LONDON (Alliance News) - Actual Experience PLC Monday reported a wider loss for the first half of its financial year as it invested in its customer support team, but revenue rose 21% and it announced its largest customer contract so far.
The supplier of cloud-based digital supply chain analytics reported a pretax loss of GBP1.0 million for the six months to end-March, compared with a loss of GBP836,106 a year earlier, as higher cost of sales and administrative costs as it raised headcount offset a rise in revenue to GBP329,238 from GBP272,081.
Its cash balance at the end of the half stood at GBP2.0 million, down from GBP2.9 million a year earlier.
"The investment we have made in the business, including bolstering our sales teams and enhancing our product offerings, means we are well positioned to capitalise on our strong and growing pipeline and we are confident in our ability to convert this into revenue," the company said.
Actual Experience also said it has signed its most significant contract to date. It will supply services to a "major global organisation" which is listed in the top 100 of Forbes' Most Valouable Brands.
It didn't say how much the contract is worth but said the minimum value is the company's largest to date.
"Given that this customer represents a channel to its end users and given the reputation, scale and global reach of the customer, the board of Actual Experience believes that this contract has the ability, over time, to radically enhance the bompany's revenue profile," it said.
"The second half of the year has started strongly and we continue to be excited by the market response to our technology. We are pleased to be able to announce today the recent contract win with a major global organisation, our largest customer contract to date, and we are optimistic for the remainder of the year and beyond," Actual Experience added in its outlook statement.
Actual Experience shares were down 1.1% at 230.00 pence Monday morning. The stock has risen 31% so far in 2015.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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