One line summary:

Impressive growth trajectory and strong management team but with two big acquisitions to digest, a diminishing ability to wield capital effectively and a sky-high P/E I'm not going to join the queue for Accesso.

Introduction

A few years ago Accesso was known as Lo-Q and if you've been to a theme park recently you might have seen its key product: the Q-Bot. These nifty devices allow you to join a virtual queue and while you're waiting you can take in some less popular rides or just relax and spend money. Much more fun for the customer (well those who've splashed out on the devices anyway) and an opportunity for the park owner to squeeze some extra revenue.

This is an exceptionally successful niche for Accesso and they boast of an impressive client base (although with more dependence on Six Flags in America than is comfortable; 95% of revenue stems from the US). However the writing is on the wall with mobile-phone queueing apps set to muscle out their bespoke hardware offering. So management have been on the acquisition trail and swept up the original Accesso along with SiriusWare; all in just over twelve months.

The last year has been a period of great change (and opportunity) for Accesso as it digests these acquisitions. Simultaneously the share price has endured a rather high level of volatility with it breaching 750p at the end of 2013 before deflating to just below 450p in July. The question I aim to answer then: is this just a blip in the monumental growth of Accesso (ten years ago you could have filled your boots at less than 5p) or are we looking at a stall scenario?

Full year accounts for 2013

The annual accounts for Accesso are a little distorted as they cover a 14-month period due to a change in the year end date. The adjustment is reasonable asAccesso is a very seasonable business (busy summers, quiet winters) and annualising the figures isn't hard. On the other hand the year end date forAccesso was 31st December right up until 2008; so it's a bit odd to flip-flop this way in just 5 years.

In thumbing through this report I'm trying to get a feel for the honesty of the management and…

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