accesso Technology Group PLC (AIM:ACSO), the ticketing solutions specialist whose technology is used by a number of leading theme park operators, is “squarely back on track” after a roller coaster 18 months since the onset of the pandemic.
So said chief executive Steve Brown, whose comments accompanied interim results that supported his assertion.
For the group saw its revenues double in the six months to June 30 to US$50.7mln, while underlying earnings (cash EBITDA) jumped 195% to US$9.8mln, revealing the operational gearing of the business.
It ended the period with US$33.2mln of cash and a US$25mln revolving debt facility.
A sharp recovery in its fortunes prompted accesso to issue an unscheduled trading statement last week in which investors were told the company was operating at pre-pandemic levels.
“Our customers, staff and shareholders have stood firmly behind us during an incredibly turbulent time,” said CEO Brown
“We have remained steadfast in supporting our clients’ evolving needs; we have used the opportunity to further sharpen our strategic focus, and we have started to capture a sharp uptick in demand as our customers look to expand their use of revenue-generating technology.
“As a result, our financial performance during the first half of 2021 exceeded our previous expectations.
“Our revenue growth was extremely strong, and our cash EBITDA result is significantly ahead of our initial expectations. With robust demand continuing into the start of the second half we are anticipating full-year revenue of not less than 2019 levels alongside significantly improved profitability”.