TIDMACT
RNS Number : 0532C
Actual Experience PLC
17 January 2018
17 January 2018
Actual Experience plc
(the "Group", the "Company" or "Actual Experience")
Preliminary Results
Actual Experience plc (AIM: ACT), the analytics as a service
company, is pleased to announce its preliminary results for the
year ended 30 September 2017.
Highlights
-- 2017 was a year in which we prepared the business for large
scale production with our Channel Partners
-- Signing of a multi-year framework agreement with Proquire,
the procurement arm of Accenture, our fourth Master Service
Agreement
-- Increased headcount to support Channel Partner development from 57 to 80
-- Improvement of processes throughout the business to enable better working with our partners
-- Improvement of product in terms of stability and automation
in order to be able to operate at scale with partners
-- Revenue of GBP0.36m (2016: GBP0.72m); this decrease reflects
our decision to focus entirely on our four channel partners, and
this strategy is expected to deliver significant revenue progress
in 2018
Dave Page, CEO of Actual Experience plc, said: "In 2017, we have
seen initial small scale commercial deployments through our Channel
Partners and, working with them, have implemented product and
process improvements. This was no small challenge and has drawn
heavily on the skills and experience of our employees. As a result,
we believe we are now ready to do business with our Channel
Partners at the scale and speed they require. We are confident that
2018 will bring the first fruits of the hard work of previous
years, with significantly larger scale deployments and accompanying
revenue."
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
Caroline Forde Tel: +44 (0) 7779
664584
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, whether the target being analysed is inside or outside of
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 and the United States.
Actual Experience's unique digital Analytics-as-a-Service ("AaaS")
is founded on ten years of cutting-edge research at Queen Mary
University of London.
www.actual-experience.com
Chairman's statement
I am pleased to report that 2017 was a year in which we made
significant progress towards production with our global Channel
Partners. After we signed a fourth global Channel Partner early in
the year, the next stage of development has been to support those
partners for widescale deployment of our service within their
customer bases.
Given the huge opportunity within these customer bases, the
Board took the decision to focus efforts solely on those existing
partners and to provide them with the tools and levels of support
needed for wider deployment.
Investment has been made into refining our technology, both in
terms of its operation and scalability and how it operates within
the processes of our Channel Partners. Those refinements have been
successfully developed and tested and we now look forward to
significant commercial deployment.
The importance of cyber security has never been more apparent to
all organisations and I am proud to report that Actual Experience
has gained both Cyber Essentials and Cyber Essentials Plus
accreditation. These reflect industry best practice and foster
confidence for our Channel Partners and their customers.
Our people are critical to our success and I'm delighted to
relay that employee engagement scores are high both by internal and
external measures. On behalf of the Board, I thank all of our
colleagues for their exceptional commitment.
Fundraise
I would also like to thank our shareholders, both pre-existing
and those who joined the register in 2017. These include
institutions who participated in raising GBP17.5 million in the
year to fund the increased investment in accelerated
deployment.
Outlook
Revenues decreased in 2017 as a consequence of our strategy to
focus solely on existing Channel Partners. 2018 is a year in which
we will see our first significant commercial deployment and
revenues. It is a year in which we must deliver and we look forward
with eager anticipation and confidence.
Stephen Davidson
Chairman
Chief Executive's statement
Introduction
2017 has seen the Company make continued progress against its
strategic objectives. At the start of the financial year an
agreement was signed with Proquire, the procurement arm of
Accenture plc. This meant that four of the world's largest service
providers were now actively preparing to take our offering to their
customer bases, and the Board therefore took the decision to focus
all of the Company's resources and efforts during the year on
taking those partners through to production.
Following a successful fundraise in February 2017, we have been
able to commit further investment into each of our Channel
Partners, to truly understand their processes and provide them with
the support that they need for deployment of our technology. It has
been a learning process, both for the Company and each of its
partners and through what we have learnt we have been able to
adapt, modify and enhance our product.
The first production deployments have been successfully made, on
a small scale, and we have come a long way towards larger scale
deployments which we expect to take place in the fiscal year
2018.
It is pleasing to note that progress with our most recently
signed Channel Partner has been faster and smoother than with
previous engagements. This underlines our belief that the need for
our Analytics-as-a-Service is becoming ever more important in an
increasingly digital world, as well as reflecting improvements in
our product and implementation processes.
Strategy Overview
In 2017, we increasingly focussed all of our efforts on our four
signed Channel Partners. In turn, they are focussing their
deployment of Actual Experience into their largest enterprise
customers.
Our digital AaaS is being embedded into the processes and
products of our Channel Partners, enabling them to deliver a
consistent and reliable digital experience across complex global
digital supply chains for their enterprise customers, to the
benefit of the customers and employees of those enterprises.
We believe we are approaching an inflection point for the
business in 2018. We have been readying our product and partners
for production since the initial signing of Master Service
Agreements (MSAs). This year should see more and larger deployments
as they build towards large scale global rollout. To ensure the
success of these rollouts, we will remain focussed on our four
Channel Partners. This focus will enable us to achieve operational
excellence and ensure partner satisfaction.
We continue to maintain a small base of important direct
enterprise customers. Their feedback has been, and continues to be,
extremely useful in helping to develop our product.
Market Opportunity
In 2017 the global digital economy reached over $25 trillion,
and the number of transactions that make up this economy is growing
year on year. As the digital world becomes an increasingly
important utility for businesses, the need for quality and
consistency to support these valuable transactions is only
increasing.
The global digital economy is made up of an increasing number of
businesses, that in turn are part of the global digital supply
chain. As the value of the global digital economy increases,
business leaders demand digital quality for their staff and
customers. While hundreds of products exist that can manage the
individual components, we believe that our AaaS is the only product
that has been built from the ground up to manage the entire global
digital supply chain, providing the insight required to improve the
quality and consistency of staff and customer digital
experiences.
Operational review
We have made considerable progress in the year across our
operations:
-- Organisational structure
Overall headcount during the year increased from 57 to 80, with
the majority of investment being in R&D and operational staff,
reflecting the Company's focus on its existing Channel Partners.
Whilst overall numbers have increased, the business has
streamlined, resulting in a more effective organisation singularly
focussed on execution excellence with our Channel Partners.
-- Product development
Through 2017 we have learnt, together with our partners, how
their processes and our product can be simplified and improved to
aid deployment at global scale. For instance, in August, we were
pleased to announce that we had received an open PO from one of our
Channel Partners. This PO reflected certain procurement process
improvements made, enabling us to more easily fulfil orders from
that partner. As with the open PO, the other process and product
developments support our ability to deploy our product globally at
scale, and therefore to tap into our partners' vast customer
bases.
-- Channel Partner update
The progress that we have made within each of our Channel
Partners throughout the course of the year has vindicated our
strategic decision to concentrate on them solely.
At the time of the Placing in February, the Company was able to
announce that it had received the first order from a Channel
Partner to begin production rollout of a major customer. Since
then, further deployments have taken place within further
customers. The overall demand from our Channel Partners is greater
than we had originally envisaged, with the desire for faster and
more widespread deployment balanced by the operational need to get
it right first time, every time.
Current trading and outlook
In 2017, we have seen initial small scale commercial deployments
through our Channel Partners and, working with them, have
implemented product and process improvements. This was no small
challenge and has drawn heavily on the skills and experience of our
employees. As a result, we believe we are now ready to do business
with our Channel Partners at the scale and speed they require. We
are confident that 2018 will bring the first fruits of the hard
work of previous years, with significantly larger scale deployments
and accompanying revenue.
Dave Page
Chief Executive Officer
Financial review
Revenue
Revenue recognised in the year ended 30 September 2017 was
GBP364,832 (2016: GBP716,346) and relates to the supply of
analytical services and associated consultancy activities to
customers. 68% of revenue was derived from sales to channel
customers (2016: 60%) with the balance arising from direct sales.
This increased percentage reflects the Group's strategic focus on
generating revenue growth from its Channel Partners.
Gross loss
As noted in the Chief Executive's statement, the Group continued
to make significant investment during the year to establish the
infrastructure required to fully support its Channel Partners,
including a 24-hour support centre. The set-up costs of this
support infrastructure resulted in a gross loss for the year of
GBP935,852 (2016: loss of GBP238,466).
Expenses
Administrative expenses comprising R&D, operational support,
sales and marketing, finance and administration costs, and foreign
exchange gains and losses totalled GBP6,976,814, an increase of
GBP1,170,515 compared to the prior year. This increase reflects the
continued investment made by the Group in technology development
and operational support infrastructure. Personnel costs continue to
be the largest expense and represent approximately 68% of the
Group's cost base. The functional cost breakdown is as follows:
2017 2016
GBP GBP
Research and development 2,268,142 1,215,950
Operational support 925,777 476,912
Sales and marketing 2,635,094 3,320,447
Finance and administration 1,030,139 937,878
Foreign exchange
losses/(gains) 117,662 (144,888)
Total 6,976,814 5,806,299
============================ ========== ==========
Tax
The tax credits recognised in the current and previous financial
year arose from the receipt of R&D tax credits.
Loss for the year
Losses after tax for the year ended 30 September 2017 totalled
GBP7,397,149 (2016: loss of GBP5,671,072). These losses are
primarily generated by employee costs and related expenses.
Loss per share
The loss per share for the year was 17.72p (2016: loss of
15.21p). Earnings per share have been impacted by the increases in
operating costs.
Dividend
No dividend has been proposed for the year ended 30 September
2017 (2016: GBPnil).
Cash flow
Actual Experience is investing in the growth of its operations
to address what it believes to be a significant commercial
opportunity and its cash flow from operations was therefore
negative during the year ended 30 September 2017, and in line with
expectations. The Group's costs are mostly operating related, with
very little investment required for capital infrastructure. Cash
used by operating activities was GBP7,086,016 for the year,
compared to cash used of GBP5,210,287 for the year ended 30
September 2016. This operating cash requirement was substantially
funded by cash reserves and the Group ended the year with cash and
term deposits totalling GBP18,209,850 (2016: GBP9,415,886).
Software development capitalisation
The Directors believe that the software development
capitalisation criteria in IAS38 have been met and accordingly
development costs, net of amortisation charges, of GBP1,266,261
have been capitalised as at 30 September 2017 (2016:
GBP516,041).
Accounting policies
The Group's financial statements have been prepared in
accordance with International Financial Reporting Standards. The
Group's significant accounting policies have been applied
consistently throughout the year as described in the Group's Report
and Accounts.
Principal risks and uncertainties
The principal risks and uncertainties facing the Group are set
out in the Group's Report and Accounts.
Key performance indicators
As the Group is in the process of development and
commercialisation of its services, the Directors consider the key
quantitative performance indicators to be sales revenues of
GBP364,832 (2016: GBP716,346) and the level of cash and term
deposits held in the business of GBP18,209,850 (2016:
GBP9,415,886). The Board performs regular reviews of actual results
against budget, and management monitors cash balances on a monthly
basis to ensure that the business has sufficient resources to enact
its current strategy. Certain non-financial measures, such as the
number of deployed Digital Users, are monitored on a monthly
basis.
The Board will continue to review the KPIs used to assess the
business as it grows.
Environmental matters
As far as the Directors are aware the Group's business does not
cause an adverse impact on the environment.
Human rights policy
Actual Experience has adopted a formal equal opportunities
policy which is contained in its employee handbook. The aim of the
policy is to ensure that there is no discrimination against any
employee or job applicant either directly or indirectly on the
grounds of race, sex, disability, sexual orientation, marriage or
civil partnership, pregnancy or maternity, religion or belief, or
age.
Employees
As at 30 September 2017 the Group employed 80 people in three
offices (2016: 57 people), of which 56 were male and 24 were
female. As at the date of this document, of the six senior members
of management, one is female.
Directors
Details of the Directors who served during the year ending 30
September 2017 are noted in the Directors remuneration report. All
seven of the Directors serving on the Board at the year end were
male.
On behalf of the Board.
Steve Bennetts
Chief Financial Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 September 2017
2017 2016
Note GBP GBP
------------------------------------------------------------------ ---- ----------- -----------
REVENUE 364,832 716,346
Cost of sales (1,300,684) (954,812)
------------------------------------------------------------------ ---- ----------- -----------
GROSS LOSS (935,852) (238,466)
Administrative expenses 2 (6,976,814) (5,806,299)
------------------------------------------------------------------ ---- ----------- -----------
OPERATING LOSS (7,912,666) (6,044,765)
Finance income 40,849 61,946
------------------------------------------------------------------ ---- ----------- -----------
LOSS BEFORE TAX (7,871,817) (5,982,819)
Tax 3 474,668 311,747
------------------------------------------------------------------ ---- ----------- -----------
LOSS FOR THE YEAR (7,397,149) (5,671,072)
------------------------------------------------------------------ ---- ----------- -----------
Other comprehensive income/(expense):
Items that may be reclassified to profit or loss:
-----------
Foreign currency difference on translation of overseas operations 70,693 (105,310)
------------------------------------------------------------------ ---- ----------- -----------
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (7,326,456) (5,776,382)
------------------------------------------------------------------ ---- ----------- -----------
LOSS PER ORDINARY SHARE
Basic and diluted 4 (17.72)p (15.21)p
------------------------------------------------------------------ ---- ----------- -----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2017
(Accumulated
losses)/
Share Share retained Total
capital premium earnings equity
GBP GBP GBP GBP
----------------------------------------- ------- ---------- ------------ -----------
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
----------------------------------------- ------- ---------- ------------ -----------
Loss for the year - - (7,397,149) (7,397,149)
Other comprehensive income for the year - - 70,693 70,693
----------------------------------------- ------- ---------- ------------ -----------
Total comprehensive loss for the year - - (7,326,456) (7,326,456)
Issue of shares 14,626 17,588,902 - 17,603,528
Cost of share issue - (615,942) - (615,942)
Share-based payment expense - - 154,987 154,987
----------------------------------------- ------- ---------- ------------ -----------
At 30 September 2017 89,522 31,808,130 (11,839,635) 20,058,017
----------------------------------------- ------- ---------- ------------ -----------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2017
2017 2016
Note GBP GBP
------------------------------ ---- ------------ -----------
ASSETS
Non-current assets
Property, plant and equipment 350,704 281,476
Intangible assets 1,266,261 516,041
------------------------------- ---- ------------ -----------
TOTAL NON-CURRENT ASSETS 1,616,965 797,517
------------------------------- ---- ------------ -----------
Current assets
Trade and other receivables 487,189 352,129
Income tax receivable 3 568,102 340,259
Investments 5,000,000 -
Cash and cash equivalents 5 13,209,850 9,415,886
------------------------------- ---- ------------ -----------
TOTAL CURRENT ASSETS 19,265,141 10,108,274
------------------------------- ---- ------------ -----------
TOTAL ASSETS 20,882,106 10,905,791
------------------------------- ---- ------------ -----------
LIABILITIES
Non-current liabilities
------------
Deferred tax 3 (37,744) (20,960)
------------------------------- ---- ------------ -----------
TOTAL NON-CURRENT LIABILITIES (37,744) (20,960)
------------------------------- ---- ------------ -----------
Current liabilities
Trade and other payables (786,345) (642,931)
TOTAL CURRENT LIABILITIES (786,345) (642,931)
------------------------------- ---- ------------ -----------
TOTAL LIABILITIES (824,089) (663,891)
NET ASSETS 20,058,017 10,241,900
------------------------------- ---- ------------ -----------
EQUITY
Share capital 89,522 74,896
Share premium 31,808,130 14,835,170
Accumulated losses (11,839,635) (4,668,166)
------------------------------- ---- ------------ -----------
TOTAL EQUITY 20,058,017 10,241,900
------------------------------- ---- ------------ -----------
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 September 2017
2017 2016
Note GBP GBP
------------------------------------------------------------ ---- ----------- -----------
Cash flows from operating activities
Loss before tax (7,871,817) (5,982,819)
Adjustment for non-cash items:
Depreciation of property, plant and equipment 107,233 49,376
Amortisation of intangible assets 162,059 345,129
Loss on disposal of property, plant and equipment 1,014 -
Share-based payment charge 154,987 233,361
Finance income (40,849) (61,946)
------------------------------------------------------------ ---- ----------- -----------
Operating cash outflow before changes in working capital (7,487,373) (5,416,899)
Movement in trade and other receivables (83,913) (63,961)
Movement in trade and other payables 221,661 94,983
------------------------------------------------------------ ---- ----------- -----------
Cash flows used in operations (7,349,625) (5,385,877)
Tax received 263,609 175,590
------------------------------------------------------------ ---- ----------- -----------
Net cash flows used in operating activities (7,086,016) (5,210,287)
------------------------------------------------------------ ---- ----------- -----------
Cash flows from investing activities
Development of intangible assets (912,279) (494,784)
Purchases of property, plant and equipment (177,584) (286,180)
Transfers to term deposits with more than 3 months maturity (5,000,000) -
Finance income 40,849 61,946
------------------------------------------------------------ ---- ----------- -----------
Net cash outflow from investing activities (6,049,014) (719,018)
------------------------------------------------------------ ---- ----------- -----------
Cash flows from financing activities
Proceeds from issue of share capital, net of costs 16,987,586 61,885
Loan to Employee Benefit Trust (55,950) -
------------------------------------------------------------ ---- ----------- -----------
Net cash inflow from financing activities 16,931,636 61,885
------------------------------------------------------------ ---- ----------- -----------
Increase/(decrease) in cash and cash equivalents 3,796,606 (5,867,420)
Effect of exchange rate fluctuations on cash held (2,642) 8,084
Cash and cash equivalents at start of year 9,415,886 15,275,222
------------------------------------------------------------ ---- ----------- -----------
Cash and cash equivalents at end of year 5 13,209,850 9,415,886
------------------------------------------------------------ ---- ----------- -----------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 September 2017
1 Basis of preparation
Actual Experience plc is a public limited company domiciled in
the United Kingdom and incorporated in England. The financial
statements of Actual Experience plc are audited financial
statements for the year to 30 September 2017. These include
comparatives for the year ended 30 September 2016.
The accounts for the year to 30 September 2016 have been
delivered to the Registrar of Companies. The accounts for the year
ended 30 September 2017 have not yet been delivered to the
Registrar of Companies.
The Preliminary Announcement does not constitute statutory
financial statements within the meaning of section 434 of the
Companies Act 2006.
The Company's registered office is Quay House, The Ambury, Bath,
BA1 1UA.
The unaudited Preliminary Announcement has been prepared under
the historical cost convention and in accordance with International
Financial Reporting Standards ("IFRS") as adopted by the European
Union and interpretations in issue at 30 September 2017.
The accounting policies adopted are consistent with those of the
annual financial statements for the year ended 30 September 2016,
as described in those financial statements. New standards or
interpretations which came into effect for the current reporting
period did not have a material impact on the net assets or results
of the Group.
Going concern
At 30 September 2017, the Group had a cash and cash equivalents
position of GBP13,209,850 with no bank debt. In addition, the Group
had current asset investments in the form of bank deposit account
with maturity of more than 3 months, amounting to GBP5,000,000. The
Directors have prepared detailed monthly projections of future cash
flows for the remainder of the financial year to September 2018 and
the subsequent financial year, 2019. The base case forecast
includes expected revenue growth, together with further investment
in the cost base, leading to the commencement of positive monthly
cash flows during 2019. Additional scenarios have been modelled
reflecting differing revenue growth rates with corresponding
adjustments to the level of investment in the Group's cost base;
these scenarios indicate broadly similar cash flow trends.
After due consideration, the Directors have concluded that there
is a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future.
For this reason, they continue to adopt the going concern basis in
preparing the financial statements.
2 Loss from operations
2017 2016
GBP GBP
------------------------------------ --------- ---------
Loss from operations is stated
after charging/(crediting) to
administrative expenses:
Depreciation on property, plant
and equipment 107,233 49,376
Amortisation of intangible assets 162,059 345,129
Loss on disposal of property,
plant and equipment 1,014 -
Operating lease rentals - land
and buildings 257,877 286,907
Employee costs 4,761,152 3,724,443
Foreign exchange losses/(gains) 117,662 (144,889)
------------------------------------- --------- ---------
Auditors' remuneration:
Audit of these financial statements 33,000 28,550
Total auditors' remuneration 33,000 28,550
------------------------------------- --------- ---------
3 Taxation
Tax on loss on ordinary activities
2017 2016
GBP GBP
----------------------------------------------- --------- ---------
Current tax:
UK Corporation tax on losses of the year (568,102) (340,264)
Overseas taxes 76,650 16,415
Deferred tax:
Origination and reversal of timing differences 16,784 12,102
----------------------------------------------- --------- ---------
Total tax credit (474,668) (311,747)
----------------------------------------------- --------- ---------
Factors affecting the current tax credits
The tax assessed for the year varies from the standard UK
company rate of corporation tax as explained below:
2017 2016
GBP GBP
---------------------------------------- ----------- -----------
Loss on ordinary activities before
tax (7,871,817) (5,982,819)
---------------------------------------- ----------- -----------
Tax at the UK corporate tax of 20.00%
(2016: 20.00%) (1,574,363) (1,196,564)
Effects of:
Expenses not deductible for tax
purposes 75,001 134,841
Unrecognised deferred tax asset
on losses 1,803,286 1,335,159
Tax relief in respect of exercise
of share options (150,275) (217,254)
Research and development enhancement
in respect of the current year (625,354) (364,226)
Prior year adjustment - (5)
Change in rate of tax used to calculate
deferred tax liability (2,963) (3,698)
---------------------------------------- ----------- -----------
Tax credit for the year (474,668) (311,747)
---------------------------------------- ----------- -----------
The Group has tax losses carried forward of approximately
GBP17,754,000 (2016: GBP10,060,000).
During the year the Group has incurred qualifying expenditure on
research and development projects which has given rise to tax
credits due from HM Revenue and Customs to the Group of GBP568,102
(2016: GBP340,259).
Deferred tax
Deferred tax relates to the following:
2017 2016
GBP GBP
------------------------------------------ ------ ------
Accelerated depreciation for tax purposes 37,744 20,960
------------------------------------------ ------ ------
Deferred tax liability 37,744 20,960
------------------------------------------ ------ ------
2017 2016
GBP GBP
------------------------------------------ ------ ------
Balance at the beginning of the year 20,960 8,858
Charge to the Consolidated Statement
of Comprehensive Income 16,784 12,102
------------------------------------------ ------ ------
Balance at the end of the year 37,744 20,960
------------------------------------------ ------ ------
Reconciliation of deferred tax liabilities
At 30 September 2017, the Group had unrecognised deferred tax
assets totalling GBP3,018,180 (2016: GBP1,710,288), which relate to
losses. The Group has not recognised this asset in the Consolidated
Statement of Financial Position due to the uncertainty in the
timing of when it is probable that future taxable profit will be
available against which the unused tax losses and unused tax
credits can be utilised.
4 Loss per share
Basic loss per share is calculated by dividing the loss
attributable to the owners of the parent by the weighted average
number of ordinary shares in issue during the year. Diluted loss
per share is calculated by adjusting the weighted average number of
ordinary shares in issue during the year to assume conversion of
all dilutive potential ordinary shares.
The Company has one class of potentially dilutive ordinary
shares, being those share options granted to employees where the
exercise price is less than the average market price of the
Company's ordinary shares during the year. However, due to losses
incurred in both the current and previous financial year there is
no dilutive effect from the potential exercise of these dilutive
shares.
2017 2016
GBP GBP
---------------------------------------- ----------- -----------
Total loss attributable to the equity
holders of the parent (7,397,149) (5,671,072)
---------------------------------------- ----------- -----------
No. No.
Weighted average number of ordinary
shares in issue during the year 41,733,648 37,288,000
---------------------------------------- ----------- -----------
Loss per share
Basic and diluted on loss for the
year (17.72)p (15.21)p
---------------------------------------- ----------- -----------
2017 2016
---------------------------------------- ----------- -----------
Issued ordinary shares at the beginning
of the year 37,447,838 37,013,338
Effect of shares issued in October
2015 - 118,532
Effect of shares issued in March
2016 - 154,363
Effect of shares issued in August
2016 - 1,767
Effect of shares issued in November
2016 58,284 -
Effect of shares issued in January
2017 6,658 -
Effect of shares issued in February
2017 4,182,192 -
Effect of shares issued in March
2017 21,847 -
Effect of shares issued in July 2017 15,462 -
Effect of shares issued in September
2017 1,367 -
---------------------------------------- ----------- -----------
Weighted average number of shares
at the end of the year 41,733,648 37,288,000
---------------------------------------- ----------- -----------
The weighted average number of shares in issue throughout the
year is as follows:
5 Cash and cash equivalents
2017 2016
Bank credit rating: GBP GBP
-------------------------- ---------- ---------
A+ 2,549,604 5,035,122
A3 - 82,819
BBB+ 8,607,282 4,297,945
BBB- 2,052,964 -
-------------------------- ---------- ---------
Cash and cash equivalents 13,209,850 9,415,886
-------------------------- ---------- ---------
The above gives an analysis of the credit rating of the
financial institutions where cash balances are held.
All of the Group's cash and cash equivalents at 30 September
2017 are held in instant access current accounts or short-term
deposit accounts. Balances are denominated in UK sterling (GBP) and
US dollars ($) as follows:
2017 2016
GBP GBP
--------------------------- ---------- ---------
Denominated in UK sterling 12,961,619 9,188,484
Denominated in US dollars 248,231 227,402
--------------------------- ---------- ---------
Cash and cash equivalents 13,209,850 9,415,886
--------------------------- ---------- ---------
The Directors consider that the carrying value of cash and cash
equivalents approximates to their fair value.
6 Report and Accounts
The Company's Report and Accounts for the year ended 30
September 2017, together with a notice convening the Company's
annual general meeting, will be posted to shareholders in due
course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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