Actual Experience PLC Contract cancellation (3797P)
June 17 2022 - 12:30PM
UK Regulatory
TIDMACT
RNS Number : 3797P
Actual Experience PLC
17 June 2022
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018).
Actual Experience plc
(the "Company" or "Actual Experience")
Contract cancellation
Actual Experience plc (AIM: ACT), the Digital Work place
Management Systems provider, has been notified by a Channel Partner
that one of its customers, a leading global energy supplier, will
terminate its contract with Actual Experience. The contract,
originally announced on 23 August 2021 with a total value of
approximately GBP1 million over a three-year period, will continue
to run until 18 August 2022. This contract generated revenues of
GBP0.2 million during FY21.
The decision to terminate the contract was not based on the
performance of Actual Experience's offering. The Channel Partner
said:
'It's unfortunate that due to changing requirements within the
customer, the contract could not continue. The Actual Experience
product did deliver on our expectations and those of the customer,
and we look forward to partnering with Actual Experience in the
future should the opportunity arise'.
Despite this disappointing news, we remain focused on generating
more sales following our recent investment in the new portal,
direct sales, marketing and senior appointments.
The continuing viability of Actual Experience will depend on
securing more sales, the timing of which cannot be forecast with
any certainty. The Board is assessing the impact on the Company and
will make a further announcement when appropriate.
Enquiries:
Actual Experience plc Tel: +44 (0)203
Dave Page, Chief Executive Officer 128 8666
Steve Bennetts, Chief Financial
Officer
Singer Capital Markets Advisory Tel: +44 (0)207
LLP 496 3000
Shaun Dobson
Will Goode
MHP Communications Tel: +44 (0)203
act@mhpc.com 128 8666
Reg Hoare
Matthew Taylor
Will Mullan
About Actual Experience
Actual Experience's goal is to make the digital world work for
everyone, everywhere, all of the time. As the working world evolves
post-pandemic, the global shift to a flexible hybrid model has
brought with it a significant challenge; how do businesses create
an environment that gives their people what they need to thrive,
whilst protecting the commercial efficiency of the business and
driving growth at the same time?
By underpinning their strategic decision making with our
data-driven insights, our customers gain the clarity and confidence
needed to build sustainable digital ecosystems within their
organisations - delivering both a great employee experience and
increasing the efficiency of the digital workplace. Powered by over
10 years of academic research, our service doesn't need any
interaction with employees to provide a unique and highly
actionable dataset that People, Technology and Finance leaders can
rely upon to plan impactful projects against their most critical
agenda items including wellbeing, profitability, DE&I and ESG
initiatives.
Actual Experience is listed on the London Stock Exchange (AIM:
ACT). Our corporate headquarters are in Bath, UK. Actual
Experience's unique and patented digital analytics-as-a-service is
founded on cutting-edge research from Queen Mary University of
London.
For further information please visit
www.actual-experience.com
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END
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