Tom Burnet, chief executive of e-ticket and 'virtual queuing' provider Accesso Technology (ASCO) is pretty pleased with himself. "The numbers are looking good," he said, referring to the group's latest set of half-year results. 'Good' is, perhaps, an understatement. Continued market traction with 57 new business wins, new system launches with 72 clients and favourable weather conditions all helped the group report significant growth at the top line, which had a knock-on effect on the profit-and-loss account. On an adjusted basis, the company reported a whopping 213 per cent improvement in operating profits, to $5m (£3.8m).
Amazingly, Mr Burnet says the best is yet to come. The first half is typically smaller in terms of earnings booked, so the final six months of the year should see a second surge in both revenues and profits. Earnings visibility is important for a business like Accesso, and it has just secured a chunk of its future revenue by extending its existing contract with US theme park operator Six Flags for another 10 years.
Analysts at Peel Hunt have placed their forecasts under review, but prior to the results the brokerage expected pre-tax profits of $14.6m for the year ending December 2016, giving EPS of 46.9¢, up from $12.1m and 41¢ in 2015.
| ACCESSO TECHNOLOGY (ASCO) | ||||
|---|---|---|---|---|
| ORD PRICE: | 1,503p | MARKET VALUE: | £334m | |
| TOUCH: | 1,495-1,510p | 12-MONTH HIGH: | 1,718p | LOW: 751p |
| DIVIDEND YIELD: | nil | PE RATIO: | 56 | |
| NET ASSET VALUE: | 302¢* | NET DEBT: | 19% | |
| Half-year to 30 Jun | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (¢) | Dividend per share (¢) |
|---|---|---|---|---|
| 2015 | 32.1 | -1.1 | -3.5 | nil |
| 2016 | 39.7 | 2.3 | 7.4 | nil |
| % change | +24 | - | - | - |
Ex-div: na Payment: na *Includes intangible assets of $75m, or 338¢ a share £1-$1.32 | ||||
