E-ticket and 'virtual queuing' provider Accesso (ACSO) had a "cracker" of a year, according to chief executive Tom Burnet. Recent acquisitions, new business wins and growing transactional fees all helped group revenue grow by almost a quarter. A significant jump in profit margins from 42.6 per cent in 2014 to 49.4 per cent last year helped lift adjusted operating profit 45 per cent to $12.6m (£8.9m). All in all, this pushed the shares up 4 per cent on the day its results were released.
Mr Burnet is optimistic about the coming year, too, although it's still early days. What helps, he says, is that the Aim-traded company has clear visibility over its revenue stream. Approximately 95 per cent of sales come from the transactional model, which means taking a cut each time a client makes a sale. In terms of further acquisitions, there's nothing on the table right now but the group has renewed borrowing facilities with Lloyds Banking (LLOY), allowing for a $25m drawdown plus an additional $10m for potential M&A.
Broker Numis expects pre-tax profit of $13.8m this year, giving EPS of 45.9ȼ, compared with $12.1m and 41ȼ a share.
ACCESSO TECHNOLOGY (ACSO) | ||||
---|---|---|---|---|
ORD PRICE: | 993p | MARKET VALUE: | £218m | |
TOUCH: | 975-1,010p | 12-MONTH HIGH: | 993p | LOW: 533p |
DIVIDEND YIELD: | nil | PE RATIO: | 57 | |
NET ASSET VALUE: | 289¢* | NET DEBT: | 15% |
Year to 31 Oct | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
---|---|---|---|---|
2011 | 24.6 | 2.7 | 11.5 | nil |
2012 | 29.1 | 3.2 | 14.6 | nil |
Year to 31 Dec | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (ȼ) | Dividend per share (ȼ) |
2013** | 61.4 | 3.2 | 14.7 | nil |
2014 | 75.1 | 5.1 | 18.5 | nil |
2015 | 93.2 | 7.2 | 24.5 | nil |
% change | +24 | +41 | +32 | - |
*Includes intangible assets of $71.9m or 327¢ a share **14-month period £1=$1.41 |