# accesso Technology Group equity research: Shore Capital highlights AI and payments growth opportunities - Link: https://www.directorstalkinterviews.com/accesso-technology-group-equity-research-shore-capital-highlights-ai-and-payments-growth-opportunities/4121269717 - Published: 2026-11-01T09:30:54+00:00 - Author: Anthony Fox **accesso Technology Group **(LON:ACSO) is making encouraging progress in its strategy to expand beyond ticketing and virtual queuing, with Shore Capital highlighting growing opportunities across artificial intelligence, payment processing and integrated software services. The latest research note from Shore Capital, dated 15 September 2026 and titled _A Ticket to More Opportunities_, points to improving commercial momentum and a notable increase in profitability during the first half of 2026. Despite a challenging trading environment, accesso delivered a 49.7% increase in cash EBITDA, supported by cost reductions and operational improvements. Research analyst Katie Cousins believes the company’s expanding technology offering could create additional revenue opportunities while strengthening relationships with existing customers. ## accesso Technology Group Half-Year Results Show Improving Profitability accesso reported first-half revenue of $67.8 million, broadly unchanged from $67.9 million in the corresponding period of 2025. However, the headline revenue figure disguises contrasting performances across the company’s operating divisions. Ticketing & Distribution revenue increased 8.6% to $57.7 million, supported by improved commercial terms with a major customer and continuing deployments in the Middle East. Meanwhile, Guest Experience revenue declined 41.7% to $6.1 million, reflecting previously announced changes to customer contracts affecting virtual queuing. Encouragingly, the group achieved a substantial improvement in underlying profitability. Cash EBITDA increased 49.7% to $7.6 million, with margins expanding by 370 basis points to 11.2%. The improvement followed restructuring measures implemented earlier in the year, reduced staffing costs and continued financial discipline. Commenting on the company’s investment outlook, Shore Capital analyst Katie Cousins writes: > “We continue to believe that the shares do not fully reflect ACSO’s improving > strategic position” The assessment reflects Shore Capital’s view that accesso’s broader technology offering and improving commercial execution are not yet fully reflected in its valuation. ## accesso Technology Group H1 2026 Financial Highlights The company’s interim results demonstrate an improvement in operating profitability despite broadly unchanged revenue. **Key financial and operational highlights include:** * **Group revenue:** $67.8 million, compared with $67.9 million in H1 2025. * **Cash EBITDA:** $7.6 million, an increase of 49.7%. * **Cash EBITDA margin:** 11.2%, up 370 basis points. * **Ticketing & Distribution revenue:** $57.7 million, up 8.6%. * **Guest Experience revenue:** $6.1 million, down 41.7%. * **Adjusted earnings per share:** 12.75 US cents, up approximately 27%. * **Recurring and repeatable revenue:** 84.4% of total group revenue. * **Recurring licence revenue:** Increased 56.2%. * **Maintenance and support revenue:** Increased 15.3%. * **Cash balance:** $33 million at the half-year stage. * **Net cash:** $7.3 million at the period end. * **New venue contracts:** 17 signed during the first half. Statutory profitability was more subdued, with reported profit before tax of $0.3 million compared with $1.9 million a year earlier. This reflected restructuring and acquisition-related costs, higher depreciation and amortisation charges, and a lower finance income contribution. Nevertheless, the improvement in cash EBITDA provides evidence that the company’s operational restructuring is delivering benefits. ## accessoPay Opens Up New Payment Processing Opportunities One of the most significant opportunities identified by Shore Capital is the introduction of accessoPay. The payment processing platform has been developed through a strategic partnership with Adyen and represents a potential new revenue stream for accesso. Historically, the company has facilitated billions of dollars in transactions through its ticketing and guest management systems. However, accesso has only captured part of the financial value associated with those transactions. By expanding into payment processing, the company has an opportunity to generate additional revenue from transactions already flowing through its technology platforms. Shore Capital believes this could be particularly attractive because it builds upon accesso’s existing infrastructure, customer relationships and transaction volumes. Successful adoption of accessoPay could also strengthen customer relationships by providing venue operators with a more integrated offering. Rather than relying on separate suppliers for ticketing, payments and other software services, customers could increasingly use accesso as a broader technology provider. ## Artificial Intelligence Could Expand accesso’s Growth Potential Shore Capital also highlights the growing importance of artificial intelligence within accesso’s strategy. The acquisition of Dexibit, now incorporated into accesso Intelligence, has strengthened the company’s analytical capabilities. The technology has been developed specifically for the attractions industry and provides tools designed to help venue operators make better-informed commercial and operational decisions. Potential applications include: * Forecasting visitor numbers and attendance patterns. * Improving ticket pricing strategies. * Analysing guest behaviour and spending. * Supporting operational planning and resource allocation. * Providing data-driven insights across different technology systems. Importantly, accesso Intelligence is designed to operate across both accesso’s own products and third-party systems. This could increase the platform’s relevance to existing customers while creating opportunities to attract new users. Shore Capital notes that existing customers have already started adopting the intelligence offering, with early cross-selling interest exceeding initial expectations. ## Growing Demand for Integrated Technology Solutions Another encouraging development is the increasing demand for multiple accesso products under a single commercial agreement. During the first half of 2026, accesso signed contracts with 17 new venues. A growing proportion of these customers selected multiple products rather than individual software solutions. According to Shore Capital, the proportion of the company’s sales pipeline value associated with multi-product opportunities has doubled year on year. With more than 1,100 venues already using accesso technology, the company has an established customer base to which it can introduce additional services. This creates opportunities to expand revenue without depending entirely on winning new customers. Shore Capital believes greater adoption of integrated software services, payment processing and artificial intelligence could support a more resilient revenue model over time. ## Shore Capital Maintains 2026 Forecasts Following the interim results, Shore Capital maintained its financial forecasts for 2026. The broker expects full-year revenue of $146.5 million and cash EBITDA of $20.7 million, broadly consistent with management’s guidance. **Shore Capital’s financial forecasts include:** * **2026 revenue:** $146.5 million. * **2026 cash EBITDA:** $20.7 million. * **2026 adjusted profit before tax:** $17.3 million. * **2026 adjusted EPS:** 36.3 US cents. * **2027 revenue:** $150.5 million. * **2027 cash EBITDA:** $21.4 million. * **2028 revenue:** $155.6 million. * **2028 cash EBITDA:** $22.8 million. Although the broker anticipates lower revenue and profitability in 2026 compared with 2025, its forecasts suggest a return to growth in subsequent years. Shore Capital has also adjusted its 2027 cash EBITDA margin expectations to 14.2%, down from approximately 16%, reflecting additional near-term investment in the company’s growth opportunities. The broker expects margins to improve to approximately 14.7% in 2028. These figures remain forecasts rather than confirmed future results. ## accesso Shares Trade on Modest Earnings Multiples Shore Capital believes accesso’s share price does not fully reflect its improving strategic position. At the 307p share price recorded in the report, the company was trading on approximately: * **5.7 times forecast 2026 enterprise value to cash EBITDA.** * **11.3 times forecast 2026 earnings.** * **An estimated free cash flow yield of approximately 11%.** The broker considers these valuation measures alongside the potential for accessoPay and accesso Intelligence to generate additional revenues. Unlike some equity research reports, Shore Capital does not provide a formal share price target or BUY recommendation for accesso. The company is classified as a _House Stock_, reflecting Shore Capital’s corporate advisory relationship. Nevertheless, the research presents a constructive assessment of the company’s commercial strategy and longer-term opportunities. ## Second-Half Trading Remains Important accesso’s performance is traditionally weighted towards the second half of the year, reflecting the importance of the summer and Halloween trading periods. Management reported that trading during July and August was in line with expectations. However, October remains a particularly important month for the business. Shore Capital also notes that approximately $1.3 million in milestone payments relating to Middle Eastern projects remained outstanding at the time of the report. The company ended the first half with $33 million in cash and net cash of $7.3 million. The reduction in net cash compared with the previous year reflected a $20 million tender offer completed in March and the $5.4 million upfront consideration paid for Dexibit. Following the period end, accesso also refinanced its $40 million revolving credit facility on improved terms. Shore Capital believes the group has sufficient liquidity to support its strategy. ## Final Thoughts accesso Technology Group’s first-half results demonstrate improving operational efficiency, with cash EBITDA rising almost 50% despite broadly flat revenue. The company’s established ticketing business remains an important foundation, while accessoPay and accesso Intelligence provide opportunities to expand its technology offering and generate additional income. Growing demand for multi-product contracts and the ability to sell additional services to more than 1,100 existing venues could also support longer-term growth. Although virtual queuing revenues remain under pressure and continued investment may constrain near-term margins, Shore Capital believes the company’s strategic position is improving. With an expanding product portfolio, stronger operational profitability and opportunities across payments and artificial intelligence, accesso enters the second half of 2026 with several potential drivers of future growth. Share on: