Hardman & Co Research / GB0001771426

Hardman & Co Research on accesso Technology Group: 30 new venue contracts and pipeline remains strong
  FY24 results, released last month, were in line with its January trading update. Revenues grew by 5.3%, when excluding discontinued components, while cash EBITDA eased by 3.4% to $22.8m to reflect a margin of 15.0%. Management is cautious on the near-term outlook due to uncertainties over the impact of trade wars on consumer sentiment.  We have cut our revenue forecasts by 4% in FY25 and 6% in FY26 to reflect this uncertainty. However, costs also fall and FY26 adjusted EPS moves higher in USD terms. In spite of the opportunities, the shares trade on a modest 12x our FY27E earnings, supported by a strong balance sheet.   Please click on the link below for the full report: https://hardmanandco.com/research/corporate-research/acso-30-new-venue-contracts-and-pipeline-remains-strong/ If you are interested in meeting the company, you can register your interest by clicking on the above link.

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