Accesso Technology Group PLC (AIM:ACSO, OTC:LOQPF) said first-half results were in line with expectations as three acquisitions were bedded-in that it anticipates will “kickstart [the] strategic evolution” and pave the way for future growth.
Revenue for the leisure sector technology provider came to US$65.8 million in the first six months of the year, an increase of 3.2% from a year ago as visitor demand stabilised after the pandemic rebound.
A 14.3% revenue increase from accesso LoQueue and 15.1% from assigned seating product accesso ShoWare in the Americas were offset by the ongoing impact of lower-than-expected revenues from a key customer and an increasingly competitive UK distribution market.
Cash EBITDA for the period was down 39% to US$6.5 million, which Accesso said was in line with expectations, reflecting the expected increase in overheads as staffing increased and investment was made in acquisitions and other growth opportunities.
A reported loss of US$0.8 million was made compared to a profit of US$2.9 million the previous year. There was US$9.2 million cash in the bank at the half-year.
Chief executive Steve Brown said: “As anticipated, demand has stabilised following a period of accelerated growth, and after two years of temporarily reduced overheads, improved hiring conditions mean we have been able to successfully recruit for open positions.
“Having navigated our business through the pandemic and capitalised on a generational shift in attitudes towards technology in our sector, we are now deepening our focus on Accesso's long-term future.”
He said this was beginning with the three acquisitions: June's US$53 million purchase of VGS, a ticketing and visitor management system rebranded as Accesso Horizon; Paradocs Mountain Software, rebranded as Accesso Horizon, to deepen its presence in the ski market; and long-term staff partner Digisoft, which allowed it to bring its mobile development and professional services operations in-house.
“We have also made high value improvements to our existing product set to extend our leadership and expand our opportunities,” Brown said, adding that pre-sales have started of restaurant and retail proposition Accesso Freedom and a major refresh across all modules of Accesso Passport is in the final stages.
He said the results keep the business “on track for our full-year expectations”.