TIDMACT
RNS Number : 0384G
Actual Experience PLC
24 May 2017
24 May 2017
Actual Experience plc
(the "Company" or "Actual Experience" or "Actual")
UNAUDITED CONSOLIDATED INTERIM RESULTS
for the six months ended 31 March 2017
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 2017.
Financial Highlights
-- Revenue of GBP192,882 (31 March 2016: GBP483,635) which
reflects a continuing move away from legacy direct sales and also
the non-recurrence of initial channel partner development work
-- Operating loss of GBP3,825,169 (31 March 2016: loss of
GBP2,608,449) reflecting additional investment in product
development and partner support
-- Loss per share of 9.44p (31 March 2016: loss per share of 6.62p)
-- Placing with existing and new institutional holders raising GBP17.5 million before expenses
-- Cash balance at 31 March 2017 (including cash on long term
deposit) of GBP22,624,500 (30 September 2016: GBP9,415,886)
including net proceeds of Placing received just prior to period
end
Operational Highlights
-- Signing of fourth multi-year channel partner framework
agreement, a three year agreement with Proquire, the procurement
arm of Accenture plc
-- First order from a channel to begin production roll-out of a major customer
-- Net proceeds of Placing will be used primarily for technology
development and support capabilities to maximise opportunities
within existing channel partners
Dave Page, CEO of Actual Experience, commented: "The pipeline of
opportunities within our existing channel partners confirms our
belief that we are well on our way to building a business of scale.
We were delighted with the response to our fund raising at the end
of February from both existing and new shareholders which will
enable us to maximise these opportunities."
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
Shaun Dobson 496 3000
Lauren Kettle
Alma PR
Josh Royston Tel: +44 (0)7780
901979
Robyn Fisher Tel: +44 (0)7540
706191
About Actual Experience
Actual Experience's analytics provide the digital Voice of the
Customer. This is a real-time, data-driven view of what end users
would say about the quality of a company's digital products and
services, and why. Our customers can analyse everything that
impacts the experience quality in their digital supply chains, for
any service, type of user or the Internet of Things. It gives them
complete transparency from the point of provision to the point of
use and whether inside or outside their business's control. The
insights can be used to make continuous improvements to their
business performance.
Actual Experience is listed on the AIM market of the London
Stock Exchange (ACT). Our development headquarters are in Bath, UK,
and we have sales staff based out of London, New York, Washington
DC and Atlanta. Actual Experience's unique digital analytics as a
service is founded on ten years of cutting-edge research at Queen
Mary University of London.
www.actual-experience.com
BUSINESS REVIEW
The Company continues to make good progress against its
strategic objectives. In November 2016 a three year framework
agreement was signed with Proquire, the procurement arm of
Accenture plc, bringing the number of multi-year channel partner
agreements to four. These businesses are integrating the Company's
analytics service into their offerings, either as a stand-alone
service or as part of their own product. The ability of our
analytics services to analyse an organisation's digital supply
chain will ensure that the quality of digital products and services
delivered to customers and staff is always transparent.
As previously stated, given the importance of these channel
relationships, the progress made with them to date and the vast
commercial opportunity they bring both individually and
collectively, the Board took the decision to focus fully on this
route to market and move away from direct sales. As such, with the
majority of revenue to date having come from direct sales and
initial channel partner development work, the financial results
show a decrease in turnover to GBP192,882 (31 March 2016:
GBP486,635). 72% of revenue was derived from sales to channel
partners in the period (31 March 2016: 62%). Revenues to date bear
no resemblance to the market opportunity or to the progress being
made with channel partners.
Headcount increased to 69 at 31 March 2017 from 56 at 30
September 2016 to advance product development and partner support.
This, together with further investment in technology, led to an
increase in administrative expenses which totalled GBP3,391,260 in
the period (31 March 2016: GBP2,710,089).
Placing raising GBP17.5 million before expenses
On 20 February 2017 the Company announced that it had
conditionally raised GBP17.5 million before expenses, which was
duly approved by shareholders at a General Meeting on 21 March.
The net proceeds of this Placing will enable the Company to put
in place the resources to support its channel partners as they
commence the deployment of Actual Experience's technology into
their global enterprise customer base.
We appreciate the support from both existing and new
institutional shareholders.
Channel Partners
Actual Experience's analytics service has far-reaching
applicability, with the potential to benefit any organisation with
a digital business or footprint. We intend to service the global
business markets primarily through channel partners.
Actual Experience has now signed multi-year framework agreements
with four global businesses and a significant white-labelling
contract with a Fortune 100 global technology company.
Our Channel Partners incorporate the Company's capabilities in
one or more of the following methods:
-- Analytics services sold through the channel to the channel's
corporate customers as standalone product;
-- Analytics services incorporated in a technology product or
portfolio and sold to the channel's customer as part of the
product; or
-- Analytics services incorporated in large, complex customer
agreements, all with the ultimate goal to better serve the Channel
Partner's customers or to improve their customers' digital
experience.
Typically, for all categories, the signing of the master
services agreement is the start of a complex, multi-phase
implementation process, prior to significant revenue generation.
This can involve productisation, the development of marketing
materials, sales team training and ultimately the building of a
sales pipeline.
The Company has been pleased with the progress made in the
period under review and on 15 February 2017, the Company was
pleased to host a production validation conference call with a
senior executive of a channel partner and certain investors, in
which the executive provided insight into the channel's
relationship with the Company and an update on how this
relationship was progressing. The executive also discussed the
benefits the channel gained from Actual Experience's technology and
the executive's views on the potential of the Company's
technology.
The needs of our channel partners continue to evolve as the
opportunities and pipelines for deployment into their global
customer bases increase. The nature of these deployments are
inherently complex, particularly as the scale for some individual
end user customers are substantial. As detailed at the time of the
fund raising, the Company is investing significant resources to
ensure that its product roadmap and business processes are aligned
with the needs and scale of its channel partners. This will help to
ensure that Actual Experience deployments undertaken by channel
partners are right first time, every time, building trust and
credibility and giving partners increasing confidence to deploy
Actual Experience's analytics further and faster. It is expected
that this approach will increasingly unlock the vast revenue
potential from each channel partner over time.
The Company was also pleased to announce at the time of the
Placing that it had received the first order from a channel to
begin production roll-out of a major customer. This is being
introduced manually in close consultation with both the channel and
the customer so that we can all learn from the process and finesse
both the product and its integration as we proceed, which will
prove helpful both now and for future deployments.
Direct activities
Despite the move away from direct sales, we retain a number of
direct enterprise customers for our enterprise product. The
feedback that we continue to receive from our direct enterprise
customers provides us with useful insights for how we can better
support our channel partners with their customers as well as
enabling ongoing product development.
Operational Development
Our existing channel partners have global customer bases and the
opportunities within them for Actual Experience range from large,
multi-national enterprises to a range of SME's and everything in
between. As we gain a better understanding of how and where our
partners want to scale out our technology, we are concentrating on
further product enhancements, improving our deployment processes
and increasing resources in the field to support our partners as
deployment increases.
As such we have refined our product roadmap to ensure that our
development priorities deliver the functionality demanded by our
customers, both large and small. This includes product enhancements
to facilitate more effective project design and configuration and
also improvements to support the Company's Digital User on large
scale deployments.
Our processes are being redefined to provide the smoothest
transition for our customers from cradle to grave of the adoption
cycle of our technology. As such, we are working to improve the
alignment between the product development, training, marketing,
business support and field functions to provide a seamless customer
journey and we have created a deployment toolkit and trained our
field sales staff to operate these new processes.
During the remainder of this financial year and beyond we will
continue to focus resources on technology enhancements as we
continue to learn more from our channel partners and their
enterprise customers. In this way, we will ensure that we meet our
end users' demands and that both the channel and their customers
have the appropriate levels of support to achieve successful wide
scale adoption.
Current Trading and Outlook
Current deployments by channel partners are manual. These
initial deployments will last throughout the remainder of this
financial year, with the benefits of these processes being seen
next financial year with wider scale adoption through increased
automation.
The opportunity that the Company has within its existing channel
partners is significant and the pipeline within their customer
bases continues to grow. Within our existing channel agreements
alone we have the potential to build a business of scale.
Importantly, as we gain further experience of channel partner
deployments to their customers globally, we are focusing on
improving functionality and processes to make our technology easy
to deploy at scale. We are therefore focusing our immediate efforts
on ensuring that deployments into these customers deliver exactly
the ease of use, stability and security, together with the breadth
and depth of analysis that they expect. It is this attention to
performance, we believe, that will help us to accelerate scaled
deployment.
FINANCIAL REVIEW
Consolidated income statement
Revenue of GBP192,882 was recognised in the period ended 31
March 2017 (2016: GBP486,635). This partly reflects the Company's
continued transition from direct sales activity to sales to channel
partners, as well as one off partner development projects in
2016.
Additional investment made in the Company's customer support
team and related channel partner support activities resulted in a
gross loss for the period of GBP433,909, compared to a gross profit
of GBP101,640 in the first half of 2016.
Administrative costs increased to GBP3,391,260, compared to
GBP2,710,089 in the corresponding period in 2016, reflecting
significant investment in technology development and operational
support teams. Headcount increased from 56 at 30 September 2016 to
69 at 31 March 2017, to enable the Company to advance product
development and manage the anticipated increase in activity with
large channel partners. As a result of the move away from direct
selling, our marketing activities are focused on targeted
initiatives to enable and accelerate sales traction within specific
prospective and existing channels. This has resulted in a decrease
in sales and marketing costs in the period.
The functional cost breakdown is as follows:
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2017 2016 2016
GBP GBP GBP
---------------------------- ----------- ----------- -------------
Research and development 922,468 525,825 1,215,950
Operational support 407,762 175,088 476,912
Sales and marketing 1,513,585 1,580,993 3,320,447
Finance and administration 547,445 428,183 792,990
Total 3,391,260 2,710,089 5,806,299
---------------------------- ----------- ----------- -------------
As a result of this investment the Group recorded an operating
loss in the period of GBP3,825,169 (31 March 2016: loss of
GBP2,608,449) and a loss per share of 9.44p (31 March 2016: loss
per share of 6.62p).
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
2017 2016 2016
GBP GBP GBP
-------------------------- ------------ ------------ -------------
Revenue 192,882 483,635 716,346
-------------------------- ------------ ------------ -------------
Gross (loss)/profit (433,909) 101,640 (238,466)
-------------------------- ------------ ------------ -------------
Operating loss (3,825,169) (2,608,449) (6,044,765)
Loss for the period/year (3,655,406) (2,456,951) (5,671,072)
-------------------------- ------------ ------------ -------------
Balance sheet
The Group has a debt free balance sheet, and cash and short-term
deposits increased in the period to GBP22,624,500 at 31 March 2017,
from GBP9,415,886 at 30 September 2016, as a result of the
Company's recently completed Placing, which raised GBP17.5m before
expenses.
The trade and other receivables figure of GBP552,000 at 31 March
2017 (31 March 2016: GBP967,879) comprises trade debtors of
GBP60,850, prepayments of GBP365,434 and other debtors of
GBP125,716.
Trade and other payables of GBP710,026 (31 March 2016:
GBP632,859) includes deferred revenue of GBP227,061.
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
2017 2016 2016
GBP GBP GBP
---------------------------- ------------ ------------ -------------
Net cash used in operating
activities (3,302,903) (2,827,594) (5,210,287)
Net cash used in investing
activities (5,415,656) (259,268) (719,018)
Net cash from financing
activities 16,923,736 59,746 61,885
Effect of exchange
rate fluctuations 3,437 2,649 8,084
Movement during the
period/year 8,208,614 (3,024,467) (5,859,336)
---------------------------- ------------ ------------ -------------
Actual Experience plc
Consolidated income statement and statement of comprehensive
income
For the six months ended 31 March 2017
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2017 2016 2016
GBP GBP GBP
-------------------------------- ------------ ------------ -------------
Revenue 192,882 483,635 716,346
Cost of sales (626,791) (381,995) (954,812)
-------------------------------- ------------ ------------ -------------
Gross (loss)/profit (433,909) 101,640 (238,466)
Administrative expenses (3,391,260) (2,710,089) (5,806,299)
Operating loss (3,825,169) (2,608,449) (6,044,765)
Finance income 16,042 32,991 61,946
Loss before tax (3,809,127) (2,575,458) (5,982,819)
Tax 153,721 118,507 311,747
-------------------------------- ------------ ------------ -------------
Loss for the period/year (3,655,406) (2,456,951) (5,671,072)
-------------------------------- ------------ ------------ -------------
Other comprehensive expense:
Items that may be reclassified
to profit or loss:
Foreign currency difference
on translation of overseas
operations 9,978 (11,245) (105,310)
-------------------------------- ------------ ------------ -------------
Total comprehensive loss
for the period/year (3,645,428) (2,468,196) (5,776,382)
-------------------------------- ------------ ------------ -------------
Loss per ordinary share
Basic and diluted (9.44p) (6.62p) (15.21p)
Actual Experience plc
Consolidated statement of financial position
As at 31 March 2017
Unaudited Unaudited Audited
At 31 March At 31 March At 30 September
2017 2016 2016
GBP GBP GBP
------------------------------- ------------ ------------ ----------------
Non-current assets
Property, plant and equipment 277,108 98,197 281,476
Intangible assets 668,292 437,460 516,041
------------------------------- ------------ ------------ ----------------
Total non-current assets 945,400 535,657 797,517
Current assets
Trade and other receivables 552,000 967,879 352,129
Income tax receivable 215,115 324,000 340,259
Investments - cash on
term deposits 5,000,000 - -
Cash and cash equivalents 17,624,500 12,250,755 9,415,886
------------------------------- ------------ ------------ ----------------
Total current assets 23,391,615 13,542,634 10,108,274
Total assets 24,337,015 14,078,291 10,905,791
------------------------------- ------------ ------------ ----------------
Non-current liabilities
Deferred tax (22,993) (11,171) (20,960)
Total non-current liabilities (22,993) (11,171) (20,960)
Current liabilities
Trade and other payables (710,026) (632,859) (642,931)
Total current liabilities (710,026) (632,859) (642,931)
------------------------------- ------------ ------------ ----------------
Total liabilities (733,019) (644,030) (663,891)
Net assets 23,603,996 13,434,261 10,241,900
------------------------------- ------------ ------------ ----------------
Equity
Share capital 89,339 74,866 74,896
Share premium 31,744,464 14,833,061 14,835,170
Accumulated losses (8,229,807) (1,473,666) (4,668,166)
------------------------------- ------------ ------------ ----------------
Total equity 23,603,996 13,434,261 10,241,900
------------------------------- ------------ ------------ ----------------
Actual Experience plc
Consolidated statement of changes in equity
For the six months ended 31 March 2017
Accumulated
losses)
/ retained
Share Share earnings
Total
Capital Premium Equity
GBP GBP GBP GBP
------------------------------ -------- ----------- ------------ ------------
Unaudited
At 1 October 2015 74,027 14,774,154 874,855 15,723,036
Loss for the period - - (2,456,951) (2,456,951)
Other comprehensive expense
for the period - - (11,245) (11,245)
Total comprehensive loss
for the period - - (2,468,196) (2,468,196)
Issue of shares 839 58,907 - 59,746
Share based payment expense - - 119,675 119,675
----------------------------- -------- ----------- ------------ ------------
At 31 March 2016 74,866 14,833,061 (1,473,666) 13,434,261
----------------------------- -------- ----------- ------------ ------------
Audited
At 1 October 2015 74,027 14,774,154 874,855 15,723,036
Loss for the year - - (5,671,072) (5,671,072)
Other comprehensive expense
for the year - - (105,310) (105,310)
------------------------------ -------- ----------- ------------ ------------
Total comprehensive loss
for the year - - (5,776,382) (5,776,382)
Issue of shares 869 61,016 - 61,885
Share based payment expense - - 233,361 233,361
At 30 September 2016 74,896 14,835,170 (4,668,166) 10,241,900
------------------------------ -------- ----------- ------------ ------------
Unaudited
At 1 October 2016 74,896 14,835,170 (4,668,166) 10,241,900
Loss for the period - - (3,655,406) (3,655,406)
Other comprehensive expense
for the period - - 9,978 9,978
----------------------------- -------- ----------- ------------ ------------
Total comprehensive loss
for the period - - (3,645,428) (3,645,428)
Issue of shares 14,443 16,909,294 - 16,923,737
Share based payment expense - - 83,787 83,787
----------------------------- -------- ----------- ------------ ------------
At 31 March 2017 89,339 31,744,464 (8,229,807) 23,603,996
----------------------------- -------- ----------- ------------ ------------
Actual Experience plc
Consolidated statement of cash flows
for the six months ended 31 March 2017
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2017 2016 2016
GBP GBP GBP
-------------------------------------- -------------- --------------- -------------
Cash flows from operating activities
Loss before tax (3,809,127) (2,575,458) (5,982,819)
Adjustment for non-cash items:
Depreciation of property, plant
and equipment 45,283 13,028 49,376
Amortisation of intangible
assets 238,673 154,653 345,129
Share based payment charge 83,789 119,675 233,361
Finance income (16,042) (32,991) (61,946)
Operating cash outflow before
changes in working capital (3,457,424) (2,321,093) (5,416,899)
Movement in trade and other
receivables (193,623) (680,902) (63,961)
Movement in trade and other
payables 67,246 185,581 94,983
-------------------------------------- -------------- --------------- -------------
Cash flows used in operations (3,583,801) (2,816,414) (5,385,877)
Tax received/(paid) 280,898 (11,180) 175,590
Net cash flows used in operating
activities (3,302,903) (2,827,594) (5,210,287)
Cash flows from investing activities
Development of intangible assets (390,924) (225,727) (494,784)
Purchase of property, plant
and equipment (40,774) (66,532) (286,180)
Cash transferred to term deposits
with more than 3 months maturity (5,000,000) - -
Finance income 16,042 32,991 61,946
Net cash outflow from investing
activities (5,415,656) (259,268) (719,018)
Cash flow from financing activities
Proceeds from issue of share
capital, net of costs 16,923,736 59,746 61,885
-------------------------------------- -------------- --------------- -------------
Net cash inflow from financing
activities 16,923,736 59,746 61,885
Increase/(decrease) in cash
and cash equivalents 8,205,177 (3,027,116) (5,867,420)
Cash and cash equivalents at
start of year / period 9,415,886 15,275,222 15,275,222
Effect of exchange rate fluctuations
on cash held 3,437 2,649 8,084
-------------------------------------- -------------- --------------- -------------
Cash and cash equivalents at
end of year / period 17,624,500 12,250,755 9,415,886
-------------------------------------- -------------- --------------- -------------
Notes to the consolidated interim report
For the six months ended 31 March 2017
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 23 May 2017.
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 2016 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 2017.
If any such amendments, new standards or interpretations are issued
then 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 conformity with 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 amount, event or
actions, actual events ultimately may differ from those estimates.
The interim information does not include all financial risk
management information and disclosures required in annual financial
statements; they should be read in conjunction with the financial
information, as at 30 September 2016, summarised in the 2016 Annual
Report and Accounts. There have been no significant changes in any
risk management policies since 30 September 2016.
The interim condensed consolidated financial information for the
six months ended 31 March 2017 and for the six months ended 31
March 2016 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 2017
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 2016 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 IFRS8; 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 Income Statement and 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
2017 2016 2016
Current tax:
UK Corporation tax on losses
of the period/year (215,115) (132,000) (340,264)
Overseas taxes 59,361 11,180 16,415
Deferred tax:
Origination and reversal
of timing differences 2,033 2,313 12,102
Total tax credit (153,721) (118,507) (311,747)
----------------------------- ---------- ---------- ------------
5 Loss per share
The calculation of basic and diluted loss per share for the 6
months to 31 March 2017 was based upon the loss attributable to
ordinary shareholders of GBP3,655,406 (6 months to 31 March 2016:
GBP2,456,951, year ended 30 September 2016: GBP5,671,072) and a
weighted average number of ordinary shares in issue of 38,748,077
(6 months to 31 March 2016: 37,138,136, year ended 30 September
2016: 37,288,000), calculated as follows:
Weighted average number of ordinary shares
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2017 2016 2016
Issued ordinary shares
at start of period/year 37,447,838 37,013,338 37,013,338
Effect of shares issued 1,300,239 124,798 274,662
Weighted average number
of shares at end of period/year 38,748,077 37,138,136 37,288,000
--------------------------------- ---------- ---------- ------------
Due to the losses incurred there is no dilutive effect from the
issue of share options. At 31 March 2017, there were 2,453,425
share options granted but not yet exercised (31 March 2016:
2,484,925; 30 September 2016: 2,483,675).
6 Related party transactions
During the period, the Group entered into transactions, in the
ordinary course of business, with shareholders and other related
parties.
Transactions entered into, along with trading balances
outstanding, 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 2017 H1 2017 H1 2016 H1 2016 FY 2016 FY 2016
GBP GBP GBP GBP GBP GBP
----------------------- ---------- --------- --------- --------- --------- ---------
Queen Mary University
of London - - 9,000 - 9,000 -
IP Group plc - 12,500 - 22,500 - 35,000
Inmarsat plc - - 10,000 - 10,000 -
CTGFT Limited - - - 7,500 - -
Queen Mary University of London and IP Group plc are both
shareholders of the Company.
Two of the Company's directors, Sir Bryan Carsberg and Mr
Stephen Davidson, were directors of Inmarsat plc during the
period.
One of the Company's directors, Mr Robin Young, is a director
and sole shareholder of CFGFT Limited.
No amounts were outstanding to or from related parties at 31
March 2017.
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.
Statement of Directors' Responsibilities
The Directors confirm to the best of their knowledge that:
i) The condensed interim financial information has been prepared
in accordance with IAS 34 as adopted by the European Union; and
ii) The interim management report includes a fair review of the
information required by the FSA's Disclosure and Transparency Rules
(4.2.7 R and 4.2.8 R).
Financial statements are published on the Company's website in
accordance with legislation in the United Kingdom governing the
preparation and dissemination of financial statements, which may
vary from legislation in other jurisdictions. The maintenance and
integrity of the Company's website is the responsibility of the
Directors. The Directors' responsibility also extends to the
ongoing integrity of the financial statements contained
therein.
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)
Robin Young (Chief Operating
Officer)
Sir Bryan Carsberg (Non-Executive
Director)
Dr Mark Reilly (Non-Executive
Director)
Paul Spence (Non-Executive
Director)
Company Secretary: Steve Bennetts
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKNDBDBKBCPB
(END) Dow Jones Newswires
May 24, 2017 02:01 ET (06:01 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