25th Mar 2014 12:55
LONDON (Alliance News) - Accesso Technology Group PLC expressed confidence in its prospects for 2014, as it saw pretax profit decline, hit by acquisition costs and higher administrative expenses following its acquisition of Siriusware Inc in the fourteen months ended December 31, 2013.
Accesso provides technology and software for the attractions and leisure industry.
Accesso posted a pretax profit of GBP2.2 million for the fourteen months, down from GBP3.2 million in 2012, as revenue rose to GBP39.6 million from GBP29.1 million, although this was offset by higher administrative expenses of GBP11.4 million compared with GBP3.7 million.
Accesso said it changed the end of its financial year to match the calendar year in order to better align itself with its major customers and the sector in general.
The decline in pretax profit was primarily as a result of the company's acquisition of Siriusware, and amortisation of newly acquired intangible assets, as well as the seasonality experienced in theme parks during November and December.
Average revenue per guest increased by 8.9%, Accesso said, and it saw a 2% increase in overall park attendance.
Accesso focused its efforts on the Asian market during the period, it said, signing an agreement with Australian theme park operator Village Roadshow Theme Parks. It signed a memorandum of understanding for its Qsmart technology at the Movie Animation Park Studios in Malaysia, that are due to open in 2015.
The company acquired Accesso LLC December 2012. The company, which was formerly known as Lo-Q, changed its name to Accesso following the acquisition in November, 2013
The company said that it was unlikely to pay a dividend in the short to medium term as its cash is better invested in product development and complementary mergers and acquisitions.
"As we continue to win mandates with new customers, expand opportunities with existing ones, forge ahead into the Asian market, and start to make headway into new industry verticals, I have great confidence in the abilities of our expanded team and in our prospects for 2014," said Chief Executive Tom Burnet in a statement Tuesday.
Shares in Accesso were trading up 1.7% at 701.50 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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