The Board of accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider to leisure, entertainment, hospitality and cultural markets, provides the following update on trading for the financial year ended 31 December 2018 and Board composition.
Trading update and notice of results
2018 was a year where the Group continued to make good progress. Full year results are expected to be broadly in line with market expectations for FY18. These results are before taking account of one-off exceptional costs of approximately $1.7m, relating to professional fees associated with a significant and well-advanced acquisition opportunity, which was ultimately terminated by the Board of accesso in October 2018.
The Group has entered 2019 in good health with strong positions in its chosen markets and established customer relationships. These customers continue to respond well to the Group’s increasingly integrated product offering, recognising its potential to drive revenue by elevating the digital guest journey. In this light and following a sustained period of growth, the Board has recently initiated a review of the Group’s investment priorities in the context of the significant future opportunities available to it and the current areas of business momentum.
The Board expects to provide an update on this review and the Group’s outlook as part of the full year results announcement on 27 March 2019, which will also set out a number of new enhanced disclosures relating to the Group’s operational and financial performance.
The Group also announces today that Executive Chairman, Tom Burnet, will move to a Non-Executive Director role at the Group with effect from 1 March 2019. The Group is pleased to announce that Bill Russell has been appointed as the Group’s new Non-Executive Chairman, effective concurrently with Tom Burnet’s move to the Non-Executive Director position.
Bill Russell has served in a variety of roles in both public and private technology company boards, in a career spanning several decades, including 23 years across a number of senior management roles at Hewlett Packard, including Vice President and General Manager of Hewlett Packard’s multi-billion-dollar Enterprise Systems Group and its Software Solutions Group. Bill is currently Non-Executive Chairman at leading technology solutions provider Piksel Group and PROS Holdings, a provider of AI-powered solutions that optimize selling in the digital economy, and previously held roles at SABA Software, Inc., webMethods and Cognos. Bill is based in the United States.
Paul Noland, Chief Executive Officer, said: “Tom has been central in driving accesso’s significant growth and international expansion over the last nine years he has been with the company and he is greatly admired by all in and around the business. Personally, and on behalf of the Board, I would like to take the opportunity to thank Tom for his exceptional leadership and tenure, as he has driven accesso from success to success. I look forward to continuing my working relationship with Tom in his new Non-Executive capacity, as the business prepares for another year of continued growth.”
Tom Burnet, Executive Chairman, said: “I am immensely proud of the success that accesso has achieved over the last decade and feel very fortunate to have led the business and represented our outstanding people over much of that time. accesso has grown from an audacious idea into a position of global leadership, with innovative technology embedded across venues worldwide. I’m delighted that Bill Russell has accepted our invitation to take over as Chairman of the Board and I have no doubt that the exceptional team we have assembled will help us continue to go from strength to strength.”