REG - Accesso Technology - Trading Statement

accesso TechnologyAnnouncement

15/08/2024 07:00

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RNS Number : 5102A  Accesso Technology Group PLC  15 August 2024

15 August 2024

accesso® Technology Group plc

("accesso" or the "Group")

Trading Update

accesso Technology Group plc (AIM: ACSO), the premier technology solutions
provider for leisure, entertainment, and cultural markets, today provides the
following trading update ahead of its interim results which it expects to
release on 26 September 2024.

Based on recent trading volumes in the early part of the northern hemisphere
summer months, and slippage in timelines for specific new park openings, the
Group now expects a full year revenue outturn of approximately $150-$153m,
rather than the not less than $160m communicated at the time of the Group's
final results in April 2024.

The Group is taking measures to manage its cost base in line with this lower
revenue expectation, so as to mitigate the impact on Cash EBITDA as far as
possible. As a result, the Group expects to deliver a full year 2024 Cash
EBITDA margin of 13-14%.

Two specific factors have driven this change in revenue guidance, namely:

-      Certain new projects for accesso Horizon(sm) in the Middle East
have been delayed due to circumstances outside of the Group's control as
operators have adjusted their timelines. The revenue for these projects is
recognised on a milestone basis. While the Group does not perceive increased
risk to the overall completion of these projects or their overall contractual
value, the completion of certain applicable milestones is now expected to move
into FY25; and

-     Recent consumer trading volume across our key end markets has been
below our expectations, notably during the peak trading month of July.  Our
revised full year revenue guidance assumes these lower volumes persist through
the remaining peak months of the year.

The Group's interim results will reflect the former of these impacts, whereas
the latter will primarily impact the second half of FY24. Overall, the Group's
sales pipeline continues to exhibit positive momentum which will benefit the
Group in subsequent years. Furthermore, its focus on operational excellence is
expected to ensure continued strong profitability and cash generation as the
Group continues its development. The Group balance sheet remains robust, with
a net cash position at 31 July 2024 of approximately $23.3m.

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 ("MAR"). Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

For further information, please contact:

 accesso Technology Group plc                              +44 (0)118 934 7400

 Steve Brown, Chief Executive Officer

 Matthew Boyle, Interim Chief Financial Officer
 Deutsche Numis (Nominated Adviser and Sole Broker)        +44 (0)20 7260 1000

 Simon Willis, Joshua Hughes, Iqra Amin
 DGA Group                                                 +44 (0)20 7550 9225

 Adam Davidson

 

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