Accesso PLC (LON:ACSO) said it is cautiously optimistic over 2021 even though most of the theme parks and attractions that use its virtual queueing and ticketing technology remain shut.
January and February revenues were down 19% on the same period a year ago, which Accesso said was a strong performance given that Coronavirus (COVID-19) restrictions are still in place in most regions.
Online trading indicates that pent-up demand is also strong, it added, with eCommerce ticket volumes in the Asia-Pacific region 15% above this time in 2020.
North American venues are even better with volumes up 54% and 28% over the same periods while the majority now either opened or scheduled to by May 2021. The largest clients such as Six Flags and Merlin intend to reopen all parks by the summer, Accesso added.
The company posted a loss for the year to end-December 2020 of US$32.8mln as revenues fell to US$56.1mln from US$117.2mln in 2019 due to the impact of the Coronavirus restrictions.
Steve Brown, chief executive, added that accesso had used the crisis to reassess and restructure its operations ready for the re-opening.
“We have removed duplication, refined processes, reduced costs, aligned our teams for greater efficiency, improved customer support, and delivered new innovation,” he said.
“We now have a growth-ready foundation on which to address substantial pent-up demand as the pandemic recedes.”
Net cash at the end of the year was US$27mln and accesso is budgeting for a small cash inflow if revenues recover to US$83mln in 2021.
Brown added: "During 2020 we proved ourselves resilient in the face of a near-total shutdown of our industry as global travel and leisure was severely impacted by the COVID-19 pandemic.
“While the pandemic is not yet behind us, with vaccination programmes underway in our key geographies, we feel confident of a progression to more normal trading conditions in 2021.”
Reservations to control demand
Peel Hunt adds that between the end of 2019 and the start of 2021 accesso has reduced its headcount (including open positions) from 577 to 505, this cost-saving along with other efficiency measures sees it enter 2021 in better shape.
The year has started well, adds the broker, and despite European and Californian attractions still being closed in January/February (but open for those two months last year), accesso is only down 19% YoY for those two months.
The strength in eCommerce tickets numbers is likely down to a big shift to online sales, as attractions have pushed for ticket reservations to control numbers.
Shares rose 7.7% to 560p compared to a Peel Hunt target of 614p.
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