ACC.L Share News (ACC)

(Sharecast News) - Software-as-a-Service solutions provider Access Intelligence said on Thursday that its underlying business had "performed well" through the volatility seen in the first half of 2020 but opted not to issue any forward guidance as a result of the ongoing Covid-19 pandemic.
Access Intelligence said strong renewal rates underpinned growth in annual contract value of £1.04m, or 12%, in the period - over double the £450,000 increase for the equivalent period in 2019

The AIM-listed group expects total revenues to be up over 50% year-on-year to £9.4m for the half.

Access Intelligence also implemented a number of cost-saving initiatives, resulting in costs being reduced by approximately £1.1m this year and the firm's liquidity position remaining strong with net cash of £2.6m.

However, Access said Covid-19 had affected the rate of new business wins as potential new customers put certain projects on hold and delayed investing in new technology products.

Access also stated it was "hard to predict" how its pipeline of opportunities would evolve over the remainder of the year and highlighted that its ability to generate new business in line with our original 2020 expectations remained "unclear".

As a result, the group said it was "inappropriate" to provide forward-looking guidance until the overall impact of Covid-19 became clearer.

Chairman Christopher Satterthwaite said: "Despite the challenge Covid-19 has presented all businesses, the last six months trading has demonstrated the strength of the company with encouraging growth seen across the product portfolio."

As of 1020 BST, Access Intelligence shares were up 2.24% at 57.0p.