While the majority of the trading year still remains ahead of us, the board is encouraged by the trading seen at this stage of the year and remains confident in the group's outlook, maintaining board expectations for the year ahead
Chief executive, Paul Noland
What accesso Technology does
accesso Technology Group PLC (LON:ACSO) is an AIM-listed firm providing ticketing e-commerce, virtual queuing and guest experience solutions.
The company has active subsidiary companies in several countries, including the USA and Canada, and operates in the leisure, entertainment and cultural markets for customers as varied as Village Roadshow, Calgary Philharmonic Orchestra and Merlin Entertainments.
How’s it doing
Accesso announced in July that it had received several bid approaches, leading it to put itself up for sale as required under UK takeover rules.
The group will wait to see whether the high level of interest it has received will translate into an offer on terms it would be prepared to recommend to shareholders.
The news came after the firm reported a strong start to the year, putting it on track to meet its full-year expectations.
In November, accesso added that is continuing discussions with several parties over a potential sale of the business.
There had been “refreshed indications of interest over the last several months” and the interested parties were still engaged in financial and operational due diligence, it said.
Earlier, the company said it is continuing to execute a strategic plan which it says will “realign and better integrate” its offering and maximise penetration into its addressable market, which management estimates to be worth US$3.4bn.
If the sale process did not result in an offer, accesso said it was “fully prepared” to execute the strategy.
Results have gone the backburner a little while the talks continue, but revenue to June was f $50.7m or $51.8m at constant currency (2018: $54.4m) with a pre-tax loss of US$5mln (US$1.4mln profit) as it absorbed costs for integrating its platform across all of its businesses.
- Firm bid materialises
- Platform integration starts to reap substantial benefits
- Cash margins improve