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accesso Technology enjoys a strong year; upbeat on the outlook for the business

Its performance was underpinned by new business wins, renewed partnerships, geographic expansion and acquisitions, principally July’s purchase of TE2

theme park queue
The company's queuing technology was pioneered in theme parks, but it has much broader applications.

accesso Technology Group PLC (LON:ACSO), which provides queuing technology pioneered in theme parks, enjoyed a strong year and said it remained confident on the outlook for 2018.

Revenues for the 12 months ended December 31 grew just over 30% to US$133.4mln while underlying earnings (EBITDA) were up 29% at US$24.6mln. As previously flagged, the numbers were comfortably ahead of market expectations.

Its performance was underpinned by new business wins, renewed partnerships, geographic expansion and acquisitions, principally July’s purchase of TE2 for an enterprise value of US$80mln.

WATCH: Accesso Technology Group sees 'enormous' opportunities for growth in 2018

The company has strengthened its core operations in the leisure industry but is broadening its horizons, while innovating and moving into adjacent areas such as ski resorts, cultural attractions, tours and live event ticketing.

It is also nudging into completely new areas, or verticals, including healthcare.

TE2 has provided an entry to the area of the digital guest journey, opening a number of what it described as “green field opportunities”.

Pushing boundaries

“We have pushed boundaries this year as we continued to focus on investment, building and improving our business, and finding new ways to support the digital customer journey,” said chairman Tom Burnet.

“Two important strategic acquisitions present us with many more opportunities, and we are excited about the new markets they open up for us as well as how they can support our existing customer base.

“I am excited by where we are as an organisation, and I see enormous growth opportunities in our future."

Broker sees the company making progress

The shares, up more than 40% in the last year, edged 10p higher to £22.50, valuing the business at £584mln.

The City broker Numis has tweaked slightly its revenue forecasts but has left its earning numbers largely as they were.

So it sees accesso posting adjusted profit of US$26.5mln this year, rising to US$39.4mln and then US$44.6mln.

--adds broker comment and share price---

Quick facts: Accesso Technology Group PLC

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AIM:ACSO

Price: 900 GBX

Market Cap: £371.27 m

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