Accesso Technology Group PLC

Shore Capital has reaffirmed its backing for accesso Technology Group, cheering early signs that a strategic revamp under fresh leadership is starting to pay off after the ticketing and technology group posted a near-50% jump in first-half cash profits. The broker pointed to building momentum across a broader offering spanning payments, artificial intelligence and integrated platform tools, singling out the launch of accessoPay, a payments layer developed with Adyen, as a potentially important and underappreciated earnings driver, and flagging growing interest in accesso Intelligence, its AI and analytics platform, where early cross-sell demand ran ahead of expectations. Analyst Katie Cousins left her full-year forecasts unchanged, pencilling in revenue of $146.5 million and cash earnings of $20.7 million, but trimmed her margin assumptions to bring them into line with the wider market and reflect heavier near-term investment. Shore reckons the shares fail to reflect accesso's improving position, trading on 5.7 times forecast cash earnings, 11.3 times earnings and offering an 11% free cash flow yield. The endorsement follows first-half results showing cash earnings up 49.7% to $7.6 million and margins widening to 11.2%, even as revenue held broadly flat at $67.8 million, with seventeen new venues signed up over the half and more buying several products at once, while the key autumn trading stretch taking in Halloween still lies ahead.