TIDMACT
RNS Number : 3451O
Actual Experience PLC
17 May 2018
17 May 2018
Actual Experience plc
(the "Company" or "Actual Experience" or "Actual")
UNAUDITED CONSOLIDATED INTERIM RESULTS
for the six months ended 31 March 2018
First large-scale customer deployment provides validation of the
revenue potential and growth strategy of the business
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 2018.
Highlights
-- Growing traction with our four Channel Partners, including an
increasing number of early-stage customer deployments, with the
potential to scale significantly
-- First large-scale customer deployment via a Channel Partner
announced post period-end, estimated to deliver in excess of GBP1m
revenue per year
-- Additional reseller agreement signed with a Channel Partner
post period-end, demonstrating accelerating partner engagement
-- Increased automation and scalability of our
Analytics-as-a-Service, to support our Channel Partners
-- Revenue increased 37% to GBP264,348 (31 March 2017:
GBP192,882), reflecting growth in Channel Partner revenue
-- Operating loss of GBP3,825,738 (31 March 2017: loss of
GBP3,825,169), in line with management expectations
-- Loss per share of 7.75p (31 March 2017: loss per share of 9.44p)
-- Cash and term deposits at 31 March 2018 of GBP14,054,207 (30 September 2017: GBP18,209,850)
Dave Page, CEO of Actual Experience plc, said: "We continued to
make strong progress in the first half of the year and were
delighted to be able to announce the first large-scale deployment
of our digital analytics in April. This complex deployment, across
hundreds of locations, provides compelling validation of the
revenue potential for our business, our focus on our four Channel
Partners and our overall business strategy.
"With our unique technology, broad addressable market, scalable
business and growing traction with our global Channel Partners, we
are excited about the future for Actual Experience."
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
Caroline Forde Tel: +44 (0)7779
664584
Josh Royston Tel: +44 (0)7780
901979
Robyn Fisher Tel: +44 (0)7540
706191
About Actual Experience
At Actual Experience, we enable Service Providers and their
Enterprise customers to understand the correlation between a user's
experience of a digital journey and any bad behaviour amongst the
many businesses, technologies, networks, data centres and
applications involved in the delivery of that digital journey.
Developed from over 10 years of scientific research, our
analytics-as-a-service requires no integration. We analyse digital
journeys by taking measurements of the businesses, technologies,
networks, data centres and applications involved in a digital
journey. These are sent to our Analytics Cloud, where we provide
actionable evidence to our customers, enabling them to manage and
improve their user's experience.
Using our unique approach to analysing a digital journey enables
our customers to improve customer satisfaction, drive up the
productivity of their staff, increase revenue and improve brand
reputation, and ultimately deliver success for their business.
www.actual-experience.com
BUSINESS REVIEW
The first half of the year has seen the continued successful
execution of our Channel Partner strategy. With our support
operations now largely in place, the focus in the first half of the
year continued to be increasing the scalability and ease-of-use of
our technology, ensuring we have the ability to meet the exacting
requirements of the large global enterprise customers of our
Channel Partners.
While the financial results for the first half of the year show
growth in Channel Partner revenues, it is the large-scale customer
roll out, announced post period end, which validates our average
annual revenue estimation of $500k per enterprise customer, and
provides the first significant commercial validation of our Channel
Partner strategy. Commercially, the anticipated annual revenue of
over GBP1m from this customer demonstrates the scaling potential of
our business model and, from a technical perspective, the scale and
complexity of the roll-out confirms that our business is now ready
for large-scale deployment with our Channel Partners.
Strategy Overview
Our strategic objective is to embed our digital
Analytics-as-a-Service ("AaaS") into the processes and products of
our Channel Partners, enabling them to support their enterprise
customers in delivering a consistent and reliable digital
experience across complex global digital supply chains, to the
benefit of the customers and employees of those enterprises.
We are making excellent progress against our technology roadmap,
successfully transitioning from the small-scale customer deployment
phase into larger scale customer production capability. The first
half of the year saw the Company continue to deliver process and
product improvements which added speed and ease to the deployment
of our analytic software. These improvements are increasingly
enabling us to access the full-scale of opportunity within our
Channel Partner organisations.
With the first large-scale customer deployment announced post
period end, we are seeing the initial success of our strategy. As
in the Strategic Roadmap outlined in our 2017 Annual Report, our
next focal point is the integration of our analytic software within
the hardware and software of our Channel Partners. This integration
will mean that when our Channel Partners' products and services are
deployed, Actual Experience will already be inside, increasing the
scale and pace of rollout of our analytics.
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
We are building a platform that can access the global digital
economy at scale through channel partnerships. Successful execution
with our existing Channel Partners will lay the foundations for
enormous growth potential in the coming years through our existing
and new Channel Partner relationships.
Our research suggests that there are hundreds of potential
Channel Partners globally, each forming a part of the global
digital economy. 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
increasingly important for businesses, the need for quality and
consistency to support these valuable transactions is only
increasing.
The world's largest companies are starting to place more value
on their digital brands. Last year, three Fortune 500 companies;
General Electric, Goldman Sachs and Norfolk Southern, appointed
former CIOs to senior financial positions. This shift in focus
demonstrates the importance of digital brand to some of the most
successful companies, and that the strength of the digital brand
can positively impact the financial performance of the company.
Even with this shift in focus, only 8% of enterprises say that they
have achieved digital transformation and 23% say they are at the
early stages of digital transformation (Ovum ICT Enterprise
Insights, 2018). As more companies start on the path towards
digital transformation (making their businesses fit for the digital
age), Actual Experience's analytics will provide valuable insights
into customer experience before, during and after the
transformation.
Operational review
We have made considerable progress in the first half of the year
across our operations:
Organisational structure
Over the last two years we have been steadily transforming the
operations of our business, investing in people, processes, offices
and infrastructure. Structurally, we believe we now have the right
format to support multiple global customer roll outs. Headcount in
the first half of the year increased to approximately 90 employees,
with all areas of the business focused entirely on execution
excellence with our existing Channel Partners.
Product development
The aim of our product development activities is to ensure we
deliver outstanding product deployments, which are right first time
and achieve high levels of customer satisfaction, to our Channel
Partners and their end customers. This means delivering the
analytics, training our Channel Partners and providing an
outstanding support service. With the first large-scale customer
deployments now underway, our product delivery and support
operation is delivering well against both our high targets and
those set by our Channel Partners.
We see our product implementations as having a three stage life
cycle: deployment, configuration and use. As we move into bigger,
more complex deployments, we need to ensure that all stages of this
lifecycle are as streamlined and simplified as possible. Just one
year ago all elements of configuration were manual. For example,
had the recently announced large-scale deployment happened a year
ago, it would have involved weeks of manual work in order to be
implemented successfully. Now our system is able to create a
bespoke solution for an enterprise, delivering thousands of
analytics mostly through automation. This represents a significant
transformation of our capabilities and ability to scale.
Channel Partner update
We continue to make encouraging progress with our Channel
Partners. The first half of the year saw several small-scale
customer deployments with these Channel Partners. These have proven
to be valuable testing grounds for our service and have enabled the
continuing refinement of our offering. We continue to add further
small-scale customer deployments across each of our Channel
Partners, each at various stages on the path towards full scale
deployment. It is evident our Channel Partners are becoming
increasingly more conversant with our technology and confident in
the benefits it provides to their customers.
First large-scale deployment
In April 2018, post period end, we were delighted to announce
the first full-scale deployment of our digital analytics within a
large enterprise customer of one of our Channel Partners. This
deployment is expected to generate in excess of GBP1million of
revenue per annum and is anticipated to be a multi-year agreement.
The customer is using our digital analytics across its multiple
locations to provide insight into the performance of the digital
applications that its staff use on a daily basis. The insight our
analytics provide will enable the enterprise to optimise the
performance of these applications, thereby improving staff
productivity.
Further proof of our growing traction with our Channel Partners
can be seen in the decision by a Channel Partner to extend its
existing agreement with us to enable its sales team to resell our
digital analytic service, which we believe is likely to lead to
increased revenue potential in the future.
Current trading and outlook
The work we have done to improve our product and processes is
bearing fruit and our Channel Partners are having increasing
success with our Analytics-as-a-Service. In the future, we expect
more progress as enterprises seek to optimise the performance and
cost effectiveness of their digital networks and applications. We
anticipate that some of the existing small-scale deployments will
grow over the next 24 months and we can see new enterprise
deployments in the pipeline, some of which will grow over a number
of months and some of which will reach full-scale immediately.
As a business we are singularly focused on the execution of our
Channel Partner strategy. With the first successful large-scale
customer roll out now having taken place and visibility of more in
the pipeline, we are more excited than ever about the potential for
Actual Experience and look to the future with confidence.
FINANCIAL REVIEW
Consolidated income statement
Revenue of GBP264,348 was recognised in the period ended 31
March 2018 (2017: GBP192,882). This increase reflects the Company's
focus on its indirect sales model, with revenues from Channel
Partners accounting for 86% of sales in the period (2017: 40%).
A combination of higher revenues and efficiencies achieved in
the Company's customer support operations, including lower cost
components for the Company's Analytic Clouds, resulted in a reduced
gross loss for the period of GBP319,334 (2017: loss of
GBP433,909).
Administrative costs increased to GBP3,506,404, compared to
GBP3,391,260 in the corresponding period in 2017. This increase
reflects significant additional investments made in the Company's
Operational Support and Development teams as management seeks to
maintain the Company's technology leadership while providing
increased levels of product testing and security.
The functional cost breakdown is as follows:
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2018 2017 2017
GBP GBP GBP
---------------------------- ----------- ----------- -------------
Research and development 1,128,840 917,661 2,268,142
Operational support 593,775 405,637 925,777
Sales and marketing 1,169,349 1,505,699 2,635,094
Finance and administration 602,815 544,593 1,030,139
Foreign exchange losses 11,625 17,670 117,662
---------------------------- ----------- ----------- -------------
Total 3,506,404 3,391,260 6,976,814
---------------------------- ----------- ----------- -------------
As disclosed in the notes to the Company's 2017 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, prior to capitalisation,
was GBP1,481,696 (2017: GBP1,132,776). In the current period,
GBP335,515 has been capitalised, net of amortisation (2017:
GBP152,251).
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 GBP352,856 for the period
(2017: GBP215,115) and substantially accounts for the tax credit in
the Consolidated Income Statement.
As a result of the investment noted above, the Group recorded an
operating loss in the period of GBP3,825,738 (31 March 2017: loss
of GBP3,825,169) and a loss per share of 7.75p (31 March 2017: loss
per share of 9.44p).
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
2018 2017 2017
GBP GBP GBP
-------------------------- ------------ ------------ -------------
Revenue 264,348 192,882 364,832
-------------------------- ------------ ------------ -------------
Gross loss (319,334) (433,909) (935,852)
-------------------------- ------------ ------------ -------------
Operating loss (3,825,738) (3,825,169) (7,912,666)
Loss for the period/year (3,472,425) (3,655,406) (7,397,149)
-------------------------- ------------ ------------ -------------
Balance sheet
The Group has a debt free balance sheet and cash and term
deposits decreased in the period, from GBP18,209,850 at 30
September 2017 to GBP14,054,207 at 31 March 2018. This decrease,
which was in line with management's expectations, was substantially
as a result of the loss for the period. Free cash flow for the
period was GBP(4,322,745) (2017: GBP(3,734,601)). 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.
The trade and other receivables figure of GBP542,153 at 31 March
2018 (31 March 2017: GBP552,000) comprises trade debtors of
GBP228,922, prepayments of GBP170,113 and other debtors of
GBP143,118. The increase in trade debtors reflects an increase in
billings to customers in the second quarter.
Trade and other payables of GBP592,774 (31 March 2017:
GBP710,026) includes deferred revenue of GBP76,688 (31 March 2017:
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
2018 2017 2017
GBP GBP GBP
---------------------------- ------------ ------------ -------------
Net cash used in operating
activities (3,725,960) (3,302,903) (7,086,016)
Net cash generated
from/(used in) investing
activities 4,464,885 (5,415,656) (6,049,014)
Net cash generated
from financing activities 113,305 16,923,736 16,931,636
Effect of exchange
rate fluctuations (7,873) 3,437 (2,642)
Movement during the
period/year 844,357 8,208,614 3,793,964
---------------------------- ------------ ------------ -------------
Actual Experience plc
Consolidated income statement and statement of comprehensive
income
For the six months ended 31 March 2018
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2018 2017 2017
GBP GBP GBP
----------------------------- ------------ ------------ -------------
Revenue 264,348 192,882 364,832
Cost of sales (583,682) (626,791) (1,300,684)
----------------------------- ------------ ------------ -------------
Gross loss (319,334) (433,909) (935,852)
Administrative expenses (3,506,404) (3,391,260) (6,976,814)
Operating loss (3,825,738) (3,825,169) (7,912,666)
Finance income 61,670 16,042 40,849
Loss before tax (3,764,068) (3,809,127) (7,871,817)
Tax 291,643 153,721 474,668
----------------------------- ------------ ------------ -------------
Loss for the period/year (3,472,425) (3,655,406) (7,397,149)
----------------------------- ------------ ------------ -------------
Other comprehensive income:
Items that are or may be
reclassified to profit or
loss:
Foreign currency difference
on translation of overseas
operations 337 9,978 70,693
----------------------------- ------------ ------------ -------------
Total comprehensive loss
for the period/year (3,472,088) (3,645,428) (7,326,456)
----------------------------- ------------ ------------ -------------
Loss per ordinary share
Basic and diluted (7.75)p (9.44)p (17.72)p
Actual Experience plc
Consolidated statement of financial position
As at 31 March 2018
Unaudited Unaudited Audited
At 31 March At 31 March At 30 September
2018 2017 2017
GBP GBP GBP
------------------------------- ------------- ------------ ----------------
Non-current assets
Property, plant and equipment 306,243 277,108 350,704
Intangible assets 1,601,776 668,292 1,266,261
------------------------------- ------------- ------------ ----------------
Total non-current assets 1,908,019 945,400 1,616,965
Current assets
Trade and other receivables 542,153 552,000 487,189
Income tax receivable 920,958 215,115 568,102
Investments - cash on
term deposits - 5,000,000 5,000,000
Cash and cash equivalents 14,054,207 17,624,500 13,209,850
------------------------------- ------------- ------------ ----------------
Total current assets 15,517,318 23,391,615 19,265,141
Total assets 17,425,337 24,337,015 20,882,106
------------------------------- ------------- ------------ ----------------
Non-current liabilities
Deferred tax (33,327) (22,993) (37,744)
Total non-current liabilities (33,327) (22,993) (37,744)
Current liabilities
Trade and other payables (592,774) (710,026) (786,345)
Total current liabilities (592,774) (710,026) (786,345)
------------------------------- ------------- ------------ ----------------
Total liabilities (626,101) (733,019) (824,089)
Net assets 16,799,236 23,603,996 20,058,017
------------------------------- ------------- ------------ ----------------
Equity
Share capital 89,708 89,339 89,522
Share premium 31,921,249 31,744,464 31,808,130
Accumulated losses (15,211,721) (8,229,807) (11,839,635)
------------------------------- ------------- ------------ ----------------
Total equity 16,799,236 23,603,996 20,058,017
------------------------------- ------------- ------------ ----------------
Actual Experience plc
Consolidated statement of changes in equity
For the six months ended 31 March 2018
Share Share Accumulated Total
capital premium losses equity
GBP GBP GBP GBP
------------------------------ -------- ----------- ------------- ------------
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 income
for the period - - 9,978 9,978
Total comprehensive loss
for the period - - (3,645,428) (3,645,428)
Issue of shares 14,446 16,909,294 - 16,923,740
Share based payment expense - - 83,787 83,787
----------------------------- -------- ----------- ------------- ------------
At 31 March 2017 89,342 31,744,464 (8,229,807) 23,603,999
----------------------------- -------- ----------- ------------- ------------
Audited
At 1 October 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
------------------------------ -------- ----------- ------------- ------------
Unaudited
At 1 October 2017 89,522 31,808,130 (11,839,635) 20,058,017
Loss for the period - - (3,472,425) (3,472,425)
Other comprehensive income
for the period - - 337 337
----------------------------- -------- ----------- ------------- ------------
Total comprehensive loss
for the period - - (3,472,088) (3,472,088)
Issue of shares 186 113,119 - 113,305
Share based payment expense - - 100,002 100,002
----------------------------- -------- ----------- ------------- ------------
At 31 March 2018 89,708 31,921,249 (15,211,721) 16,799,236
----------------------------- -------- ----------- ------------- ------------
Actual Experience plc
Consolidated statement of cash flows
for the six months ended 31 March 2018
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2018 2017 2017
GBP GBP GBP
--------------------------------------- ------------ ----------------- --------------
Cash flows from operating activities
Loss before tax (3,764,068) (3,809,127) (7,871,817)
Adjustment for non-cash items:
Depreciation of property, plant
and equipment 69,346 45,283 107,233
Loss on disposal of property,
plant and equipment 515 - 1,014
Amortisation of intangible
assets 235,751 238,673 162,059
Share based payment charge 100,002 83,789 154,987
Finance income (61,670) (16,042) (40,849)
Operating cash outflow before
changes in working capital (3,420,124) (3,457,424) (7,487,373)
Movement in trade and other
receivables (64,527) (193,623) (83,913)
Movement in trade and other
payables (175,679) 67,246 221,661
--------------------------------------- ------------ ----------------- --------------
Cash outflow from operations (3,660,330) (3,583,801) (7,349,625)
Tax (paid)/received (65,630) 280,898 263,609
Net cash flows used in operating
activities (3,725,960) (3,302,903) (7,086,016)
Cash flow from investing activities
Development of intangible assets (571,266) (390,924) (912,279)
Purchase of property, plant
and equipment (25,519) (40,774) (177,584)
Cash transferred from/(to)
term deposits with more than
3 months maturity 5,000,000 (5,000,000) (5,000,000)
Finance income 61,670 16,042 40,849
Net cash inflow/(outflow) from
investing activities 4,464,885 (5,415,656) (6,049,014)
Cash flow from financing activities
Proceeds from issue of share
capital, net of costs 113,305 16,923,736 16,987,586
Loan to Employee Benefit Trust - - (55,950)
--------------------------------------- ------------ ----------------- --------------
Net cash inflow from financing
activities 113,305 16,923,736 16,931,636
Increase in cash and cash equivalents 852,230 8,205,177 3,796,606
Cash and cash equivalents at
start of year / period 13,209,850 9,415,886 9,415,886
Effect of exchange rate fluctuations
on cash held (7,873) 3,437 (2,642)
--------------------------------------- ------------ ----------------- --------------
Cash and cash equivalents at
end of year / period 14,054,207 17,624,500 13,209,850
--------------------------------------- ------------ ----------------- --------------
Notes to the consolidated interim report
For the six months ended 31 March 2018
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 16 May 2018.
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 2017 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 2018.
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 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 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 2017, summarised
in the 2017 Annual Report and Accounts. There have been no
significant changes in any risk management policies since 30
September 2017.
The interim condensed consolidated financial information for the
six months ended 31 March 2018 and for the six months ended 31
March 2017 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 2018
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 2017 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 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
2018 2017 2017
Current tax:
UK Corporation tax on
losses of the period/year (352,856) (215,115) (568,102)
Overseas taxes 65,630 59,361 76,650
Deferred tax:
Origination and reversal
of timing differences (4,417) 2,033 16,784
Total tax credit (291,643) (153,721) (474,668)
---------------------------- ----------- ----------- -------------
5 Loss per share
The calculation of basic and diluted loss per share for the six
months to 31 March 2018 was based upon the loss attributable to
ordinary shareholders of GBP3,472,425 (six months to 31 March 2017:
GBP3,655,406, year ended 30 September 2017: GBP7,397,149) and a
weighted average number of ordinary shares in issue of 44,813,896
(six months to 31 March 2017: 38,748,077, year ended 30 September
2017: 41,733,648), 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
2018 2017 2017
Issued ordinary shares
at start of period/year 44,761,213 37,447,838 37,447,838
Effect of shares issued 52,683 1,300,239 4,285,810
Weighted average number
of shares at end of period/year 44,813,896 38,748,077 41,733,648
---------------------------------- ----------- ----------- -------------
Due to the losses incurred there is no dilutive effect from the
issue of share options. At 31 March 2018, there were 2,410,425
share options granted but not yet exercised (31 March 2017:
2,453,425; 30 September 2017: 2,375,925).
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 2018 H1 2018 H1 2017 H1 2017 FY 2017 FY 2017
GBP GBP GBP GBP GBP GBP
-------------- ---------- --------- --------- --------- --------- ---------
IP Group plc
(note 1) - 12,500 - 12,500 - 25,000
Note 1: IP Group plc is a shareholder of the Company.
No amounts were outstanding to or from the related parties at 31
March 2018.
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.
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 FKADPABKDOPD
(END) Dow Jones Newswires
May 17, 2018 02:00 ET (06:00 GMT)
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