Accesso delivers record revenue in preliminary results

4th Apr 2023 09:56

(Sharecast News) - Accesso Technology Group reported a 12% increase in revenue in its preliminary results on Tuesday, to $139.73m, and a 16.3% increase at constant currency to $145.2m.

The AIM-traded firm's cash EBITDA, however, decreased 8.3% to $25.81m.

Its statutory profit before tax was ahead 2.5% at $12.42m, while adjusted basic earnings per share slid 41.2% to 35.93 US cents, and basic earnings per share tumbled 54.3% to 24.41 cents.

Despite ongoing economic uncertainty, the company reported encouraging trading in January and February, with early 2023 figures in line with expectations.

Accesso also reported a strong cash position, with net cash at the end of 2022 up 1% year-on-year at $64.7m, and no debt drawn.

The firm said it was continuing to consider value-accretive acquisitions that align with its strategy, as demonstrated by the acquisition of "high-quality" food and beverage technology for £0.75m on 1 July last year.

"In 2022 we delivered a record year for revenue, continuing our robust growth trend as well as very strong cash EBITDA, beating our expectations," said chief executive officer Steve Brown.

"Accesso today is a strategically well-aligned, focussed, and efficient business which is resilient in the face of challenge and capable of meeting the complex and evolving needs of the leading venue operators in the world.

"During the year, with clear demand for our expanded offering, we achieved long-term renewals for two key enterprise customers, continued to secure a range of new customers and further expanded our penetration within our client base with ongoing cross-sell success."

Brown said the company moved into 2023 with a focus on continued operational excellence and further organic growth, while also evaluating opportunities for further expansion through strategic opportunities.

"With a strong operating performance track record and a robust balance sheet, we have never been better positioned as we move into 2023 and beyond."

At 0940 BST, shares in Accesso Technology Group were up 2.08% at 687p.

Reporting by Josh White for Sharecast.com.