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Interim Results

accesso adjusted earnings rise

20 September 2017 07:45

accesso Technology Group has reported a strong first half performance with new customer wins across business.

Group revenue rose by 17.4% to $46.6m which, it said, reflected its increased global footprint, the broader range of markets it now served and the acquisition of Ingresso at the end of March.

It said: 'This growth was delivered despite challenging weather conditions impacting certain accesso LoQueue and accesso Passport venues and considering a strong 1H 2016 trading period previously reported.

'The impact of foreign exchange movements on revenue, or costs, was not material.'

The gross profit margin was 57.8% in 1H 2017, compared to 56.1% in 1H 2016 which reflected a lower proportion of queuing revenue in this period and a higher level of non-repeatable revenues than in the comparative period.

Operating costs, excluding expenses relating to the Ingresso acquisition, and share based payments, increased by 15.8% to $18.2m (2016: $15.7m).

Adjusted EBITDA increased by 33.8% to $8.7m, at a margin of 18.7% (2016: 16.4%) resulting from the operational leverage within the business.

Adjusted operating profit, which the board considers a key underlying metric, increased by 30.0% to $6.5m (1H 2016: $5.0m).

Executive chairman Tom Burnet said: 'Accesso has started 2017 in a positive and determined way, delivering two acquisitions guided by one central aim: our desire to offer operators technology that drives revenue by improving guest experiences.

'The strength of the group's overall performance during the period is a validation of our efforts to diversify the business across markets and geographies, while our products continue to generate significant demand among prospective and existing customers.

'Although the first half of the year traditionally accounts for less than 40% of annual revenue, the board looks forward to the remainder of the year with confidence.'

Story provided by StockMarketWire.com

Related Company: ACSO

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