27th Jan 2023 08:50
(Alliance News) - Actual Experience PLC on Friday said it is in contract talks with a "large" UK central government department, as the software firm reported a narrowed annual loss.
Actual Experience shares jumped 14% to 1.25 pence at the London open on Friday but then fell back to flat at 1.10p.
Actual Experience is a Somerset, England-based analytics-as-a-service software company focused on a hybrid workplace management system.
The company said it expects the "advanced discussions" with the UK government department to complete by spring.
It also is in advanced discussions with "two leading professional services firms", one of which it expects to complete by late spring and the other during summer.
Actual Experience added that it is working closely with channel partners such as Verizon Communications Inc and Vodafone Group PLC and also is increasing the size of its sales team.
Pretax loss in the financial year that ended September 30 narrowed to GBP5.5 million from GBP5.9 million, helped by lower administrative expenses, which were cut by 13% to GBP5.8 million from GBP6.7 million. This offset a 32% fall in revenue to GBP1.2 million from GBP1.7 million.
Looking ahead, Executive Chair Kirsten English said: "Our efforts are now focussed on making sales in the rapidly emerging market sector for digital workplace management tools. The economic conditions in the UK remain uncertain, sales cycles are lengthy, but we have built a solid pipeline through both our partners and, more recently, our 'direct sales' efforts."
By Tom Budszus, Alliance News reporter
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