Accesso’s full-year results were encouraging says Shore Capital, which has stuck a buy rating on the virtual ticketing and queuing group.
Last year, 2021, was an exceptionally good year, it says, boosted by a greater mix towards higher-margin revenue segments, such as queuing, ticking and eCommerce positively impacted gross margins.
Transactional revenues continued to increase in line with easing restrictions, and an abnormal shift in revenue mix, along with prolonged cost savings, positively impacted group margins.
Trading this year is said to have started well, with traction within North America and an increasing consumer appetite for leading-edge eCommerce solutions.
As trading normalises, the cost base is expected to rise, given the operating model and industry wage pressures, however, ACSO has stated that it expects another cash generative year building on the year-end cash balance of above US$60mln.
In a new forecast for 2024, Shore Capital has pencilled in sales of US$165mln and underlying profits of US$36.9mln, with net cash rising to US$121mln by the year-end or more than double the end of 2021.
Shares eased 0.3% to 794p.