Accesso Technology has reported revenues of $117.2m in 2019 down from $118.m in 2018, due to “lower than anticipated new customer wins and a reduction in non-repeatable revenue recognised in the year.”
The company also reported adjusted earnings (EBITDA) of $28.2m, down from $34.8m in the prior year.
Despite its losses, the firm hailed “positive momentum” in its key performance metrics as it aimed to build its recurring revenue base in the coming year.
In February, Accesso said it had reached renewal agreements with several clients including theme park owner Palace Entertainment and the Washington State Fair while also securing new customers such as ITV Broadcasting, the Mount Washington Cog Railway and The New York Botanical Garden.
Steve Brown, CEO of the electronic queuing specialist, said transactional revenues were continuing to “grow double-digit” and now accounted for 80% of total revenues while the group had also “realised strong results in eCommerce transactional revenue and virtual queuing sales”.
Brown, who was reappointed to the top role at the company in January, said: “In rejoining Accesso as chief executive, I have come back to a company which is a technology leader in a market full of long-term opportunity.
“With customers now deploying multiple Accesso solutions on an integrated basis and a lengthy company sale process in the rear-view mirror, I am generally optimistic about the future.”
Accesso said trading for the first two months of 2020 was in line with management’s expectations, taking into account typical seasonal activity during the European and North American winter months.
Looking ahead, Accesso said: “Our focus through 2020 will continue to be on building our recurring revenue base, further integration of our product suite, and supporting our customers in what is undoubtedly an uncertain and challenging environment in the context of the COVID-19 situation.
“We will combine all this with a keen focus on operational efficiency to ensure that we are concentrating our resources where they are most productive.”
It added: “Beginning mid-March, COVID-19 is now significantly impacting guest visitation across the majority of our customers and therefore Accesso’s transactional based revenue.”