Annual revenue at Bath digital pioneer Actual Experience has soared by 200% as it landed its first major contracts.
The advanced analytics firm, which also has offices in London, New York and Seattle, signed the first full-scale deployments of its unique digital analytics-as-a-service products during the year to September 30.
The firm was founded on 10 years of cutting-edge research at Queen Mary University of London. Since its launch in 2009 it has become the market leader in advanced analytics for managing digital business quality. It floated on the London Stock Exchange’s AIM market in 2014.
Actual Experience says its pioneering products can bring about a step change in efficiency and an end to glitches that dog digital platforms such as buffering and poor internet connections.
Revenue during the year rose to £1.08m from £365,000 in the previous 12 months following invoicing on one of its large-scale deployments. It said a second would contribute to revenues in the 2019 financial and beyond
During the year it also signed contracts with the customers of two of its channel partners with engagement levels increasing with these partners following deployments.
Also, one of its partners anticipates having its own internal revenue forecast for Actual Experience’s product with resources committed wholly to us within their product and sales organisations
The firm said this reflected its strategic focus on generating revenue growth from its channel partners, adding that it was developing a “more robust sales process” in partnership with certain channel partners.
Actual Experience CEO Dave Page said: “Significant progress has been made in the development of our product and ensuring that the operational processes are in place to enable large-scale deployments within our channel partners’ customer bases.
“This has been validated with the confirmation of two large scale deployments, the first of which has contributed meaningful revenues in the year under review, with the second due to contribute in the current year.
“We are confident that these initial deployments will serve as the start of a growing pipeline of deals and expect to see the number and rate of deployments increase gradually throughout 2019, bringing another year of increased revenue and laying down annual recurring revenue for the years to come.”
The firm said the contract wins had validated its business model, establishing long-term annuity revenues. Looking ahead, its focus was now to build on that success, working closely with its channel partners to develop a sales pipeline and bring an increasing number of customers into production.
“We expect progress to increase as the year goes on,” it said. “The board continues to be confident that we can capitalise on the massive market opportunity that is before us, and we look forward to converting that potential.”
The gross loss for the year was £88,645, a significant reduction from the previous year’s £935,852.
