Chief executive Steve Brown described Accesso Technology Group PLC's (AIM:ACSO, OTC:LOQPF) record 2021 performance as "simply outstanding" as the company provided a "cautiously optimistic" assessment of prospects for the current year.
In the 12 months ended 31 December, accesso, which provides ticketing and queuing solutions for theme parks and entertainment venues, saw its revenues grow 123% to US$124.8mln. This resulted in a 346% increase in earnings (EBITDA) to US$28.1mln. It ended the period with net cash of US$64mln.
"accesso's performance during 2021 was simply outstanding. We delivered record revenue and record profit during another challenging year in our end markets as they continued to recover at varying levels through the year,” said CEO Brown.
He noted that venue and destination operators were increasingly looking to gain efficiency, reduce labour expenses and optimise revenue via digital transformation such as accesso’s.
“In the near term, we'll invest squarely behind this increased level of demand to secure the long-term, repeatable revenue during the crucial adoption phase,” Brown added.
“We will also see a welcome return to more normal operations and full staffing levels which will support the growing demand for our solutions and allow for continued innovation."
The company’s prelims did come with a warning on rising costs as the industry moves to more normal staffing levels post-pandemic, combined with "overall industry pressure on wages".
However, investors were told trading volumes for January and February had been "encouraging".
For example, accessoPassport ticket business for North America was double that of 2019 as a result of the new customers brought on board over the past two years.
“Whilst we remain cognisant of the relatively early stage in the year, the impact of tiered pricing at higher volumes and revised terms related to enterprise renewals, we are cautiously optimistic about another year of good progress,” accesso said.