Shares rise as accesso results less bad than feared

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Shares rise as accesso results less bad than feared
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Shares in AIM-listed technology solutions provider accesso Technology Group (LON:ACSO) climbed by 11.93% to 319p (as of 16:05 BST) after the firm reported results for the half year ended 30th June. Revenues fell by more than 50% as income was significantly impacted by the closure of leisure venues during the period. The company’s pre-tax loss widened almost fourfold.

CEO Steve Brown commented: “During the first half of 2020 we have been successful in managing accesso through the onset of the COVID-19 pandemic and preparing the business to navigate through further uncertainty. We have proven resilient and highly adaptable in the wake of major disruption to our end-markets, acting early and decisively to reduce cost and evolve our technology to the new environment. While our financial results reflect the challenges faced across our industry, we delivered revenue ahead of our own revised expectations as many customer venues reopened across the summer while also firmly managing our operating costs. Our team responded with rapid enhancements to our solutions and deployed technology to support the mandated capacity limitations and physical distancing measures necessary for our customers to reopen. While the pandemic does continue to impact our end-markets, we are now seeing a significant number of operators reopening their doors at reduced capacity. With our recently raised contingency funds and credit facility still fully at our disposal, and with our mission-critical technology supporting venues as they welcome back their guests, we are focused on building towards the future with confidence in our ability to react, adapt and succeed“.

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