Accesso Technology Group PLC (LSE:ACSO, OTC:LOQPF, FRA:LQG) is showing resilient execution and strong cash generation, that's according to analysts at Peel Hunt, reacting to Thursday's trading update.
The attraction ticketing and services firm earlier today revealed FY25 trading was ahead of expectations.
The broker said Accesso expects FY25 revenue of around $155 million, above both consensus and its own forecast. Cash EBITDA margins are expected to approach fifteen per cent, the broker noted, adding that this implies cash EBITDA broadly in line with the prior year rather than declining, as the market had anticipated.
Peel Hunt attributed the performance to operational efficiency and disciplined cost control.
The broker's analysts noted that industry commentary had pointed to softer visitor volumes over the summer period. However, Accesso was able to offset this through increased service revenues. As a result, profitability held up better than expected despite mixed trading conditions across the leisure and attractions sector.
Net cash at 31 December 2025 stood at $30 million, and, Peel Hunt said this reflected strong cash generation across the year.
The broker also highlighted that the company has completed its 2025 to 2026 share buyback programme, which equated to around seven per cent of issued share capital. Following this, the board has announced a tender offer to repurchase up to 14.50 million pounds worth of shares at 300 pence. Peel Hunt views the tender offer as a further demonstration of balance sheet strength and capital discipline.
Looking ahead, Peel Hunt maintains an "add" rating on the shares with a target price of 435p - versus the current price of 274p, up 5% on Thursday.
Ahead of expectations
Accesso Technology Group PLC (LSE:ACSO, OTC:LOQPF, FRA:LQG) shares strengthened in Thursday's trading after the ticketing and attractions services firm told investors it expects revenue for 2025 to be slightly ahead of market expectations, at approximately $155 million. Cash earnings (EBITDA) margins are forecast to approach 15%, with earnings in line with the prior year. It added that at the end of the year, net cash stood at $30 million.
Accesso noted it has completed a share repurchase programme representing around 7% of issued share capital. It now plans a tender offer to repurchase up to £14.5 million of shares at a price of £3.00 per share.
One major customer has confirmed it will not renew its agreement beyond 31 January 2026. A second key customer is close to concluding updated commercial terms.
“Despite recent changes to services provided to certain key customers and a more challenging revenue environment through 2025, the Group entered 2026 with strong commercial momentum. This was the result of increased strategic focus and improved execution during the prior year, without which, the revenue impact in 2026 would have been more pronounced,” the company said.