Accesso Technology Group plc (LON:ACSO) is tightening its grip on the leisure technology market with a new embedded payments strategy, a sizeable tender offer, and upgraded margin expectations. In this interview, Hardman & Co analyst Richard Jeans explains why the Adyen partnership materially deepens Accesso’s role in the value chain, how virtual queuing remains resilient despite sector headwinds, and why the shares trade at a level he believes does not reflect the improving quality of earnings.
Key Moments
00:10 – Overview of Accesso’s business model and global footprint
01:29 – Adyen selected as global white-labelled payments partner
02:04 – Virtual queuing update and Six Flags contract extension
03:38 – Revenue beat and improving cash EBITDA margins
04:33 – Strategic importance of the Adyen partnership
05:31 – £14.5m tender offer at 300p and capital allocation rationale
06:18 – Assessing AI disruption risk in vertical SaaS
07:05 – Updated forecasts and restructuring impact
08:23 – Investment case: valuation, cash generation and peer discount
Accesso Technology Group plc provides mission-critical vertical software to the global leisure industry, serving more than 1,100 venues across 33 countries. Its solutions optimise the entire guest journey, helping attractions, cultural venues and live entertainment operators increase revenue through better capacity utilisation, higher in-venue spending and data-driven commercial decisions.
