Shares in Accesso Technology (ACSO) plunged by more than a fifth after the group announced that it had abandoned its formal sale process, and that revenues for 2019 are expected to be at – or marginally below – the lower end of its previous guidance, at $117m-$118m.
The group, which provides ticketing and queuing software for theme parks and other attractions, had launched the aforementioned sale process last July. But – after various meetings with interested parties – management decided that it was unlikely to receive an offer which it would deem attractive to shareholders.
Adjusted reported EBITDA (cash profits) excluding costs associated with the formal sale process are expected to land at no less than $27m. The group’s ‘cash EBITDA’ measurement is expected to land at no less than $6m. Total development expenditure and capitalised development is expected to be in line with earlier guidance, at about $33m and 64 per cent respectively.
Accesso said that it enters 2020 “with established customer relationships and strong positions in its chosen markets”.
