ACT.L Share News (ACT)

(Sharecast News) - Shares in management consulting services company Actual Experience tumbled on Friday after the firm revealed it would incur a pre-tax loss for the twelve months ended 30 September.
Actual Experience stated it had incurred the pre-tax loss as a result of ongoing investments in technology, sales and marketing functions.

The AIM-listed group also said it had generated revenues of £1.7m, down from £1.9m in the prior year, with £100,000 of the reduction being attributable to the fall in the value of sterling against the US dollar.

Looking forward, Actual Experience expects to begin to benefit from the ramp-up of revenues being generated by new business wins, but cautioned that it was likely a long-standing contract, that generated £1.2m in revenues in 2020 and relies on its legacy offering, will not renew in the coming months due to a change in customer strategy.

Additionally, Actual Experience cautioned that whilst it had made "good progress" during the year, its sales cycle remained "lengthy" and efforts to reduce it were being hampered by the ongoing Covid-19 pandemic and the "resultant elongation of procurement processes".

As of 1100 GMT, Actual Experience shares had tumbled 36.52% to 35.55p.