Accesso Technology’s (ACSO) top-line growth for the half year to June was masked by its adoption of the reporting standard IFRS 15 – determining how and when revenues can be recognised. Indeed, sales soared by a whopping 47 per cent once prior-year comparatives had been restated to reflect the new accounting treatment.
Sales benefited from the contribution of two acquisitions made in 2017 – ingresso and TE2 – which offered up three- and six-months’ trading respectively. Both businesses have helped accesso to explore new ‘greenfield’ opportunities in healthcare and ticketing distribution. On the former front, as previously announced, the group has signed a deal with Henry Ford Health Systems in the US, and it will use TE2 to “improve the patient and caregiver experience”, via digitisation and personalisation.
Further down the income statement, operating costs jumped by more than a half, a knock-on effect of the acquisitions and related increases in amortisation charges. Share-based payments were also on the rise, but adjusted cash profits increased by nearly three-quarters to $15.1m (£11.5m). Presumably, we should witness a boost to reported numbers once the acquired assets have bedded in.
Broker Numis expects adjusted cash profits of $34.3m and EPS of 68.8¢ for 2018 (from $24.6m and 53.8¢ in 2017)
| ACCESSO TECHNOLOGY (ACSO) | ||||
| ORD PRICE: | 2,645p | MARKET VALUE: | £717m | |
| TOUCH: | 2,610-2,680p | 12-MONTH HIGH: | 2,975p | LOW: 1,768p |
| DIVIDEND YIELD: | nil | PE RATIO: | 88 | |
| NET ASSET VALUE: | 666¢* | NET DEBT: | 6% | |
| Half-year to 30 Jun | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (¢) | Dividend per share (¢) |
| 2017 | 46.6 | 1.61 | 4.96 | nil |
| 2018 | 54.4 | 1.45 | 3.85 | nil |
| % change | +17 | -10 | -22 | - |
| Ex-div: | na | |||
| Payment: | na | |||
| *Includes intangible assets of $199m, or 734¢ a share £1=$1.32 | ||||
