Access Intelligence sees contract value double during the first half

PR-focused software-as-a-service provider Access Intelligence posted an all-round positive first half, with good progress across its fundamentals and swift action to adapt to Coronavirus trading.

The company’s main source of bragging rights was its £1.04 million Annual Contract Value, which was led by strong renewal rates, and was more than double the £0.45 million for the equivalent period in 2019. Access Intelligence said this equates to organic annualised ACV growth of 12% and all of its sub brands delivered double digit growth.

It continued, saying that its revenue was up 50% year-on-year to £9.4 million – and excluding its acquisition of Pulsar, revenue was up 10% during the first half. Further, with cost reductions of around £1.1 million and ‘comprehensive and rapid’ action against Coronavirus, the company saw its net cash position rise from £2.0 million to £2.6 million during the six month period.

Access Intelligence were also successful in securing a number of high profile clients during the first half, including; Aegon, Allen & Overy, AstraZeneca (LON:AZN), Chanel, the Co-operative, Lotus, Ministry of Justice, Nintendo (TYO:7974), Ofgem and the WWF. In the US, its Pulsar business won over Dow Jones, the IMF, Levi Strauss (NYSE:LEVI) and Twitter (NYSE:TWTR).

Despite these notable successes, the company noted that COVID-19 has slowed done its pipeline development, as prospective clients put certain projects on hold and delay investing in new tech products. With this in mind, the company conceded that to provide forward-looking guidance on company’s ability to meet its 2020 expectations for new business would be inappropriate.

Speaking on the update, Access Intelligence Non-Executive Chairman Christopher Satterthwaite, commented,

“Despite the challenge COVID-19 has presented all businesses, the last six months trading has demonstrated the strength of the Company with encouraging growth seen across the product portfolio. The strengthening of the portfolio with Pulsar will accelerate growth and by diversifying the product, sector and territorial opportunities, contribute to the Company’s overall resilience.”

Following the news, the company’s shares rallied 2.24% or 1.25p, to 57.00p per share. This is the highest it has gone so far in 2020, and up from the 48.50p nadir in mid-March.

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Jamie Gordon
Senior Journalist at the UK Investor Magazine. Also a contributing writer at the Investment Observer, UK Property Journal and UK Startup Magazine. Postgraduate of King's College London with a specialisation in Business Ethics. Interested in Development Economics and David Hume.