Accesso Technology Group PLC (AIM:ACSO, OTC:LOQPF) confirmed things are back on an even keel again after the huge disruption during the pandemic to its theme park customers.
“With visitor demand back to pre-pandemic levels, during 2022 accesso delivered another strong year with record revenue and very strong cash EBITDA,” said Steve Brown, the virtual queuing group’s chief executive.
Revenues during the year to end December 2022 rose 12% to US$139.7mln, with pre-tax profits up 2.5% at US$12.4mln.
Earnings per share fell 54%, reflecting a big tax credit, currency movement reverses and one-off gains in the previous year.
Brown added that 29 new venues signed in 2022, driving 25 new combination wins, while theme park customer giants Merlin Six Flags and Village Roadshow (ASX:VRL) had all renewed or extended contracts over the past two years.
Cash underlying profit [cash EBITDA] was US$25.8mln in the year, well ahead of initial expectations, Brown noted, despite underlying costs rising by 14.2% as more open vacancies were filled and wage inflation continued.
Net cash at the year-end ticked up slightly to US$64.7mln.
Accesso said it intends to use that balance sheet strength for more acquisitions, with food and beverage an area where it is starting to expand.
Early 2023 trading has been encouraging, it added, with January and February in line with expectations and a similar prognosis for the full year.