Electronic queuing and e-ticketing specialist accesso Technology Group PLC (LON:ASCO) has taken down the “up for sale” sign.
The company kicked off a formal sale process in July of last year after receiving approaches from parties interested in acquiring the company but announced this morning that none of the approaches resulted in an offer that the board feels values the company appropriately.
The company also advised that revenues for 2019 will be at or a tad below the guidance range of US$117mln to US$118mln.
Adjusted reported underlying earnings (EBITDA), excluding costs associated with the formal sale process, is expected to be at least US$27mln for the whole of 2019.
Cash EBITDA is expected to be at least US$6mln while total development expenditure and capitalised development is expected to be in line with previous guidance at around US$33mln and about 64% respectively.
Net cash at the end of 2019 is expected to be around US$200,000.
The company said it is undertaking a detailed review of the carrying value of goodwill and acquired intangibles relating to companies acquired in the past.
Any alterations to carrying values would be non-cash in nature, it added.
In a separate announcement, the company revealed that Steve Brown, who was formerly president and chief executive officer of the company between 2016 and 2018, will replace Paul Noland as chief executive officer.
"Accesso has an incredible team of talented professionals, a vast array of innovative technology and a global reach that is unmatched by any other company in our industry. I look forward to re-engaging myself with our clients and the accesso team as we regain the momentum of this truly unique company,” Brown said.
Bill Russell, the non-executive chairman of accesso, said the board was “thrilled” at Brown’s decision to return to the helm.
“His understanding of the company's core business along with his vision and passion for accesso are unmatchable. We look forward to working with him as we re-energise the company and move forward with our long-term growth plan,” Russell said.
Shares in accesso were down 21% at 353p in early deals.