With customers now deploying multiple accesso solutions on an integrated basis and a lengthy company sale process in the rear-view mirror, I am generally optimistic about the future
Chief executive, Steve Brown
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 it's doing
In May, accesso said it was “essential” to strengthen its liquidity position to trade through the uncertainty caused by the coronavirus pandemic, which has caused most of its client theme parks and attractions to close.
The company said it had sufficient liquidity to support its business until the autumn, however, the extra funds will allow it to avoid breaching debt covenants at its June 2020 and September 2020 test dates.
“This additional liquidity will leave the Group well placed to navigate the current crisis and capitalise on future growth opportunities, and will also protect the business in the event that its reasonable worst-case scenario materialises”, the company said in a statement.
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- Steve Brown returned to the company as CEO in late January
- Raised £39mln in placing and open offer in June
- Virtual queuing technology set for major boost due to coronavirus restrictions
What the broker says
Accesso's fundraise gives it the firepower to survive the current theme park lockdowns and cash in when they re-open with new social distancing protocols, says Peel Hunt.
The theme park industry has been discussing recently what measures it needs to introduce to allow them safely to re-open once lockdown restrictions ease.survival.
Virtual queuing, advanced online tickets and contactless payments are all possibilities, says the broker, which would shift accesso’s product set from nice-to-have to essential for a theme park’s
Accesso will raise up to £39mln through the share issues and has set up a new £8mln bank facility.
“Last night’s raise gives us more confidence it will get through the crisis,” said Peel Hunt which has an ‘add’ rating and 265p target price on the shares.
The company said it had sufficient liquidity to support its business until the autumn, but the extra funds will allow it to avoid breaching debt covenants at its June 2020 and September 2020 test dates.