3,345)
Movement during the period/year 7,310,504 (3,482,529) (5,122,360)
-------------------------------------- ------------ ------------ -------------
Actual Experience plc
Consolidated income statement and statement of comprehensive
income
For the six months ended 31 March 2021
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2021 2020 2020
GBP GBP GBP
-------------------------------------------- ------------ ------------ -------------
Revenue 889,467 971,516 1,960,933
Cost of sales (442,565) (464,417) (940,533)
-------------------------------------------- ------------ ------------ -------------
Gross profit 446,902 507,099 1,020,400
Administrative expenses (2,632,341) (3,127,535) (5,600,609)
Operating loss before exceptional
item (2,185,439) (2,620,436) (4,580,209)
Exceptional item: redundancy expense - (411,525) (411,525)
Operating loss after exceptional
item (2,185,439) (3,031,961) (4,991,734)
Finance income 303 13,580 13,933
Finance expense (14,010) (15,948) (31,140)
Finance expense - net (13,707) (2,368) (17,207)
Loss before tax (2,199,146) (3,034,329) (5,008,941)
Tax 49,072 166,105 327,453
-------------------------------------------- ------------ ------------ -------------
Loss for the period/year (2,150,074) (2,868,224) (4,681,488)
-------------------------------------------- ------------ ------------ -------------
Other comprehensive income:
Items that are or may be reclassified
to profit or loss:
Foreign currency difference on translation
of overseas operations (18,283) (8,714) (15,350)
-------------------------------------------- ------------ ------------ -------------
Total comprehensive loss for the
period/year (2,168,357) (2,876,938) (4,696,838)
-------------------------------------------- ------------ ------------ -------------
Loss per ordinary share
Basic and diluted (4.29)p (6.06)p (9.87)p
Actual Experience plc
Consolidated statement of financial position
As at 31 March 2021
Unaudited Unaudited Audited
At 31 March At 31 March At 30 September
2021 2020 2020
GBP GBP GBP
------------------------------- ------------- ------------- ----------------
Non-current assets
Property, plant and equipment 29,423 98,474 58,997
Right-of-use assets 726,710 838,502 782,606
Intangible assets 1,816,023 1,974,866 1,972,781
------------------------------- ------------- ------------- ----------------
Total non-current assets 2,572,156 2,911,842 2,814,384
Current assets
Trade and other receivables 986,669 672,148 690,514
Income tax receivable 342,331 451,180 295,550
Cash and cash equivalents 10,064,778 4,394,105 2,754,274
------------------------------- ------------- ------------- ----------------
Total current assets 11,393,778 5,517,433 3,740,338
Total assets 13,965,934 8,429,275 6,554,722
------------------------------- ------------- ------------- ----------------
Non-current liabilities
Deferred tax (4,770) (11,263) (7,079)
Lease liabilities (662,915) (776,173) (719,177)
Total non-current liabilities (667,685) (787,436) (726,256)
Current liabilities
Trade and other payables (705,518) (464,314) (519,393)
Lease liabilities (113,259) (109,429) (112,302)
Total current liabilities (818,777) (573,743) (631,695)
------------------------------- ------------- ------------- ----------------
Total liabilities (1,486,462) (1,361,179) (1,357,951)
Net assets 12,479,472 7,068,096 5,196,771
------------------------------- ------------- ------------- ----------------
Equity
Share capital 114,388 95,066 95,284
Share premium 44,191,196 34,751,001 34,768,349
Accumulated losses (31,826,112) (27,777,971) (29,666,862)
------------------------------- ------------- ------------- ----------------
Total equity 12,479,472 7,068,096 5,196,771
------------------------------- ------------- ------------- ----------------
Actual Experience plc
Consolidated statement of changes in equity
For the six months ended 31 March 2021
Share Share Accumulated Total
capital premium losses equity
GBP GBP GBP GBP
---------------------------------- --------- ----------- ------------- ------------
Unaudited
As at 30 September 2019 94,249 34,706,402 (24,795,182) 10,005,469
Loss for the period - - (2,868,224) (2,868,224)
Other comprehensive income for
the period - - (8,714) (8,714)
---------------------------------- --------- ----------- ------------- ------------
Total comprehensive loss for the
period - - (2,876,938) (2,876,938)
Issue of shares 817 44,599 - 45,416
Share-based payment expense - - (105,851) (105,851)
---------------------------------- --------- ----------- ------------- ------------
As at 31 March 2020 95,066 34,751,001 (27,777,971) 7,068,096
---------------------------------- --------- ----------- ------------- ------------
Audited
As at 30 September 2019 94,249 34,706,402 (24,795,182) 10,005,469
Loss for the year - - (4,681,488) (4,681,488)
Other comprehensive income for
the year - - (15,350) (15,350)
---------------------------------- --------- ----------- ------------- ------------
Total comprehensive loss for the
year - - (4,696,838) (4,696,838)
Issue of shares 1,035 61,947 - 62,982
Share-based payment expense - - (174,842) (174,842)
---------------------------------- --------- ----------- ------------- ------------
At 30 September 2020 95,284 34,768,349 (29,666,862) 5,196,771
---------------------------------- --------- ----------- ------------- ------------
Unaudited
As at 1 October 2020 95,284 34,768,349 (29,666,862) 5,196,771
Loss for the period - - (2,150,074) (2,150,074)
Other comprehensive income for
the period - - (18,283) (18,283)
---------------------------------- --------- ----------- ------------- ------------
Total comprehensive loss for the
period - - (2,168,357) (2,168,357)
Issue of shares 19,104 9,422,847 - 9,441,951
Share-based payment expense - - 9,107 9,107
---------------------------------- --------- ----------- ------------- ------------
At 31 March 2021 114,388 44,191,196 (31,826,112) 12,479,472
---------------------------------- --------- ----------- ------------- ------------
Actual Experience plc
Consolidated statement of cash flows
for the six months ended 31 March 2021
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2021 2020 2020
GBP GBP GBP
--------------------------------------------- ------------ ------------ -------------
Cash flows from operating activities
Loss before tax (2,199,146) (3,034,329) (5,008,941)
Adjustment for non-cash items:
Depreciation of property, plant and
equipment 32,519 56,819 97,458
Depreciation of right-of-use assets 55,896 55,894 111,788
Amortisation of intangible assets 548,202 402,165 952,124
Loss on disposal of property, plant
and equipment - - 181
Non-cash employee benefit expense -
Share-based payments 9,107 (105,851) (174,842)
Finance income - net 13,707 2,368 17,207
Operating cash outflow before changes
in working capital (1,539,715) (2,622,934) (4,005,025)
Movement in trade and other receivables (311,968) 19,129 (4,968)
Movement in trade and other payables 189,754 (231,370) (167,605)
--------------------------------------------- ------------ ------------ -------------
Cash outflow from operations (1,661,929) (2,835,175) (4,177,598)
Income tax received (18) 8,737 321,531
Net cash flows used in operating activities (1,661,947) (2,826,438) (3,856,067)
Cash flow from investing activities
Development of intangible assets (391,444) (584,566) (1,132,440)
Purchase of property, plant and equipment (2,947) (14,486) (15,836)
Finance income 303 13,580 13,933
Net cash outflow from investing activities (394,088) (585,472) (1,134,343)
Cash flow from financing activities
Proceeds from issue of share capital,
net of costs 9,441,951 45,416 62,982
Principal element of lease payments (69,315) (103,973) (173,288)
Inflow/outflow to Employee Benefit Trust (20) (11,600) (18,299)
--------------------------------------------- ------------ ------------ -------------
Net cash inflow/(outflow) from financing
activities 9,372,616 (70,157) (128,605)
Increase/(decrease) in cash and cash
equivalents 7,316,581 (3,482,067) (5,119,015)
Effect of exchange rate fluctuations
on cash held (6,077) (462) (3,345)
--------------------------------------------- ------------ ------------ -------------
Cash and cash equivalents at start of
year / period 2,754,274 7,876,634 7,876,634
--------------------------------------------- ------------ ------------ -------------
Cash and cash equivalents at end of
year / period 10,064,778 4,394,105 2,754,274
--------------------------------------------- ------------ ------------ -------------
Notes to the consolidated interim report
For the six months ended 31 March 2021
1 General information
Actual Experience plc (the "Company") is a public limited
company domiciled in the UK and incorporated in England and Wales
(registered number 06838738) and its registered office is Quay
House, The Ambury, Bath, BA1 1UA.
The principal activity of Actual Experience plc ("the Company")
and its subsidiary company Actual Experience Inc (together "Actual
Experience" or "the Group") is the provision of digital experience
quality analytics services and associated consultancy services.
The interim condensed consolidated financial statements were
approved for issue on 28 May 2021.
2 Basis of preparation
This unaudited interim condensed consolidated financial
information has been prepared under the historical cost convention
and in accordance with AIM Rules for Companies. The interim
condensed consolidated financial information has been prepared on a
going concern basis and is presented in Sterling to the nearest
GBP1.
The accounting policies used in the preparation of the interim
condensed consolidated financial information are consistent with
those set out in the 2020 Annual Report and Accounts. Further IFRS
standards or interpretations may be issued that could apply to the
Group's financial statements for the year ending 30 September 2021.
If any such new standards or interpretations are issued, these may
require the financial information provided in this report to be
changed. The Group will continue to review its accounting policies
in the light of emerging industry consensus on the practical
application of IFRS.
The preparation of financial information in accordance with
international accounting standards in conformity with the
requirements of the Companies Act 2006 ('IFRS') requires management
to make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial information
and the reported amounts of revenues and expenses during the
reporting period. Although these estimates are based on
management's best knowledge of the events or actions involved,
actual outturns ultimately may differ from those estimates. The
interim information does not include all financial risk management
information and disclosures required in annual financial
statements; the information should be read in conjunction with the
financial information, as at 30 September 2020, summarised in the
2020 Annual Report and Accounts. There have been no significant
changes in any risk management policies since 30 September
2020.
The interim condensed consolidated financial information for the
six months ended 31 March 2021 and for the six months ended 31
March 2020 do not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006 and are unaudited. The
financial information for the six months ended 31 March 2021
presents financial information for the consolidated group,
including the financial results of the Company's wholly owned US
subsidiary, Actual Experience Inc. Comparative figures in the
Interim Report for the year ending 30 September 2020 have been
taken from the Group's audited financial statements on which the
Group's auditors, PricewaterhouseCoopers LLP, expressed an
unqualified opinion.
3 Segmental reporting
The Directors consider that there is one identifiable business
segment that is engaged in providing individual products or
services or a group of related products and services that comprise
the core business.
The information reported to the Chief Executive Officer, who is
considered to be the Chief Operating Decision Maker ("CODM"), for
the purposes of resource allocation and assessment of performance
is based wholly on the overall activities of the Group. Due to the
current size and activities of the Group there is a high degree of
centralisation of activities. The Directors therefore consider that
there is one operating, and hence one reportable, segment for the
purposes of presenting information under IFRS 8; that of "Digital
experience quality analytics services and associated consultancy
services". There are no differences between the segment results and
the condensed statement of comprehensive income. The assets and
liabilities information presented to the CODM is consistent with
the Statement of Financial Position. All of the Group's assets and
operations are located in the UK and the USA.
4 Tax
Tax on loss on ordinary activities
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2021 2020 2020
Current tax:
UK Corporation tax on losses
of the period/year (46,781) (154,314) (295,550)
Overseas taxes 18 (8,737) (24,665)
Deferred tax:
Origination and reversal of
timing differences (2,309) (3,054) (7,238)
Total tax credit (49,072) (166,105) (327,453)
------------------------------ ----------- ----------- -------------
5 Loss per share
The calculation of basic and diluted loss per share for the six
months to 31 March 2021 was based upon the loss attributable to
ordinary shareholders of GBP2,150,074 (six months to 31 March 2020:
GBP2,868,224, year ended 30 September 2020: GBP4,681,488) and a
weighted average number of ordinary shares in issue of 50,058,854
(six months to 31 March 2020: 47,318,661, year ended 30 September
2020: 47,452,334), calculated as follows:
Weighted average number of ordinary shares
In thousands of shares
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2021 2020 2020
Issued ordinary shares at start
of period/year 47,642,124 47,124,561 47,124,561
Effect of shares issued 2,416,730 194,100 327,773
Weighted average number of shares
at end of period/year 50,058,854 47,318,661 47,452,334
----------------------------------- ----------- ----------- -------------
Due to the losses incurred there is no dilutive effect from the
issue of share options. At 31 March 2021, there were 1,640,850
share options granted but not yet exercised (31 March 2020:
1,831,050; 30 September 2020: 1,553,050).
6 Related party transactions
Transactions entered into with related parties are as
follows:
Amount Amount Amount Amount Amount Amount
invoiced invoiced invoiced invoiced invoiced invoiced
to by to by to by
related related related related related related
party party party party party party
H1 2021 H1 2021 H1 2020 H1 2020 FY 2020 FY 2020
GBP GBP GBP GBP GBP GBP
-------------------- ---------- ---------- ---------- --------- --------- ---------
IP Group plc (note
1) - - - 10,983 - 4,435
Note 1: IP Group plc is a shareholder of the Company.
No amounts were outstanding to or from the related parties at 31
March 2021.
During each financial period, the Company entered into numerous
transactions with its subsidiary company, which net off on
consolidation; these have not been shown above.
7. Availability of Interim Report
Electronic copies of this Interim Report will be available on
the Company's website at www.actual-experience.com.
Forward-looking statements
This announcement may include certain forward-looking
statements, beliefs or opinions, including statements with respect
to the Group's business, financial condition and results of
operations. These forward-looking statements can be identified by
the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "anticipates", "targets", "aims",
"continues", "expects", "intends", "hopes", "may", "will", "would",
"could" or "should" or, in each case, their negative or other
various or comparable terminology. These statements are made by the
Directors in good faith based on the information available to them
at the date of this announcement and reflect the Directors' beliefs
and expectations. By their nature these statements involve risk and
uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future. A number of
factors could cause actual results and developments to differ
materially from those expressed or implied by the forward-looking
statements, including, without limitation, developments in the
global economy, changes in government policies, spending and
procurement methodologies, and failure in health, safety or
environmental policies. No representation or warranty is made that
any of these statements or forecasts will come to pass or that any
forecast results will be achieved. Forward-looking statements speak
only as at the date of this announcement and the Company and its
advisers expressly disclaim any obligations or undertaking to
release any update of, or revisions to, any forward-looking
statements in this announcement. No statement in the announcement
is intended to be, or intended to be construed as, a profit
forecast or to be interpreted to mean that earnings per share for
the current or future financial years will necessarily match or
exceed the historical earnings. As a result, you are cautioned not
to place any undue reliance on such forward-looking statements.
The Directors of Actual Experience plc and their functions are
listed below.
Further information for Shareholders
Company number: 06838738
Registered office: Quay House
The Ambury
Bath
BA1 1UA
Directors: Stephen Davidson (Chairman)
Dave Page (Chief Executive Officer)
Steve Bennetts (Chief Financial Officer)
Sir Bryan Carsberg (Non-Executive Director)
Kirsten English (Non-Executive Director)
Company Secretary: Steve Bennetts
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR SDUFFFEFSELI
(END) Dow Jones Newswires
June 01, 2021 02:00 ET (06:00 GMT)
Actual Experience (LSE:ACT)
Historical Stock Chart
From Apr 2024 to May 2024
Actual Experience (LSE:ACT)
Historical Stock Chart
From May 2023 to May 2024