- Accesso Technology Group reported profits fell amid a decline in revenue and rising costs.

For the year ended 31 December 2018, statutory profit before tax fell to $5.20m from $7.20m in 2017, and statutory revenue slipped 11% from $133.4m.

Profits were weighed down by an increase in non-cash charges related to the acquisition strategy that the group had followed over recent years, together with the increase in acquisition expenses incurred during the year, the company said.

Administrative expenses were up 27.6% to $81.9m from $64.2m last year.

Ticketing and distribution delivered growth of 18.3%, but this was offset by an 11.0% reduction in Guest Experience revenues, the company added.

'For 2019 we expect further strong growth in our transactional and repeatable revenues, partly offset by headwinds from non-recurring revenues, resulting in high single digit overall organic revenue growth, similar to 2018,' the company said.

'Growth within Ticketing and Distribution is expected to be in line with the mid-teens percentage growth achieved in 2018. Guest Experience revenues overall are expected to be broadly flat, with queuing revenues expected to reverse the trend experienced in 2018, and the evolution of repeatable platform revenues within TE2 largely offsetting the expected reduction of $2.9m of license revenue related to a single customer that will not repeat.'

'Total development expenditure in 2019 is expected to increase to between $36m to $39m (2018: $29.3m), but with a reduced level of capitalisation within the range 60% and 65%.'

At 9:10am: [LON:ACSO] Accesso Technology Group share price was -120p at 730p

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