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Accesso beats own expectations thanks to strategic acquisitions
AIM-quoted technology solutions provider Accesso Technology has seen a strong start to 2018, coming off the back a year that saw revenues and EBITDA improve thanks to new business wins and acquisitions, renewed partnerships and further geographic expansion.
The Berkshire-based firm saw revenues for the calendar year grow a touch over 30% to $133.4m, while EBITDA picked up 29% to $24.6m.
55 new customers signed up for the group's ShoWare software during the year including ski resorts, walking destinations, sports clubs and museums at the same time as Accesso continued its global expansion with customer wins including Watercourse Distillery in Ireland and Experiencias Xcaret in Mexico, leading to the roll-out of 400 Siriusware salespoints across its six popular ecotourism venues.
TE2, acquired in July, extended Accesso's offerings with digitalisation and personalisation software, and customer wins including Ticketmaster UK, opened up access to West End theatres in London for the group.
Accesso moved ahead from a net debt position of $3.4m as of 31 December 2016 to hold $12.5m in net cash a year later.
Tom Burnet, Accesso's executive chairman, said, "Our financial performance was ahead of our expectations, and our resilience as a global business is becoming more evident. Our clients are increasingly seeing the benefit we bring to their customers and in turn their own profitability. This is evidenced by today's results with another profitable period for our own growth at Accesso."
"We have pushed boundaries this year as we continued to focus on investment, building and improving our business, and finding new ways to support the digital customer journey. Two important strategic acquisitions present us with many more opportunities, and we are excited about the new markets they open up for us as well as how they can support our existing customer base," he added.
Adjusted earnings per share moved forward to 40.83p from the prior year's 33.95 figure.
As of 1000 GMT, shares had gained 1.23% to 2,267.45p.