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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Actual Experience Plc | LSE:ACT | London | Ordinary Share | GB00BJ05QC14 | ORD 0.2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.425 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
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:
Hot Features
Premium
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
FR BFMFTMBJBBTP
(END) Dow Jones Newswires
January 17, 2018 02:00 ET (07:00 GMT)
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