Thrill seekers and culture buffs despise trawling through ticketing websites and waiting in queues at theme parks and museums. Accesso Technology (ACSO) helps leisure companies tackle that problem with its virtual queuing and e-ticketing solutions, LoQueue and Passport. Strong demand drove underlying operating profit up 21 per cent to $8.7m (£5.9m) last year.
The Aim-listed group's technology - which is used in over 1,000 venues in 23 countries - aims to improve visitors' experiences, encouraging them to spend money and return with friends. Dreary first-half weather in the US threatened to derail progress, but sunshine elsewhere helped overall ticketing volumes jump 31 per cent. Together with mobile improvements and astute pricing, that pushed LoQueue's average revenue per guest up 6 per cent.
The group inked a LoQueue deal that will ease its entry into South Korea's fast-growing theme park market. It also signed a three-year agreement with attractions giant Merlin Entertainments (MERL) to trial Passport, and its recently acquired ShoWare ticketing technology - which caters for assigned-seating venues such as theatres and stadiums - will be deployed in 22 new venues across four countries. Management expect continued expansion into new markets to accelerate growth, helping to mitigate seasonal swings in demand and bad weather.
Broker Numis forecasts pre-tax profit of $11m, giving EPS of 35.3¢ (from $8.4m and 30.2¢ in 2014).
| ACCESSO TECHNOLOGY (ACSO) | ||||
|---|---|---|---|---|
| ORD PRICE: | 588p | MARKET VALUE: | £129m | |
| TOUCH: | 580-595p | 12-MONTH HIGH: | 721p | LOW: 447p |
| DIVIDEND YIELD: | nil | PE RATIO: | 47 | |
| NET ASSET VALUE: | 260¢* | NET DEBT: | 25% | |
| Year to 31 Oct | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2010 | 20.3 | 2.3 | 11.7 | nil |
| 2011 | 24.6 | 2.7 | 11.5 | nil |
| 2012 | 29.1 | 3.2 | 14.6 | nil |
| Year to 31 Dec | ($m) | ($m) | (¢) | (p) |
| 2013† | 61.4 | 3.2 | 14.7 | nil |
| 2014 | 75.1 | 5.1 | 18.5 | nil |
| % change | +22 | +58 | +26 | - |
*Includes intangible assets of $71.1m, or 325p a share †14 month period £1=$1.47 | ||||
