REG - Accesso Technology - Trading Update

accesso TechnologyAnnouncement

29/01/2024 07:00

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RNS Number : 1309B  Accesso Technology Group PLC  29 January 2024

29 January 2024

accesso ® Technology Group plc

("accesso" or the "Group")

Trading Update

Achieves 2023 profit expectations while investing in next generation products

Delivers 6% revenue growth despite transitioning away from lower-margin
revenue streams

Wins significant early commitment for accesso Horizon(sm)( )with multi-year
project in Saudi Arabia

accesso Technology Group plc (AIM: ACSO), the premier technology solutions
provider for leisure, entertainment, and cultural markets, today provides the
following trading update ahead of its full year results announcement in April.

For the full year, the Group expects to achieve Cash EBITDA in line with its
expectations at a margin of not less than 15% despite an elevated level of
investment in next generation products. The Group also expects to deliver
$148.5m of revenue or 6% year-on-year growth driven by its organic initiatives
and initial contributions from the acquisitions of VGS, Paradocs and Digisoft.
This robust performance comes as the Group continues to focus on growing its
higher margin revenue streams while proactively stepping back from lower
margin elements of its revenue base. For example, during the second half, the
Group fully transitioned out of lower-margin operational staffing and the
related revenue associated with accesso LoQueue(sm) operations for a key
customer, as referenced in its interim results.

The Group is also very pleased to report positive early results from its most
recent acquisitions. accesso Horizon(SM), its newly acquired ticketing
platform (formerly VGS), has already delivered a multi-year project win to
install and support a signature entertainment destination in Saudi Arabia.
This takes the Group into a new region and a market with significant growth
potential, reinforcing the rationale for the Group's global expansion efforts
and demonstrating the growing demand for its innovative and distinct
technology offerings.

accesso Paradox (formerly Paradocs), is also gaining momentum, with 7 new ski
venues signed since acquisition, and following the official November launch of
accesso Freedom, the Group's new restaurant and retail platform, responses
have been highly positive. This new product has now secured 3 new customers
and is building an increasingly strong pipeline of interest.

Looking ahead to 2024, the Group expects revenue growth of approximately 9%
while it continues to expand its global customer base, fully leverage its
recent acquisitions and onboard customers for the new accesso Freedom
offering.  The Group also expects to see improvement in Cash EBITDA margins
to not less than 17%.

The Group remains committed to its medium-term Cash EBITDA margin target of at
least 20%.

The Group will provide full details of 2023 performance and expand on its view
of its 2024 outlook at the time of its results in April.

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

For further information please contact:

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

 Steve Brown, Chief Executive Officer

 Fern MacDonald, Chief Financial Officer
 Deutsche Numis (Nominated Adviser and Sole Broker)      +44 (0)20 7260 1000

 Simon Willis, Hugo Rubinstein, Iqra Amin
 Dentons Global Advisors                                 +44 (0)20 7038 7419

 Adam Davidson, Leah Dudley

About accesso Technology Group, plc

At accesso, we believe technology has the power to redefine the guest
experience. Our patented and award-winning solutions drive increased revenue
for attractions operators while improving the guest experience. Currently
serving over 1,000 venues in 30 countries around the globe, accesso's
solutions help our clients streamline operations, generate increased revenues,
improve guest satisfaction, and harness the power of data to educate business
and marketing decisions.

accesso  invests heavily in research and development because our industries
demand it, our clients benefit from it and it makes a positive impact on the
guest experience.

Our commitment to improving the guest experience and helping our clients
increase revenue is the core of our business. Our technology solutions allow
venues to increase the volume and range of on- and off-site spending, and to
drive increased transaction-based revenue through cutting-edge ticketing,
point-of-sale, virtual queuing, distribution and experience management
software.

Many of our team members come from backgrounds working within the attractions
and cultural industry. In this way, we are experienced operators who run a
technology company serving attractions operators, versus a technology company
that happens to serve the market. Our staff understands the day-to-day
operations of managing complex venues and the challenges this creates, and
together we strive to provide our clients and their guests with technology
that empowers them to do more and enjoy more. From our agile development team
to our dedicated client service specialists, every team member knows that
their passion, integrity, commitment, teamwork and innovation are what drive
our success.

accesso  is a public company, listed on AIM: a market operated by the London
Stock Exchange. For more information, visit  www.accesso.com
(http://www.accesso.com/)  . Follow accesso on  Twitter
(https://twitter.com/accessotech)  ,  LinkedIn
(https://www.linkedin.com/company/accesso/)   and  Facebook
(https://www.facebook.com/accessoTechnologyGroup/)  .

 

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