TIDMACSO
RNS Number : 3088P
Accesso Technology Group PLC
07 February 2019
7 February 2019
accesso(R) Technology Group plc
("accesso" or the "Group")
Year-end Trading Update
and
Directorate Change
The Board of accesso Technology Group plc (AIM: ACSO), the
premier technology solutions provider to leisure, entertainment,
hospitality and cultural markets, provides the following update on
trading for the financial year ended 31 December 2018 and Board
composition.
Trading update and notice of results
2018 was a year where the Group continued to make good progress.
Full year results are expected to be broadly in line with market
expectations for FY18. These results are before taking account of
one-off exceptional costs of approximately $1.7m, relating to
professional fees associated with a significant and well-advanced
acquisition opportunity, which was ultimately terminated by the
Board of accesso in October 2018.
The Group has entered 2019 in good health with strong positions
in its chosen markets and established customer relationships. These
customers continue to respond well to the Group's increasingly
integrated product offering, recognising its potential to drive
revenue by elevating the digital guest journey. In this light and
following a sustained period of growth, the Board has recently
initiated a review of the Group's investment priorities in the
context of the significant future opportunities available to it and
the current areas of business momentum.
The Board expects to provide an update on this review and the
Group's outlook as part of the full year results announcement on 27
March 2019, which will also set out a number of new enhanced
disclosures relating to the Group's operational and financial
performance.
Directorate Change
The Group also announces today that Executive Chairman, Tom
Burnet, will move to a Non-Executive Director role at the Group
with effect from 1 March 2019. The Group is pleased to announce
that Bill Russell has been appointed as the Group's new
Non-Executive Chairman, effective concurrently with Tom Burnet's
move to the Non-Executive Director position.
Bill Russell has served in a variety of roles in both public and
private technology company boards, in a career spanning several
decades, including 23 years across a number of senior management
roles at Hewlett Packard, including Vice President and General
Manager of Hewlett Packard's multi-billion-dollar Enterprise
Systems Group and its Software Solutions Group. Bill is currently
Non-Executive Chairman at leading technology solutions provider
Piksel Group and PROS Holdings, a provider of AI-powered solutions
that optimize selling in the digital economy, and previously held
roles at SABA Software, Inc., webMethods and Cognos. Bill is based
in the United States.
Paul Noland, Chief Executive Officer, said:
"Tom has been central in driving accesso's significant growth
and international expansion over the last nine years he has been
with the company and he is greatly admired by all in and around the
business. Personally, and on behalf of the Board, I would like to
take the opportunity to thank Tom for his exceptional leadership
and tenure, as he has driven accesso from success to success. I
look forward to continuing my working relationship with Tom in his
new Non-Executive capacity, as the business prepares for another
year of continued growth."
Tom Burnet, Executive Chairman, said:
"I am immensely proud of the success that accesso has achieved
over the last decade and feel very fortunate to have led the
business and represented our outstanding people over much of that
time. accesso has grown from an audacious idea into a position of
global leadership, with innovative technology embedded across
venues worldwide. I'm delighted that Bill Russell has accepted our
invitation to take over as Chairman of the Board and I have no
doubt that the exceptional team we have assembled will help us
continue to go from strength to strength."
Additional information
The following information is being disclosed pursuant to Rule 17
and paragraph (g) of Schedule 2 of the AIM Rules for Companies. Mr
William "Bill" Vernon Russell, aged 67, has been a director or
partner of the following companies or partnerships during the five
years preceding the date of this announcement:
Current directorships: Past directorships (last five
years):
B.T. Mancini Innovative Interfaces Inc.
------------------------------
PROS Holdings Inc. Blue Rooster Inc.
------------------------------
University of Edinburgh USA Saba Software Inc.
Development Trust
------------------------------
Piksel Limited
------------------------------
Mr Bill Russell has no beneficial interest in the ordinary
shares of the Group.
Mr Bill Russell was a Non-executive Director of Network Physics
Inc. which filed for voluntary liquidation whilst he was a director
of the company.
Mr Bill Russell was a Non-executive Director of KIT Digital
which filed for Chapter 11 bankruptcy protection whilst he was a
director of the company.
Save as set out above there are no further disclosures required
pursuant to Rule 17 or Schedule Two, paragraph (g) of the AIM Rules
for Companies in respect of Mr Russell's appointment to the Board
of accesso.
For further information, please contact:
accesso Technology Group plc +44 (0)118 934 7400
Tom Burnet, Executive Chairman
Paul Noland, Chief Executive Officer
John Alder, Chief Financial Officer
FTI Consulting, LLP +44 (0)20 3727 1000
Matt Dixon, Adam Davidson
Canaccord Genuity Limited +44 (0)20 7523 8000
Simon Bridges, Richard Andrews
Numis Securities Limited +44 (0)20 7260 1000
Simon Willis, Mark Lander
About accesso Technology Group
At accesso, we believe technology has the power to redefine the
guest experience. Our patented and award-winning solutions drive
increased revenue for attraction operators while improving the
guest experience. Currently serving over 1,000 venues in over 30
countries around the globe, accesso's solutions help our clients
streamline operations, generate increased revenues, improve guest
satisfaction and harness the power of data to educate business and
marketing decisions.
accesso stands as the leading technology provider of choice for
tomorrow's attractions, venues and institutions. We invest heavily
in research and development because our industries demand it, our
clients benefit from it and it makes a positive impact on the guest
experience. Our innovative technology solutions allow venues to
increase the volume and range of on-site spending and to drive
increased transaction-based revenue through cutting-edge ticketing,
point-of-sale, virtual queuing, distribution and experience
management software.
Many of our team members come from backgrounds working within
the attractions and cultural industry. In this way, we are
experienced operators who run a technology company serving
attractions operators, versus a technology company that happens to
serve the market. Our staff understands the day-to-day operations
of managing complex venues and the challenges this creates, and
together we strive to provide our clients and their guests with
technology that empowers them to do more and enjoy more. From our
agile development team to our dedicated client service specialists,
every team member knows that their passion, integrity, commitment,
teamwork and innovation are what drive our success.
accesso is a public company, listed on AIM: a market operated by
the London Stock Exchange. For more information, visit
www.accesso.com. Follow accesso on Twitter, LinkedIn and
Facebook.
Ends
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END
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