Accesso Technology Group (AIM:ACSO), the AIM-listed technology provider to leisure, entertainment and cultural venues, reported interim results for the six months to 30 June showing Cash EBITDA up 49.7% to $7.6m, against $5.1m a year earlier.
Group revenue was broadly flat at $67.8m, compared with $67.9m in the first half of 2025.
Ticketing and distribution revenue rose 8.6% to $57.7m, offsetting a 41.7% drop in Guest Experience revenue to $6.1m following previously flagged virtual queuing contract changes.
Underlying administrative expenditure fell 6.1% to $45.6m, lifting the Cash EBITDA margin to 11.2% from 7.5%.
The company returned $20m (£14.5m) to shareholders via a March tender offer and has now cancelled 18.9% of its issued share capital since April 2025.
It acquired analytics provider Dexibit for approximately $7m plus deferred consideration, rebranded as accesso Intelligence, with five customers signed post-acquisition and around 100 further opportunities in the pipeline.
"With key trading periods still to come, we remain focused on disciplined execution through the second half and our full-year guidance remains unchanged," said chief executive Lee Cowie, who took the role on 1 May.
The board reiterated FY26 guidance of approximately $146m revenue and $20m Cash EBITDA, citing peak seasonal trading and Middle East project delivery milestones still to come.
Trading through July and August was broadly in line with expectations, with commercial momentum continuing into the third quarter.
News Intelligence what this means for the company
Accesso swung to 49.7% Cash EBITDA growth in H1 despite flat revenue, driven by a 6.1% cut in administrative costs that lifted margins to 11.2% from 7.5%. The company held full-year guidance ($146m revenue, $20m Cash EBITDA) and signalled confidence in peak seasonal trading and Middle East project delivery still ahead. A 41.7% drop in Guest Experience revenue from virtual queuing contract changes was offset by 8.6% growth in ticketing and distribution, and the company deployed capital discipline—returning $20m to shareholders and cancelling 18.9% of issued share capital since April 2025—while acquiring analytics provider Dexibit for $7m to expand its software footprint.
The margin expansion on flat revenue demonstrates operational leverage and cost discipline under new CEO Lee Cowie, but the Guest Experience headwind (down 41.7%) signals customer concentration or contract risk in that segment. Unchanged full-year guidance despite H1 momentum suggests management is being cautious; the outcome hinges on whether peak-season trading and Middle East projects deliver as flagged.
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