accesso Technology sees revenues stabilising as venues start to reopen

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accesso Technology Group PLC (LON:ACSO), the ticketing and virtual queuing group, said trading recently has been better than expected as more venues have reopened following the coronavirus (COVID-19) lockdown.

Revenue in the half-year to end June 2020 was US$24.6mln (US$50.7mln) as the company faced enforced venue closures from March onwards, though the outcome was ahead of its earlier expectations, the AIM-listed company said.

Going forward, accesso noted that nearly 80% of passport and 60% of LoQueue customer venues had reopened, while it has won several new contracts in the ski sector ahead of the winter season.

“Assuming market conditions do not deteriorate, we expect revenue for the full year 2020 to be not less than $48mln,” the group said in its half-year statement.

Steve Brown, accesso’s chief executive added: “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.”

Brown also highlighted accesso’s financial position with net cash of US$30.8mln at the end of June following a US$46.1mln fundraise in May, money that remains largely unspent he said.

Underlying losses [LBITDA] for the half-year were US$7.4mln (2019: US$11.4mln profit) while there was a pre-tax loss of US18.5mln.

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