Shares in accesso Technology (ACSO) – a provider of ticketing and queuing software for theme parks, resorts and live events – have entered a downward spiral in recent months. But this rollercoaster ride turned into a dive on the release of a trading update for the year to December 2018, with shares plunging by more than a third in a single day's trading.
The company delivered three pieces of news. First, it warned that preliminary results would be impacted by around $1.7m (£1.3m) of exceptional costs, largely relating to professional fees associated with a "well-advanced acquisition opportunity" which the board terminated last October. Ignoring these costs, the numbers will be "broadly in line" with market expectations.
Second, management has launched a review of accesso’s investment priorities. This follows "a sustained period of growth" and is "in the context of the significant future opportunities available". More detail should be included within the official results statement – along with new operational and financial disclosures around its performance – due for release at the end of March.
Third, executive chairman Tom Burnet is leaving his role. He will become a non-executive director at the company, starting on 1 March 2019. Bill Russell will simultaneously join the group as non-executive chairman. Mr Russell has held various board positions across several tech companies, spending 23 years as part of senior management at Hewlett Packard.
Mr Burnet has been a driving force at accesso for the last nine years, becoming chief executive in 2010, before transitioning into the role of chairman in 2016.
