While the majority of the trading year still remains ahead of us, the board is encouraged by the trading seen at this stage of the year and remains confident in the group's outlook, maintaining board expectations for the year ahead
Chief executive, Paul Noland
What accesso Technology does
accesso Technology Group PLC (LON:ACSO) is an AIM-listed firm providing ticketing e-commerce, virtual queuing and guest experience solutions.
The company has active subsidiary companies in several countries, including the USA and Canada, and operates in the leisure, entertainment and cultural markets for customers as varied as Village Roadshow, Calgary Philharmonic Orchestra and Merlin Entertainments.
On its website, accesso says: “Our patented and award-winning technology solutions drive increased revenue for attraction operators whilst improving the guest experience.”
How’s it doing
accesso announced in July that has received several bid approaches, leading it to put itself up for sale as required under UK takeover rules.
The group will wait to see whether the high level of interest it has received will translate into an offer on terms it would be prepared to recommend to shareholders.
The news came after the firm reported a strong start to the year, putting it on track to meet its full-year expectations.
The company has seen robust demand for its core ranges in the four months to 30 April with its accesso Passport and Siriusware products now operating in tandem at 13 locations worldwide with several others planned before the end of the year.
Since the end of that trading period, Accesso has signed a three-year partnership with The New York Botanical Garden (NYBG) to supply its Passport, Siriusware and Ingresso products.
The NYBG will use the Ingresso distribution platform to expand its sales reach into international channels such as Groupon and TripAdvisor, while the Passport and Siriusware products, used in tandem, would provide a seamless experience to end-users while also allowing NYBG to gain “incremental revenues” and insight into visitor behaviour.
Following accesso’s announcement about putting itself up for sale, Peel Hunt repeated a ‘buy’ rating and raised its target price to 1,435p from 1,145p.
Peel Hunt said the sharp rise in the share price after the news showed “investors feelings about its true value”.
“It removed most of the negatives discount on it and hit our previous price target,” it said.
“For us, the true value of accesso is in the potential it has once it goes through its current re-platforming.
“Cross sell will be much easier and already being cried out for by the likes of Merlin. First step: solve this issue. We believe the market now sees that value, hence we increase our target price to 1435p (3.5x CY20 sales).
“Second step: realise that the eventual buyer could in fact create the company we thought it was and envisioned it to be when we initiated back in Mar 2018 at 3,100p.”
What the boss says
Chief executive, Paul Noland said in the AGM statement on 21 May: “While the majority of the trading year still remains ahead of us, the board is encouraged by the trading seen at this stage of the year and remains confident in the group's outlook, maintaining board expectations for the year ahead."