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accesso Technology
(LSE:ACSO)
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Rating:76Outperform
Price Target:
360.00 p
▲(12.85% Upside)
Action:Upgraded
Date:06/07/26
The score is driven primarily by solid financial performance (strong recent growth and low leverage) and a reasonably priced valuation (P/E ~14.2). Technicals are supportive but overbought (RSI ~75), and the earnings call adds both upside from strategic initiatives and a key risk from FY2026 guidance pointing to a near-term revenue decline.
Positive Factors
Conservative balance sheet
Low leverage and a substantial equity base give accesso durable financial flexibility to fund R&D, absorb timing of milestone revenues, and sustain buybacks. Conservative debt levels reduce refinancing risk and support strategic optionality through industry cyclicality and regional shocks.
Negative Factors
Near-term revenue guidance decline
Management's guidance implies a tangible revenue step-down driven by a lost large customer. Customer concentration losses can permanently reduce transactional scale, pressure operating leverage, and force increased sales/marketing investment to replace lost volume and restore long-term growth momentum.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and a substantial equity base give accesso durable financial flexibility to fund R&D, absorb timing of milestone revenues, and sustain buybacks. Conservative debt levels reduce refinancing risk and support strategic optionality through industry cyclicality and regional shocks.
Read all positive factors
accesso Technology (ACSO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£97.01M
Dividend YieldN/A
Average Volume (3M)127.28K
Price to Earnings (P/E)13.8
Beta (1Y)0.53
Revenue Growth-1.34%
EPS Growth20.88%
CountryUK
Employees655
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.29
Shares Outstanding33,282,875
10 Day Avg. Volume104,428
30 Day Avg. Volume127,275
Financial Highlights & Ratios
PEG Ratio0.58
Price to Book (P/B)0.89
Price to Sales (P/S)1.10
P/FCF Ratio6.01
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£562.50Price Target Upside76.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.38
Revenue Forecast (FY)£146.15M
accesso Technology Business Overview & Revenue Model
Company Description
Established in 2000 and headquartered in Twyford, United Kingdom, accesso Technology Group plc provides advanced technology solutions tailored for the worldwide attractions and leisure sector. The company operates through two core divisions: Ticke...
How the Company Makes Money
accesso makes money primarily by selling and operating venue-focused software and commerce solutions, typically through a combination of recurring software fees and transaction-driven revenue tied to tickets and other venue sales processed through...
accesso Technology Earnings Call Summary
Earnings Call Date:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 15, 2026
Earnings Call Sentiment Positive
The call balanced solid operational and strategic achievements — core like-for-like revenue growth (~4%), modest cash EBITDA improvement (+0.8%), margin resilience (78.5% gross margin; 14.8% cash EBITDA margin), strong balance sheet and aggressive capital returns — with near-term headwinds including transactional volatility, the loss of a major queuing customer, geographic/regional risks and guidance that implies a modest revenue decline for FY2026. Importantly, management outlined multiple strategic initiatives (Adyen payments partnership, composable & conversational commerce pilots, and the Dexibit acquisition to create accesso Intelligence) that are positioned to drive differentiated growth and defend market position, particularly around AI-enabled analytics and unified data. Given the number and magnitude of announced strategic growth drivers and healthy financial position outweighing the short-term operational and guidance headwinds, the overall tone is constructive and forward-looking.Positive Updates
Top-line Growth (Like-for-Like)
Revenue of GBP 155.1 million for FY2025, up 1.8% reported and just under 4% on a like-for-like basis after stripping disposals and one-off items.
Negative Updates
Guidance Implies Near-Term Revenue Decline
FY2026 guidance given in line with consensus at approximately GBP 146 million revenue and ~GBP 20 million cash EBITDA — implying a decline of roughly 5.8% vs FY2025 revenue (GBP 155.1m). Management cites a lost major queuing customer as a driver of lower transactional revenue in the near term.
Read all updates
Q4-2025 Updates
Positive
Negative
Top-line Growth (Like-for-Like)
Revenue of GBP 155.1 million for FY2025, up 1.8% reported and just under 4% on a like-for-like basis after stripping disposals and one-off items.
Read all positive updates
Company Guidance
The company said guidance is in line with consensus: approximately 146m revenue and roughly 20m of cash EBITDA for the year; trading in January–February was in line with expectations, H1 is expected to be a modest net‑debt position with cash collection in H2 leaving the group net‑cash by year‑end, and Middle East milestone revenue of £4.5–5.0m is expected (≈£2.5m already delivered, ≈£2.5m to be delivered April–year‑end). For context, FY25 reported revenue was £155.1m (+1.8% reported, ~+4% like‑for‑like), cash EBITDA £23m (+0.8%, 14.8% margin), gross margin 78.5%, year‑end cash £30.5m (gross cash £41.4m, borrowings £10.9m), repeatable revenue 84.6% (transactional ≈75% of revenue), recurring licenses +30.8%, maintenance/support +16.8%, distribution +4.5%, virtual queuing −6% in a choppy season, capitalized R&D c.£3.1m (~2% of revenue), headcount down to ~605, and the board has returned c.$36m to shareholders via buybacks/tender (4.8m shares canceled, ~20% of shares canceled over the buyback period).accesso Technology Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 158.36M | 152.29M | 149.51M | 139.73M | 124.79M |
| Gross Profit | 116.88M | 119.01M | 114.25M | 103.96M | 96.39M |
| EBITDA | 22.28M | 21.91M | 21.07M | 25.33M | 16.04M |
| Net Income | 11.22M | 9.08M | 7.69M | 10.06M | 22.02M |
Balance Sheet | |||||
| Total Assets | 255.73M | 263.38M | 273.97M | 228.10M | 229.86M |
| Cash, Cash Equivalents and Short-Term Investments | 41.39M | 42.77M | 51.81M | 64.66M | 64.05M |
| Total Debt | 12.04M | 15.47M | 22.32M | 1.22M | 3.74M |
| Total Liabilities | 59.54M | 66.54M | 80.47M | 42.71M | 46.67M |
| Stockholders Equity | 196.20M | 196.84M | 193.50M | 185.39M | 183.19M |
Cash Flow | |||||
| Free Cash Flow | 29.13M | 9.00M | 22.20M | 10.45M | 37.43M |
| Operating Cash Flow | 29.73M | 12.05M | 25.69M | 14.47M | 39.11M |
| Investing Cash Flow | -8.38M | -2.35M | -52.64M | -3.79M | -1.64M |
| Financing Cash Flow | -24.61M | -17.15M | 12.46M | -7.55M | -30.00M |
accesso Technology Technical Analysis
Negative
319.00
Price Trends
317.12
Negative
289.30
Positive
294.35
Positive
Market Momentum
-4.69
Positive
39.95
Neutral
23.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ACSO, the sentiment is Negative. The current price of 319 is above the 20-day moving average (MA) of 310.15, above the 50-day MA of 317.12, and above the 200-day MA of 294.35, indicating a neutral trend. The MACD of -4.69 indicates Positive momentum. The RSI at 39.95 is Neutral, neither overbought nor oversold. The STOCH value of 23.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:ACSO.
accesso Technology Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £136.14M | 14.87 | 15.55% | 5.48% | 2.78% | 62.26% | |
76 Outperform | £97.01M | 13.78 | 5.57% | ― | -1.34% | 20.88% | |
71 Outperform | £108.02M | 79.50 | 4.16% | 0.93% | 19.82% | -60.20% | |
67 Neutral | £153.75M | 17.14 | 8.80% | 2.56% | 3.82% | -18.43% | |
62 Neutral | £148.27M | -56.54 | -29.18% | ― | 47.75% | -307.74% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | £54.51M | -26.34 | -3.09% | 4.90% | 5.73% | -5.65% |
* Technology Sector Average
GB:ACSO
accesso Technology
299.50
-116.50
-28.00%
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GB:AOM
ActiveOps plc
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GB:SAAS
Microlise Group Holdings Ltd.
49.00
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-58.49%
accesso Technology Corporate Events
Business Operations and Strategy
Accesso Adds Shore Capital as Joint Corporate Broker to Bolster AIM Market Support
Positive
Jul 29, 2026
Accesso Technology Group plc, a specialist in technology solutions for leisure, entertainment and cultural venues, has appointed Shore Capital Stockbrokers Limited as its joint corporate broker. Shore Capital will work alongside Deutsche Numis, wh...
Business Operations and StrategyExecutive/Board Changes
Accesso Strengthens Board with Appointment of Veteran Software Finance Leader
Positive
Jul 20, 2026
Accesso Technology Group plc, the AIM-listed provider of ticketing, POS, virtual queuing and experience management software for leisure, entertainment and cultural venues, supports more than 1,100 clients worldwide. Its RD-led strategy focuses on ...
Executive/Board Changes
Accesso CFO Sells Shares to Cover Tax on Incentive Awards
Neutral
Jun 30, 2026
Accesso Technology Group has disclosed a share transaction by Chief Financial Officer Matthew Boyle, following the exercise of long-term incentive awards under the company’s 2014 LTIP and Employee Share Plan. Boyle sold 1,812 ordinary shares...
Other
Accesso CFO Exercises Share Awards, Slightly Lifts Insider Stake
Neutral
Jun 25, 2026
Accesso Technology Group disclosed that Chief Financial Officer Matthew Boyle has exercised 3,764 nil-cost conditional share awards under the company’s long-term incentive and employee share plans. The awards will be satisfied from the group...
Business Operations and StrategyStock BuybackFinancial DisclosuresShareholder Meetings
Accesso shareholders back all AGM resolutions, renew capital and governance powers
Positive
May 28, 2026
Accesso Technology Group plc reported that all resolutions at its 27 May 2026 Annual General Meeting were approved by shareholders via poll vote, including receipt of the 2025 audited financial statements and endorsement of the annual remuneration...
Business Operations and StrategyExecutive/Board Changes
Accesso Grants Performance-Based Share Awards to Top Executives
Positive
May 18, 2026
Accesso Technology Group has granted new conditional share awards to chief executive Lee Cowie and chief financial officer Matthew Boyle under its 2024 Long Term Incentive Plan, aligning executive rewards with shareholder outcomes. The awards, whi...
Business Operations and StrategyExecutive/Board Changes
Accesso Names Lee Cowie CEO to Lead Next Growth Phase
Positive
May 1, 2026
Accesso Technology Group has completed a long-planned leadership transition, appointing former chief operating officer Lee Cowie as chief executive officer and executive director, while long-serving CEO Steve Brown steps down from the board but wi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.