Actual Experience PLC (LON:ACT), the analytics-as-a-service company, today announced the following trading update for the 12 months ended 30 September 2018.
The Board is pleased to report a year of strong progress for the Company, with revenue for the 12 months having grown to £1.1m (FY’17 £0.4m). This growth is mainly driven by the part year contribution from the first full-scale customer deployment via one of its Channel Partners, as announced in April of this year. This means that the Company exits FY’18 with an annual recurring revenue (ARR) of £1.6m. This excludes the second large scale customer implementation, announced 1 June 2018, which will contribute to the current fiscal year’s revenue figures.
This implementation and associated revenue growth demonstrates the potential scale of the Company’s deployments within large enterprise customers and validates the Board’s belief in their ability to generate annual revenues of, on average, $500,000 for Actual Experience.
In light of the deployments with the Company’s Channel Partners, the Board believes the growth opportunity for Actual Experience to be significant and with cash as at 30 September 2018 of £10.8m (FY’17 £18.2m), the Company has a solid financial platform on which to execute its strategy.
The Company will publish its final results for the year ended 30 September 2018 in January 2019.
Dave Page, CEO of Actual Experience, commented: “With these two large customers the market opportunity and the product and process improvements we undertook prior to these full scale deployments have been validated. I am pleased that we are now at the stage we have been working towards for a number of years. This increase in revenue means that the level of net cash flows used in operating activities is decreasing, and we are confident that the momentum generated within our partners by these deployments will see revenue accelerate in this fiscal year, gathering pace as the year progresses.”