Analysts were guardedly optimistic on the prospects for Accesso Technology Group PLC (LSE:ACSO, OTC:LOQPF), the ticketing and queuing software group, after half-year results showed the business keeping guidance intact despite a bumpy start to 2025.
Revenue for the six months to June fell 2% to $68.9m, with extreme weather in June blamed for a sharp drop in visitor numbers at key attractions. Transactional income, which makes up nearly three-quarters of the total, slipped almost 4%.
Gross profit edged higher to $53.9m, lifting the margin to 78.3%, though cash earnings before interest, tax, depreciation and amortisation fell 22% to $5.1m as costs rose.
The balance sheet remains healthy with $25m of net cash, up nearly 40% year on year.
Peel Hunt takes the glass-half-full view. It had feared another downgrade but welcomed “robust” trading across July and August, enough to keep full-year forecasts unchanged.
The broker, which has an 'add' rating, highlights the group’s diversification efforts beyond North America and says confidence is underpinned by improving win rates and a more balanced business model.
Shore Capital, which cut forecasts after a July warning, sticks with its 'hold' rating, noting the drag from contract losses and exposure to US theme parks, still more than 60% of revenues.
It is also cautious on the backdrop, pointing to Disney’s muted summer crowds and Six Flags’ merger upheaval.
The shares were more or less flat at 427p.