15 August 2024
accesso® Technology Group plc
("accesso" or the "Group")
Trading Update
accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider for leisure, entertainment, and cultural markets, today provides the following trading update ahead of its interim results which it expects to release on 26 September 2024.
Based on recent trading volumes in the early part of the northern hemisphere summer months, and slippage in timelines for specific new park openings, the Group now expects a full year revenue outturn of approximately $150-$153m, rather than the not less than $160m communicated at the time of the Group's final results in April 2024.
The Group is taking measures to manage its cost base in line with this lower revenue expectation, so as to mitigate the impact on Cash EBITDA as far as possible. As a result, the Group expects to deliver a full year 2024 Cash EBITDA margin of 13-14%.
Two specific factors have driven this change in revenue guidance, namely:
- Certain new projects for accesso Horizonsm in the Middle East have been delayed due to circumstances outside of the Group's control as operators have adjusted their timelines. The revenue for these projects is recognised on a milestone basis. While the Group does not perceive increased risk to the overall completion of these projects or their overall contractual value, the completion of certain applicable milestones is now expected to move into FY25; and
- Recent consumer trading volume across our key end markets has been below our expectations, notably during the peak trading month of July. Our revised full year revenue guidance assumes these lower volumes persist through the remaining peak months of the year.
The Group's interim results will reflect the former of these impacts, whereas the latter will primarily impact the second half of FY24. Overall, the Group's sales pipeline continues to exhibit positive momentum which will benefit the Group in subsequent years. Furthermore, its focus on operational excellence is expected to ensure continued strong profitability and cash generation as the Group continues its development. The Group balance sheet remains robust, with a net cash position at 31 July 2024 of approximately $23.3m.
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 Steve Brown, Chief Executive Officer Matthew Boyle, Interim Chief Financial Officer |
| +44 (0)118 934 7400 |
| Deutsche Numis (Nominated Adviser and Sole Broker) Simon Willis, Joshua Hughes, Iqra Amin |
| +44 (0)20 7260 1000 |
| DGA Group Adam Davidson |
| +44 (0)20 7550 9225 |
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