Trading Statement

RNS Number : 3732E

Accesso Technology Group PLC

07 July 2021

 

07 July 2021

accesso®Technology Group plc

("accesso" or the "Group")

Trading statement

accesso  Technology Group plc (AIM: ACSO),  the premier technology solutions provider to leisure, entertainment and cultural markets, provides the following update on recent trading and business trends.

accesso is pleased to report that since its AGM trading statement on 18 May 2021, the Group has continued to benefit from pent-up customer demand and the accelerating trend towards online commerce in its end markets. The Group has seen operators' need to manage capacity boost its online reservation activity, and its virtual queueing solutions have seen demand well beyond historic levels. This has resulted in year-to-date revenues in 2021 significantly ahead of expectations.

As a result, in the absence of major new impacts from the pandemic, the Board now expects full year revenue for 2021 to be in excess of $100m.

Alongside this strong current trading, the Group's confidence in its future growth trajectory is also bolstered by a significant uptick in demand from potential customers who are looking to introduce technology upgrades as part of their pandemic recovery initiatives. 

To capture this long-term revenue opportunity, the Group is currently deploying additional resources across technology implementation, product development and customer support. While these investments will have a limited impact on Cash EBITDA in 2021, their full annualised effect will be felt in the 2022 financial year.

Overall, the Group remains focused on driving long term recurring revenue growth and will continue to invest in the resources necessary to secure new recurring revenue and expand relationships with existing customers as appropriate.

Steve Brown, accesso CEO, said:

"We are pleased by the robust results we are seeing as the leisure sector reopens. We're working hard to capture strong pent-up demand alongside ensuring significantly higher utilisation across our solution set. As our end markets emerge from the pandemic, we will continue to respond with adjustments to our business in order capture the long-term value associated with this uptick in demand for our technology".

accesso continues to monitor the COVID-19 situation across its entire business and prioritise the health, safety and wellbeing of its people and customers. The positive start to the year gives the Group confidence for the remainder of 2021 and Management remains highly optimistic about the future for the business overall.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain

For further information, please contact:

accesso Technology Group plc	[phone]
Steve Brown, Chief Executive Officer
Fern MacDonald, Chief Financial Officer
Numis Securities Limited	[phone]
Simon Willis, Hugo Rubinstein, Mark Lander
FTI Consulting, LLP	[phone]
Matt Dixon, Adam Davidson

About accesso Technology Group, plc

At accesso, we believe technology has the power to redefine the guest experience. Our patented and award-winning solutions drive increased revenue for attraction operators while improving the guest experience. Currently serving over 1,000 clients in 30 countries around the globe, accesso's solutions help our clients streamline operations, generate increased revenues, improve guest satisfaction and harness the power of data to educate business and marketing decisions.

accesso stands as the leading technology provider of choice for tomorrow's attractions, venues and institutions. We invest heavily in research and development because our industries demand it, our clients benefit from it and it makes a positive impact on the guest experience. Our innovative technology solutions allow venues to increase the volume and range of on-site spending and to drive increased transaction-based revenue through cutting edge ticketing, point-of-sale, virtual queuing, distribution and experience management software.

Furthermore, COVID-19 has highlighted the benefits our technology is able to bring to venues from facilitating social distancing using our robust and sophisticated virtual queuing solutions; reservation systems delivered through our agile eCommerce platform to enable capacity management, taking queues away from front gates; and attraction eateries utilising our contactless food and beverage offerings.

Many of our team members come from backgrounds working within the attractions and cultural industry. In this way, we are experienced operators who run a technology company serving attractions operators, versus a technology company that happens to serve the market. Our staff understands the day-to-day operations of managing complex venues and the challenges this creates, and together we strive to provide our clients and their guests with technology that empowers them to do more and enjoy more. From our agile development team to our dedicated client service specialists, every team member knows that their passion, integrity, commitment, teamwork and innovation are what drive our success.

accesso is a public company, listed on AIM: a market operated by the London Stock Exchange. For more information, visit www.accesso.com . Follow accesso on Twitter , LinkedIn and Facebook .

 

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