Accesso Technology Group PLC (AIM:ACSO, OTC:LOQPF) CEO Steve Brown spoke to Proactive's Stephen Gunnion after the provider of queuing technology in the leisure, entertainment and cultural sectors issued an upbeat 2023 trading update.
Acesso told investors revenues grew by 6% last year to US$148.5 million with cash EBITDA in line with expectations at a margin of not less than 15%.
Brown said the company delivered on its promises, meeting profit expectations and achieving significant milestones, including the completion of three strategic acquisitions.
It notably invested around $4 million in developing its new food and retail platform, Accesso Freedom, which was successfully launched in November 2023. The platform has already secured three customers and boasts a robust sales pipeline.
A major highlight for Accesso was the rebranding of a recently acquired product as Accesso Horizon, following the purchase of VGS in the summer of 2023. This move paid off with a significant contract win in Saudi Arabia, marking a strategic expansion into the Middle East and setting a strong foundation for further growth in the region.
Looking beyond the Middle East, Brown emphasized Accesso's global growth strategy, particularly in the APAC region and Europe. The company's existing presence in the US, including a partnership with Merlin, provides a solid base for exploring opportunities in new markets.
For 2024, Accesso anticipates a revenue growth of around 9% and a Cash EBITDA margin of at least 17%. These projections underscore the company's focus on improving operational efficiency and revenue quality. Brown's vision for Accesso includes achieving a 20%+ Cash EBITDA margin in the midterm, demonstrating his commitment to driving profitability and shareholder value.
