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Tuesday 14 September 2021

Accesso bounces back to 2019

accessoLeisure and entertainment software provider accesso Technology Group, suffered more than most from the impact of the pandemic as its clients were forced to shut up shop during lockdowns and other restrictions (see Revenue halves at accesso).

Interim results from the firm out today have revenue for the first six months of 2021 returning to 2019/pre pandemic levels as key US and UK markets have slowly opened up. Group revenue for H1 2021 was up 106% YoY to $50.7m (H1 2020 $24.6m). Profitability has also returned to the black posting an EBITDA of $9.8m up 194% YoY (H1 2020 -$10.4m). Indeed, EBITDA is now well above where it was two years ago at just $1m for H1 2019, benefiting from growth in higher margin products and temporarily lower costs.

Like so many other consumer facing technology businesses, accesso has seen an accelerated adoption of its wares since the pandemic. Notably, the take up of Virtual Queuing solutions drove its ‘Guest Experience’ revenue above H1 2019 levels and demand for contactless technology and online transactions supported strong ‘eCommerce’ growth with transaction volumes significantly ahead of H1 2019. Changing customer attitudes towards technology adoption was cited as being central to driving growth in online ticketing solutions with 36 new venues signing up in H1 2021 compared to 16 during H1 2020.

Guidance for the rest of the 2021 is for full year revenue of not less than $117m which would represent a full recovery to 2019’s trading performance and a real result for the business given the depth of the hole it has had to climb out of.

Posted by: Marc Hardwick at 08:34

Tags: results   software   leisure  

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