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Access Intelligence eyes interim annual recurring revenue growth

22nd Jun 2023 14:26

(Alliance News) - Access Intelligence PLC on Thursday said it expects to report an increased annual recurring revenue for the six months ended May 31, and maintains a hopeful outlook for the months ahead.

The London-based software-as-a-service products provider said it expects to report annual recurring revenue growth of GBP1.4 million in the first half of 2023, up from ARR growth of GBP500,000 a year prior.

This reflects continued expansion in Europe, the Middle East & Africa and North America regions, which have delivered ARR of GBP1.1 million in the period. Access Intelligence attributes this to a good pipeline and significant strategic opportunities.

Access Intelligence also forecasts a total revenue of no less than GBP31.3 million, down slightly by 1.3% from GBP31.7 million the year before. Meanwhile, adjusted earnings before interest, tax, depreciation and amortisation is expected to be around GBP2.0 million, up 18% from GBP1.7 million in 2022.

Looking ahead, the company expects accelerated growth as it prepares to launch its next generation platform in the Asian Pacific region. Access Intelligence also continues to focus on signing up new customers in EMEA and North America, and is committed to deliver improved profitability and cash generation.

Non-Executive Chair Christopher Satterthwaite said: "Overall, the board remains confident in the outlook for the group in the second half of the year and beyond."

Shares in Access Intelligence were trading flat at 71.50 pence each in London on Thursday afternoon.

By Sabrina Penty, Alliance News reporter

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