accesso Technology Group PLC’s (LON:ACSO) chief executive has hailed “positive momentum” in the firm’s key performance metrics as it aimed to build its recurring revenue base in the coming year.
In a statement accompanying accesso’s full-year results, Steve Brown, CEO of the electronic queuing specialist, said transactional revenues were continuing to “grow double-digit” and now accounted for 80% of total revenues while the group had also “realised strong results in eCommerce transactional revenue and virtual queuing sales”.
READ: accesso surges as it hails ‘powerful business results’ in 2019
“In rejoining accesso as CEO, I have come back to a company which is a technology leader in a market full of long-term opportunity. 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”, Brown added.
For the year ended 31 December, the company reported adjusted earnings (EBITDA) of US$28.2mln, down from US$34.8mln in the prior year, while revenues were US$117.2mln compared to US$118.7mln in 2018.
Looking ahead, accesso said trading in the first two months of 220 had been “in line” with management expectations, although since mid-March the outbreak of coronavirus has been “significantly impacting” guest visitation across its client’s sites, impacting the firm’s transactional-based revenues.
The company said it has undertaken “immediate cost savings measures” including salary reductions for staff in order to “offset the anticipated revenue shortfall through May 2020”.
“Should the impacts from [coronavirus] extend into the European and North American summers, an extension of these measures along with additional actions will be required”, the company said.
The firm added that given the “extreme fluidity” of the situation, it will not be providing a “definitive trading outlook” for its current financial year at the current time.
accesso shares were down 48.4% at 82.5p in early deals on Wednesday.