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
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+44 (0)118 934 7400
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Deutsche Numis
(Nominated Adviser and Sole Broker)
Simon Willis, Hugo Rubinstein, Iqra
Amin
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+44 (0)20 7260 1000
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Dentons Global
Advisors
Adam Davidson, Leah Dudley
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+44 (0)20 7038 7419
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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 .