Ticketing technology company Accesso saw a substantial drop in profits despite an increase in revenue in the first half of 2017.
In a trading update to June 30, the UK-headquartered company reported a pre-tax profit of $1.6m, down 19 per cent from $2.3m for the same period in 2016. Revenue rose by 17 per cent to $46.6m (£35m/€39m) from $39.7m.
The company said it performed in line with management expectations.
Although revenue benefited from Accesso working in a broader range of markets and the acquisition of ticket distributor Ingresso at the end of March, which offset challenging weather conditions, the transaction expenses from the acquisition hurt pretax profit, as well as amortisation on acquired intangibles and deferred consideration.
During the period, Accesso made several new wins in its Passport business, including the NFL Experience in Times Square, New York.
“Accesso has started 2017 in a positive and determined way, delivering two acquisitions guided by one central aim: our desire to offer operators technology that drives revenue by improving guest experiences,” said Tom Burnet, the company’s executive chairman.
“The strength of the group’s overall performance during the period is a validation of our efforts to diversify the business across markets and geographies, while our products continue to generate significant demand among prospective and existing customers.
“Although the first half of the year traditionally accounts for less than 40 per cent of annual revenue, the board looks forward to the remainder of the year with confidence.”