Updates

Accesso

April 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Accesso has reported results for the 12 months to end October with sales up 29% to Â£29.1m, pretax profit up 52% to Â£2.9m and adjusted eps up 32% at 19.2p. But as previously flagged, it has also changed its year end and including the two additional months (which are seasonally lossmaking), for the 14 month period to end December, pretax profit was Â£2m for eps of 15.8p.We had a few issues looking at these results, in particular there is no segmentation between ticketing and queuing but the group instead reports as one lump â€“ which makes it hard to know the organic growth rate at â€œLo-Q.â€ But chief executive Tom Burnett notes there were another nine installations for the Q-Bot family taking it to 44 installations, including a ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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