Actual Experience PLC Contract cancellation (3797P)

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 
  [e-mail]                          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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June 17, 2022 13:30 ET (17:30 GMT)