Accesso Technology Group PLC – ACSO – Half-year Report

Accesso Technology Group PLC – ACSO – Half-year Report

accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider to leisure, entertainment and cultural markets, today announces interim results for the six months ended 30 June 2020 (‘1H 2020’).

 

Commenting on the results, Steve Brown, Chief Executive Officer of accesso, said:

 

“During the first half of 2020 we have been successful in managing accesso through the onset of the COVID-19 pandemic and preparing the business to navigate through further uncertainty. We have proven resilient and highly adaptable in the wake of major disruption to our end-markets, acting early and decisively to reduce cost and evolve our technology to the new environment. While our financial results reflect the challenges faced across our industry, we delivered revenue ahead of our own revised expectations as many customer venues reopened across the summer while also firmly managing our operating costs. Our team responded with rapid enhancements to our solutions and deployed technology to support the mandated capacity limitations and physical distancing measures necessary for our customers to reopen. While the pandemic does continue to impact our end-markets, we are now seeing a significant number of operators reopening their doors at reduced capacity. With our recently raised contingency funds and credit facility still fully at our disposal, and with our mission-critical technology supporting venues as they welcome back their guests, we are focused on building towards the future with confidence in our ability to react, adapt and succeed”.

 

Financial Highlights

 

·     

Group revenue of $24.6m (1H 2019: $50.7m) was ahead of our own revised expectations for the period, driven by successful customer engagement with our adaptable, mission-critical technology.

Transactional revenue severely impacted by COVID-19 enforced venue closures from March 2020, amounting to $12.1m or 49.1% of total in 1H 2020 (1H 2019: $36.4m, 71.7%)

Ticketing and Distribution $16.8m (1H 2019: $35.8m); Guest Experience $7.8m (1H 2019: $14.9m)

 

·     

Net Cash1 at the end of the period was $30.8m (1H 2019: -$15.2m), benefiting from the $46.1m raised by the Group in May 2020 which remains unspent.

 

·     

Cash EBITDA2 loss was -$10.4m (1H 2019: +$1.0m) reflecting the COVID-19-related impact on revenue in the period.

 

·     

Adjusted EBITDA3 loss was -$7.4m (1H 2019: +$11.0m).

 

 

Operational Highlights 

 

·     

Swift and decisive cost action reduced monthly operating cost run rate by $2.2m or 36.7% to $3.8m from Q1 2020 to Q2 2020.

 

·     

Reappointment of Steve Brown as Chief Executive, with Fern MacDonald and Andrew Jacobs appointed as Chief Financial Officer and Chief Commercial Officer respectively. Refreshed leadership team now in place with firm focus on operational efficiency and customer success.

 

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Supporting customers as they reopen their venues, with our technology enabling pre-booking requirements and in-venue social distancing resulting in better than expected ecommerce and queuing revenues.

 

·     

Virtual Queuing wins with Walibi Holland, Holiday World & Splashin’ Safari in Indiana and Parc Asterix in France underline new demand for post-COVID-19 Guest Experience modifications.

 

 

Outlook and guidance

 

·     

Recent trading has continued to be slightly ahead of our expectations as nearly 80% of accesso Passport® and more than 60% of accesso LoQueue® supported venues reopened with reduced capacities. A range of new wins in the ski sector further indicate support for our technologies in the coming winter period.

 

·     

Assuming market conditions do not deteriorate, we expect revenue for the full year 2020 to be not less than $48m.

 

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