Accesso Technology Group PLC (LON:ACSO) said it expects to ‘comfortably’ exceed its revenue guidance for the full year 2021, although it warned that rising costs would lessen the impact on its profit.
The company, which supplies queuing, ticketing and planning software to events and theme parks in the UK and US, gave the update ahead of its annual general meeting today.
“The group's year-to-date performance gives confidence that it will comfortably exceed its stated revenue guidance of not less than US$83mln for the full year 2021,” it said.
“While the group expects to deliver revenue beyond its initial expectations, the need to increase staffing levels, onboard customers and manage certain other costs associated with capturing this additional opportunity may temper the profit impact of this revenue outperformance.”
Accesso said that while cost management remained a priority, it would also focus on capturing new opportunities and driving profitable revenue growth over the long term.
“This long-term opportunity is underpinned by the global trends driving increased ecommerce adoption in the group's end-markets,” it said.
The group, which saw its customers hit by Coronavirus lockdowns, said it continues to monitor the COVID-19 situation across its business and prioritise the health, safety and well-being of its people and customers.
“The positive start to the year gives confidence for the remainder of 2021 and management remains highly optimistic about the future for the business overall,” it said.
Accesso reported a robust performance in the first four months of the year, driven primarily by high ecommerce volumes and strong queuing performance in its customers' open attractions. Both dynamics have been positively impacted by pent-up visitor demand and the accelerating trend towards online ticketing in the group's end markets.
For venues that have already re-opened, virtual queueing performance has been particularly strong, as high turnout has increased queue lengths and boosted demand for the group's queuing solutions.
“Across the product set, the group has also seen a notable increase in new customer demand as venues look to upgrade technology in light of their increasing ecommerce needs,” the AIM-listed company said.