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16 Sep, 2020 10:50

Accesso Technology trades better than expected despite lower revenues

Accesso Technology Six Flags

Technology solutions provider Accesso said on Wednesday that recent trading had been better than expected after more venues using its products reopened following Covid-19 lockdowns.

Accesso said first-half revenues more than halved to $24.6m as forced closures beginning in March weighed on its performance. However, the AIM-listed group highlighted that this figure was still ahead of earlier projections.

Transaction revenue, which was severely impacted by the coronavirus pandemic, fell 66.7% to £12.1m, while ticketing and distribution revenues dropped 53% to $16.8m and guest experience revenues nearly halved to $7.8m.

Accesso also swung to an underlying loss of $7.4m, a marked turnaround from the EBITDA of $11.4m recorded a year earlier, while pre-tax losses came to $18.47m - a 298% widening year-on-year.

Looking ahead, Accesso said almost 80% of passport and 60% of LoQueue customer venues had reopened, and also highlighted that it had won multiple new contracts in the ski sector ahead of the winter season.

Chief executive Steve Brown said: "During the first half of 2020 we have been successful in managing Accesso through the onset of the Covid-19 pandemic and preparing the business to navigate through further uncertainty.

“While the pandemic does continue to impact our end-markets, we are now seeing a significant number of operators reopening their doors at reduced capacity."

As of 1050 BST, Accesso shares were up 9.47% at 312.0p.

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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.