25th May 2016 09:36
LONDON (Alliance News) - Analytics-as-a-service company Actual Experience PLC Wednesday said it looks to its second half and beyond with confidence, as it reported a widened pretax loss for its first half.
For the half year to end-March the company reported a pretax loss of GBP2.6 million, widened from a pretax loss of GBP1.0 million the year before, on revenue of GBP483,635, up from GBP329,238, mostly as a result of a more than doubling in administrative expenses.
The company said its revenue growth was driven by increased sales to its global channel partners. Its gross profit margin decreased to 21% from 39% in the comparative period the previous year as it invested in its customer support team.
The rise in operating expenses was primarily due to a jump in headcount to 48 from 34 at the beginning of the period, as well as increased marketing spend.
Actual Experience said that contracts it signed in the first half have seen it "considerably widen" its channel partner network, and whilst its financial results 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," said Chief Executive Officer Dave Page in a statement.
Shares in Actual Experience were down 4.0% at 271.27 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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