accesso Technology Group plc

Reported FY revenue was GBP 155.1 million, up 1.8% on a reported basis and just under 4% like-for-like. Cash EBITDA was GBP 23 million, up 0.8% year over year, with a 14.8% margin. Gross margin was 78.5%, up from 78.1% in the prior year. Statutory profit before tax and adjusted EPS were described as notably higher, though exact figures were not stated in the transcript. Cash at year-end was GBP 30.5 million, supported by gross cash of GBP 41.4 million and borrowings of GBP 10.9 million. For FY2026, management guided to approximately $146 million of revenue and approximately $20 million of cash EBITDA, in line with current consensus. They also said they expect GBP 4.5 million to GBP 5 million of milestone-related revenue from the Middle East, with about GBP 2.5 million already delivered and the balance expected from April through year-end.

Steven Brown framed the business as one built for change, emphasizing that accesso has repeatedly evolved through product and market shifts and is now doing so again with AI and platform expansion. He said the company is ‘AI ready,’ argued its transaction-based model is better positioned than seat-based software peers, and highlighted fresh commercial execution, including a stronger pipeline, a revamped go-to-market approach, and a planned leadership transition to Lee on May 1. His tone was upbeat and confident, but he also acknowledged a tough market backdrop, uneven demand, and software-sector pressure.

Matthew Boyle focused on the financial resilience of the model, noting cash EBITDA of GBP 23 million, revenue of GBP 155.1 million, gross margin of 78.5%, and cash of GBP 30.5 million at year-end. He pointed to lower headcount, from 682 at the end of 2024 to 655 at the end of 2025 and around 605 currently, as evidence of cost discipline, and said net finance expense was only GBP 0.1 million versus a larger cost in the prior year because of lower borrowings and FX benefits. He also detailed capital allocation: GBP 15.9 million of share buybacks, GBP 4.1 million for the Employee Benefit Trust, and a GBP 20 million tender offer that returned or canceled 4.8 million shares, bringing total shareholder returns to GBP 36 million over the period.

Analysts pressed on whether FY2026 guidance implied a revenue decline and how much of the gap was driven by the loss of a major queuing customer. Management said the guidance includes that customer loss, which will leave transactional revenue below 2025 levels, while Middle East revenue should be slightly higher year over year. Questions on Dexibit focused on customer traction and tangible trading impact; management said retention is high, two accesso customers bought after demos, and the product should materially help reporting, forecasting, and eventually dynamic pricing. On AI and margins, Steven Brown said the biggest productivity gains are coming in operations, product, and marketing rather than engineering, and he suggested margins could rise above the historical 20% level if revenue growth improves and the cost base keeps shrinking.