18th Mar 2015 09:49
LONDON (Alliance News) - Accesso Technology Group PLC Wednesday expressed "great confidence" in its prospects for 2015 as it posted a rise in pretax profit for 2014.
Accesso provides technology products for the leisure, entertainment and cultural markets.
Accesso posted a pretax profit of USD5.1 million for 2014, up from USD3.2 million in the 14 months to end-December 2013, on a rise in revenue to USD75.1 million from USD61.4 million.
The company has switched its presentation currency from sterling to dollars to be more in line with its global operations; as a result, its comparative results have been restated into dollars. In the previous year, the company moved its year-end from November 3 to be in line with calendar year, so its 2014 results compare to a 14 month period to the end of 2013.
On a pro-forma basis, comparing the 2014 results to 2013, pretax profit was broadly flat at GBP5.1 million compared to GBP5.2 million, as a rise in revenue to USD75.1 million from USD60.3 million was offset by higher administrative costs.
In its virtual queuing business accesso LoQueue, the company saw strong attendance in Europe, helping offset flat or declining attendance in the US due to poor weather early in the season. Despite the reduction in attendance rates, average revenue per LoQueue guest in North America rose 4.7%, the company said.
Online ticketing product ShoWare, which the company acquired last November, is contributing to new business wins in early 2015, the company said.
Accesso did not propose a dividend, and reiterated that it thinks the payment of a dividend is unlikely in the short- to medium-term as cash would be better put towards product development and mergers and acquisitions.
"The significant majority of our revenue is now transactional, long-term, recurring and growing. With that in mind, and on the basis of the pipeline of opportunity we see ahead, I look forward to 2015 with a considerable degree of confidence," said Non-Executive Chairman John Weston in a statement.
Shares in Accesso are trading up 1.5% at 588.55 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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