(Sharecast News) - Analytics-as-a-service provider Actual Experience said in a trading update on Thursday that it made continued progress with putting in place the people and technology required to "claim a leading position" in the emerging market for 'human experience management' (HX).
The AIM-traded firm said its focus was on enabling customers to optimise their digital ecosystem to increase productivity and enhance employee wellbeing.
As it previously said, the financial year ended 30 September was thus a period of transition as the company laid the groundwork for its new market focus.
Revenue for the year was generated entirely from legacy sales engagements, and fell to £1.2m from £1.7m year-on-year.
Actual Experience said it was focussed on expanding its sales prospect pipeline and, in particular, generating orders from its more advanced opportunities.
Feedback from partners and enterprises for the newly-launched 'Digital Workplace Management Platform' (DWMP) was "very positive", the board said.
During the year, significant cost reductions relative to the peak level of spending earlier in the year amounting to around a third of peak monthly spending - savings of £0.2m per month - were achieved through reduced headcount and other operational initiatives.
That would benefit the new financial year that began on 1 October by lowering the company's cash burn and break even point.
Net cash at 30 September totalled £2.9m, down from £8.2m a year earlier.
Following the fund raise completed in October which raised net proceeds of £2.8m, Actual Experience said it was in a "solid financial position", with net cash of £5m at 31 October.
That reflected "slightly higher than normal" expenditure in October.
"There has been continuing momentum and clear progress achieved in recent months driven by our new leadership team and a stronger commercial focus," said executive chair Kirsten English.
"In particular, it is encouraging to see the uniformly positive reaction from both partners and enterprise prospects to our newly-launched DWMP.
"The measures that we have put in place over the last year have resulted in the company being well placed to respond to the strong emerging enterprise demand for HX solutions to improve digital productivity and employee wellbeing in the hybrid working environment."
Actual Experience said it would announce its full-year results in late January, at which point it would provide a further update on current trading.
Reporting by Josh White for Sharecast.com.
