REG - Actual Experience - Contract cancellation

Actual ExperienceAnnouncement

17/06/2022 18:30

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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 Workplace 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 £1 million over a three-year period, will continue to
run until 18 August 2022. This contract generated revenues of £0.2 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)203 128 8666

 Dave Page, Chief Executive Officer

 Steve Bennetts, Chief Financial Officer

 Singer Capital Markets Advisory LLP       Tel: +44 (0)207 496 3000

 Shaun Dobson

 Will Goode

 MHP Communications                        Tel: +44 (0)203 128 8666

 act@mhpc.com (mailto:act@mhpc.com)

 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
(http://www.actual-experience.com/)

 

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