viewAccesso Technology Group PLC

UPDATE - Accesso sees profits surge in 'strong year'

Underlying operating profits jumped by 43% to US$8.7mln, while pre-tax profits rose 46% to US$5.1mln.


-- adds broker comment--

Ticketing and virtual  queuing specialist accesso (LON:ACSO) posted record profits in 2014 as all of its operations made good progress.

Revenues rose by 22% to US$75.1mln with the improvement stronger on a pro-forma basis.

Underlying operating profits  jumped by 43% to US$8.7mln, while pre-tax profits rose 46% to US$5.1mln.

Tom Burnet, accesso’s chief executive, said it had been a strong year.

“Our financial performance was robust, 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.”

Accesso added to its ticketing and queuing business during the year with the acquisition of VisionOne, which broadened its reach in the leisure sector by adding assigned seating venues.

Since acquisition, 22 venues in the US, Canada, Mexico and Brazil have signed new agreements to utilise Visionware’s ShoWare solution.

“Our third strategic acquisition [VisionOne] has opened up many more exciting opportunities, as well as securing our position as one of the very largest ticket businesses globally,” added Burnet.

Ticketing arm accesso Passport reported 31% growth  in volumes, and signed a three year deal with Merlin Entertainments.

The original Lo-Q theme park queuing business, meanwhile, is trialling its next generation queuing product, the Q100.

“There are enormous growth opportunities in our future,” Burnet concluded.

Numis added that accesso has built a powerful market position particularly in ticketing, where the group now sells around 50mln tickets a year through its Cloud platforms, representing US$1.5bn of spend.

The rise of self-service ticketing, with venues and acts taking control of their own pricing, promotion and fulfilment is also aiding new firms such as accesso with power shifting away from incumbent ticketing agencies.

Numis expects revenues overall to rise to US$88mln in 2015 and US$94.1mln in the following year. Its price target is unchanged at 730p.

Canaccord added the results and outlook indicated improving earnings quality and growth.

Also, accesso's dollar earnings and exposure to the US market has recently become more attractive, with the strength of the US currency.

The 33% adjusted operating profit growth in 2015 is undervalued by its profit multiples, said the broker, which has a ‘buy’ rating.

Shares were unchanged today at 530p.

Quick facts: Accesso Technology Group PLC

Price: 280 GBX

Market: LSE
Market Cap: £115.4 m

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