Accesso Technology - Half-year Report

Accesso Technology

15/09/2026 07:00

RNS Number : 7118U
  
Accesso Technology Group PLC
  
15 September 2026
  
 



15 September 2026


accesso® Technology Group plc


 


(“accesso” or the “Group”)


 


Interim results for the six-months ended 30 June 2026


 


First-half performance in-line with expectations and full-year guidance is unchanged; Progressing the shift from standalone products to a connected, data-led software ecosystem


 


accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider to leisure, entertainment, and cultural markets, today announces its interim results for the six months to 30 June 2026 (‘H1 2026’). 


Commenting on the results, Lee Cowie, Chief Executive Officer of accesso, said: 


“Since becoming Chief Executive on 1 May, my focus has been on sharpening our strategy and bringing our products together into a modular, AI-first ecosystem, built largely from capabilities we already own. This approach enables customers to adopt Accesso’s technology progressively across the points wherever guests transact with operators, rather than one product at a time. Early customer engagement is encouraging, with more multi-product deals within single commercial relationships and particular momentum in Accesso IntelligenceSM, where cross-sell into our existing base is ahead of initial expectations. Our embedded payments capability is now live and, while we remain at an early stage, customer response to date supports our confidence in this strategy. With key trading periods still to come, we remain focused on disciplined execution through the second half and our full-year guidance remains unchanged.”


 



 




 




H1 2026




 




H1 2025




Change




 




Note




Unaudited




 




Unaudited




 




Group Revenue




 




$67.8m




 




$67.9m




(0.2%)




Ticketing and distribution




 




$57.7m




 




$53.1m




8.6%




Guest Experience (inc. virtual queuing)




 




$6.1m




 




$10.4m




(41.7%)




Professional Services




 




$4.0m




 




$4.4m




(8.3%)




Group Revenue – constant currency




4




$66.5m




 




$67.9m




(2.1%)




Group Revenue – exc. virtual queuing




 




$63.5m




 




$59.3m




7.1%




Repeatable revenue as a % of Group revenue




 




84.4%




 




84.5%




(0.1) ppts




Gross Profit




 




$52.8m




 




$53.2m




(0.8%)




Cash EBITDA




1




$7.6m




 




$5.1m




49.7%




Statutory profit before tax




 




$0.3m




 




$1.9m




(85.0%)




Adjusted basic earnings per share (cents)




3




12.75




 




10.05




26.9%




Basic earnings per share (cents)




 




1.07




 




3.39




(68.4%)




Net cash at 30 June




2




$7.3m




 




$25.4m




(71.2%)



 


Highlights


 



First-half performance in line with expectations: 


Group revenue broadly consistent with H1 2025 at $67.8m.


Ticketing and distribution revenue up 8.6% to $57.7m, offsetting the anticipated reduction in Guest Experience revenue following the previously communicated virtual queuing contract changes.


Cash EBITDA increased by 49.7% following continued focus on operating efficiency, with cost actions taken earlier in the year contributing to a 6.1% reduction in underlying administrative expenditure.





 



Balance sheet strength enabling shareholder returns and investment in growth and innovation:


$20.0m (£14.5m) returned to shareholders via a tender offer in March 2026.


Established accesso Intelligence through the acquisition of Dexibit®, a leading analytics and business intelligence provider to visitor attractions, for initial consideration of approximately $7.0m plus deferred and performance-related consideration. Existing customers have started to adopt the Intelligence layer and early cross-sell interest has run ahead of initial expectations.


Continued investment in AI, accelerating the pace of software development and improving customer engagement.


Refinanced the Group’s existing $40m revolving credit facility with HSBC to extend it for a further four years, on improved pricing term, completed after the period end in August 2026.





 


 



Encouraging impact from refined commercial strategy: 


Sharpened commercial strategy showing early promise, with improved new-business win rates expected to follow.


A more connected, composable ecosystem, enabled by the accesso Intelligence and payments layers, is creating a more pointed cross-sell opportunity across the existing customer base as previously separate products are brought together on a single platform, while also supporting a more integrated proposition for new customers from the onset.


17 new venues added in the first half, with a larger proportion purchasing multiple products under a single commercial model; the share of pipeline value tied to multi-product deals has doubled year on year.


accessoPay is beginning to go live following expanded strategic payments partnership with Adyen, bringing payment processing inside the accesso ecosystem to grow payments monetisation over the medium to long term whilst providing a simpler, clearer offering for customers across the guest journey.





 



Full year guidance unchanged


The Board's outlook for FY26 remains unchanged, with anticipated full-year revenue of approximately $146m and Cash EBITDA of approximately $20m, reflecting expectations for peak seasonal trading still to come and Middle East project delivery milestones.


Trading through the peak summer months of July and August was broadly in line with the Board’s expectations and commercial momentum has continued in Q3, with a number of new multi-product sales agreed, product use expansions with existing customers and initial accessoPay transactions underway.


With encouraging pipeline momentum, a simplified organisation, a new senior leadership team, clearer commercial focus and continued investment in Intelligence and payments, the Board is confident that the business is well positioned for future growth.





 


 


Analyst presentation


The Company will be hosting a webcast presentation for analysts at 9.30am BST today. Should you wish to attend, please contact accesso@almastrategic.com.

A copy of the presentation made to analysts will be available for download from the Group’s website shortly after the conclusion of the meeting.


 



Footnotes:




(1)




Cash EBITDA: operating profit before the deduction of amortisation, impairment of intangible assets, depreciation, acquisition and integration costs, and costs related to share-based payments less capitalised development costs (see reconciliation in Financial review).




(2)




Net cash is calculated as cash and cash equivalents less borrowings. Lease liabilities are excluded from borrowings on the basis they do not represent a cash drawing.




(3)




Adjusted basic earnings per share is calculated after adjusting operating profit for impairment of intangible assets, amortisation on acquired intangibles, acquisition & integration, disposal costs and share-based payments, net of tax at the effective rate for the period on the taxable adjusted items (see note 6)




(4)




Revenue metrics for the period ended 30 June 2026 have been prepared on a constant currency basis using rates from the period ended 30 June 2025 to assist with assessing the underlying performance of the revenue streams. Average monthly rates for H1 2025 were used to translate the monthly H1 2026 results into a constant currency. 



 


For further information, please contact: 


 



accesso Technology Group plc




+44 (0)118 934 7400




Lee Cowie, Chief Executive Officer




 




Matthew Boyle, Chief Financial Officer




 











Deutsche Numis (Nominated Adviser and Joint Broker)




+44 (0)20 7260 1000




Joshua Hughes, Iqra Amin, Spencer Clark




 












Shore Capital (Joint Broker)




+44 (0)20 7408 4090




Daniel Bush, Fiona Conroy, Sophie Collins




 











Alma Strategic Communication




+44 (0)20 3405 0205




Hilary Buchanan, Josh Royston, Rose Docherty




 



 


About accesso


At accesso, we believe technology has the power to redefine the guest experience. Our patented and award-winning solutions drive increased revenue for attraction operators while improving the guest experience. Currently serving over 1,100 clients in 31 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 facilitate business and marketing decisions.


 


accesso stands as the leading technology provider of choice for tomorrow's attractions, venues and institutions. To stay ahead, we invest 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 innovative technology solutions allow venues to increase the volume and range of on-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 have direct, hands-on experience working in the venues we serve. 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. 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.


 


 


***


 


Chief Executive’s Review


Overview


Having taken up the role of Chief Executive on 1 May, I am pleased to present my first report to shareholders. I would like to thank my predecessor, Steve Brown, for his leadership of the business during his tenure and for his work in supporting a smooth transition.


Trading in H1 FY26 was in line with the Board's expectations and resilient against an uncertain macroeconomic backdrop. Ticketing and Distribution grew by 8.6%, reflecting good progress in the period, although this was offset by the impact of two previously announced customer contract changes in virtual queuing, resulting in broadly flat Group revenue. Excluding those two contract changes, Group revenue increased by 7.1%. Cost efficiency measures implemented earlier in the year underpinned a material improvement in Cash EBITDA, which increased 49.7% to $7.6m (H1 2025: $5.1m), with Cash EBITDA margin rising to 11.2% (H1 2025: 7.5%).


 


H1 was a period of deliberate strategic transition, during which we refined the organisation and leadership structure to create a more focused business, aligned around a scalable platform model built on accesso Intelligence, payments and a unified product offering. We are simplifying the customer proposition, bringing our technology solutions together, focusing investment and moving accesso from a product-led sales model towards a more connected ecosystem across the guest journey. Where accesso has historically led with a single product sale before expanding that relationship over time, we are increasingly presenting customers with a more integrated proposition from the outset, increasing the value we capture from each new customer relationship from the point of first sale. This transition is aligned with an evolving market backdrop, as venue operators assess the role of AI and broader technology investment within their own operating models. While this has lengthened some customer decision-making and sales cycles in the near term, it also reinforces the relevance of our strategy: positioning accesso as a broader ecosystem partner. In particular, accesso Intelligence addresses a key priority for operators by giving customers a practical way to apply AI to their own operational data, opening broader strategic conversations beyond individual product sales. 


H1 has provided encouraging early evidence of customer demand for a more integrated accesso offering. We have seen an increasing share of multi-product deals sold within single commercial relationships and have a materially stronger multi-product pipeline. Early cross-sell conversations for accesso Intelligence have also been encouraging, with interest running ahead of our expectations at this stage. Together, these indicators point to growing demand for a broader ecosystem proposition.


Alongside operational progress, the Group allocated capital strategically into M&A while also making significant returns to shareholders through an on-market share buyback and tender offer. The acquisition of Dexibit and selective investment in future growth areas, including AI, Intelligence and payments underpin the strategic prospects of the Group. These investments were balanced with a disciplined approach to cost efficiency and the completion of targeted restructuring actions earlier in the year. The Group distributed $20.0m through a tender offer and $0.2m through share buybacks in the half-year. As a result, the Group has now cancelled 18.9% of its issued share capital since April 2025.


Strategy: From products to unified software ecosystem 


accesso’s technology supports multiple points across the guest journey, positioned at the layer where money moves through a venue: the gate, the queue, the food and beverage point, the retail till and the re-book. That remains a valuable foundation, but it does not fully reflect the opportunity now in front of the Group. Our strategy is bringing these existing capabilities together into an AI-first, data-driven operating platform for guest experiences, enabling customers to monetise more of the guest journey, operate more efficiently and make better decisions through payments, data and AI.


This is aligned with a broader market shift from point solutions towards connected platforms with embedded AI solutions at its core. The modular design enables customers to adopt the capabilities they need today and add further functionality as their requirements evolve, without the need for a significant re-platforming project. We expect this approach to deliver higher win rates, a greater share of customer spend and stronger retention, as a connected ecosystem gives operators a better, more joined-up experience than separate products. As customers adopt more of the accesso software ecosystem, they bring more of the guest journey onto our platform, deepening the data available to accesso Intelligence and improving decision-making across demand, pricing, staffing and revenue generation. In this model, each additional capability makes the others more valuable, creating a compounding effect from products we already own and can deploy rapidly into customers we already serve. 


It marks a significant change from accesso’s historical commercial model. Our products have traditionally been sold and run as largely separate solutions, each with its own commercial arrangements and limited connection between them, which made expanding a customer relationship beyond the initial product a slow and largely manual process. Bringing these products together on a single platform, underpinned by the accesso Intelligence and payments layers and the combined data they generate, turns cross-sell across our existing customer base from a largely theoretical opportunity into a more deliberate and pointed one.


accessoPay enables this strategy by bringing payment processing inside the accesso ecosystem and supporting a simpler, more integrated commercial model across the guest journey, replacing multiple separate fees with a clearer structure. For customers, this reduces complexity and can lower the overall cost of ownership; for accesso, it increases the revenue opportunity as more transaction volume and product capability move through our platform. It also extends the reach of the model: a single, clearer commercial structure opens up a broader mid-market opportunity that has historically been harder to serve economically.


Customer acquisition 


We signed 17 new venues in the first half, comprising 32 product wins. A larger share of those venues than a year ago bought multiple products under a single commercial model. The same shift is more pronounced in the pipeline, where the share of value tied to multi-product deals has roughly doubled year on year. 


accesso Intelligence


The acquisition of Dexibit in March was an important step in the Group’s platform transition. During the period, we embedded the capability within the accesso software ecosystem as our Intelligence layer rather than running it as a separate analytics product. This is a transformational component of the strategy, and by enabling customers to draw insight from operational data across ticketing, queuing, food and beverage and payments, accesso Intelligence helps customers understand the value generated across the wider accesso ecosystem in a way that a standalone analytics tool cannot: it shows a customer what the rest of the ecosystem is earning them.


Integration has progressed at pace. Since completion, we have integrated the business, expanded the team, relaunched the product and secured initial customer wins. This early delivery reinforces the strategic importance of accesso Intelligence and its role as a core component of the Group’s platform transition. Momentum here has been among the strongest in the business. Cross-sell conversations into the existing base opened during the half and interest has run ahead of what we expected at this stage. Five customers signed for the Intelligence layer post-acquisition, with a pipeline of around 100 further opportunities.


Intelligence is expected to make a greater revenue contribution in the second half as cross-sell opportunities convert. More importantly, it is broadening the customer conversation beyond reporting and analytics towards the practical use of operational data across the guest journey. Since the period end, we have launched accesso.ai, a dedicated site for the Intelligence platform, setting out its capabilities across connected data, demand forecasting, pricing and staffing recommendations. This supports the Group’s wider platform strategy and reinforces the role of Intelligence as a core component of accesso’s future customer proposition.


Payments


Our embedded payments capability went live during the half, with the commercial infrastructure now in place and the capability built, launched and integrated into the ecosystem within five months of signing the processing partnership. This addresses a longstanding customer requirement by bringing payment processing into the accesso platform, supporting a simpler customer proposition while creating an additional revenue opportunity as transaction volumes move through the ecosystem.


Customer adoption of embedded payments is progressing well and remains on track to exceed our full-year target. While revenue is expected to be modest in the first year, the strategic value lies in bringing guest transaction volume onto the accesso platform, creating an additional revenue stream as customers go live and the pipeline converts. The first customer go-live implementations are underway, with transaction volumes expected to grow from September. With the build complete, commercial execution is now the focus.


Product delivery and operational discipline


The roadmap is moving faster than we set it. Features we had forecast for the first half of 2027 have landed six months ahead of plan as we benefit from the return on the investment we made in AI-assisted development through last year. Each quarter of acceleration brings revenue-generating capability to market sooner, supporting customer engagement and future growth.


We are managing the cost base deliberately, aligning it with the year in front of us. The benefits of this disciplined approach are already evident in Cash EBITDA and margin performance. At the same time, we remain focused on reinvesting selectively in the capabilities that support future growth, including AI across our own operations, accesso Intelligence and payments. Underlying administrative expenditure reduced by 6.1% per cent against the same period in the prior year, and we expect this disciplined approach to continue through the rest of the financial year.


The AI work we started last year is now how significant parts of this business run rather than a programme sitting alongside it. The productivity is welcome, but the more valuable thing is that we have proved we can adopt this kind of change quickly. That will matter more over the coming years, as the rate of AI innovation accelerates.


Outlook


Trading through the peak summer months of July and August was broadly in line with the Board’s expectations.  Consistent with the Group’s typical seasonality, full-year performance remains weighted towards the second half, with the important Halloween trading period still to come. Projects in the Middle East remain subject to milestone timing; approximately $1.3m of revenue remains dependent on the delivery of multiple milestones during the remainder of the year, after approximately $0.5m of milestone revenue shifted into 2027 following changes to venue opening dates. Taking H2 seasonality and current planned project delivery milestones into account, the Board’s outlook for FY26 remains unchanged, with anticipated full-year revenue of approximately $146m and Cash EBITDA of approximately $20m.


Customer decision cycles remain challenging to forecast, with operators taking longer to assess technology investment decisions and a greater share of new business wins landing later in the year.  Against this backdrop, a number of important wins have already been secured, we are seeing early traction behind our refined commercial strategy and our more composable ecosystem strengthens our position as we move into 2027. 


In addition, we are continuing to make strong progress with our AI-assisted development which has accelerated our internal development roadmap, bringing key features forward by six months and enabling earlier customer engagement. The second half will include a number of important product delivery milestones that further underpin our strategic transition, including the first payments go-lives and initial Intelligence revenue from cross-selling into our existing customer base. 


Early customer engagement supports our confidence in our strategic direction. Operators are increasingly considering a broader range of accesso capabilities, and we are excited by the product and commercial transformation we can deliver over the next 12 months. This encouraging pipeline momentum, combined with a simplified organisation, new senior leadership team, clearer commercial focus and continued investment in Intelligence and payments, supports the Board’s view that we are building a more resilient and scalable business well-positioned for future growth.


 
Lee Cowie 


Chief Executive Officer


 





Financial Review


Group revenue for the six months to 30 June 2026 was $67.8m, broadly consistent with the $67.9m reported in the first half of 2025. Within this, there was a shift in mix as Ticketing and Distribution grew by 8.6% to $57.7m, reflecting improved commercial terms under a revised contract with a major customer together with new Horizon implementations in the Middle East. Guest Experience reduced by 41.7% to $6.1m, reflecting the virtual queuing customer contract changes previously communicated. Professional Services revenue was $4.0m (H1 2025: $4.4m).


Gross profit was $52.8m (H1 2025: $53.2m), representing a gross margin of 77.8% (H1 2025: 78.3%). The modest reduction in margin reflects the change in revenue mix, with a lower contribution from higher-margin virtual queuing.


The more material movement in the period was in the cost base. Underlying administrative expenditure reduced by 6.1% to $45.6m (H1 2025: $48.5m), reflecting the benefit of the cost efficiencies actioned earlier in the year, which more than absorbed continued investment in artificial intelligence and in our payments capability. As a result, Cash EBITDA increased by 49.7% to $7.6m (H1 2025: $5.1m) and the Cash EBITDA margin rose to 11.2% (H1 2025: 7.5%).


Consistent with the Group's established seasonality, revenue and profitability remain weighted towards the second half of the year, when the northern hemisphere summer and Halloween trading periods fall.


 


Key Financial Metrics 


Revenue on a segmental basis was as follows:



 




Six months ended 30 June 2026
Unaudited




 




Six months ended 30 June 2025
Unaudited




 




 




 




$000




 




$000




 




%




 




 




 




 




 




 




Ticketing




46,880




 




41,983




 




11.7%




Distribution




10,841




 




11,154




 




(2.8%)




Ticketing and distribution




57,721




 




53,137




 




8.6%




Virtual queuing 




4,320




 




8,646




 




(50.0%)




Other guest experience




1,747




 




1,760




 




(0.7%)




Guest experience




6,067




 




10,406




 




(41.7%)




 




 




 




 




 




 




Professional Services




3,994




 




4,354




 




(8.3%)




 




 




 




 




 




 




Total revenue




67,782




 




67,897




 




(0.2%)



 


Revenue by type was as follows:



 




 




Six months ended 30 June 2026
    Unaudited


 




 




Six months ended 30 June 2025
    Unaudited


 




 




 




 




$000




 




$000




%




Virtual queuing 




 




4,320




 




8,646




(50.0%)




Ticketing and eCommerce




 




32,224




 




29,755




8.3%




Distribution




 




10,841




 




10,722




1.1%




Transactional revenue




 




47,385




 




49,123




(3.5%)




Maintenance and support




 




6,689




 




5,803




15.3%




Platform fees




 




1,007




 




1,113




(9.5%)




Recurring licence revenue




 




2,102




 




1,346




56.2%




Total Repeatable




 




57,183




 




57,385




(0.4%)




One-time licence revenue




 




1,623




 




729




122.6%




Implementation, Change Request and Billable services




3,011




 




3,193




(5.7%)




Professional services 




3,582




 




4,354




(17.7%)




Non-repeatable revenue




 




8,216




 




8,276




(0.7%)




Hardware




 




469




 




278




68.7%




Other




 




1,914




 




1,958




(2.2%)




Other revenue




 




2,383




 




2,236




6.6%




 




 




 




 




 




 




Total revenue




 




67,782




 




67,897




(0.2%)




 




 




 




 




 




 




Total Repeatable as % of total




 




84.4%




 




84.5%




(0.1)ppts



Repeatable revenue


Total repeatable revenue was $57.2m (H1 2025: $57.4m), a reduction of 0.4%, and continued to represent 84.4% of Group revenue (H1 2025: 84.5%). Within this, a reduction in transactional revenue was largely offset by growth in other repeatable revenue.


Transactional revenue reduced by 3.5% to $47.4m (H1 2025: $49.1m). Ticketing and eCommerce grew by 8.3% to $32.2m, largely reflecting improved commercial terms under a revised contract with a major customer rather than higher transaction volumes, with underlying attendance across our major venues broadly flat year on year. Distribution revenue was broadly flat, increasing by 1.1% to $10.8m. These increases were more than offset by a 50.0% reduction in virtual queuing revenue to $4.3m (H1 2025: $8.6m), reflecting the major customer contract changes previously communicated.


Other repeatable revenue increased by 18.6% to $9.8m (H1 2025: $8.3m). Maintenance and support revenue grew by 15.3% to $6.7m and recurring licence revenue by 56.2% to $2.1m, in both cases driven by increased business and by additional venues going live from the end of 2025 and throughout the first half of 2026, principally in the Middle East. Platform fees reduced by 9.5% to $1.0m.


Non-repeatable revenue


Non-repeatable revenue was broadly flat at $8.2m (H1 2025: $8.3m), a reduction of 0.7%, reflecting offsetting movements within the category. One-time licence revenue more than doubled, increasing by 122.6% to $1.6m (H1 2025: $0.7m), again reflecting new implementations in the Middle East. This was offset by a 17.7% reduction in professional services revenue to $3.6m (H1 2025: $4.4m) and a 5.7% reduction in implementation, change request and billable services revenue to $3.0m; these service lines are demand-led and fluctuate from period to period with the timing and scale of customer projects in any given year.


Other revenue


Other revenue increased by 6.6% to $2.4m (H1 2025: $2.2m), comprising hardware revenue of $0.5m (H1 2025: $0.3m) and other revenue of $1.9m (H1 2025: $2.0m).


Revenue on a geographical basis was as follows:


 



 




 




Six months ended 30 June 2026
Unaudited




 




Six months ended 30 June 2025*
Unaudited




 




 




 




 




$000




 




$000




 




%




UK




 




     13,888 




 




16,750 




 




(17.1%)




Other Europe




 




2,431 




 




2,120 




 




14.7%




North America




 




     41,452 




 




42,990 




 




(3.6%)




Central and South America




 




        1,219 




 




1,342 




 




(9.2%)




Middle East




 




        5,068 




 




1,269 




 




299.4%




South Pacific




 




        2,520 




 




2,147 




 




17.4%




Asia




 




        1,042 




 




1,110 




 




(6.1%)




Africa




 




           162 




 




 169 




 




(4.1%)




 




 




 




 




 




 




 




Total revenue




 




67,782




 




67,897




 




 




*The Group’s revenue by location disclosure has been restated for the comparative period to align with the presentation in the 2025 annual report. This presents revenues by the location of the contractual customer, rather than the end venue. This basis is considered to more closely reflect the Group’s geographical structure and underlying contractual commitments. There is no change to the total revenue reported or impact to numbers reported outside of this disclosure.


Revenue in the United Kingdom reduced by 17.1% to $13.9m (H1 2025: $16.8m), largely reflecting the previously communicated virtual queuing contract changes, the impact of which is concentrated in the UK. Revenue in the Middle East increased to $5.1m (H1 2025: $1.3m), driven by new Horizon deployments in the region, principally in Saudi Arabia.


Gross Margin


Gross margin was 77.8% (H1 2025: 78.3%). The reduction reflects the lower proportion of higher-margin virtual queuing revenue within the mix.


Administrative expenses


Administrative expenses as reported were $51.7m (H1 2025: $51.8m). The table below reconciles reported administrative expenses to underlying administrative expenditure, which is stated before capitalised development costs, amortisation of acquired intangibles, share-based payments, depreciation and amortisation, property lease movements and exceptional items.


 



 




 




Six months ended 30 June 2026




 




Six months ended 30 June 2025




 




 




 




Unaudited




 




Unaudited




 




 




 




$000




 




$000




%




Administrative expenses as reported 




 




51,747




 




51,812




(0.1%)




Capitalised development expenditure




 




1,021




 




1,545




(33.9%)




Amortisation related to acquired intangibles 




 




(1,864)




 




(1,676)




11.2%




Share-based payments




 




(2,183)




 




(2,019)




8.1%




Amortisation and depreciation




 




(2,261)




 




(1,609)




40.5%




Property lease payments and receipts not in administrative expense




376




 




394




(4.6%)




Exceptional restructuring, acquisition and integration costs




(1,279)




 




55




n/a




Underlying administrative expenditure




 




45,557




 




48,502




(6.1%)



 


Underlying administrative expenditure reduced by 6.1% to $45.6m (H1 2025: $48.5m), reflecting the benefit of the reorganisation actioned earlier in the year, partly offset by continued investment in artificial intelligence and in the Group's payments capability. 


 


The Group's headcount, including contractors, has decreased over the preceding 12 months, from 675 at 30 June 2025 and 655 at 31 December 2025 to 617 at the end of June 2026. The figure at 30 June 2026 is inclusive of 10 staff who joined following the acquisition of Dexibit in March 2026, together with further targeted investment in headcount since. The overall reduction reflects the reorganisation actioned earlier in the year, which lowered underlying staffing costs.


Included within underlying administrative expenditure is the impact of foreign exchange volatility on the assets and liabilities held in our non-US entities. The foreign exchange gain recorded in underlying administrative expenses for H1 2026 was $0.3m (H1 2025: FX loss of $1.0m). On a constant currency basis, underlying administrative expenditure decreased by 4.9% or $2.3m, driven predominantly by lower staffing costs following the reorganisation actioned earlier in the year.


Exceptional expenditure of $1.3m was incurred in the period, principally comprising restructuring costs relating to the reorganisation and, to a lesser extent, acquisition and integration costs relating to Dexibit and ongoing corporate development activity.


 


Cash EBITDA


Cash EBITDA increased by 49.7% to $7.6m (H1 2025: $5.1m), with the Cash EBITDA margin rising to 11.2% (H1 2025: 7.5%). The improvement was driven by the reduction in the underlying cost base while revenue was held broadly level.


 



 




Six months ended 30 June 2026




 




Six months ended 30 June 2025




 




 




Unaudited




 




Unaudited




 




 




$000




 




$000




%




Operating profit 




1,018




 




1,361




(25.2%)




Add: Exceptional restructuring, acquisition and integration costs




1,279




 




(55)




n/a




Add: Share-based payments




2,183




 




2,019




8.1%




Add: Amortisation related to acquired intangibles 




1,864




 




1,676




11.2%




Add: Amortisation and depreciation (excluding acquired intangibles)




2,261




 




1,609




40.5%




Less: Capitalised internal development costs




(1,021)




 




(1,545)




(33.9%)




 




 




 




 




 




Cash EBITDA 




7,584




 




5,065




49.7%




Cash EBITDA margin %




11.2%




 




7.5%




 



 


Our distribution business, focused on B2B, will continue to be a key part of our service offering however, due to the accounting standards covering revenue recognition, our margins in this business will always be significantly lower than the rest of our revenue streams. These revenue recognition standards require us to recognise the full amount of commission included within the gross value of a ticket sold as our revenue, with the larger portion of this commission paid to the distributor as our cost of goods sold. To illustrate the impact this has on our results, the table below presents what our revenue and gross profit and cash EBITDA margins would be if we were permitted to recognise net commission as our revenue


Proforma income statement with distribution revenue recognised net:


 



 


 




Six months ended 30 June 2026




 




Six months ended 30 June 2025




 




Unaudited




 




Unaudited




 




$000




 




$000




 




 




 




 




Revenue (net)




59,061




 




59,151




Cost of goods sold




(6,296)




 




(5,978)




Gross Profit




52,765




 




53,173




Gross Profit margin %




89.3%




 




89.9%




Underlying administrative expenditure excluding property lease payments




(45,181)




 




(48,108)




Cash EBITDA




7,584




 




5,065




Cash EBITDA margin %




12.8%




 




8.6%



 


Cash and net cash





 




 




 




 




30 June 2026




 




30 June 2025




 




31 December 2025




 




 




 




 




Unaudited




 




Unaudited




 




Audited




 




 




 




 




$000




 




$000




 




$000




 




 




 




 




 




 




 




 




 




Cash in hand & at bank




 




 




 




33,177




 




35,571




 




41,374




Borrowings 




 




 




 




(25,852)




 




(10,148)




 




(10,876)




Net cash




 




 




 




7,325




 




25,423




 




30,498




Less: pass-through cash*




 




 




 




(7,840)




 




(5,168)




 




(8,948)




Adjusted net (debt)/cash




 




 




 




(515)




 




20,255




 




21,550



 


The Group ended the period with cash of $33.2m (H1 2025: $35.6m) and borrowings of $25.9m (H1 2025: $10.1m), giving net cash of $7.3m (H1 2025: $25.4m). The reduction reflects the £14.5m tender offer completed in March 2026 and continued on-market share buybacks (together $20.1m), along with the acquisition of Dexibit ($5.4m) which were part-funded by increased drawing under the revolving credit facility alongside operating cash generation. The Dexibit outflow is stated net of cash acquired and reflects upfront cash consideration of approximately $7.0m, reduced to $5.9m paid on completion after net debt and working capital adjustments; deferred and contingent consideration is payable in future periods.


Adjusted net debt, which excludes pass-through cash held on behalf of third parties, was $0.5m (H1 2025 net cash: $20.3m).


Since the period end, the Group has refinanced its banking facilities with HSBC, ahead of the expiry of its previous facility in May 2027. On 28 August 2026 the Group completed the refinancing of its existing $40m multicurrency revolving credit facility with HSBC, extending it for a further four years. The refinanced facility continues the Group's committed funding on more flexible terms and at improved pricing.


Share repurchases


During the first half the Group completed a tender offer, approved by shareholders, returning approximately £14.5m (approximately $20.1m) to shareholders through the purchase and cancellation of 4,833,333 ordinary shares at £3.00 per share in March 2026. This represented 12.7% of the issued share capital and reduced the shares in issue from 38,116,207 to 33,282,874. No dividend was paid in the period.


 


Taxation


The effective tax rate (being the tax rate on profit before income tax) for the period was 19.3%. This is offset in the current period by realised adjustments of -$140k in respect of the prior period, which reduce the income tax charge in H1 2026 to a credit of $86k. The effective tax rate after these adjustments is -30.7% (H1 2025: 27.1%). 


– ENDS –


Consolidated statement of comprehensive income 


for the six-month period ended 30 June 2026


 



 




 




30 June 2026 Unaudited




30 June 2025 Unaudited
 


 




 




 31 December 2025
Audited


 




 




Notes




$000




$000




 




$000




 




 




 




 




 




 




Revenue




 




67,782




67,897




 




155,105




 




 




 




 




 




 




Cost of sales




 




(15,017)




(14,724)




 




(33,310)




 




 




 




 




 




 




Gross profit




 




52,765




53,173




 




121,795




 




 




 




 




 




 




 


Administrative expenses 




 




(51,747)




(51,812)




 




(107,367)




 




 




 




 




 




 




Operating profit before exceptional items




 




2,297




1,306




 




14,512




Exceptional expenditure




(1,279)




55




 




(84)




 




 




 




 




 




 




Operating profit




 




1,018




1,361




 




14,428




 




 




 




 




 




 




Finance expense




 




(935)




(697)




 




(1,360)




 




 




 




 




 




 




Finance income




 




197




1,208




 




1,253




 




 




 




 




 




 




Profit before tax




 




280




1,872




 




14,321




 




 




 




 




 




 




Income tax credit / (charge)




4




86




(507)




 




(3,336)




 




 




 




 




 




 




Profit for the period




 




366




1,365




 




10,985




 




 




 




 




 




 




Other comprehensive income




 




 




 




 




 




 




 




 




 




 




 




Items that will be reclassified to income statement




 




 




 




 




 




Exchange differences on translating foreign operations




 




(978)




4,184




 




3,809




 




 




(978)




4,184




 




3,809




 




 




 




 




 




 




Total comprehensive income  




 




(612)




5,549




 




14,794




 




 




 




 




 




 




All loss and comprehensive loss is attributable to the owners of the parent




 




 




 




 




 




 




 




 




 




 




 




Earnings per share expressed in cents per share:




 




 




 




 




 




Basic




6




1.07




3.39




 




27.96




Diluted 




6




1.04




3.32




 




27.00



 


 


All activities of the company are classified as continuing.


 


 


 


 


 


Consolidated statement of financial position as at 30 June 2026



 




30 June 2026




 




30 June 2025




 




31 December 2025




 




Unaudited




 




Unaudited




 




Audited




 




 $000 




 




 $000 




 




 $000 




Assets 




 




 




 




 




 




Non-current assets 




 




 




 




 




 




Intangible assets 




171,672




 




165,610




 




163,442




Property, plant and equipment 




800




 




843




 




906




Right of use assets




1,377




 




1,381




 




1,078




Contract assets




599




 




757




 




855




Deferred tax assets




12,069




 




15,131




 




12,123




 




186,517




 




183,722




 




178,404




 




 




 




 




 




 




 Current assets 




 




 




 




 




 




 Inventories 




109




 




132




 




118




 Contract assets




4,946




 




6,091




 




3,981




 Trade and other receivables 




27,431




 




30,705




 




28,846




 Income tax receivable 




3,157




 




2,266




 




2,917




 Cash and cash equivalents 




33,177




 




35,571




 




41,374




 




68,820




 




74,765




 




77,236




 




 




 




 




 




 




 Liabilities 




 




 




 




 




 




 Current liabilities 




 




 




 




 




 




 Trade and other payables




28,365




 




28,614




 




28,411




 Lease liabilities 




487




 




547




 




458




 Contract liabilities




7,657




 




5,279




 




6,868




 Corporation tax payable 




5,946




 




5,325




 




4,805




 




42,455




 




39,765




 




40,542




 




 




 




 




 




 




 Net current assets 




26,365




 




35,000




 




36,694




 




 




 




 




 




 




 Non-current liabilities 




 




 




 




 




 




 Deferred tax liabilities




7,730




 




7,188




 




6,607




 Contract liabilities




284




 




490




 




325




 Other non-current liabilities




522




 




432




 




464




 Lease liabilities 




906




 




874




 




701




 Borrowings




25,852




 




10,148




 




10,876




 




35,294




 




19,132




 




18,973




 




 




 




 




 




 




Total liabilities




77,749




 




58,897




 




59,515




 




 




 




 




 




 




 Net assets 




177,588




 




199,590




 




196,125




 




 




 




 




 




 




 Shareholders' equity 




 




 




 




 




 




 Called up share capital 




489




 




582




 




554




 Share premium 




154,536




 




154,536




 




154,536




 Retained earnings 




8,325




 




29,311




 




30,210




 Merger reserve 




19,641




 




19,641




 




19,641




 Translation reserve 




(1,404)




 




(50)




 




(426)




 Own shares held in trust 




(4,121)




 




(4,459)




 




(8,447)




Capital redemption reserve




122




 




29




 




57




 




 




 




 




 




 




 Total shareholders' equity 




177,588




 




199,590




 




196,125



 


Consolidated statement of cash flows 


for the six-month period ended 30 June 2026



 




 30 June 2026
Unaudited


 




 




30 June 2025* Unaudited




 




31 December 2025 Audited




 




 $000 




 




 $000 




 




$000




Cash flows from operations




 




 




 




 




 




  Profit for the period  




366




 




1,365




 




10,985




  Adjustments for:




 




 




 




 




 




 Depreciation (excluding finance leased assets)




279




 




302




 




577




 Depreciation on leased assets




278




 




312




 




617




 Amortisation on acquired intangibles




1,864




 




1,676




 




3,362




 Amortisation on development costs and other intangibles




1,704




 




995




 




2,756




 Loss / (Gain) on disposal of fixed assets




1




 




(9)




 




(2)




 Share-based payments 




2,183




 




2,019




 




4,245




 Movement on bad debt provision




459




 




184




 




127




 Gain on disposal of subsidiary




-




 




(164)




 




(164)




 Finance expense 




935




 




697




 




1,360




 Finance income  




(197)




 




(1,208)




 




(1,253)




 Foreign exchange loss




64




 




546




 




302




 Income tax charge




(86)




 




507




 




3,336




 RDEC Tax credits




-




 




-




 




(117)




 Operating cashflow before movement in working capital




7,850




 




7,222




 




26,131




 




 




 




 




 




 




 Decrease in inventories  




9




 




25




 




38




 Decrease in trade and other receivables 




629




 




8,972




 




11,375




 (Increase) in contract assets*




(835)




 




(3,236)




 




(1,231)




 Increase / (Decrease) in contract liabilities*




102




 




(2,113)




 




(712)




(Decrease) in trade and other payables




(2,828)




 




(3,171)




 




(3,383)




 Cash generated from operations




4,927




 




7,699




 




32,218




 




 




 




 




 




 




 Tax paid




(321)




 




(1,240)




 




(2,684)




 Net cash inflow from operating activities 




4,606




 




6,459




 




29,534




 




 




 




 




 




 




 Cash flows from investing activities 




 




 




 




 




 




Acquisition of Dexibit, net of acquired cash




(5,441)




 




-




 




-




 Acquisition of Boxer Consulting Limited




-




 




(114)




 




(114)




 Purchase of 1RISK Intellectual Property




-




 




(4,000)




 




(4,000)




 Proceeds from disposal of Brazilian subsidiary (net of cash disposed)




-




 




152




 




16




  Capitalised internal development costs




(1,021)




 




(1,545)




 




(3,050)




  Purchase of intangible assets




-




 




(263)




 




(480)




  Purchase of property, plant and equipment 




(172)




 




(246)




 




(585)




  Proceeds from sale of property, plant and equipment




6




 




4




 




7




  Interest received 




196




 




302




 




546




  Net cash used in investing activities 




(6,432)




 




(5,710)




 




(7,660)




 




 




 




 




 




 




Cash flows from financing activities 




 




 




 




 




 




 Purchase of own shares held in trust




-




 




-




 




(4,053)




 Purchase of own shares for cancellation




(20,108)




 




(4,985)




 




(15,911)




 Interest paid 




(613)




 




(422)




 




(960)




 Payments on property lease liabilities




(376)




 




(394)




 




(712)




 Proceeds from borrowings




20,165




 




2,000




 




8,072




 Repayments of borrowings




(5,250)




 




(6,000)




 




(11,500)




 Net cash (used in) from financing activities 




(6,182)




 




(9,801)




 




(25,064)




 




 




 




 




 




 




 (Decrease) in cash and cash equivalents in the period 




(8,008)




 




(9,052)




 




(3,190)




 Cash and cash equivalents at beginning of year 




41,374




 




42,769




 




42,769




 Exchange (loss) / gain on cash and cash equivalents 




(189)




 




1,854




 




1,795




 Cash and cash equivalents at end of period 




33,177




 




35,571




 




41,374



 


*The disclosure for contract assets and liabilities for the comparative period ending 30 June 2025 has been enhanced to present these movements separately. These were previously disclosures as a combined total of $5.3m. There are no changes to the comparative period ending 31 December 2025.






Consolidated statement of changes in equity


for the six-month period ended 30 June 2026



 




 Share capital 




 Share premium  




Retained
earnings 




Merger reserve 




Own


shares held


in trust




Translation
reserve  




Capital Redemption
reserve




 Total 




 




 $000 




 $000 




 $000 




 $000 




$000




 $000 




$000 




 $000 




 




 




 




 




 




 




 




 




 




 Balance at 31 December 2025




554




154,536




30,210




19,641




(8,447)




(426)




57




196,125




 




 




 




 




 




 




 




 




 




Comprehensive income for the period 




 




 




 




 




 




 




 




 




Profit for period 




-




-




366




-




-




-




-




366




Other comprehensive income




-




-




-




-




-




(978)




-




(978)




Total comprehensive income for the period 




-




-




366




-




-




(978)




-




(612)




 




 




 




 




 




 




 




 




 




Contributions by and distributions by owners 




 




 




 




 




 




 




 




 




Share-based payments




-




-




2,183




-




-




-




-




2,183




Re-purchase of shares for cancellation




(65)




-




(20,108)




-




-




-




65




(20,108)




Settlement of share awards through Employee Benefit Trust




-




-




(4,326)




-




4,326




-




-




-




Total contributions by and distributions by owners 




(65)




-




(22,251)




-




4,326




-




65




(17,925)




 




 




 




 




 




 




 




 




 




Balance at 30 June 2026




489




154,536




8,325




19,641




(4,121)




(1,404)




122




177,588




 




 




 




 




 




 




 




 




 




 Balance at 31 December 2024




592




154,370




31,797




19,641




(5,345)




(4,235)




19


 




196,839


 




 




 




 




 




 




 




 




 




 




Comprehensive income for the period 




 




 




 




 




 




 




 




 




Profit for period 




-




-




1,365




-




-




-




-




1,365




Other comprehensive income




-




-




-




-




-




4,185




-




4,185




Total comprehensive income for the period 




-




-




1,365




-




-




4,185




-




5,550




 




 




 




 




 




 




 




 




 




Contributions by and distributions by owners 




 




 




 




 




 




 




 




 




Share-based payments




-




-




2,019




-




-




-




-




2,019




Re-purchase of shares for cancellation




(11)




-




(4,985)




-




-




-




10




(4,986)




Settlement of share awards through Employee Benefit Trust




-




-




(885)




-




886




-




-




1




Contingent consideration settled in shares




1




166




-




-




-




-




-




167


 




Total contributions by and distributions by owners




(10)




166




(3,851)




-




886




-




10




(2,799)




 




 




 




 




 




 




 




 




 




Balance at 30 June 2025




582




154,536




29,311




19,641




(4,459)




(50)




29




199,590







Notes to the Interim Financial Information


 


1.   Basis of preparation


 


accesso Technology Group plc (the "Group") is a company domiciled in England.  The background of preparation of this financial information is consistent with the basis that will be adopted for the full year accounts. The interim financial information has been prepared in accordance with the recognition and measurement requirements of international accounting standards in conformity with the requirements of the Companies Act 2006 that are used for the annual financial statements.


 


The financial figures included in this half-yearly report are consistent with AIM rules applicable to interim periods. The basis of preparation is consistent with the audited financial statements, see note 2 for further details. This half-yearly report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34.


 


There are no changes to significant accounting policies. 


 


This interim financial information has neither been audited nor reviewed pursuant to guidance issued by the FRC and the financial information contained in this report does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The comparative figures for the financial year ended 31 December 2025 are not the Company’s statutory accounts for that financial year. Those accounts have been reported on by the Company’s auditor and delivered to the registrar of companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. 


 



    Going concern



 


The directors, having reassessed the principal risks and uncertainties, consider it appropriate to adopt the going concern basis of accounting in the preparation of the Interim Financial Information. 


 


In reaching this conclusion, the directors noted the Group’s $26.2m drawings on its $40.0m revolving credit facility and net cash position of $12.3m as at 31 July 2026. The directors have reviewed sensitised net cash flow forecasts for the going concern period, which indicate that, taking account of severe but plausible downsides, the Group will have sufficient funds to meet the liabilities of the Group as they fall due for that period. 


 


Consequently, the directors are satisfied that the Group's forecasts take into account reasonably possible changes in trading performance, including no anticipated breach of covenants and the ability to satisfy its liabilities as they fall due for a period through to 31 December 2027 from the date of release of these interim statements. Therefore, there are no material uncertainties over going concern and the going concern basis of preparation continues to be appropriate. 


 


2.   Accounting policies 


 


The condensed consolidated interim financial information has been prepared using accounting policies consistent with those set out on pages 75 to 83 in the audited financial statements for the year ended 31 December 2025. These accounting policies have been applied consistently to all periods presented in this financial information.  


 


The policy for recognising and measuring income taxes in the interim period is described in Note 4.


 


 


3. Business segments and revenue analysis


 


Segmental analysis


 


The Group’s operating segments under IFRS have been determined with reference to the financial information presented to the Board of directors. The Board of the Group is considered the Chief Operating Decision Maker (“CODM”) as defined within IFRS 8, as it sets the strategic goals for the Group and monitors its operational performance against this strategy. 


 


The Group’s Ticketing and Distribution operating segment comprises the following products:


 




 





accesso Passport® ticketing suite using our hosted proprietary technology offering to maximise up-selling, cross-selling and selling greater volumes





 





accesso SiriuswareSM software solutions providing modules in ticketing & admissions, memberships, reservations, resource scheduling, retail, food service, gift cards, kiosks and eCommerce.





 





The accesso ShoWareSM ticketing solution for box office, online, kiosk, mobile, call centre and social media sales





 





Ingresso operate a consolidated distribution platform which connects and distributors, opening up a larger global channel for clients to sell their event, theatre and attraction tickets.





 





accesso ParadoxSM cutting-edge software solution specifically tailored to the unique needs of the industry. The flexible, hosted solution empowers ski areas to take full control of their operations across ticketing and passes, snow school, retail, equipment rental, food & beverage, administration, and online sales in one, unified platform.





 





accesso HorizonSM highly functional and best-in-class ticketing and visitor management solution leveraging an innovative portfolio model approach to guest management.





 





accesso Intelligence purpose-built data analytics and artificial intelligence platform for the visitor attractions industry.



 


The Group’s Guest Experience operating segment comprises the following aggregated segments:


 




 





accesso LoQueue® providing leading edge virtual queuing solutions to take customers out of line, improve guest experience and increase revenue for theme parks





 





Mobile Appexperience management platforms which deliver personalised real-time immersive customer experiences at the right time, elevating the guest’s experience and loyalty to the brand.





 





accesso FreedomSM recently launched point of sale system enabling modules in food and beverage, retail, eCommerce via kiosk or mobile through a multi-tenanted hosted solution.



 


The Group’s virtual queuing solution (accesso LoQueue), experience management platforms (Mobile Platforms), and food and beverage retail system (accesso Freedom) are headed by segment managers who discuss the operating activities, financial results, forecasts and plans of their respective segments with the CODM. These three distinct operating segments share similar economic characteristics, expected long term financial performance, customers and markets; the products are heavily bespoke, technology and software intensive in their delivery and are directly targeted at improving a guest’s experience of an attraction or entertainment venue, whilst providing cross-selling opportunities and increased revenues to the venues. Management therefore conclude that they meet the aggregation criteria.


 


The Professional Services operating segment comprises:


 




 





Professional Services are the delivery of bespoke Professional Services to large customers in the ski, theme park, and cruise ship markets. These revenues are not provided in conjunction with one of our Products and are not provided on our typical transactional or license models.



 


The Group’s assets and liabilities are reviewed on a Group basis and therefore segmental information is not provided for the statements of financial position of the segments. 


 


The CODM monitors the results of the operating segments prior to charges for interest, depreciation, tax, amortisation, and non-recurring items, but after the deduction of capitalised development costs. The Group has a significant amount of central unallocated costs which are not segment specific. These costs have therefore been excluded from segment profitability and presented as a separate line below segment profit.


 


The following is an analysis of the Group’s revenue and results from the continuing operations by reportable segment which represents revenue generated from external customers. 


 



 




 Six months ended 30 June 2026 




 Six months ended 30 June 2025 




Year ended 31 December 2025




 




Unaudited




Unaudited




Audited




 




$000




$000




$000




 




 




 




 




Ticketing and Distribution




57,721




53,137




117,767




Guest Experience




6,067




10,406




28,341




Professional Services




3,994




4,354




8,997




Total revenue




67,782




67,897




155,105



 


 



 




 




 




 




 




 




 




 




Ticketing




Guest 


Experience


 




Professional Services




Central unallocated


 costs




Capitalised development costs




 


Group


 




Period ended 30 June 2026 - Unaudited




$000




$000




$000




$000




$000




$000




 




 




 




 




 




 




 




Cash EBITDA (1)




45,979




4,436




2,350




(44,160)




(1,021)




7,584




 




 




 




 




 




 




 




Capitalised development costs




1,021




Depreciation and amortisation (excluding acquired intangibles)




(2,261)




Amortisation related to acquired intangibles




(1,864)




Share-based payments




(2,183)




Acquisition and integration related costs




(1,279)




Finance income




 




 




 




 




 




197




Finance expense




 




 




 




 




 




(935)




 




 




 




 




 




 




 




Profit before tax




 




 




 




 




 




280




































 



 




 




 




 




 




 




 




 




Ticketing




Guest 


Experience


 




Professional Services




Central unallocated


costs




Capitalised development costs




 


Group


 




Period ended 30 June 2025 – Unaudited




$000




$000




$000




$000




$000




$000




 




 




 




 




 




 




 




Cash EBITDA (1)




41,834




8,639




2,700




(46,563)




(1,545)




5,065




 




 




 




 




 




 




 




Capitalised development costs




1,545




Depreciation and amortisation (excluding acquired intangibles)




(1,609)




Amortisation related to acquired intangibles




(1,676)




Share-based payments




 




 




 




 




 




(2,019)




Acquisition and integration related costs




55




Finance income




 




 




 




 




 




1,208




Finance expense




 




 




 




 




 




(697)




 




 




 




 




 




 




 




Profit before tax




 




 




 




 




 




1,872




































 


 



     Cash EBITDA: operating profit before the deduction of amortisation, impairment of intangible assets, depreciation, acquisition and integration related costs, and costs related to share-based payments less capitalised development costs.



 


4.   Taxation


 


The tax charge for the interim financial statements is determined by applying the weighted average statutory tax rate based on full year forecast profits to the actual profits for the first half of the year, and then adjusting for non-taxable or deductible items that affect the profits of the first half of the year.


 


The adjusted earnings per share (Note 6) has been presented using an estimated adjusted rate for the period, which has been adjusted to remove the effect of amortisation related to acquired intangibles, share-based payment charges, exceptional expenditure and any related tax effect on those items. 


 


5. Reconciliation of alternative performance measure


 


Management present Cash EBITDA as its alternative performance measure below because it monitors performance at a consolidated level and provides a better understanding of the Group’s underlying financial performance. The definition of Cash EBITDA is the same as in the last annual financial statements. 


Cash EBITDA is not a defined performance measure under IFRS. The Group’s definition may not be comparable with similarly titled performance measures and disclosures by other entities. 


 



 




 




Six months ended 30 June 2026




Six months ended 30 June 2025




Year ended 31 December 2025




 




 




Unaudited




Unaudited




Audited




Cash EBITDA




 




$000




$000




$000




Operating profit




 




1,018




1,361




14,428




Add: Exceptional expenditure on acquisition & integration




 




1,279




(55)




84




Add: Amortisation related to acquired intangibles 




 




1,864




1,676




3,362




Add: Share-based payments




 




2,183




2,019




4,245




Add: Amortisation and depreciation (excluding acquired intangibles)




 




2,261




1,609




3,950




Capitalised internal development costs




 




(1,021)




(1,545)




(3,050)




Cash EBITDA




 




7,584




5,065




23,019



 


6.   Earnings per share (“EPS”)


 


The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.  


 


Diluted earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average of ordinary shares outstanding during the period adjusted for the effects of dilutive instruments. 


 


Adjusted basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders adjusted for exceptional expenditure on the acquisition of intellectual property, amortisation and reversal of impairment on acquired intangibles and share-based compensation by the weighted average number of shares used in basic EPS. The denominator for adjusted diluted earnings per share is the weighted average number of shares used in diluted EPS.



 


 




Six months
ended 
30 June 2026


 


 




 




Six months
ended
30 June 2025


 


 




 




Year
ended
31 December 2025


 


 




 




Unaudited




 




Unaudited




 




Audited




 




$000




 




$000




 




$000




Profit attributable to ordinary shareholders




366




 




1,365




 




10,985




 




 




 




 




 




 




Basic EPS




 




 




 




 




 




Denominator




 




 




 




 




 




Weighted average number of shares used in basic EPS




34,186




 




40,223




 




39,287




Basic earnings per share – cents




1.07




 




3.39




 




27.96




 


Diluted EPS




 




 




 




 




 




Denominator




 




 




 




 




 




Weighted average number of shares used in basic EPS




34,186




 




40,223




 




39,287




Deferred share consideration on business combinations




 




 




 




 




 




Effect of dilutive securities




 




 




 




 




 




LTIP and Option awards (000s)




1,170




 




916




 




1,406




Weighted average number of shares used in diluted EPS




35,356




 




41,139




 




40,693




Diluted earnings per share – cents




1.04




 




3.32




 




27.00




 


 


 




 


Adjusted EPS




 




 




 




 




 




Profit attributable to ordinary shareholders




366




 




1,365




 




10,985




 




 




 




 




 




 




Adjustments to profit for the period:




 




 




 




 




 




Exceptional expenditure on acquisitions and integrations




1,279




 




(55)




 




84




Amortisation relating to acquired intangibles




1,864




 




1,676




 




3,362




Share based payments




2,183




 




2,019




 




4,245




Adjusted profit 




5,692




 




5,005




 




18,676




 




 




 




 




 




 




Net tax related to above adjustments: (H1 2026: 32.9%; H1 2025: 26.03%; FY 2025 16.9%)




(1,333)




 




(962)




 




(1,288)




 




 




 




 




 




 




Adjusted profit attributable to ordinary shareholders




4,359




 




4,043




 




17,388




 




 




 




 




 




 




Adjusted basic EPS




 




 




 




 




 




Denominator




 




 




 




 




 




Weighted average number of shares used in basic EPS




34,186




 




40,223




 




39,287




Adjusted earnings per share – cents




12.75




 




10.05




 




44.26



 



Adjusted diluted EPS




 




 




 




 




 




Denominator




 




 




 




 




 




Weighted average number of shares used in diluted EPS




35,356




 




41,139




 




40,693




Adjusted earnings per share – cents




12.33




 




9.83




 




42.73



 


 


7.   Acquisition of Dexibit


 


Acquisitions involving the purchase of the acquiree's share capital have been accounted for under the acquisition method of accounting. A key part of the Group's strategy is to grow through acquisition. The Group has developed a process to assist with the identification of the fair values of the assets acquired and liabilities assumed, including the separate identification of intangible assets in accordance with IFRS 3 'Business Combinations' as revised. This formal process is applied to each acquisition and involves an assessment of the assets acquired and liabilities assumed with assistance provided by external valuation specialists where appropriate. Until this assessment is complete, the allocation period remains open up to a maximum of 12 months from the relevant acquisition date. At 30 June 2026 the allocation process remained in progress.


 


The consideration in respect of acquisitions comprises amounts paid on completion and deferred consideration. The consideration has been allocated against the identified net assets, with the balance recorded as goodwill. Transaction costs and expenses such as professional fees are charged to the income statement.


 


Acquisition of Dexibit Limited


 


On 28 March 2026 the Group acquired 100% of the share capital of Dexibit Limited, a New Zealand-based AI-native visitor-analytics software business (with a US subsidiary, Dexibit Inc). Consideration is settled in cash, comprising upfront cash, deferred cash consideration, and contingent cash consideration payable on a performance target and on realisation of certain tax reliefs.


 


The upfront cash consideration agreed on completion was approximately $7.0m. This is subject to customary completion adjustments in respect of net debt and working capital, reducing the upfront cash paid in the period to $5.9m, as set out below. Deferred and contingent cash consideration is payable in future periods.


 


The principal reason for this acquisition was to accelerate the Group’s AI and analytics capabilities through the development of accesso Intelligence, a cross-platform intelligence capability designed to enable operators to make smarter, faster decisions across accesso’s own solutions and third-party systems.


 


Acquisition and integration related costs of $0.3m were incurred in relation to this acquisition and are included within administrative expenses. 


 


The net cash outflow in the current period in respect of the acquisition comprised:



 


 




Six months ended 30 June 2026




 




Unaudited




 




$000




 




 




Cash paid




5,886




Net cash acquired




(444)




 




5,441



 



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