REG - Accesso Technology - Half-year Report
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RNS Number : 4962Y Accesso Technology Group PLC 09 September 2025
9 September 2025
accesso® Technology Group plc
("accesso" or the "Group")
INTERIM RESULTS
for the six-month period ended 30 June 2025
accesso Technology Group plc (AIM: ACSO), the premier technology solutions
provider to leisure, entertainment, and cultural markets, today announces
interim results for the six months to 30 June 2025 ('H1 2025').
Commenting on the results, Steve Brown, Chief Executive Officer of accesso,
said:
"The first half of 2025 was defined by two distinct phases. We began the year
in line with our expectations, as our customers worked to boost venue
attendance in the face of challenging macroeconomic conditions. We saw robust
transactional volumes, strong client engagement, and encouraging early signs
from our enhanced commercial strategy.
In June, extreme heat in several key markets coincided with the start of our
busy summer trading period. This reduced attendance and transaction volumes
across much of our customer base. Despite benefits from increasing strength in
our Professional Services revenue stream and a material one-off upgrade
project for a key customer, we felt it prudent to narrow our growth
expectation towards the lower end of our full year guidance range.
Even against this backdrop, we demonstrated resilience and increased the
underlying health of our business. Our refreshed commercial strategy drove a
measurable uptick in our win rate on new business including further adoption
of Accesso Freedom(SM.) The acquisition of 1RISK's market-leading waiver and
incident management technology further strengthens our ski portfolio and opens
new opportunities, while the appointment of Lee Cowie as Chief Operating
Officer extends our leadership strength and operational capability.
Our increasing use of AI is also setting us up for sustained competitive
advantage. Internally, we are deploying AI to sharpen delivery, streamline
commercial processes, and accelerate product development. Externally, we are
embedding AI-enabled features directly into our solutions, such as chat-based
ordering for Accesso Passport® and Accesso Freedom, which will be showcased
later this year. Together, these initiatives enhance both the efficiency of
our business and the value we deliver to our customers.
With more robust trading in July and August, we remain confident in delivering
on our refined revenue and profit expectations for the year. Our strategy,
centred on operational excellence and commercial execution, positions us to
re-accelerate growth as market conditions normalise."
Six months ended Six months ended % change
30 June 2025 30 June 2024
Unaudited Unaudited
($000) ($000)
Group Revenue 67,897 69,194 (1.9%)
Ticketing and distribution 53,137 51,833 2.5%
Guest Experience 10,406 13,206 (21.2%)
Professional Services 4,354 4,155 4.8%
Group Revenue - excluding disposal of Brazil subsidiary and B2C exit 5 67,897 68,562 (1.0%)
Group Revenue - constant currency, excluding disposal of Brazil subsidiary and 4 67,601 68,562 (1.4%)
B2C exit
Gross Profit 53,173 52,724 0.9%
Gross Margin % 78.3% 76.2% 2.1 per centage pts
Cash EBITDA 1 5,065 6,482 (21.9%)
Statutory profit before tax 1,872 295 534.6%
Net cash 2 25,423 18,292 39.0%
Adjusted basic earnings per share (cents) 3 10.05 8.65 16.2%
Basic earnings per share (cents) 3.39 0.53 539.6%
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 2025 have been prepared on a
constant currency basis using rates from the period ended 30 June 2024 to
assist with assessing the underlying performance of the revenue streams.
Average monthly rates for H1 2024 were used to translate the monthly H1 2025
results into a constant currency using the range of currencies as set out
below:
a. GBP sterling - $1.25 - $1.27
b. Euro - $1.07 - $1.09
c. Canadian dollar - $0.73 - $0.75
d. Australian dollar - $0.65 - $0.67
e. Mexican pesos - $0.06 - $0.06
f. Brazilian real - $0.19 - $0.20
g. UAE Dirham - $0.27 - $0.27
h. Singapore dollar - $0.74 - $0.75
(5) The Group exited its B2C business, From the Box Office, in May 2024, the
figures presented exclude the revenues generated from this business in H1 24
($0.3m). The Group also sold its Brazilian subsidiary in early January 2025,
the figures presented exclude revenues generated from this business in H1 25
($0.0m) and H1 24 ($0.3m)
Performance highlights
· Trading impacted by June weather: Performance was in line with expectations
through the early part of the year including notable trading strength from our
Ski clients. Extreme June heat across North America and EMEA, a key trading
period, led to lower-than-expected Group revenue of $67.9m (H1 2024: $69.2m)
and Cash EBITDA of $5.1m (H1 2024: $6.5m). Further, the volatility in global
foreign exchange rates resulted in a cost headwind from foreign exchange
losses within underlying admin expenditure of $1.0m (H1 2024: FX loss of
$0.4m). Improved trading across July and August underpin confidence in meeting
our revised full-year expectations.
· Enhanced commercial strategy driving results: Material year-on-year
improvement in win rates attributed to strategic resource reallocation with
expanded market coverage, enhanced support, and improved marketing. accesso
Freedom continues to perform strongly as both a cross-sell and lead product,
with a total of 39 venues signed at the end of August. Stronger execution,
sharper positioning, and more focused resource allocation place us well to
unlock further growth from both existing and new opportunities - supporting
growth acceleration as market conditions normalise. The appointment of leading
SaaS sales and marketing executive Mike Evenson as Chief Commercial Officer
further strengthens our commercial execution, bringing deep expertise in
scaling global software businesses and reinforcing our ability to capture
growth.
· Go-to-market evolution continues: The development of a fully reimagined
multi-language website is underway, incorporating a refreshed brand and
refined presentation of our wide range of solutions. This will strengthen our
global positioning, increase coherence in product communication, and improve
localisation to support expanded market coverage across territories.
· 1RISK technology acquisition completed: Acquisition completed in May of
market-leading waiver and incident management technology from 1RISK, enhances
our capabilities in ski and adventure markets by integrating liability
waivers, incident reporting, and dispatch tracking directly into our platform.
This further strengthens our ski proposition following the 2023 acquisition of
accesso Paradox(SM) and continues our market leadership position in this key
end vertical.
· Enhancing our platform through innovation and AI: Successful early-stage
customer trial of our new composable commercial capability has now been
completed. Development of this next generation of eCommerce is progressing
well and will sustain market leadership by delivering a more advanced and
flexible solution across our product set. Further progress has been made in
migrating existing accesso Siriusware(SM) customers to cloud solutions via
accesso Passport and accesso Paradox. Work is also underway to significantly
expand our participation in payments, with a clear strategic approach now
defined. AI-enabled features are another key focus, with research and
development advancing on automated chat-based ordering for accesso Passport
and accesso Freedom, enhancing the customer experience and driving additional
value for operators.
· Guidance unchanged: Robust trading across July and August supports the Board's
refined revenue guidance and unchanged margin guidance for the full year.
While near-term market conditions may remain variable, our diversified model,
enhanced product set, and stronger commercial execution provide confidence in
delivering long-term growth.
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. The Company will be hosting a webcast
presentation for analysts at 1pm. Analysts and institutional investors can
register for the presentation using the following link:
https://sparklive.lseg.com/AccessoTechnologyGroup/events/aca341df-4b88-4a33-a7f3-65150fd0f898/accesso-interim-results-2025.
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.
For further information, please contact:
accesso Technology Group +44 (0)118 934 7400
plc
Steve Brown, Chief Executive Officer
Matthew Boyle, Chief Financial Officer
Deutsche Numis (Nominated Adviser and Sole +44 (0)20 7260 1000
Broker)
Simon Willis, Joshua Hughes, Iqra Amin
DGA Group (Financial Public Relations) +44 (0)20 7550 9225
Adam Davidson, Corbin Ellington
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 36 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
(http://www.accesso.com/) .
Follow accesso on X (https://x.com/accessotech) , LinkedIn
(https://www.linkedin.com/company/accesso) and Facebook
(https://www.facebook.com/accessoTechnologyGroup/)
***
Chief Executive's Review
Delivery broadly in line despite June heatwave and macroeconomic challenges
The first half of 2025 started encouragingly with strong performance from our
Ski products. Our activity was also supported by strong customer engagement in
our broader proposition set resulting from our enhanced commercial strategy
and continued product innovation - especially around composable commerce - to
set the stage for future growth. Momentum in Professional Services and
distribution also contributed positively, demonstrating the success of our
ongoing revenue diversification plan.
In June, however, extreme heat across North America and EMEA coincided with
the beginning of the peak trading season for our core business, leading to a
sharp decline in attendance at many venues. Live entertainment and queuing
revenues were particularly affected given their sensitivity to on-site
volumes.
Against this backdrop, our performance was less strong than we had hoped.
Although broadly in line with the lower end of our expectation range, Group
revenue of $67.9m was down just 1.9% on the prior year (H1 2024: $69.2m), with
Cash EBITDA of $5.1m (H1 2024: $6.5m). Gross margin also improved to 78.3% (H1
2024: 76.2%). Softer transactional revenue was partly offset by growth in
services, underscoring the value of a portfolio that balances recurring and
project-based income streams.
Ongoing diversification supporting business resilience
Our ability to serve a broad range of customer segments and geographies
remains a core strength of our business. During the period we saw solid
performance in the Middle East, where our engagement to implement accesso
Horizon(SM) at Qiddiya - the Kingdom's flagship entertainment and tourism
destination - is progressing well. Two of our largest ongoing accesso Horizon
implementations are also outside the US, with blue chip clients Dubai
Holdings' One VGS project in the UAE and Skyline in New Zealand. This
underscores the global relevance of our technology and the confidence placed
in accesso by leading operators in key growth markets.
Alongside this geographic expansion, we continue to see a broad range of
revenue streams make a meaningful impact on our overall performance. While our
transactional revenue - highly visible, repeatable, and profitable under
normal market conditions - remains the cornerstone of our business, during
this period we saw non-repeatable change requests and Distribution revenues
partly offsetting variability in transactional income.
Specifically, change request services revenue grew 113.6% over the period,
driven by customer requests across multiple markets. Distribution revenue rose
5.1%, reflecting our deliberate focus on strengthening partnerships and
securing new agreements to offset variability in direct transactional sales.
Furthermore, when operators look to leverage discounts to spark attendance,
our distribution network offers immediate access to key promotional channels.
While not of the same quality and repeatable nature as our core transactional
revenue, these income streams represent important aspects of our overall
offering to clients and continue to provide useful insulation during
attendance-driven market challenges. They also help enable continued
investment in M&A, product innovation, and commercial transformation,
ensuring we can manage our business for the long term despite any near-term
market turbulence.
Commercial strategy gaining traction
Improving sales performance has been a major priority in 2025. Efforts to
improve our sales engagement support are yielding results. Sales engagement is
'behind the scenes' support of our sales team to prepare presentation
materials, conduct demos and prepare proposals. We have reorganised teams to
enhance their ability to focus on their core target markets and products.
Resources have been shifted to the commercial team to expand our marketing
functions across lead generation, digital activities and international
support.
Actions in H1 have driven a material improvement in commercial success rate.
In H1 2025, across all products, and excluding our marquee wins in Saudi
Arabia, we have signed 22 new venues, comprising 37 product wins. This is a
significant improvement on H1 2024 where 20 new venues were signed, comprising
26 product wins. Further, the annually recurring transactional value of those
37 new product wins in H1 2025 represents an 82% improvement on the
corresponding 26 in the comparative period, demonstrating that even in a
softer attendance environment, demand for our solutions to improve guest
engagement and operational efficiency remains strong. With sharper execution
and a more strategic commercial approach, we see significant scope for
capturing future growth from our existing markets and client base, as well as
from new opportunities.
Building upon the 11 wins during its first year in 2024, there were a further
20 wins for accesso Freedom. This brought the total number of customers up to
31 for the product, across both new and existing venues at the end of H1 2025
with a further 8 signed up to the end of August and a healthy pipeline for the
remainder of the year. These wins included a combo win alongside accesso
Passport to support a new North America theme park opening in 2026.
The appointment of Mike Evenson as Chief Commercial Officer will further
strengthen our global go-to-market strategy and execution. Mike brings over 15
years of experience in the SaaS ticketing sector with AudienceView, with his
most recent role as Chief Commercial Officer. His expertise and fresh
perspective will be invaluable as he assumes responsibility for our global
sales and marketing efforts.
Strengthening our platform through acquisition
In May, we completed the acquisition of 1RISK's technology assets, including
its market-leading 1Waiver liability waiver application and a suite of
incident and risk management tools. 1RISK solutions are used by more than 150
venues across North America - nearly half of which are already accesso clients
- to streamline the process of securing liability waivers for activities such
as ticket and pass purchases, equipment rentals, and lessons. This allows
guests to complete essential requirements in the same seamless transaction as
their booking, rather than through separate sites or applications, removing
friction from the customer journey.
Beyond waivers, 1RISK's incident reporting and dispatch operations tracking
tools help operators capture and analyse real-time data on safety-related
events, enabling them to reduce the frequency and severity of incidents over
time. These capabilities enhance our offering in the ski market, where we
already have a strong presence following the 2023 accesso Paradox acquisition,
and create new opportunities to cross-sell into attractions and live
entertainment venues with activities that require waivers. While 1RISK may
continue to be used on a standalone basis, integration with a ticketing
platform will be supported exclusively for accesso solutions. Integration is
progressing well, with former 1RISK team members now part of accesso, and
customer feedback has been positive.
Driving product innovation and AI adoption
We remain committed to delivering market-leading technology that enhances
guest experiences and drives revenue for our clients. During H1 we made
significant progress on several fronts. In accesso Passport, we introduced
checkout enhancements and delivered a fully functional API, giving customers
greater flexibility to integrate our technology or operate in a headless
commerce model.
AI is playing an increasingly important role in our operations. We are
leveraging AI to drive efficiency in our responses to customer bid
opportunities, reducing turnaround times and improving consistency. We have
also made substantial progress developing an AI-powered chat-based ordering
for accesso Passport and accesso Freedom, which will be showcased at the major
attractions industry tradeshow, IAAPA, in November. This work complements the
ongoing development of our Composable Commerce capability, which had a
successful early-stage pilot at a ski resort this summer. This next generation
eCommerce will offer customers greater flexibility in managing their
storefront flow and presentation and ultimately will be leveraged as the core
eCommerce solution across multiple accesso solutions.
Within ski, we have also delivered enhanced equipment rental capabilities and
completed integration of accesso Paradox with Inntopia - a leading experience
booking provider in the ski sector. We continue to see substantial opportunity
in payments, as highlighted in our April roadshow. With our strategic review
completed in H1, we are actively engaging with potential partners with the
goal of forming a long-term relationship that leverages our scale to deliver a
high-value offering to our customers while also expanding our revenue.
Disciplined capital allocation
We continued our share buyback programme in H1, returning $5.0m (£3.7m) to
shareholders out of a total planned ~$10.8m (£8.0m). While liquidity in the
market has limited the pace of repurchases, the programme reflects our
confidence in the Group's prospects and the continued strength in our Balance
Sheet. At the same time, we are developing a more structured capital
allocation framework focused on optimising our levers to drive shareholder
returns via organic growth reinvestment, M&A, and capital return options
to shareholders.
Our people
Our team is central to everything we do, and their engagement, expertise, and
adaptability remain key to our success. Overall turnover through 30 June 2025
was 7.3%, compared with 4.0% voluntary turnover at the same point last year.
We conducted our annual Employee Engagement Survey in May 2025, achieving a
94% participation rate and an overall score of 4.1, which benchmarks at the
75th percentile for similarly sized companies in the technology sector and is
on par with our 2024 survey results.
In our continued commitment to developing our teams, we introduced the
Invested Leader programme, an interactive, virtual leadership development
course for Directors offered via Udemy for Business. The programme is designed
to equip leaders with new ways to motivate, inspire, and engage teams in a
geographically distributed, virtual workplace.
We transitioned our internal social platform from Workplace to Workvivo. The
platform is designed to foster better communication, collaboration, and
connection to support our diverse, and largely remote, workforce.
We also advanced our diversity, equity, and inclusion (DEI) agenda, welcoming
two new employees as co-chairs of the accesso DEI Strategic Council. In
addition, we partnered with Girl Develop It (GDI) through our ongoing
IgniteHER initiative. GDI is a non-profit organisation dedicated to empowering
women and non-binary individuals to pursue careers in technology, with a focus
on accessibility, growth, and education. This partnership will create
meaningful opportunities for women to connect, learn, and grow within our
industry.
Outlook
As set out in our July trading update, we continue to expect full-year revenue
to be toward the lower end of the guidance range provided in April 2025, with
Cash EBITDA anticipated at approximately 15%. Robust trading through July and
August provided confidence that the weakness seen in June has not carried
forward, supporting our refined revenue guidance and unchanged cash EBITDA
margin guidance for the year. While near-term conditions may remain variable,
our diversified model, enhanced product set, and improved commercial execution
give us confidence in delivering long-term growth. We remain mindful of key
milestones ahead, particularly the successful delivery of accesso Horizon
implementations in the Middle East, which will be important for both near-term
execution and long-term strategic opportunity. As guided in the trading update
in July, we will update the market on guidance for 2026 once we have greater
visibility on how our improved commercial and sales performance in 2025
translates into momentum for the future, and we have advanced our plans to
balance revenue expectations with continued operational efficiency.
***
Financial Review
Financial overview
In the first half of 2025, the Group delivered revenue of $67.9m, down 1.9% on
last year, or down 2.3% at constant currency. Excluding the exit of the B2C
business, From The Box Office, and the sale of the Brazilian subsidiary,
revenue declined 1.0% and 1.4% on a constant currency basis. The prior period
also included a significant hardware sale of $1.8m to a blue-chip customer
that was not repeated in the current period. Excluding this lower margin
hardware revenue, and the aforementioned like-for-like adjustments, revenue
increased by 1.2% or $0.8m.
As set out in our earlier trading updates, there has been softness in
transactional revenues however these decreases have somewhat been offset by an
increased demand for our change request services offering, particularly at
larger blue chip clients.
We maintained strong gross profit with our margin up 2.1 percentage points
year-on-year at 78.3% (H1 2024: 76.2%). This margin improvement arises largely
because the significant hardware sale occurring in the prior period was sold
at a lower margin than our typical SaaS products or Services.
Our Cash EBITDA decreased by 21.9% from $6.5 to $5.1m. This reflects the gross
profit improvement of $0.4m being offset by higher underlying administrative
expenditure of $1.9m, being a 4.0% increase on H1 2024. The underlying
expenditure for the period includes $1.0m (HY 2024: FX loss of $0.4m) of
foreign exchange losses arising from the revaluation of non-USD assets within
the Group. On a constant currency basis, underlying expenditure increased by
2.4% or $1.1m.
These incremental costs are driven predominantly by increased staffing cost on
a maintained headcount. We remain disciplined on pay and headcount, monitoring
every hire and pursuing efficiency opportunities. However, there is an
unavoidable cost pressure from both merit-based increases required to retain
existing staff and higher starting salaries for essential new hires,
reflecting broader wage inflation.
We remain confident in our projections for the outturn of the year having
continuously demonstrated our ability to tightly control the cost base in the
face of volatile transactional revenue.
Key performance indicators and alternative performance measures
The Board continues to utilise consistent alternative performance measures
("APMs") internally and in evaluating and presenting the results of the
business. The Board views these APMs as representative of the Group's
underlying performance.
The historic strategy of enhancing accesso's technology offerings via
acquisitions, as well as an all-employee share option arrangement, necessitate
adjustments to statutory metrics to remove certain items which the Board does
not believe are reflective of the underlying business.
By consistently making these adjustments, the Group provides a better
period-to-period comparison and is more readily comparable against businesses
that do not have the same acquisition history and equity award policy.
APMs include Cash EBITDA, Adjusted basic EPS, net cash, underlying
administrative expenditure and repeatable and non-repeatable revenue analysis
and are defined as follows:
· Cash EBITDA is defined as 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
internal development costs;
· Adjusted basic earnings per share is calculated after adjusting operating
profit for impairment of intangible assets, amortisation on acquired
intangibles, acquisition costs and share-based payments, net of tax at the
effective rate for the period on the taxable adjusted items;
· Net cash is defined as available cash less borrowings. Lease liabilities are
excluded from borrowings on the basis they do not represent a cash drawing;
· Underlying administrative expenses are administrative expenses adjusted to add
back the cost of capitalised development expenditure and property lease
payments and remove amortisation, impairment of intangible assets,
depreciation, acquisition costs, and costs related to share-based payments.
This measure is to identify and trend the underlying administrative cost
before these items; and
· Repeatable revenue consists of transactional revenue from Virtual Queuing,
Ticketing and eCommerce and is defined as revenue earned as either a fixed
amount per sale of an item, such as a ticket sold by a customer or as a
percentage of revenue generated by a venue operator. Normally, this revenue is
repeatable where a multi-year agreement exists and purchasing patterns by
venue guests do not significantly change. Other repeatable revenue is defined
as revenue, excluding transactional revenue, that is expected to be earned
through each year of a customer's agreement, without the need for additional
sales activity, such as maintenance and support revenue. Non-repeatable
revenue is revenue that occurs one-time (e.g. up-front licence fees) or is not
repeatable based upon the current agreement (e.g. billable professional
services hours) and is unlikely to be repeatable without additional successful
sales execution by accesso. Other revenue consists of hardware sales and
other revenue that may or may not be repeatable with limited sales activity if
customer behaviour remains consistent.
The Group considers cash EBITDA, which disregards any benefit to the income
statement of capitalised development expenditure, as its principal operating
metric.
These APMs should not be viewed in isolation but as supplementary information.
As adjusted results include the benefits of the Group's acquisition history
but exclude significant costs (such as significant legal or amortisation
expenditure), they should not be regarded as a complete picture of the Group's
financial performance, which is presented in its total results.
Key Financial Metrics
Group revenue for the first half of 2025 was $67.9m (H1 2024: $69.2m), down
1.9% on H1 2024. While we are disappointed with the decline, the results
highlight the resilience of our business with a diverse offering of both
products and services. As we explained in our trading update in July 2025, our
transactional revenue was soft across a broad set of our client base, arising
primarily in our live entertainment vertical but also in virtual queuing. This
softness was offset by an increased demand for our services, delivering on
customer requests for our blue chip clients to support changes in their
operations and go-to-market strategies.
We set out details of our revenue by segment, type and geography below.
Revenue on a segmental basis was as follows:
Six months ended 30 June 2025 Six months ended 30 June 2024
Unaudited Unaudited
$000 $000 %
Ticketing 41,983 41,146 2.0%
Distribution 11,154 10,687 4.4%
Ticketing and distribution 53,137 51,833 2.5%
Virtual queuing 8,646 11,196 (22.8%)
Other guest experience 1,760 2,010 (12.4%)
Guest experience 10,406 13,206 (21.2%)
Professional Services 4,354 4,155 4.8%
Total revenue 67,897 69,194 (1.9%)
Revenue by type was as follows:
Six months ended 30 June 2025 Six months ended 30 June 2024
Unaudited Unaudited
$000 $000 %
Virtual queuing 8,646 9,417 (8.2%)
Ticketing and eCommerce 29,755 31,452 (5.4%)
Distribution 10,722 10,197 5.1%
Transactional revenue 49,123 51,066 (3.8%)
Maintenance and support 5,803 5,044 15.0%
Platform fees 1,113 1,694 (34.3%)
Recurring licence revenue 1,346 1,072 25.6%
Total Repeatable 57,385 58,876 (2.5%)
One-time licence revenue 729 856 (14.8%)
Implementation, Change Request and Billable services 3,193 1,495 113.6%
Professional services 4,354 4,155 4.8%
Non-repeatable revenue 8,276 6,506 27.2%
Hardware 278 1,927 (85.6%)
Other 1,958 1,885 3.9%
Other revenue 2,236 3,812 (41.3%)
Total revenue 67,897 69,194 (1.9%)
Total Repeatable as % of total 84.5% 85.1%
Transactional revenue consisting of Virtual Queuing, Ticketing and eCommerce
is defined as revenue earned as either a fixed amount per sale of an item,
such as a ticket sold by a customer, or as a percentage of revenue generated
by a venue operator. Normally, this revenue is repeatable where a multi-year
agreement exists and purchasing patterns by venue guests do not significantly
change.
Other repeatable revenue is defined as revenue, excluding transactional
revenue, that is expected to be earned through each year of a customer's
agreement, without the need for additional sales activity, such as maintenance
and support revenue.
Non-repeatable revenue is revenue that occurs one-time (e.g., up-front license
fees) or is not repeatable based upon the current agreement (e.g. billable
professional services hours) and is unlikely to be repeatable without
additional successful sales execution by accesso.
Other revenues are largely hardware-related. Hardware revenues have
historically included the large sale of accesso Prism(SM) bands to a blue-chip
customer. Other revenues comprise commissions received from the Group's guest
ticket insurance partners as well as third-party hardware partners.
Ticketing and Distribution
Revenue by type within the Ticketing and Distribution segment is set out
below:
Six months ended 30 June 2025 Six months ended 30 June 2024
Unaudited Unaudited
$000 $000 %
Ticketing and eCommerce 29,583 31,424 (5.9%)
Distribution 10,722 10,197 5.1%
Transactional revenue 40,305 41,621 (3.2%)
Maintenance and support 5,514 4,843 13.9%
Recurring license revenue 1,346 1,072 25.6%
Total Repeatable 47,165 47,536 (0.8%)
One-time licence revenue 729 856 (14.8%)
Implementation, Change Request and Billable services 3,148 1,418 122.0%
Non-repeatable revenue 3,877 2,274 70.5%
Hardware 148 150 (1.3%)
Other 1,947 1,873 4.0%
Other revenue 2,095 2,023 3.6%
Total revenue 53,137 51,833 2.5%
Transactional revenue
As set out in the revenue quality table above, ticketing and eCommerce
transactional revenue was down $1.8m or 5.9% on the prior period. This
decrease, driven by challenging attendance volumes, was observed across the
majority of the verticals we serve but more pronounced in live entertainment,
a vertical serviced by our accesso ShoWare(SM) product. $0.3m of this decrease
can be attributed to the sale of our Brazilian entity that exclusively sold
the accesso ShoWare product. The outlier to these challenging transactional
volumes was in the ski vertical where a strong early start to the year with
positive weather conditions resulted in a 48% increase in transactional volume
for our accesso Paradox product.
Distribution revenues increased by 5.1% as H1 2025 continued to improve on the
strong performance in 2024. These increases are primarily driven by new venues
being signed to our distribution channels rather than new relationships with
new distributors as was the case with growth in 2024. In an environment of
softer attendance growth, distribution networks are a valuable promotional
sales channel. This growth in distribution comes despite the strategic
decision to move away from the lower margin consumer direct portion of our
Distribution business near the end of the H1 2024 and contributed $0.3m in
that period.
Other repeatable revenue
Maintenance and support and recurring licence revenues increased 13.9% and
25.6% over H1 2024 respectively. Both increases were driven by clients going
live on the accesso Horizon product both in H2 2024 and H1 2025. As an 'on
premise' product, this has historically been operated on a licence &
support model rather than a transactional model.
Non-repeatable revenue
Non repeatable revenue increased $1.6m or 70.5% as a result of change request
services provided to existing blue-chip customers. While not our core
offering, the services highlight how critical our solutions are to customers
and our ability to respond to changing needs in their business.
Guest Experience
Revenue by type within the Guest Experience segment is set out below:
Six months ended 30 June 2025 Six months ended 30 June 2024
Unaudited Unaudited
$000 $000 %
Virtual queuing 8,646 9,417 (8.2%)
eCommerce 172 28 514.3%
Transactional revenue 8,818 9,445 (6.6%)
Maintenance and support 288 201 43.3%
Platform fees 1,113 1,694 (34.3%)
Total Repeatable 10,219 11,340 (9.9%)
Implementation, Change Request and Billable services 45 77 (41.6%)
Non-repeatable revenue 45 77 (41.6%)
Hardware 130 1,777 (92.7%)
Other 12 12 (0.0%)
Other revenue 142 1,789 (92.1%)
Total revenue 10,406 13,206 (21.2%)
Transactional revenue
Virtual queueing transactional revenue decreased by 8.2% on H1 24, which was
primarily the result of a revised commercial agreement with a major customer
signed early in H1 25 alongside the same venue attendance challenges we
observed across our client base in the Ticketing segment.
Other revenue (hardware)
H1 24 included hardware sales of $1.8m of accesso Prism(SM) bands to a
blue-chip customer that were not repeated in H1 25.
Professional Services
Revenue by type within the Professional Services segment is set out below:
Six months ended 30 June 2025 Six months ended 30 June 2024
Unaudited Unaudited
$000 $000 %
Professional services 4,354 4,155 4.8%
Non-repeatable and total revenue 4,354 4,155 4.8%
The Professional Services segment contains the delivery of bespoke
Professional Services to large customers in the ski, theme park, and cruise
ship market and that are not directly associated with a particular product. As
a key technology infrastructure partner, large attractions and leisure
operators look to us to provide support for their own internal project cycles.
We realise that this element of our business will fluctuate year over year,
however we are positioned to take the opportunities when they arise. In H1
2025, Professional Services revenues of $4.4m were 4.8% ahead of the prior
period.
Revenue on a geographical basis was as follows:
Six months ended 30 June 2025 Six months ended 30 June 2024
Unaudited Unaudited
$000 $000 %
USA 38,776 41,562 (6.7%)
Canada 3,152 2,317 36.0%
United Kingdom 15,744 14,565 8.1%
Other Europe 2,866 3,049 (6.0%)
Middle East 1,269 1,184 7.2%
Asia/Australia/South Pacific/Africa 4,503 4,221 6.7%
Mexico 1,404 1,845 (23.9%)
Brazil - 332 (100.0%)
Other Central and South America 183 119 53.8%
Total revenue 67,897 69,194 (1.9%)
Our revenues in the USA decreased 6.7% compared to H1 2024 which is driven by
the fall in virtual queuing and ticketing transactional revenue alongside the
$1.8m sale of hardware in H1 2024 not being repeated in the current period.
Revenues in Canada increased by 36.0% because of the strong transactional
revenues, across both accesso Passport and accesso Paradox, following positive
weather in early H1 2025.
The primary reason for the 8.1% increase in UK revenues was change request
services delivered to a blue-chip customer in the region that offset decreases
in transactional revenue across both ticketing and virtual queueing.
Similarly, our European revenues were 6.0% behind H1 2024 for the same reason.
Revenues in the Middle East and Other Asia, Australia and South Pacific
increased by 7.2% and 6.7% respectively. These increases are driven by accesso
Horizon which is delivering ongoing projects to blue chip customers in Middle
East, Japan, and Singapore.
Our Mexican business operates accesso ShoWare in the region, primarily in the
Live Entertainment vertical. As set out above, the transactional volumes in
this vertical have been particularly challenging.
Gross Margin
We recorded a gross profit increase of 0.9% from $52.7m to $53.2m. This gross
profit was delivered at an improved gross margin of 78.3% (H1 2024: 76.2%).
This improvement in gross margin is reflective most notably of the decrease in
hardware revenue which is typically at a lower margin when compared to our
SaaS products or services.
Administrative expenses
Reported administrative expenses increased 0.6% to $51.8m in the period (H1
2024: $51.5m) and underlying administrative expenditure increased by 4.0% to
$48.5m (H1 2024: $46.6m).
Included within the underlying administrative expenditure is the impact of
foreign exchange volatility on our assets and liabilities held in our non-US
entities. The foreign exchange loss recorded in underlying administrative
expenses for H1 2025 was $1.0m (H1 2024: FX loss of $0.4m). On a constant
currency basis, underlying administrative expenditure increased by 2.4% or
$1.1m, driven predominantly by increased staffing costs.
The Group's headcount, including contractors, has slightly decreased
throughout the preceding 12 months from 680 at 30 June 2024, 682 at 31
December 2024 to 675 at the end of June 2025. The figure at 30 June 2025 is
inclusive of 7 staff recruited from 1RISK following the acquisition of
intellectual property. While the headcount has decreased slightly, there
remains an inflationary impact of retaining staff that is reflected in the
increase in underlying expenditure.
We are continuing to mitigate the impact to revenue shortfalls by managing the
cost base accordingly.
Six months ended 30 June 2025 Six months ended 30 June 2024
Unaudited Unaudited
$000 $000 %
Administrative expenses as reported 51,812 51,516 0.6%
Capitalised development expenditure (1) 1,545 1,238 24.8%
Amortisation related to acquired intangibles (1,676) (1,962) (14.6%)
Share-based payments (2,019) (2,163) (6.7%)
Amortisation and depreciation (2) (1,609) (2,363) (31.9%)
Property lease payments and receipts not in administrative expense 394 396 (0.6%)
Exceptional expenditure on acquisition & integration related costs 55 (24) (329.2%)
Underlying administrative expenditure 48,502 46,638 4.0%
(1) See consolidated cash flow statement.
(2) This excludes acquired intangibles but includes depreciation on
right of use assets.
Cash EBITDA
The Group delivered cash EBITDA for the period of $5.1m (H1 2024 $6.5m). While
the Group has increased gross profit by $0.4m, this has been offset by a
larger increase in underlying administrative expenses of $1.9m, driven by
increased headcount cost and foreign exchange losses as discussed above.
The table below sets out a reconciliation between statutory operating profit
and cash EBITDA:
Six months ended 30 June 2025 Six months ended 30 June 2024
Unaudited Unaudited
$000 $000 %
Operating profit 1,361 1,208 12.7%
Add: Exceptional expenditure on acquisition & integration related costs (55) 24 (329.2%)
Add: Share-based payments 2,019 2,163 (6.7%)
Add: Amortisation related to acquired intangibles 1,676 1,962 (14.6%)
Add: Amortisation and depreciation (excluding acquired intangibles) 1,609 2,363 (31.9%)
Less: Capitalised internal development costs (1,545) (1,238) 24.8%
Cash EBITDA 5,065 6,482 (21.9%)
Cash EBITDA margin % 7.5% 9.4%
The Group recorded an operating profit of $1.4m in H1 2025 (H1 2024: profit of
$1.2m); and adjusted earnings per share in the first half of 2025 of 10.05
cents (H1 2024: 8.65 cents).
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 2025 Six months ended 30 June 2024
Unaudited Unaudited
$000 $000
Revenue (net) 59,151 60,978
Cost of goods sold (5,978) (8,254)
Gross Profit 53,173 52,724
Gross Profit margin % 89.9% 86.5%
Underlying administrative expenditure excluding property lease payments (48,108) (46,242)
Cash EBITDA 5,065 6,482
Cash EBITDA margin % 8.6% 10.6%
Development expenditure
Six months ended 30 June 2025 Six months ended 30 June 2024
Unaudited Unaudited
$000 $000
Total development expenditure 22,752 21,848
% of total revenue 33.5% 31.6%
Our total development expenditure for H1 2025 increased to $22.8m, 4.1% higher
than H1 2024, an increase in line with the wider increase in underlying
administrative expenditure and reflective of increased costs for existing
staff rather than increased headcount.
Development expenditure represents all expenses incurred by the Group's
Engineering and Product Management functions, predominantly comprising payroll
and software related costs. It is important to note that although these costs
include research and development activities to determine product roadmaps and
the engineering resources to deliver those items, the categorisation also
includes a wider range of expenses. Costs to maintain our existing solutions
and work with our customers to provide help desk technical support are also
reflected in development expenditure. The Group's own internal IT &
Security functions as well as staffing related to cloud infrastructure support
for our SaaS solutions are a further part of the categorisation. The Group is
evaluating options to present this development spend on a more disaggregated
basis.
The Group capitalises elements of development expenditure where it is
appropriate and in accordance with IAS 38 Intangible Assets. Capitalised
development expenditure of $1.5m (H1 2024: $1.2m) represents 6.8% (H1 2024:
5.7%) of total development expenditure. The Group's research and development
includes both the improvement of existing customer products, which in turn
leads to increased customer satisfaction and retention, as well as a focus on
creating new revenue streams. It continues to be critical to continue to meet
and exceed the expectations of our existing customers' requirements and the
current solutions they utilise. Development continues to expand the product
set and add features that will be important for our customers' operations in
the future.
Cash and net cash
Net cash at the end of the period has reduced to $25.4m from $28.7m at 31
December 2024 but is an increase on the $18.3m at 30 June 2024. This is the
result of a working capital cycle that follows the seasonality of the Group's
trade which peaks in the summer months with cash generation following shortly
thereafter in H2 of each year.
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
$000 $000 $000
Cash in hand & at bank 35,571 37,202 42,769
Borrowings (10,148) (18,910) (14,053)
Net cash 25,423 18,292 28,716
Less: pass-through cash* (5,168) (4,597) (2,841)
Adjusted net cash 20,255 13,695 25,875
*Pass-through cash is received from ticket distributors representing the gross
value of a ticket sold via the Group's distribution platform, Ingresso, and
its 'collect and remit' business in Mexico. This cash is payable to
attractions and venues and does not form part of Group revenue
The Group delivered operating cashflow before movements in working capital of
$7.2m (H1 2024: $7.8m). After working capital movements and tax paid the Group
generated an inflow of $6.5m in H1 2025 (H1 2024: outflow of $7.3m). This
swing in working capital highlights the impact of the distribution business on
the Group's working capital position where the timing of large inflows and
outflows can arise around seasonal peaks, being the summer months and,
notably, the festive period. These inflows and outflows have little impact on
the Group's income statement due to the nature of the cash pass-through.
The Group had an outflow of $5.7m from investing activities (H1 2024: outflow
of $1.0m). This was predominantly driven by the acquisition of intellectual
property in May 2025 for $4.0m.
The Group had an outflow of $9.8m in financing activities (H1 2024: outflow of
$5.6m). This included outflows of $5.0m on the purchase and cancellation of
accesso's own shares through the buyback programme and a net repayment of
$4.0m on the Group's revolving credit facility. As of 30 June 2025, the Group
had drawn $10.75m ($10.15m net of finance costs) of the $40.0m facility that
expires in May 2027.
Dividend and share repurchases
The Board maintains its consistent view that the payment of a dividend is
unlikely in the short to medium term with surplus cash more efficiently
invested in share repurchases, strategic product development or, where the
opportunities arise, value accretive acquisitions. We are developing a more
structured capital allocation framework to ensure that we strike the right
balance between reinvestment for growth, opportunistic M&A, and returns to
shareholders.
During H1 2025, the Board approved a share repurchase programme of up to
£8.0m. During the period 757,548 shares were repurchased and cancelled for
$5.0m (GBP £3.7m).
As of 5 September 2025, 1,415,367shares have been purchased under this
programme for a total consideration of $8.9m (GBP £6.6m).
Post period end, 377,854 shares were purchased by the Group's Employee Benefit
Trust ('EBT') for a consideration of $2.2m (GBP: £1.6m). As at 5 September
2025, the EBT held 960,858 shares that will be used to settle the Group's
outstanding employee share award scheme as they vest.
Impairment
In line with relevant accounting standards, the Group reviews the carrying
value of all intangible assets on an annual basis or at the interim where
indicators of impairment exist. Management is not aware of any conditions
arising in the period to 30 June 2025 which would materially impact the
recoverable amount for each CGU.
Taxation
The effective tax rate (being the tax rate on profit before income tax) for
the period was 27.1% (H1 2024: 27.6%). The effective tax rate for the full
year is likely to be similar to the half year.
- ENDS -
Consolidated statement of comprehensive income
for the six-month period ended 30 June 2025
30 June 2025 Unaudited 30 June 2024 Unaudited 31 December 2024
Audited
Notes $000 $000 $000
Revenue 67,897 69,194 152,291
Cost of sales (14,724) (16,470) (33,283)
Gross profit 53,173 52,724 119,008
(51,812) (51,516) (105,847)
Administrative expenses
Operating profit before exceptional items 1,306 1,232 13,288
Acquisition, integration and disposal related expenditure 55 (24) (127)
Operating profit 1,361 1,208 13,161
Finance expense (697) (1,184) (2,319)
Finance income 1,208 273 839
Profit before tax 1,872 297 11,681
Income tax charge 4 (507) (82) (2,598)
Profit for the period 1,365 215 9,083
Other comprehensive income
Items that will be reclassified to income statement
Exchange differences on translating foreign operations 4,184 394 (1,789)
4,184 394 (1,789)
Total comprehensive income 5,549 609 7,294
All loss and comprehensive loss is attributable to the owners of the parent
Earnings per share expressed in cents per share:
Basic 6 3.39 0.53 22.38
Diluted 6 3.32 0.51 21.82
All activities of the company are classified as continuing.
Consolidated statement of financial position as at 30 June 2025
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
$000 $000 $000
Assets
Non-current assets
Intangible assets 165,610 163,466 159,639
Property, plant and equipment 843 1,065 882
Right of use assets 1,381 1,591 1,341
Contract assets 757 634 763
Deferred tax assets 15,131 16,869 15,039
183,722 183,625 177,664
Current assets
Inventories 132 447 152
Finance lease receivables - 85 -
Contract assets 6,091 5,176 2,805
Trade and other receivables 30,705 28,997 38,327
Income tax receivable 2,266 2,340 1,662
Cash and cash equivalents 35,571 37,202 42,769
74,765 74,247 85,715
Liabilities
Current liabilities
Trade and other payables 28,614 23,225 30,325
Lease liabilities 547 759 529
Contract liabilities 5,279 5,087 7,265
Corporation tax payable 5,325 5,599 5,463
39,765 34,670 43,582
Net current assets 35,000 39,577 42,133
Non-current liabilities
Deferred tax liabilities 7,188 8,808 7,155
Contract liabilities 490 762 492
Other non-current liabilities 432 - 365
Lease liabilities 874 1,057 893
Borrowings 10,148 18,910 14,053
19,132 29,537 22,958
Total liabilities 58,897 64,207 66,540
Net assets 199,590 193,665 196,839
Shareholders' equity
Called up share capital 582 602 592
Share premium 154,536 154,171 154,370
Retained earnings 29,311 29,274 31,797
Merger reserve 19,641 19,641 19,641
Translation reserve (50) (2,052) (4,235)
Own shares held in trust (4,459) (7,980) (5,345)
Capital redemption reserve 29 9 19
Total shareholders' equity 199,590 193,665 196,839
Consolidated statement of cash flows
for the six-month period ended 30 June 2025
30 June 2025 30 June 2024 Unaudited 31 December 2024 Audited
Unaudited
$000 $000 $000
Cash flows from operations
Profit for the period 1,365 215 9,083
Adjustments for:
Depreciation (excluding finance leased assets) 302 463 863
Depreciation on leased assets 312 285 613
Amortisation on acquired intangibles 1,676 1,962 4,212
Amortisation on development costs and other intangibles 995 1,616 2,783
(Gain) / Loss on disposal of fixed assets (9) 5 (5)
Share-based payments 2,019 2,163 3,705
Movement on bad debt provision 184 132 454
Gain on disposal of subsidiary (164) - -
Finance expense 697 1,184 2,319
Finance income (1,208) (273) (839)
Foreign exchange loss / (gain) 546 (64) (44)
Income tax charge 507 82 2,598
Operating cashflow before movement in working capital 7,222 7,770 25,742
Decrease in inventories 25 667 962
Decrease / (Increase) in trade and other receivables 8,972 742 (8,932)
(Increase) / decrease in contract assets/contract labilities (5,349) (4,092) 116
(Decrease) in trade and other payables (3,171) (11,495) (3,089)
Cash generated from / (used in) operations 7,699 (6,408) 14,799
Tax paid (1,240) (894) (2,747)
Net cash inflow / (outflow) from operating activities 6,459 (7,302) 12,052
Cash flows from investing activities
Proceeds from the sale of subsidiary (net of cash disposed) 152 - -
Deferred consideration for acquisition of Boxer Consulting Limited (114) - (96)
Capitalised internal development costs (1,545) (1,238) (2,633)
Purchase of intangible assets (4,263) - -
Purchase of property, plant and equipment (246) (200) (420)
Proceeds from sale of intangible assets 1 -
Proceeds from sale of property, plant and equipment 4 - 8
Interest received 302 391 791
Net cash used in investing activities (5,710) (1,046) (2,350)
Cash flows from financing activities
Share issue - 3 3
Purchase of own shares for cancellation (4,985) (2,828) (8,094)
Interest paid (422) (847) (1,674)
Payments on property lease liabilities (394) (476) (1,000)
Proceeds from property lease receivables - 80 161
Cash paid to refinance - - (44)
Proceeds from borrowings 2,000 - -
Repayments of borrowings (6,000) (1,500) (6,500)
Net cash (used in) from financing activities (9,801) (5,568) (17,148)
(Decrease) in cash and cash equivalents in the period (9,052) (13,916) (7,446)
Cash and cash equivalents at beginning of year 42,769 51,814 51,814
Exchange gain / (loss) on cash and cash equivalents 1,854 (696) (1,599)
Cash and cash equivalents at end of period 35,571 37,202 42,769
Consolidated statement of changes in equity
for the six-month period ended 30 June 2025
Share capital Share premium Retained Merger reserve Own Translation reserve Capital Redemption reserve Total
earnings
shares held
in trust
$000 $000 $000 $000 $000 $000 $000 $000
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
Issue of share capital - - - - - - - -
Share-based payments - - 2,019 - - - - 2,019
Re-purchase of shares for cancellation (11) - (4,985) - - - 10 (4,986)
Settlement of share options 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
Balance at 31 December 2023 603 153,948 31,196 19,641 (9,451) (2,446) 4 193,495
Comprehensive income for the period
Profit for period - - 215 - - - - 215
Other comprehensive income - - - - - 394 - 394
Total comprehensive income for the period - - 215 - - 394 - 609
Contributions by and distributions by owners
Issue of share capital 3 223 (1) - - - - 225
Share-based payments - - 2,163 - - - - 2,163
Re-purchase of shares for cancellation (5) - (2,828) - - - 5 (2,828)
Settlement of share options through Employee Benefit Trust - - (1,471) - 1,471 - - -
Contingent consideration settled in shares 1 - - - - - - 1
Total contributions by and distributions by owners (1) 223 (2,137) - 1,471 - 5 (439)
Balance at 30 June 2024 602 154,171 29,274 19,641 (7,980) (2,052) 9 193,665
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 2024 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.
1.1 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 $6.7m drawings on
its $40.0m revolving credit facility and cash position of $32.4m as at 31 July
2025. The directors have three forecast scenarios, being a conservative base
case, a severe but plausible downside case and a plausible upside case through
to 31 December 2026. In all scenarios modelled, the Group maintains sufficient
funding headroom and is in compliance with its debt covenants throughout the
period of assessment.
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 2026 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 72 to 79 in
the audited financial statements for the year ended 31 December 2024. 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 Siriusware software solutions providing modules in ticketing &
admissions, memberships, reservations, resource scheduling, retail, food
service, gift cards, kiosks and eCommerce.
· The accesso ShoWare ticketing solution for box office, online, kiosk, mobile,
call centre and social media sales
· Ingresso operate a consolidated distribution platform which connects venues
and distributors, opening up a larger global channel for clients to sell their
event, theatre and attraction tickets.
· accesso Paradox 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 Horizon highly functional and best-in-class ticketing and visitor
management solution leveraging an innovative portfolio model approach to guest
management.
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 Applications experience management platforms which delivers
personalised real-time immersive customer experiences at the right time,
elevating the guest's experience and loyalty to the brand.
· accesso Freedom 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 2025 Six months ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Unaudited
$000 $000 $000
Ticketing and Distribution 53,137 51,833 113,032
Guest Experience 10,406 13,206 31,463
Professional Services 4,354 4,155 7,796
Total revenue 67,897 69,194 152,291
Ticketing Guest Professional Services Central unallocated Capitalised development costs
Experience 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
Ticketing Guest Professional Services Central unallocated Capitalised development costs
Experience costs Group
Period ended 30 June 2024 - Unaudited $000 $000 $000 $000 $000 $000
Cash EBITDA (1) 40,697 9,847 2,250 (45,074) (1,238) 6,482
Capitalised development costs 1,238
Depreciation and amortisation (excluding acquired intangibles) (2,363)
Amortisation related to acquired intangibles (1,962)
Share-based payments (2,163)
Acquisition and integration related costs (24)
Finance income 273
Finance expense (1,184)
Profit before tax 297
(1) 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 2025 Six months ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
Cash EBITDA $000 $000 $000
Operating profit 1,361 1,208 13,161
Add: Exceptional expenditure on acquisition & integration (55) 24 127
Add: Amortisation related to acquired intangibles 1,676 1,962 4,212
Add: Share-based payments 2,019 2,163 3,705
Add: Impairment of intangibles - - -
Add: Amortisation and depreciation (excluding acquired intangibles) 1,609 2,363 4,259
Capitalised internal development costs (1,545) (1,238) (2,633)
Cash EBITDA 5,065 6,482 22,831
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 Six months Year
ended ended ended
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
$000 $000 $000
Profit attributable to ordinary shareholders 1,365 215 9,083
Basic EPS
Denominator
Weighted average number of shares used in basic EPS 40,223 40,628 40,593
Basic earnings per share - cents 3.39 0.53 22.38
Diluted EPS
Denominator
Weighted average number of shares used in basic EPS 40,223 40,628 40,593
Deferred share consideration on business combinations
Effect of dilutive securities
LTIP and Option awards (000s) 916 1,640 1,004
Contingent share consideration on business combinations (000s) - 59 29
Weighted average number of shares used in diluted EPS 41,139 42,327 41,626
Diluted earnings per share - cents 3.32 0.51 21.82
Adjusted EPS
Profit attributable to ordinary shareholders 1,365 215 9,083
Adjustments to profit for the period:
Exceptional expenditure on acquisitions and integrations (55) 24 127
Amortisation relating to acquired intangibles 1,676 1,962 4,212
Impairment of intangible assets - - -
Share based payments 2,019 2,163 3,705
Adjusted profit 5,005 4,364 17,127
Net tax related to above adjustments: (H1 2025: 26.03%; H1 2024: 20.53%; FY (962) (849) (1,542)
2024 19.5%)
Adjusted profit attributable to ordinary shareholders 4,043 3,515 15,585
Adjusted basic EPS
Denominator
Weighted average number of shares used in basic EPS 40,223 40,628 40,593
Adjusted earnings per share - cents 10.05 8.65 38.39
Adjusted diluted EPS
Denominator
Weighted average number of shares used in diluted EPS 41,139 42,327 41,626
Adjusted earnings per share - cents 9.83 8.30 37.44
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