15th Apr 2025 12:50
(Alliance News) - Accesso Technology PLC on Tuesday said profit rose by a third during 2024, as a result of reduced expenses and business expansion in the Middle East.
Accesso is a Berkshire, England-based company which provides technology solutions for attractions and venues.
It had a pretax profit of GBP11.7 million in 2024, up 33% from GBP8.8 million in 2023, as the firm is "prioritising high-margin revenue streams, controlling costs, and seeing real results in driving operational excellence."
The firm's revenue also rose 1.9% to GBP152.3 million in 2024 from GBP149.5 million the previous year. This is attributed to its business expansion in the Middle East and its new retail and restaurant solution, Accesso Freedom.
Despite the increase in revenue, the company said "this outturn is not at the level we set out to achieve at the start of the year", adding that economic conditions were demanding for its customers. Accesso had expected to deliver USD148.5 million revenue, or 6% year-on-year growth.
The company noted that its growth in transaction income was behind as a result of slower attendance growth across its customer base, particularly in the summer months, continuing through the remainder of 2024.
Accesso's cost of sales was down 5.6% to GBP33.3 million in 2024 from GBP35.3 million the previous year.
This is due to the company's lower-than-expected transactional revenue which had "a knock-on impact" on its sales lead time. In particular, the firm noted that it had a project delay time in Saudi Arabia, one of its most important growth markets.
For the full year, Accesso said it expects revenues of approximately USD2 million to have come from Middle Eastern customers.
Looking ahead, Accesso said that its group revenue growth for 2025 is "unlikely to exceed" the 5.3% that was reported in 2024.
The company noted that it will not be paying a dividend for 2024, believing surplus cash to be most effectively used in share buybacks, special dividends, investing in new product development and for making smarter business purchases where the opportunities arise.
Accesso also on Tuesday said it has launched a share buyback programme for up to GBP8 million, to be run by Numis Securities Ltd.
London-based investment banking firm Numis is a part of Deutsche Bank.
Chief Executive Officer Steve Brown said of the annual results: "We will invest in strategic growth areas, refine our commercial approach to expand market presence and continue to excel in cost management to ensure sustained success."
Accesso shares were down 0.7% at 417.00 pence in London on Tuesday afternoon.
By Olivia Mason-Myhill, Alliance News reporter
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