accesso Technology Group plc

Revenue was $67.8 million, flat year over year. Cash EBITDA was $7.6 million, up almost 50% versus the prior period. Gross profit was flat and gross margin was 77.8% versus 78.3% last year. Underlying admin costs fell 6.1%, and net cash at period end was $7.3 million, after $33.2 million of gross cash and $25.9 million of borrowings. For the full year, management held guidance at $146 million revenue and approximately $20 million in EBITDA; early H2 trading in July and August was described as broadly in line.

Lee Cowie framed the quarter around a reset of the company’s strategy, leadership team, and messaging, shifting from standalone products to an integrated ecosystem built around commerce, payments, experience, and intelligence. He said AI is changing customer conversations, lengthening decision cycles but also elevating accesso into board-level discussions where its broad platform can be more compelling. His tone was upbeat and confident, emphasizing early proof points, a stronger pipeline, and a clear push to cross-sell into the installed base.

Matthew Boyle focused on the improvement in operating efficiency and the mix shift in revenue. He said cash EBITDA reached $7.6 million, revenue was $67.8 million, ticketing was up 8.3%, virtual queuing was down 50% due to contract changes, and maintenance/support and recurring licenses rose 15.3% and 56%, respectively. He also noted underlying admin costs down 6.1%, cash generated from operations of $4.9 million, a $5.4 million cash outflow for the Dexibit acquisition, a $20.1 million outflow for own-share purchases, and a refinance of the HSBC revolving credit facility to August 2030 on improved terms.

Analysts pressed on the new ecosystem opportunities, accessoPay economics, ticketing growth drivers, cross-sell potential, Middle East timing, AI’s impact on demand, and the Merlin renewal. Management said the large new ecosystem deal is in North America and has been discussed for 6 to 12 months, payments volume on signed customers is about $50 million with a path to about $300 million next year, and the broader payments TAM is in the low $1 billion range. They also said cross-sell is still early but is becoming more important, the Middle East has seen some slippage with $1.3 million now expected for the rest of the year, Merlin discussions remain constructive, and the IP theft incident was contained and did not affect production systems.