accesso Technology Group (ACSO) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was $67.9 million, down 1.9% year-over-year, with gross margin improving to 78.3% and net cash at $25.4 million.

• Cash EBITDA was $5.1 million, down 21.9% due to higher admin expenses, wage inflation, and FX losses.

• June heatwaves and adverse weather in key markets reduced attendance and transactional revenue, but trading rebounded in July and August.

• Strategic focus included accelerating wins, expanding the sales pipeline, investing in technology, and disciplined capital allocation.

• Acquisition of 1RISK and ongoing share buyback program highlighted capital deployment and competitive differentiation.

Financial highlights

• Revenue declined 1.9% to $67.9 million, but gross margin improved to 78.3% from 76.2% year-over-year.

• Cash EBITDA was $5.1 million, with margin at approximately 7.5% due to higher admin costs and FX losses.

• Net cash increased to $25.4 million, up from $18.2 million year-over-year, despite $5 million spent on share buybacks and acquisition costs.

• Profit before tax rose to $1.87 million, aided by FX gains and lower interest expense.

• Adjusted basic EPS increased to 10.05 cents, up 16.2% year-over-year.

Outlook and guidance

• Full-year revenue is expected at the lower end of prior guidance, with cash EBITDA margin guidance unchanged at approximately 15%.

• Revenue growth for 2025 is unlikely to exceed the 5% reported in 2024.

• Robust trading in July and August supports confidence in meeting revised expectations and long-term growth as market conditions normalize.