Accesso Technology Group PLC (AIM:ACSO, OTC:LOQPF) reported a 5.2% increase in revenue for the first half of the year and flat cash EBITDA, but said its performance was held back by a delay to an important project and the attractions sector seeing lower guest volumes recently.
The provider of technology solutions to leisure, entertainment, and cultural venues announced new full-year guidance last month to reflect these factors.
Chief executive Steve Brown said in a statement alongside today’s interim results that the company has subsequently taken measures to control costs and preserve margin through the second half.
“With the key trading periods of July and August in hand, we are tracking towards our revised full-year outlook,” he said.
On an organic basis the business performed broadly in line with expectations in the first half, he said, with the overall performance held back by a delay to an important project for its Accesso Horizon ticketing and visitor management product, which he said “remains a major validation of our acquisition rationale, and we see no change to the overall contract value”.
The attractions sector has reported lower guest volumes than anticipated so far in the second half and Brown said the new guidance “reflects that this softness continued through the peak trading periods of July and August and will likely run through the remainder of the year.
“We anticipate this will normalise as operators continue to adjust pricing and promotional strategies to align with current consumer expectations.”
Revenue for the company came to US$69.2 million for the first half of 2024, up from US$65.8 million a year earlier.
Cash EBITDA was flat at US$6.5 million and the group reported a statutory profit before tax of US$295,000 compared to a US$863,000 loss last time.
Net cash stood at US$18.3 million at the period end.
Accesso also announced the appointment of Matthew Boyle as chief financial officer on a permanent basis.
Boyle, who has been with the company for five years, and was promoted to interim CFO from vice president finance after Fern MacDonald stepped away from the role due to illness.
Brown said MacDonald recently passed away.