16th Sep 2020 10:38
(Alliance News) - Accesso Technology Group PLC's loss widened and revenue halved in the first half of 2020, though the company on Wednesday explained its performance was ahead of expectations despite being hit by Covid-19 lockdowns.
Revenue in the six months to June 30 dropped 52% to USD24.6 million from USD50.7 million. Accesso's pretax loss stretched to USD18.5 million from USD4.6 million a year earlier.
The Berkshire-headquartered company, which makes software for the leisure and entertainment markets, said revenue was hurt by venues closing due to Covid-19 lockdowns.
"Group revenue of USD24.6 million was ahead of our own revised expectations for the period, driven by successful customer engagement with our adaptable, mission-critical technology," Accesso added.
"2020 has been a year of unprecedented challenge for everyone in our industry. Despite months of uncertainty, we reached the half-year with revenue ahead our revised expectations and our trading through the recent busier summer months has followed a similar trend. With that peak trading period now behind us and on the assumption that market conditions do not significantly deteriorate, we can confirm that we expect revenue for the full year of 2020 to be not less than USD48 million."
Should annual revenue come in at USD48 million, it will represent a 59% drop from USD117.2 million recorded in 2019.
Shares in the company were 9.7% higher at 312.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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