Access Intelligence shares fall despite "robust" annual outlook

(Alliance News) - Access Intelligence PLC on Tuesday said trading in its recently completed financial year was "robust", with revenue growth of 97%, though it did warn of slower customer decision-making in North America.

Shares in the London-based software-as-a-service products provider fell 28% to 63.00 pence each on Tuesday afternoon in London.

For the financial year that ended November 30, Access expects to report revenue of around GBP65.6 million, up from GBP33.3 million a year prior. It expects adjusted earnings before interest, tax, depreciation and amortisation to be GBP2.3 million, swung from a loss of GBP500,000 and ahead of consensus expectations.

Access Intelligence highlighted Isentia, the Sydney-based media intelligence and insights firm that it acquired in September for GBP19.4 million.

It said Isentia will be re-platformed to its integrated media monitoring product, which Access Intelligence said will "provide the company with clear market differentiation against its competition and customers will benefit from a significantly enhanced suite of products and services." It expects the product to launch in the second quarter of 2023.

"Despite the challenges that wider economic conditions present in terms of overall revenue growth, Access Intelligence has achieved its target adjusted earnings before interest, tax, depreciation and amortisation for the year through the realisation of greater than expected synergies being delivered ahead of schedule," Access Intelligence said.

It added: "Performance in Europe remains on track with improving annualised recurring revenue and margin, whilst the company's sales in North America have been challenged by a slowdown in decision making at the enterprise level. Overall [annualised recurring revenue] growth in the Europe, Middle East & Africa & North America region for the year was GBP2.5 million."

By Tom Budszus, Alliance News reporter

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