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. Under the leadership of CEO Steve Brown, the company has made significant strides in expanding its global footprint through strategic acquisitions, including VGS in Milan and Paradocs in Canada. These acquisitions have not only enhanced Accesso's market presence but also introduced new opportunities, such as the incorporation of 50 ski resorts in Canada, positioning Accesso as the largest provider of ski technology in North America.
The company's growth in 2023 was driven by increased sales penetration and higher transaction counts across existing venues. Accesso secured 28 new venues and expanded its services to an additional 273 venues through its acquisitions. Looking forward, Brown emphasized the company's focus on improving profit margins by enhancing revenue efficiency and evaluating low-margin revenue streams. A notable achievement was Accesso's entry into the Saudi Arabian market, facilitated by a partnership that builds on the acquisition of VGS, now rebranded as Accesso Horizon.
Another highlight of 2023 was the launch of 'Freedom', a new platform designed for restaurant and retail operations, which has already seen significant uptake. With a strong balance sheet and cash position, Accesso is poised for further growth in 2024, with Brown hinting at the possibility of more acquisitions. The company forecasts revenues of around $160 million with a cash EBITDA margin of 17%, anticipating another robust year. This strategic expansion and focus on efficiency underscore Accesso's commitment to sustaining its growth trajectory and enhancing shareholder value.
