By Elena Vardon
Actual Experience on Monday said its pretax loss for the first half of fiscal 2023 narrowed due to lower costs.
The U.K. workplace-analytics company posted a pretax loss for the six months ended March 31 of 2.5 million pounds ($3.2 million) compared with a pretax loss of GBP2.8 million for the same period the previous year.
Revenue dropped to GBP225,271 from GBP824,706 due to the cancellation of longstanding products, which was partially offset by new Digital Workplace Management Platform revenue, it said.
Costs fell to GBP2.5 million from GBP3.2 million, namely on lower research and development spend, it added.
It expects administrative costs to be slightly higher in the second half given an increase in sales headcount, it said.
Actual Experience said that material uncertainty exists which might cast doubt about its ability to continue as a going concern if it doesn’t secure enough new revenue contracts, cost reductions or further funding to meet its liquidity requirements in the foreseeable future.
Write to Elena Vardon at elena.vardon@wsj.com
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