Digital analytics firm Actual Experience PLC (AIM:ACT) shares shot up in early trading on Friday before diving into the red, as losses continued.
The AIM-traded shares rose to 1.25p on the back of the preliminary results, which revealed the company is in "advanced discussions" with a UK government department and two leading professional services firms for its products, which include analytics technology for HR departments.
But by lunchtime, the shares had slumped and were down 4.55% at 1.05p, a new low, after falling from almost 150p at the start of 2021.
Annual losses narrowed slightly from £5.85mln to £5.27mln in the year to September 2022, but revenue and net cash were both down, falling 32% to £1.18mln and 65% to £2.87mln respectively.
amid tougher economic conditions, but chief executive Kirsten English suggested the year bought “meaningful change” for every part of the business.
She commented: “Our efforts are now focussed on making sales in the rapidly emerging market sector for digital workplace management tools.
“The economic conditions in the UK remain uncertain, sales cycles are lengthy, but we have built a solid pipeline.”