Accesso Lifts H1 Cash Earnings 50% While Holding Annual Guidance
Accesso Technology Group reported a 49.7% surge in first-half cash EBITDA to $7.6 million, driven by strict cost controls that offset a sharp decline in its guest experience division.
Accesso Technology Group PLC (LSE:ACSO) reported a 49.7% increase in first-half cash EBITDA to $7.6 million, lifting the margin to 11.2% from 7.5%. This improvement was achieved through a 6.1% reduction in underlying administrative expenditure to $45.6 million, which offset flat total revenue of $67.8 million. The company maintained its full-year guidance for approximately $146 million in revenue and $20 million in cash EBITDA.
Revenue stability masked significant internal divergence within the business. Ticketing and distribution revenue rose 8.6% to $57.7 million, but this was counterbalanced by a 41.7% drop in guest experience revenue due to previously flagged contract changes. According to GN markets/earnings (en-US), the company stated that trading through July and August remained in line with expectations, supporting the unchanged outlook for the remainder of the year.
Strategic pivot to modular software ecosystem
The attractions technology group is accelerating its shift toward a connected software ecosystem spanning ticketing, payments, and data analytics. During the half, Accesso signed 17 new venues and secured 32 product wins, while the value of pipeline deals involving multiple products roughly doubled year on year. This modular approach allows customers to adopt technology progressively across guest transaction points rather than purchasing single products.
Intelligence product gains early traction
Since acquiring Dexibit, five customers have signed for the Accesso Intelligence product, with around 100 further opportunities identified. CEO Lee Cowie, who joined in May, described early customer engagement as encouraging, noting that cross-selling into the existing base is proceeding ahead of initial expectations. This momentum supports the company's strategy of leveraging owned capabilities to build an AI-first ecosystem.
Balance sheet refinancing and capital returns
Net cash stood at $7.3 million at the end of June, down from $30.5 million at the end of 2025, reflecting shareholder returns and acquisition spending. To support its liquidity position, Accesso subsequently refinanced its $40 million HSBC revolving credit facility for an additional four years. Management remains focused on disciplined execution through the second half, with key trading periods still ahead.
