Accesso Technology expects 2021 revenue to exceed US$100mln on pent-up demand

Accesso Technology Group PLC (LON:ACSO) said year-to-date revenues in 2021 are significantly ahead of expectations.

In the absence of major new impacts from the pandemic, the company said it now expects full-year revenue for 2021 to be in excess of US$100mln.

The company, which supplies queuing, ticketing and planning software to events and theme parks in the UK and US, said that since its trading statement on May 18 it had continued to benefit from pent-up customer demand and the accelerating trend towards online commerce in its end markets.

The AIM-listed group said it had seen operators’ need to manage capacity boost its online reservation activity, and its virtual queueing solutions have seen demand well beyond historic levels. 

“We are pleased by the robust results we are seeing as the leisure sector reopens,” said chief executive Steve Brown. “We’re working hard to capture strong pent-up demand alongside ensuring significantly higher utilisation across our solution set.

“As our end markets emerge from the pandemic, we will continue to respond with adjustments to our business in order capture the long-term value associated with this uptick in demand for our technology”.

“The positive start to the year gives the group confidence for the remainder of 2021 and management remains highly optimistic about the future for the business overall,” he added.

Accesso said confidence in its future growth trajectory is also bolstered by a significant uptick in demand from potential customers who are looking to introduce technology upgrades as part of their pandemic recovery initiatives. 

The company has deployed additional resources across technology implementation, product development and customer support to capture this long-term revenue opportunity.

“While these investments will have a limited impact on cash EBITDA in 2021, their full annualised effect will be felt in the 2022 financial year,” the group said.

Story by ProactiveInvestors