Access Intelligence (ACC)

Sector:

IT Services

Index:

FTSE AIM All-Share

 54.50p
   
  • Change Today:
      0.000p
  • 52 Week High: 79.50
  • 52 Week Low: 54.00
  • Currency: UK Pounds
  • Shares Issued: 127.70m
  • Volume: 8,520
  • Market Cap: £69.60m
  • RiskGrade: 181

Access Intelligence warns of uncertainties despite 'robust' trading

By Josh White

Date: Tuesday 13 Dec 2022

LONDON (ShareCast) - (Sharecast News) - Marketing and communications software company Access Intelligence said in an update on Tuesday that it had traded "robustly" in the financial year just ended, delivering revenue growth of 97% and adjusted EBITDA ahead of consensus expectations, while continuing to "transform and integrate" the Isentia business, acquired in the fourth quarter of 2021
The AIM-traded firm launched Pulsar into the Australia and New Zealand markets in the year ended 30 November, adding that it was "encouraged" by customer engagement with its expanded global product offering.

Its board said it expected total revenue for the 12 months to be about £65.6m, up from £33.3m year-on-year, while it looked to have swung to adjusted EBITDA of £2.3m from a loss of £0.5m, ahead of expectations.

Net cash at year-end on 30 November totalled £4.8m, which was also ahead of consensus forecasts.

Performance in Europe was "on track", the directors said, with improving annualised recurring revenue and margins, while sales in North America were "challenged" by a slowdown in decision-making at the enterprise level.

Overall annual recurring revenue growth in the two regions for the year totalled £2.5m.

In Asia-Pacific, Access Intelligence said it focussed on ensuring that it had a "stable and profitable" core business to provide it with a platform from which to grow in 2023 and beyond.

It said it had achieved "substantial synergies" in the region, ahead of expectations and ahead of schedule, and sold a number of deals that combined established media monitoring and insights services alongside its audience intelligence offering.

Overall annual recurring revenue for the year across all regions increased £1.1m to a total of £60m as at 30 November.

Looking ahead, Access Intelligence said it would continue its transformation in 2023, with the existing Isentia product in the Asia-Pacific to be replatformed to its "next-generation" product, providing integrated media monitoring, broadcast and social intelligence.

In Europe, the firm said it expected to see an acceleration in annual recurring revenue growth, while in North America it was assuming that the current slowdown in decision-making would continue.

A "streamlined team" would target a smaller number of high-value, high-margin deals, the board said, through a focus on developing enterprise corporate accounts to improve long-term annual recurring revenue.

In the current market conditions, core products continued to perform "very well", but the board said risk remained around the pace of growth of its premium enterprise intelligence offering, where budgets were under pressure.

The pipeline was described as "strong", although contract conversion continued to be a risk given the prevailing economic climate.

Across all regions, management said it was focussed on improving margin and cash generation as a priority in 2023, with the group targeting a "substantially improved" adjusted EBITDA margin by 2024.

"Access Intelligence has seen a year of continued transformation with the integration of Isentia progressing well," said non-executive chairman Christopher Satterthwaite.

"The Europe, Middle East and Africa (EMEA) and North America region has continued to deliver annual recurring revenue growth including a significant number of blue-chip customers wins, whilst in Asia-Pacific the focus has been on ensuring that the business has a profitable core to support future growth underpinned by the company's next-generation product release in the second quarter of 2023."

In the near-term, Satterthwaite said the prevailing economic conditions were set to prolong sales cycles for some of the firm's larger strategic enterprise opportunities, especially in the North American market, but management was focussed on ensuring the business maintained a "lean cost base" to support margins and protect cash flow.

"Access Intelligence remains well placed to take advantage of its global opportunity through its market leading products and award winning media insights offering."

At 1307 GMT, shares in Access Intelligence were down 28% at 63p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ACC Market Data

Currency UK Pounds
Share Price 54.50p
Change Today 0.000p
% Change 0.00 %
52 Week High 79.50
52 Week Low 54.00
Volume 8,520
Shares Issued 127.70m
Market Cap £69.60m
RiskGrade 181

ACC Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
52.39% below the market average52.39% below the market average52.39% below the market average52.39% below the market average52.39% below the market average
11.9% below the sector average11.9% below the sector average11.9% below the sector average11.9% below the sector average11.9% below the sector average
Price Trend
53.6% below the market average53.6% below the market average53.6% below the market average53.6% below the market average53.6% below the market average
48.94% below the sector average48.94% below the sector average48.94% below the sector average48.94% below the sector average48.94% below the sector average
Income Not Available
Growth
54.04% above the market average54.04% above the market average54.04% above the market average54.04% above the market average54.04% above the market average
50.00% above the sector average50.00% above the sector average50.00% above the sector average50.00% above the sector average50.00% above the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 1
buy
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ACC Dividends

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Trades for 28-Mar-2024

Time Volume / Share Price
10:35 184 @ 55.00p
09:34 186 @ 54.00p
09:14 8,150 @ 54.00p

ACC Key Personnel

CEO Marguarite Joanna Arnold
CFO Mark Fautley

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