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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 May 2019 to May 2024
TIDMACT
RNS Number : 1966Z
Actual Experience PLC
25 May 2016
25 May 2016
Actual Experience plc
(the "Company" or "Actual Experience" or "Actual")
UNAUDITED CONSOLIDATED INTERIM RESULTS
for the six months ended 31 March 2016
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 2016.
Financial Highlights
-- Revenue increased by 48% to GBP486,635 (31 March 2015: GBP329,238) -- Operating loss of GBP2,608,449 (31 March 2015: loss of GBP1,012,236) -- Loss per share of 6.62p (31 March 2015: loss per share of 3.12p) -- Cash balance of GBP12,250,755 (30 September 2015: GBP15,275,222)
Operational Highlights
-- Signing of third multi-year framework agreement, a five year agreement with Vodafone
-- Ongoing progress towards commercialisation within two existing channel partners: Verizon Enterprise Solutions and a leading global brand
-- Significant white-labelling order from a leading US based technology company
-- Continued investment into operational infrastructure, technology development, people, brand and marketing
Dave Page, CEO of Actual Experience, commented: "The contracts signed in the first half of the year have seen Actual Experience considerably widen its channel partner network. Alongside our direct customer base, we are now engaged with four major technology businesses, three of whom have signed multi-year framework agreements for the distribution of our analytics service. While the financial results continue to show growth, they do not yet reflect the significant potential of these agreements.
The funds raised in June 2015 have enabled us to invest in our operations to ensure we have the infrastructure to support these partners and we are excited about their potential. We continue to target additional channel partners and there are opportunities in development with some of the world's largest technology and service companies.
We look to the second half of the year and beyond with confidence."
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
Caroline Forde Tel: +44 (0)7779
664584
Josh Royston Tel: +44 (0)7780
901979
Hilary Buchanan Tel: +44 (0)7515
805218
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 and whether inside or outside 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 offices in London, New York and Seattle. Actual Experience's unique digital analytics as a service is founded on ten years of cutting-edge research at Queen Mary University of London.
www.actual-experience.com
BUSINESS REVIEW
The first half of the year has seen Actual Experience continue the operational and commercial progress achieved in 2015. With the signing in March of a five year contract with Vodafone, being the Company's third multi-year framework agreement, and a white-labelling contract with a leading US technology business, we are now in the implementation process with three global businesses and about to enter implementation with the fourth. These businesses are integrating the Company's analytics service into their offerings, either as a stand-alone service or as part of their own product. Our analytics services' ability to analyse an organisation's digital supply chain will ensure that the quality of digital products and services delivered to customers and staff is always transparent.
Each of these agreements represents a significant revenue opportunity and serves as a validation of the Company's unique methodology of digital quality analysis. While the financial results continue to show growth, with revenues increasing 48% to GBP486,635 (31 March 2015: GBP329,238), they do not yet reflect the significant potential of these agreements.
Headcount increased from 34 at 30 September 2015 to 48 at 31 March 2016, contributing to the significant increase in administrative expenses. This increase will ensure that the Company is positioned to address the requirements of these large organisations.
Channel Partners
Actual Experience's analytics service has far-reaching applicability, with the potential to benefit any organisations with a digital business or footprint. We intend to service the global business markets primarily through channel partners, but will maintain select direct customer engagements.
Actual Experience has signed multi-year framework agreements with three global technology businesses and a significant white-labelling contract with a leading US technology business.
Our Channel Partners incorporate the Company's capabilities in one or more of the following methods:
-- Analytics services sold through the channel to the channel's corporate customers as standalone product;
-- Analytics services incorporated in a technology product or portfolio and sold to the channel's customer as part of the product; or
-- Analytics services incorporated in large, complex customer agreements, all with the ultimate goal to better serve the Channel Partner's customers or to improve their customers' digital experience.
Typically, for all categories, the signing of the master services agreement is the start of a complex, multi-phase implementation process, prior to significant revenue generation. This can involve productisation, the development of marketing materials, sales team training and ultimately the building of a sales pipeline.
New agreements signed in the period
In January 2016, Actual Experience received a significant order to white label the Company's service for a leading US based technology company.
In March 2016, the Company signed a five-year framework agreement with Vodafone. Actual Experience's digital experience quality analysis will be integrated into Vodafone's long-term quality improvement processes and key performance indicators, across Vodafone's enterprise and consumer markets, products and services.
The two agreements signed prior to the period under review were a three year agreement with Verizon Enterprise Solutions (September 2015) and a three year agreement with a Top 100 global brand (May 2015).
Implementation update
Each of the four agreements mentioned above are at various stages within the implementation process, with Verizon Enterprise Solutions being the most advanced. We have been encouraged by the scale of their growing sales pipeline.
Direct and Consumer activities
While our primary focus is the Channel Partner sales model, direct engagement with customers in deploying 'Actual Work' helps us to learn about practical application of our analytics, providing us with insight to ensure continuous improvement and a testing ground for products and services. Our consumer version of our analytics service 'Actual Home', provided free of charge, helps people measure, understand and improve their digital experience quality in their homes.
Operational Development
As planned, we have continued to invest the net proceeds of GBP14.6 million raised in June 2015 in resources that can effectively support our Channel Partners and customers anywhere in the world. Headcount has increased in both the US and the UK and a significant investment is being made in marketing and brand to ensure that the Company's offering is properly understood.
Our increase in marketing activities has focused on building demand for digital experience quality analytics-as-a-service for both the channel and direct. We are running a multi-phased 'Actual Quality' campaign to raise awareness of the issue of digital experience quality, including a report based on responses from over 400 respondents from companies in Europe and the US, across 21 industries.
Other areas of investment focus are the expansion of cloud analytic capacity across multiple data centres in the UK and US, as well as work on scaling analytic capacity within data centres. Work on risk mitigation, including data centre and operational security, has had increased focus during the period. We continue to work towards releasing a field trial version of Digital User on mobile (initially Android) this year.
On 1 February 2016, we were delighted to welcome Paul Spence to the Board as a Non-Executive Director. As well as bringing a wealth of sector specific knowledge, his extensive international experience will be very important as the Company seeks to develop its geographical operations and customer base.
Following the end of the period, the Company has moved into a new head office in Bath, providing space for additional growth and enhanced 24/7 customer support capabilities.
Current Trading and Outlook
The contracts signed in the first half of the year have seen Actual Experience considerably widen its channel partner network. Alongside our direct customer base, we are now engaged with four major technology businesses, three of whom have signed multi-year framework agreements for the distribution of our analytics service. While the financial results continue to show growth, they do not yet reflect the significant potential of these agreements.
The funds raised in June 2015 have enabled us to invest in our operations to ensure we have the infrastructure to support these partners and we are excited about their potential. We continue to target additional channel partners and there are opportunities in development with some of the world's largest technology and service companies.
We look to the second half of the year and beyond with confidence.
FINANCIAL REVIEW
Consolidated income statement
The Group increased its revenue in the period by 47.8% to GBP486,635 (2015: GBP329,238), primarily as a result of increasing levels of sales to global channel partners. While direct sales activity will continue to be an important element of our strategy, we expect that channel revenues will increasingly be the major contributor to the Group's revenue growth.
The gross profit margin decreased to 21% in the first half of 2016 from 39% in the corresponding period in 2015. This reflects the investment made in our customer support team during the period as well as the increase in the number of deployed analytic clouds.
Operating costs increased to GBP2,710,089, compared to GBP1,139,559 in the corresponding period in 2015. The primary drivers for this are the higher headcount levels in 2016 as well as increased marketing spend. As noted above, headcount increased from 34 at 30 September 2015 to 48 at 31 March 2016, to enable the Company to manage the anticipated increase in activity with these large channel partners.
As a result, the Group recorded an operating loss in the period of GBP2,608,449 (31 March 2015: loss of GBP1,012,236) and a loss per share of 6.62p (31 March 2015: loss per share of 3.12p).
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
2016 2015 2015
GBP GBP GBP
-------------------------- ------------ ------------ -------------
Revenue 486,635 329,238 700,449
-------------------------- ------------ ------------ -------------
Gross profit 101,640 127,323 193,266
-------------------------- ------------ ------------ -------------
Operating loss (2,608,449) (1,012,236) (2,424,413)
Loss for the period/year (2,456,951) (899,214) (2,225,455)
-------------------------- ------------ ------------ -------------
Balance sheet
The Group has a debt free balance sheet and cash balances decreased in the period, from GBP15,275,222 at 30 September 2015 to GBP12,250,755 at 31 March 2016.
The trade and other receivables figure of GBP967,879 at 31 March 2016 (31 March 2015: GBP237,179) is made up of trade debtors of GBP594,535, pre-payments of GBP267,513 and others debtors of GBP105,831. Trade debtor balances totalling GBP389,595 were received in April 2016.
Trade and other payables of GBP632,859 (31 March 2015: GBP342,382) includes deferred revenue of GBP206,780.
The movement during the period was:
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2016 2015 2015
GBP GBP GBP
---------------------------- ------------ ----------- -------------
Net cash used in operating
activities (2,827,594) (763,785) (1,973,356)
Net cash used in investing
activities (259,268) (170,680) (350,374)
Net cash from financing
activities 59,746 - 14,656,147
Effect of exchange
rate fluctuations 2,649 - -
Movement during the
period/year (3,024,467) (934,465) 12,332,417
---------------------------- ------------ ----------- -------------
Actual Experience plc
Consolidated income statement and statement of comprehensive income
For the six months ended 31 March 2016
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2016 2015 2015
GBP GBP GBP
------------------------------------ ------------ ------------ -------------
Revenue from continuing
operations 483,635 329,238 700,449
Cost of sales (381,995) (201,915) (507,183)
------------------------------------ ------------ ------------ -------------
Gross profit 101,640 127,323 193,266
Administrative expenses (2,710,089) (1,139,559) (2,617,679)
Operating loss from continuing
operations (2,608,449) (1,012,236) (2,424,413)
Finance income 32,991 7,562 12,977
Finance expense - (31) -
Loss before taxation (2,575,458) (1,004,705) (2,411,436)
Taxation 118,507 105,491 185,981
------------------------------------ ------------ ------------ -------------
Loss after tax for the period/year (2,456,951) (899,214) (2,225,455)
------------------------------------ ------------ ------------ -------------
Other comprehensive expense:
Items that are or may be
reclassified to profit or
loss:
Foreign currency difference
on translation of overseas
operations (11,245) (6,354) (4,684)
------------------------------------ ------------ ------------ -------------
Total comprehensive loss
for the period/year (2,468,196) (905,568) (2,230,139)
------------------------------------ ------------ ------------ -------------
Loss per ordinary share
Basic and diluted (6.62p) (3.12p) (7.12p)
Actual Experience plc
Consolidated statement of financial position
As at 31 March 2016
Unaudited Unaudited Audited
At 31 March At 31 March At 30 September
2016 2015 2015
GBP GBP GBP
------------------------------- ------------ ------------ ----------------
Non-current assets
Property, plant and equipment 98,197 27,930 44,671
Intangible assets 437,460 295,439 366,386
------------------------------- ------------ ------------ ----------------
Total non-current assets 535,657 323,369 411,057
Current assets
Trade and other receivables 967,879 237,179 286,397
Income tax receivable 324,000 106,000 192,000
Cash and cash equivalents 12,250,755 2,008,340 15,275,222
------------------------------- ------------ ------------ ----------------
Total current assets 13,542,634 2,351,519 15,753,619
Total assets 14,078,291 2,674,888 16,164,676
------------------------------- ------------ ------------ ----------------
Non-current liabilities
Deferred tax (11,171) (3,373) (8,858)
Total non-current liabilities (11,171) (3,373) (8,858)
Current liabilities
Trade and other payables (632,859) (342,382) (432,782)
Total current liabilities (632,859) (342,382) (432,782)
------------------------------- ------------ ------------ ----------------
Total liabilities (644,030) (345,755) (441,640)
Net assets 13,434,261 2,329,133 15,723,036
------------------------------- ------------ ------------ ----------------
Equity
Share capital 74,866 57,688 74,027
Share premium 14,833,061 134,346 14,774,154
(Deficit)/retained earnings (1,473,666) 2,137,099 874,855
------------------------------- ------------ ------------ ----------------
Total equity 13,434,261 2,329,133 15,723,036
------------------------------- ------------ ------------ ----------------
Actual Experience plc
Consolidated statement of changes in equity
For the six months ended 31 March 2016
Retained
Earnings
Share Share /
Capital Premium (Losses) Total
GBP GBP GBP GBP
------------------------------ -------- ----------- ------------ ------------
Unaudited
At 1 October 2014 57,688 134,346 2,974,264 3,166,298
Loss for the period - - (899,214) (899,214)
Other comprehensive expense
for the period - - (6,354) (6,354)
Total comprehensive loss
for the period - - (905,568) (905,568)
Share based payment expense - - 68,403 68,403
----------------------------- -------- ----------- ------------ ------------
At 31 March 2015 57,688 134,346 2,137,099 2,329,133
----------------------------- -------- ----------- ------------ ------------
Audited
At 1 October 2014 57,688 134,346 2,974,264 3,166,298
Loss for the year - - (2,225,455) (2,225,455)
Other comprehensive expense
for the year - - (4,684) (4,684)
------------------------------ -------- ----------- ------------ ------------
Total comprehensive loss
for the year - - (2,230,139) (2,230,139)
Issue of shares 16,339 15,231,024 - 15,247,363
Cost of share issues - (591,216) - (591,216)
Share based payment expense - - 130,730 130,730
At 30 September 2015 74,027 14,774,154 874,855 15,723,036
------------------------------ -------- ----------- ------------ ------------
Unaudited
At 1 October 2015 74,027 14,774,154 874,855 15,723,036
Loss for the period - - (2,456,951) (2,456,951)
Other comprehensive expense
for the period - - (11,245) (11,245)
----------------------------- -------- ----------- ------------ ------------
Total comprehensive loss
for the period - - (2,468,196) (2,468,196)
Issue of shares 839 58,907 - 59,746
Share based payment expense - - 119,675 119,675
----------------------------- -------- ----------- ------------ ------------
At 31 March 2016 74,866 14,833,061 (1,473,666) 13,434,261
----------------------------- -------- ----------- ------------ ------------
Actual Experience plc
Consolidated statement of cash flows
for the six months ended 31 March 2016
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2016 2015 2015
GBP GBP GBP
-------------------------------------- ------------ -------------- -------------
Cash flows from operating activities
Loss before tax (2,575,458) (1,004,705) (2,411,436)
Adjustment for non-cash items:
Depreciation of property, plant
and equipment 13,028 5,691 13,747
Amortisation of intangible
assets 154,653 51,917 141,313
Share based payment charge 119,675 68,403 130,730
Finance income (32,991) (7,562) (12,977)
Finance expense - 31 -
-------------------------------------- ------------ -------------- -------------
Operating cash outflow before
changes in working capital (2,321,093) (886,225) (2,138,623)
Movement in trade and other
receivables (680,902) (99,801) (149,423)
Movement in trade and other
payables 185,581 62,805 155,280
-------------------------------------- ------------ -------------- -------------
Cash outflow from operations (2,816,414) (923,221) (2,132,766)
Tax (paid)/received (11,180) 159,436 159,410
Net cash flows used in operating
activities (2,827,594) (763,785) (1,973,356)
Cash flow from investing activities
Development of intangible assets (225,727) (161,002) (321,345)
Purchase of property, plant
and equipment (66,532) (17,209) (42,006)
Finance income 32,991 7,562 12,977
Finance expense - (31) -
-------------------------------------- ------------ -------------- -------------
Net cash outflow from investing
activities (259,268) (170,680) (350,374)
Cash flow from financing activities
Proceeds from issue of share
capital, net of costs 59,746 - 14,656,147
-------------------------------------- ------------ -------------- -------------
Net cash inflow from financing
activities 59,746 - 14,656,147
(Decrease)/increase in cash
and cash equivalents (3,027,116) (934,465) 12,332,417
Cash and cash equivalents at
start of year / period 15,275,222 2,942,805 2,942,805
Effect of exchange rate fluctuations 2,649 - -
on cash held
-------------------------------------- ------------ -------------- -------------
Cash and cash equivalents at
end of year / period 12,250,755 2,008,340 15,275,222
-------------------------------------- ------------ -------------- -------------
Notes to the consolidated interim report
For the six months ended 31 March 2016
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 25 May 2016.
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 are presented in Sterling to the nearest GBP.
The accounting policies used in the preparation of the interim condensed consolidated financial information are consistent with those set out in the 2015 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 2016. If any such amendments, new standards or interpretations are issued then 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 amount, event or actions, actual events ultimately may differ from those estimates. The interim information does not include all financial risk management information and disclosures required in annual financial statements; they should be read in conjunction with the financial information, as at 30 September 2015, summarised in the 2015 Annual Report and Accounts. There have been no significant changes in any risk management policies since 30 September 2015.
The interim condensed consolidated financial information for the six months ended 31 March 2016 and for the six months ended 31 March 2015 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 2016 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 2015 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 Income Statement and 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
2016 2015 2015
Current tax:
UK Corporation tax on losses
of the period/year (132,000) (106,000) (192,000)
Overseas taxes 11,180 509 534
Deferred tax:
Origination and reversal
of timing differences 2,313 - 5,485
Total tax credit (118,507) (105,491) (185,981)
----------------------------- ---------- ---------- ------------
5 Loss per share
The calculation of basic and diluted loss per share for the 6 months to 31 March 2016 was based upon the loss attributable to ordinary shareholders of GBP2,456,951 (6 months to 31 March 2015: GBP899,214, year ended 30 September 2015: GBP2,225,455) and a weighted average number of ordinary shares in issue of 37,138,136 (6 months to 31 March 2015: 28,844,225, year ended 30 September 2015: 31,239,006), 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
2016 2015 2015
Issued ordinary shares
at start of period/year 37,013,338 28,844,225 28,844,225
Effect of shares issued 124,798 - 2,394,781
Weighted average number
of shares at end of period/year 37,138,136 28,844,225 31,239,006
--------------------------------- ---------- ---------- ------------
Due to the losses incurred there is no dilutive effect from the issue of share options. At 31 March 2016 there were 2,484,925 share options granted but not yet exercised (31 March 2015: 2,146,975; 30 September 2015: 2,460,425).
6 Related party transactions
During the period, the Group entered into transactions, in the ordinary course of business, with shareholders and other related parties.
Transactions entered into, along with trading balances outstanding due to 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 2016 H1 2016 H1 2015 H1 2015 FY 2015 FY 2015
GBP GBP GBP GBP GBP GBP
----------------------- --------- --------- --------- --------- --------- ---------
Queen Mary and
Westfield College,
University of London 9,000 - - - 15,400 -
IP2IPO Limited - 22,500 - 12,515 - 25,093
Inmarsat plc 10,000 - - - 9,500 -
CTGFT Limited - 7,500 - - - 7,500
Queen Mary and Westfield College, University of London and IP2IPO Limited are both shareholders of the Company.
Two of the Company's directors, Sir Bryan Carsberg and Mr Stephen Davidson have common directorships of Inmarsat plc.
One of the Company's directors, Mr Robin Young, is a director and sole shareholder of CFGFT Limited.
At 31 March 2016, an amount of GBP12,000 was owed to the company by Inmarsat plc. No amounts were outstanding to or from the other related parties.
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 AKQDPCBKDBPB
(END) Dow Jones Newswires
May 25, 2016 02:01 ET (06:01 GMT)
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