AGM Statement

RNS Number : 2096B

Lo-Q PLC

02 April 2013

 



02 April 2013

Lo-Q plc

("Lo-Q" or the "Company")

AGM Statement

Lo-Q plc (AIM: LOQ), the AIM-listed technology solutions provider to the attractions and leisure industry today, at 10.15am, will hold its Annual General Meeting.  At that time the Chairman of the Meeting will provide the following pre-close update on trading for the six months ended 30 April 2013:

"As we reported at the time of our preliminary results in February, the previous year was a profitable and exciting year for Lo-Q; a year in which we grew revenue and profit in double-digit terms. The Board is pleased to report that we have started this year on a strong financial footing, which has been further enhanced by the completion of the transformational and accretive acquisition of Accesso.

We have secured some encouraging new business wins in the first half, which are already demonstrating the breadth and depth that the Accesso product range adds to our existing compelling technology offering. The extended partnership with Palace Entertainments which we secured in January represents wins for both the Lo-Q and Accesso solutions and leverages the Group's combined technology solutions. We have also won contracts to provide Q-band at Dollywood's Splash Country and Camelbeach Mountain Waterpark, an extension for our Q-bot virtual queuing services at Dollywood, and an expansion of our contract with a major US theme park operator for our Q-band product at a US water park.

Recently, we announced that Accesso signed an agreement with a major North American Membership Club to be its exclusive eCommerce ticketing solutions provider. As we seek to grow the scope and potential of our business, it is these agreements which only reinforce the benefits our Accesso operation adds to that of the combined Group.

In February we announced the successful renegotiation of our banking arrangements with Lloyds Bank and the £4.75 million debt facility has now been utilised in part to fully repay the seller loan notes issued at the time of the Accesso acquisition.

Lo-Q has also further invested in its extensive patent portfolio, one of our greatest strengths, and we are committed both to the protection of this portfolio and, where appropriate, extension of it as we further differentiate and extend our technological leadership in our market.

With all this in mind, and with the continued momentum we have seen in the new business pipeline, the Board believes Lo-Q remains well positioned to perform in line with current market expectations for the financial year as a whole." 

For further information, please contact

Lo-Q plc	[phone]
Tom Burnet, Chief Executive Officer
John Alder, Chief Financial Officer
FTI Consulting	[phone]
Matt Dixon, Lucy Delaney,  Jessica Liebmann
Canaccord Genuity Limited	[phone]
Simon Bridges, Cameron Duncan, Kit Stephenson

About Lo-Q

Lo-Q is the premier technology solutions provider to the attractions and leisure industry, focused on driving increased revenues and improved guest experiences through its range of innovative award-winning solutions operated in over 130 attractions worldwide. 

Virtual Queuing Solutions

Used by over 8 million guests since 2001, Lo-Q's range of patented virtual queuing solutions allow users to queue without having to stand in line.  Instead, they reserve their place in a queue line electronically and are notified when their turn is up.  For attraction operators, this means increased guest satisfaction and increased revenues thanks to customers being unlocked from queue lines, enjoying the rest of the attraction instead and spending time in retail and food and beverage outlets.

Whether delivered on the smartphone based; Q-smart, the waterproof RFID wristband; Q-band, or the original handheld device; Q-bot - Lo-Q's range of virtual queuing solutions are designed to deliver revenue driving systems to all theme park and water park environments.  Customers including Six Flags Entertainment, Merlin Entertainments, Parques Reunidos, Dollywood and Compagnie des Alpes are all currently benefiting from the happier guests and additional revenues that Lo-Q's virtual queuing solutions bring.  For more information visit www.lo-q.com. 

accessoTicketing and Content Solutions

A wholly owned subsidiary of Lo-Q plc is recognized as the attraction industry's leading provider of ticketing solutions; offering a range of proprietary, fully-hosted ticketing, eCommerce, mobile and payment processing solutions to more than 100 leading venues including Six Flags Entertainment, Cedar Fair Entertainment, Herschend Family Entertainment, and Palace Entertainment.

The accesso Passport ticketing suite is a comprehensive solution built for where customers shop - OnSite. OnLine. OnTheGo. noted for a streamlined, easy-to-use design with seamlessly integrated revenue driving features that allow attractions to up-sell, cross-sell and simply-sell. Combined with level 1 PCI security certification, and 24/7 support, accesso Passport gives clients the tools, security and support they need to drive sales.

With over 1 million native mobile app downloads for clients so far, the accesso brand also provide content rich iPhone and Android applications that deliver added value info and functionality to attraction guests plus revenue driving mobile ticketing functionality that seamlessly integrates with the rest of the Passport Suite.  For more information visit www.accesso.com.  

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