International expansion and large client wins drove a 52 per cent increase in adjusted operating profits at online ticketing and queuing software group accesso Technology (ACSO) over the 12 months ending 3 November 2013. A change in the year-end to 31 December brought extra amortisation of newly acquired intangible assets, resulting in the fall in reported profits.
Formerly named Lo-Q, accesso saves guests from standing in line by providing a digital countdown to when they can use an attraction, and even lets them skip the queue - for a price. Its technology continued to make waves last year, winning over two of America's largest water parks, Raging Waters and Noah's Ark. This year, its mobile product Qsmart has already secured its first Asian client, a Malaysian theme park opening next year.
The company, which counts Six Flags and Merlin (MERL) among its customers, also saw its e-ticketing platform gain traction. It was adopted by Auto Club South, an American motor insurance group with 8.8m members, and selected by operator Compagnies des Alpes to be installed in five theme parks in Belgium and the Netherlands. That was a "brilliant and huge milestone" for the company, says chief executive Tom Burnet.
Broker Canaccord Genuity expects adjusted pre-tax profit of £5m this year, giving EPS of 17p, from £3.8m and 17.7p last year.
ACCESSO TECHNOLOGY (ACSO) | ||||
|---|---|---|---|---|
| ORD PRICE: | 705p | MARKET VALUE: | £142m | |
| TOUCH: | 702-731p | 12-MONTH HIGH: | 785p | LOW: 500p |
| DIVIDEND YIELD: | nil | PE RATIO: | 69 | |
| NET ASSET VALUE: | 118p* | NET DEBT: | 5% | |
| Year to 31 Oct | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2009 | 17.3 | 2.4 | 14.6 | nil |
| 2010 | 20.3 | 2.3 | 11.7 | nil |
| 2011 | 24.6 | 2.7 | 11.5 | nil |
| 2012† | 29.1 | 3.2 | 14.6 | nil |
| Year to 31 Dec | (£m) | (£m) | (p) | (p) |
| 2013†† | 39.6 | 2.2 | 10.2 | nil |
| % change** | +16 | -41 | -42 | - |
†Year to 4 Nov ††14-month period *Includes intangible assets of £19.9m, or 99p a share **Annualised | ||||
