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accesso Technology in good shape for post-COVID-19 recovery says broker

Last week, accesso issued a bullish trading update

Accesso Technology Group PLC - accesso Technology in good shape for post-COIVD-19 recovery says broker

accesso Technology Group PLC’s  (LON:ACSO) COVID-19 problems present an opportunity for investors prepared to look to more normal trading conditions, according to Shore Capital.

The AIM-listed group supplies queuing, ticketing and planning software to events values and theme parks in the UK and US, many of which have to shut during the lockdown periods.

As a result, accesso’s trading has been negatively impacted in 2020 said Shore and the group has suffered a hit to both its financials and market value.

“However, we believe the queuing, ticketing and operational solutions are likely to be in high demand post COVID-19 with more businesses actively looking to engage customers digitally,” said the broker.

The company also enjoys a good reputation within the industry and has several varied revenue streams, while it has an extremely strong balance sheet that should enable it to survive any upcoming disruption.

The shares are worth accumulating for a long-term play, concludes Shore, which has a fair value target of 610p and a buy rating.

Last week, accesso issued a bullish trading update where it said revenues for the whole of 2020 should be comfortably ahead of previous guidance.

The company had previously indicated that full-year revenues would be at least US$48mln.

The second half of the year has seen the company continue to benefit from increased activity through late summer and early autumn at customer venues, albeit with reduced capacity at many venues.

The group said in a full-year trading statement that it will enter 2021 with “a resilient financial position and strong, durable customer relationships”.

Shares were unchanged at 380p.

Quick facts: Accesso Technology Group PLC

Price: 560 GBX

LSE:ACSO
Market: LSE
Market Cap: £230.81 m
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