Accesso Tech - still waiting for a longer run floor9 Apr 2026 16:32
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accesso technology group delivered steady fy25 performance against a difficult consumer and macro backdrop, with modest revenue growth, stable cash ebitda and a materially stronger statutory profit outcome. revenue increased 1.8% to us$155.1m, or 3.8% excluding the disposal of the brazil subsidiary, the prior b2c exit and a one-off hardware sale in fy24. cash ebitda rose slightly to us$23.0m, while statutory profit before tax increased 37.7% to us$14.3m. the group also ended the year with net cash of us$30.5m, providing balance sheet flexibility and supporting further capital returns. the investment case rests on three main pillars: resilient recurring software exposure, improved commercial momentum, and optionality from ai-led product enhancement. the commercial picture was encouraging, with 43 new venue wins in 2025 versus 30 in 2024, and notably better win quality, with 25 venues adopting saas solutions and/or expanding product usage compared with just 9 in the prior year. a key growth area is accesso freedom, the group’s restaurant and retail proposition, which accelerated meaningfully, with 63 venues signed by year-end versus 11 at the end of 2024. this supports the view that accesso is broadening beyond its traditional ticketing and virtual queuing franchise into wider guest commerce and venue operating workflows. that matters strategically, as it increases wallet share, deepens customer integration and broadens the addressable market. capital allocation also remains supportive. accesso repurchased us$15.9m of stock during fy25 and completed a further us$20.0m tender offer after year-end, signalling board confidence in the valuation and cash generation of the business. looking into fy26, management expects revenue and cash ebitda to be broadly in line with market expectations of around us$146m and us$20.0m respectively, a little conservative looking but given the highly....
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