Accesso Technology Group Share News (ACSO)

(Sharecast News) - Electronic ticketing company Accesso Technology said on Monday that its full-year trading outlook remained dependent on if and when British theme parks and attractions would be able to reopen during summer.
Accesso anticipates that demand will likely rebound "strongly" once the Covid-19 pandemic passes but stated that it was in the middle of a "constructive discussion" with an existing credit provider to increase its liquidity headroom in the meantime.

While the AIM-listed firm, which posted a 72% revenue drop in April alone, stated its current cash balance of $19.5m would see it through to autumn, Accesso said it had still taken steps to cut its operating costs to $2.6m a month and was also considering additional funding options.

The company also noted that all of its expectations hinged on how soon its partner sites can reopen, as well as how quickly visitor volumes recover.

Chief executive Steve Brown said: "Having started the year strongly, we are now acting decisively to manage our cost-base while this situation endures.

"We have sufficient liquidity in place to manage a range of forward-looking scenarios, and we are considering further options to ensure the company is fully prepared should the impacts extend beyond the range of our current expectations."

Separately, Accesso announced it had appointed Fern MacDonald, who joined the group as senior vice president of finance back in May 2018, as its chief financial officer - with immediate effect.

As of 1300 BST, Accesso had slumped 10.26% to 175p.