Uncertain recovery at accesso

Digital ticketing technology provider accesso Technology (LON: ACSO) is reporting interims on Wednesday 16 September. The short-term outlook remains tough because of the focus on visitor attractions.

The first half is always weaker because of the geographical spread of clients and lack of revenues due to COVID-19 will make it even worse. First quarter revenues were 12% lower, while April revenues were four-fifths lower.

That is why £39m was raised from a placing and open offer at 290p a share during May. There was an initial share price recovery, but it has fallen back to 280p.

The interims will provide some indication of whether there has been any significant recovery in revenues since April. There has been theme park reopenings and greater levels of online bookings should be good for accesso. Volumes will be well down, though.

Full year

The full year loss is likely to be at least $20m, compared with a profit of $10.9m last year – itself a weak performance. Revenues are likely to be one-third of the 2019 outcome.

The continued cash outflow means that cash could fall below $13m. Banking facilities have been extended and covenants eased.

The fundraising was heavily dilutive and it is difficult to envisage any substantial rise in the share price until there is more certainty about the recovery.