accesso Technology Group PLC (GB:ACSO)
LSE:ACSO
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accesso Technology
(LSE:ACSO)
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Rating:66Neutral
Price Target:
286.00 p
▼(-12.00% Downside)
Action:DowngradedDate:04/09/26
The score is primarily supported by solid financial performance (strong recent growth and a low-leverage balance sheet). It is held back by weak/neutral technical momentum (below key moving averages with negative MACD) and a high P/E valuation, while the latest earnings call was constructive strategically but tempered by guidance for a near-term revenue decline.
Positive Factors
Recurring revenue diversification
Material growth in recurring license and support streams increases revenue predictability and reduces reliance on ticket transaction fees. A higher share of repeatable contracts enhances customer lifetime value, supports margin stability and underpins steadier free cash flow over multiple cycles.
Negative Factors
High dependence on transactional revenue
With roughly three-quarters of revenue transaction-linked, the business remains exposed to attendance cycles, one-off ticketing volumes and seasonality. Transactional swings can compress margins and make revenue and cash generation lumpy, limiting forecasting certainty.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue diversification
Material growth in recurring license and support streams increases revenue predictability and reduces reliance on ticket transaction fees. A higher share of repeatable contracts enhances customer lifetime value, supports margin stability and underpins steadier free cash flow over multiple cycles.
Read all positive factors
accesso Technology (ACSO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£84.06M
Dividend YieldN/A
Average Volume (3M)127.28K
Price to Earnings (P/E)4.2
Beta (1Y)0.47
Revenue Growth-3.95%
EPS Growth16.87%
CountryUK
Employees682
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.20
Shares Outstanding33,282,875
10 Day Avg. Volume104,428
30 Day Avg. Volume127,275
Financial Highlights & Ratios
PEG Ratio0.57
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
£492.50Price Target Upside51.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.38
Revenue Forecast (FY)£146.12M
accesso Technology Business Overview & Revenue Model
Company Description
accesso Technology Group plc, together with its subsidiaries, develops technology solutions for the attractions and leisure industry in the United Kingdom, other European countries, Australia, the South Pacific, the United States, Canada, and Cent...
How the Company Makes Money
accesso primarily makes money by selling and supporting venue technology used to sell, manage, and fulfill guest admissions and in-venue commerce. Key revenue streams generally include: (1) Software subscriptions and licensing: recurring fees for ...
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
Positive
325.00
Price Trends
260.38
Positive
284.07
Negative
348.02
Negative
Market Momentum
-1.91
Negative
56.98
Neutral
73.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ACSO, the sentiment is Positive. The current price of 325 is above the 20-day moving average (MA) of 247.95, above the 50-day MA of 260.38, and below the 200-day MA of 348.02, indicating a neutral trend. The MACD of -1.91 indicates Negative momentum. The RSI at 56.98 is Neutral, neither overbought nor oversold. The STOCH value of 73.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | £111.31M | 16.12 | 15.55% | 1.71% | 3.48% | 318.89% | |
68 Neutral | £104.75M | 20.36 | 11.98% | 0.79% | 12.10% | 27.35% | |
68 Neutral | £144.69M | -33.80 | -2.11% | ― | 31.86% | -115.22% | |
67 Neutral | £142.53M | 11.95 | 8.80% | 1.68% | 6.27% | 0.83% | |
66 Neutral | £84.06M | 4.25 | 2.93% | ― | -3.95% | 16.87% | |
63 Neutral | £67.83M | 23.49 | -1.09% | 2.00% | 9.69% | -319.35% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
GB:ACSO
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accesso Technology Corporate Events
Regulatory Filings and Compliance
Accesso Confirms Total Voting Rights and Share Capital Structure
Neutral
Apr 1, 2026
Accesso Technology Group has confirmed that as of 31 March 2026 its issued share capital consists of 33,282,874 ordinary shares of one penny each, with none held in treasury. This establishes the company’s total voting rights at 33,282,874, ...
Business Operations and StrategyExecutive/Board ChangesStock BuybackFinancial Disclosures
Accesso lifts profits, steps up AI push as CEO transition looms
Positive
Mar 30, 2026
Accesso Technology Group reported modest revenue growth for 2025, with sales edging up to $155.1 million and profitability improving, as statutory profit before tax rose nearly 38% and adjusted earnings per share increased more than 15%. Despite s...
Business Operations and StrategyM&A TransactionsProduct-Related Announcements
Accesso buys AI specialist Dexibit to launch cross-platform intelligence layer for attractions
Positive
Mar 30, 2026
Accesso Technology Group has acquired Dexibit, a specialist analytics and artificial intelligence platform for visitor attractions, in a deal worth up to about US$12.1 million funded from existing cash. Dexibit’s technology will underpin a n...
Business Operations and StrategyM&A Transactions
Accesso buys Dexibit to build AI intelligence layer for attractions industry
Positive
Mar 30, 2026
Accesso Technology Group has acquired Dexibit, a New Zealand-based analytics and AI platform purpose-built for visitor attractions, in a deal worth up to about US$12.1m funded from existing cash. Dexibit’s technology will underpin a new offe...
Stock BuybackRegulatory Filings and Compliance
Accesso Completes £14.5m Tender Offer and Cuts Share Count
Positive
Mar 18, 2026
Accesso Technology Group has completed a £14.5 million tender offer announced in February, with broker Deutsche Numis purchasing 4,833,333 ordinary shares at £3.00 each, which were then acquired and cancelled by the company. Following th...
Business Operations and StrategyStock Buyback
Accesso Cancels 12.7% of Share Capital After Oversubscribed Tender Offer
Positive
Mar 13, 2026
Accesso Technology Group has completed an oversubscribed tender offer for its ordinary shares, repurchasing 4,833,333 shares at £3.00 each for a total consideration of about £14.5 million. The buyback represents roughly 12.7% of the comp...
Business Operations and StrategyStock BuybackShareholder Meetings
Accesso Shareholders Approve Share Buyback Authority at General Meeting
Positive
Mar 13, 2026
Accesso Technology Group plc announced that shareholders overwhelmingly approved a special resolution at a general meeting to authorise the company to make market purchases of its own ordinary shares. The authority, granted under section 701 of th...
Business Operations and StrategyStock BuybackShareholder Meetings
Accesso launches £14.5m premium tender offer to boost shareholder returns
Positive
Feb 11, 2026
Accesso Technology Group plans to return up to £14.5 million to shareholders through a tender offer to buy back as many as 4,833,333 ordinary shares at £3.00 each, representing a premium to recent market prices. The offer, subject to sha...
Business Operations and StrategyProduct-Related Announcements
Accesso Deepens Adyen Partnership to Power Global Embedded Payments
Positive
Feb 10, 2026
Accesso Technology Group has expanded its strategic partnership with Adyen, establishing the Dutch fintech as its long-term global financial technology platform and embedding Adyen’s payments capabilities across all accesso products. The int...
Other
Accesso CFO Exercises LTIP Awards and Sells Shares to Cover Tax
Neutral
Feb 6, 2026
Accesso Technology Group has disclosed that its Chief Financial Officer, Matthew Boyle, has exercised nil-cost conditional share awards over 21,544 ordinary shares under the company’s 2024 Long-Term Incentive Plan – Retention, and subs...
Regulatory Filings and Compliance
Accesso Confirms Total Voting Rights at 38.1 Million Shares
Neutral
Feb 2, 2026
Accesso Technology Group plc has confirmed that, as of 30 January 2026, its issued share capital comprises 38,116,207 ordinary shares of 1 penny each, with no shares held in treasury. This establishes the company’s total voting rights at 38,...
Business Operations and StrategyStock BuybackFinancial Disclosures
accesso lifts 2025 revenue outlook and launches £14.5m tender offer as it retools for tougher market
Positive
Jan 29, 2026
accesso Technology Group said it expects 2025 revenue to come in slightly ahead of market expectations at about $155 million, with cash EBITDA margins nearing 15% as disciplined cost control and higher service revenues offset softer transaction vo...
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.