Last checked at 29 Jan 2024 07:00
29 January 2024
accesso ® Technology Group plc
("accesso" or the "Group")
Trading Update
Achieves 2023 profit expectations while investing in next generation products
Delivers 6% revenue growth despite transitioning away from lower-margin revenue streams
Wins significant early commitment for accesso Horizonsm with multi-year project in Saudi Arabia
accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider for leisure, entertainment, and cultural markets, today provides the following trading update ahead of its full year results announcement in April.
For the full year, the Group expects to achieve Cash EBITDA in line with its expectations at a margin of not less than 15% despite an elevated level of investment in next generation products. The Group also expects to deliver $148.5m of revenue or 6% year-on-year growth driven by its organic initiatives and initial contributions from the acquisitions of VGS, Paradocs and Digisoft. This robust performance comes as the Group continues to focus on growing its higher margin revenue streams while proactively stepping back from lower margin elements of its revenue base. For example, during the second half, the Group fully transitioned out of lower-margin operational staffing and the related revenue associated with accesso LoQueuesm operations for a key customer, as referenced in its interim results.
The Group is also very pleased to report positive early results from its most recent acquisitions. accesso HorizonSM, its newly acquired ticketing platform (formerly VGS), has already delivered a multi-year project win to install and support a signature entertainment destination in Saudi Arabia. This takes the Group into a new region and a market with significant growth potential, reinforcing the rationale for the Group's global expansion efforts and demonstrating the growing demand for its innovative and distinct technology offerings.
accesso Paradox (formerly Paradocs), is also gaining momentum, with 7 new ski venues signed since acquisition, and following the official November launch of accesso Freedom, the Group's new restaurant and retail platform, responses have been highly positive. This new product has now secured 3 new customers and is building an increasingly strong pipeline of interest.
Looking ahead to 2024, the Group expects revenue growth of approximately 9% while it continues to expand its global customer base, fully leverage its recent acquisitions and onboard customers for the new accesso Freedom offering. The Group also expects to see improvement in Cash EBITDA margins to not less than 17%.
The Group remains committed to its medium-term Cash EBITDA margin target of at least 20%.
The Group will provide full details of 2023 performance and expand on its view of its 2024 outlook at the time of its results in April.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please contact:
accesso Technology Group plc Steve Brown, Chief Executive Officer Fern MacDonald, Chief Financial Officer |
| +44 (0)118 934 7400
|
Deutsche Numis (Nominated Adviser and Sole Broker) Simon Willis, Hugo Rubinstein, Iqra Amin |
| +44 (0)20 7260 1000 |
Dentons Global Advisors Adam Davidson, Leah Dudley |
| +44 (0)20 7038 7419 |
About accesso Technology Group, plc
At accesso, we believe technology has the power to redefine the guest experience. Our patented and award-winning solutions drive increased revenue for attractions operators while improving the guest experience. Currently serving over 1,000 venues in 30 countries around the globe, accesso's solutions help our clients streamline operations, generate increased revenues, improve guest satisfaction, and harness the power of data to educate business and marketing decisions.
accesso invests heavily in research and development because our industries demand it, our clients benefit from it and it makes a positive impact on the guest experience.
Our commitment to improving the guest experience and helping our clients increase revenue is the core of our business. Our technology solutions allow venues to increase the volume and range of on- and off-site spending, and to drive increased transaction-based revenue through cutting-edge ticketing, point-of-sale, virtual queuing, distribution and experience management software.
Many of our team members come from backgrounds working within the attractions and cultural industry. In this way, we are experienced operators who run a technology company serving attractions operators, versus a technology company that happens to serve the market. Our staff understands the day-to-day operations of managing complex venues and the challenges this creates, and together we strive to provide our clients and their guests with technology that empowers them to do more and enjoy more. From our agile development team to our dedicated client service specialists, every team member knows that their passion, integrity, commitment, teamwork and innovation are what drive our success.
accesso is a public company, listed on AIM: a market operated by the London Stock Exchange. For more information, visit www.accesso.com . Follow accesso on Twitter , LinkedIn and Facebook .