Accesso Technology Group PLC (AIM:ACSO, OTC:LOQPF) has reported a strong performance for the year 2023, surpassing profitability targets and generating nearly $150 million in revenue. The company's achievements were highlighted by CEO Steve Brown during a discussion with Proactive's Stephen Gunnion. Key to this success were three strategic acquisitions that not only expanded Accesso's global footprint but also introduced new market opportunities. These included partnerships with VGS in Milan and Paradocs in Canada, significantly enhancing the company's presence in these regions.
Throughout 2023, Accesso successfully secured 28 new venues and extended its services to an additional 273 venues through these acquisitions. A notable expansion was the incorporation of 50 ski resorts in Canada, positioning Accesso as the largest provider of ski technology in North America. The company's growth was further driven by increased sales penetration and higher transaction counts across its existing venues.
Looking forward, Accesso is focusing on improving profit margins by enhancing revenue efficiency and evaluating low-margin revenue streams. A significant milestone was the company's entry into the Saudi Arabian market, facilitated by a partnership that builds on the acquisition of VGS, now rebranded as Accesso Horizon. Additionally, the launch of 'Freedom', a new platform designed for restaurant and retail operations, has seen considerable uptake, marking another achievement for the company.
For 2024, Accesso anticipates the possibility of further acquisitions, supported by a robust balance sheet and cash position. The company forecasts revenues of around $160 million with a cash EBITDA margin of 17%, expecting another year of strong performance. This outlook underscores Accesso's commitment to strategic growth and market expansion, as detailed in discussions available at https://www.proactiveinvestors.com.
