Interim report
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RNS Number : 7118UAccesso Technology Group PLC15 September 2026
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15 September 2026 accesso® Technology Group plc (“accesso” or the “Group”) Interim results for the six-months ended 30 June 2026 First-half performance in-line with expectations and full-year guidance is unchanged; Progressing the shift from standalone products to a connected, data-led software ecosystem accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider to leisure, entertainment, andcultural markets, today announces its interim results for the six months to 30 June 2026 (‘H1 2026’). Commenting on the results, Lee Cowie, Chief Executive Officer of accesso, said: “Since becoming Chief Executive on 1 May, my focus has been on sharpening our strategy and bringing our products together into a modular, AI-first ecosystem, built largely from capabilities we already own. This approach enables customers to adopt Accesso’s technology progressively across the points wherever guests transact with operators, rather than one product at a time. Early customer engagement is encouraging, with more multi-product deals within single commercial relationships and particular momentum in Accesso IntelligenceSM, where cross-sell into our existing base is ahead of initial expectations. Our embedded payments capability is now live and, while we remain at an early stage, customer response to date supports our confidence in this strategy. With key trading periods still to come, we remain focused on disciplined execution through the second half and our full-year guidance remains unchanged.” H1 2026 H1 2025 Change Note Unaudited Unaudited Group Revenue $67.8m $67.9m (0.2%)Ticketing and distribution $57.7m $53.1m 8.6%Guest Experience (inc. virtual queuing) $6.1m $10.4m (41.7%)Professional Services $4.0m $4.4m (8.3%)Group Revenue – constant currency 4 $66.5m $67.9m (2.1%)Group Revenue – exc. virtual queuing $63.5m $59.3m 7.1%Repeatable revenue as a % of Group revenue 84.4% 84.5% (0.1) pptsGross Profit $52.8m $53.2m (0.8%)Cash EBITDA 1 $7.6m $5.1m 49.7% Statutory profit before tax $0.3m $1.9m (85.0%) Adjusted basic earnings per share (cents) 3 12.75 10.05 26.9%Basic earnings per share (cents) 1.07 3.39 (68.4%)Net cash at 30 June 2 $7.3m $25.4m (71.2%) Highlights First-half performance in line with expectations: Group revenue broadly consistent with H1 2025 at $67.8m. Ticketing and distribution revenue up 8.6% to $57.7m, offsetting the anticipated reduction in Guest Experience revenue following the previously communicated virtual queuing contract changes. Cash EBITDA increased by 49.7% following continued focus on operating efficiency, with cost actions taken earlier in the year contributing to a 6.1% reduction in underlying administrative expenditure. Balance sheet strength enabling shareholder returns and investment in growth and innovation: $20.0m (£14.5m) returned to shareholders via a tender offer in March 2026. Established accesso Intelligence through the acquisition of Dexibit®, a leading analytics and business intelligence provider to visitor attractions, for initial consideration of approximately $7.0m plus deferred and performance-related consideration. Existing customers have started to adopt the Intelligence layer and early cross-sell interest has run ahead of initial expectations. Continued investment in AI, accelerating the pace of software development and improving customer engagement. Refinanced the Group’s existing $40m revolving credit facility with HSBC to extend it for a further four years, on improved pricing term, completed after the period end in August 2026. Encouraging impact from refined commercial strategy: Sharpened commercial strategy showing early promise, with improved new-business win rates expected to follow.
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A more connected, composable ecosystem, enabled by the accesso Intelligence and payments layers, is creating a more pointed cross-sell opportunity across the existing customer base as previously separate products are brought together on a single platform, while also supporting a more integrated proposition for new customers from the onset. 17 new venues added in the first half, with a larger proportion purchasing multiple products under a single commercial model; the share of pipeline value tied to multi-product deals has doubled year on year. accessoPay is beginning to go live following expanded strategic payments partnership with Adyen, bringing payment processing inside the accesso ecosystem to grow payments monetisation over the medium to long term whilst providing a simpler, clearer offering for customers across the guest journey. Full year guidance unchanged The Board's outlook for FY26 remains unchanged, with anticipated full-year revenue of approximately $146m and Cash EBITDA of approximately $20m, reflecting expectations for peak seasonal trading still to come and Middle East project delivery milestones. Trading through the peak summer months of July and August was broadly in line with the Board’s expectations and commercial momentum has continued in Q3, with a number of new multi-product sales agreed, product use expansions with existing customers and initial accessoPay transactions underway. With encouraging pipeline momentum, a simplified organisation, a new senior leadership team, clearer commercial focus and continued investment in Intelligence and payments, the Board is confident that the business is well positioned for future growth. Analyst presentation The Company will be hosting a webcast presentation for analysts at 9.30am BST today. Should you wish to attend, please contact accesso@almastrategic.com. A copy of the presentation made to analysts will be available for download from the Group’s website shortly after the conclusion of the meeting. Footnotes: (1) Cash EBITDA: operating profit before the deduction of amortisation, impairment of intangible assets, depreciation, acquisition and integration costs, and costs related to share-based payments less capitalised development costs (see reconciliation in Financial review). (2) Net cash is calculated as cash and cash equivalents less borrowings. Lease liabilities are excluded from borrowings on the basis they do not represent a cash drawing. (3) Adjusted basic earnings per share is calculated after adjusting operating profit for impairment of intangible assets, amortisation on acquired intangibles, acquisition & integration, disposal costs and share-based payments, net of tax at the effective rate for the period on the taxable adjusted items (see note 6) (4) Revenue metrics for the period ended 30 June 2026 have been prepared on a constant currency basis using rates from the period ended 30 June 2025 to assist with assessing the underlying performance of the revenue streams. Average monthly rates for H1 2025 were used to translate the monthly H1 2026 results into a constant currency. For further information, please contact: accesso Technology Group plc +44 (0)118 934 7400 Lee Cowie, Chief Executive Officer Matthew Boyle, Chief Financial Officer Deutsche Numis (Nominated Adviser and Joint Broker) +44 (0)20 7260 1000 Joshua Hughes, Iqra Amin, Spencer Clark Shore Capital (Joint Broker) +44 (0)20 7408 4090 Daniel Bush, Fiona Conroy, Sophie Collins Alma Strategic Communication +44 (0)20 3405 0205 Hilary Buchanan, Josh Royston, Rose Docherty About accesso At accesso, we believe technology has the power to redefine the guest experience. Our patented and award-winning solutions drive increased revenue for attraction operators while improving the guest experience. Currently serving over 1,100 clients in 31 countries around the globe, accesso's solutions help our clients streamline operations,
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generate increased revenues, improve guest satisfaction and harness the power of data to facilitate business and marketing decisions. accesso stands as the leading technology provider of choice for tomorrow's attractions, venues and institutions. To stay ahead, we invest heavily in research and development because our industries demand it, our clients benefit from it, and it makes a positive impact on the guest experience. Our innovative technology solutions allow venues to increase the volume and range of on-site spending and to drive increased transaction-based revenue through cutting edge ticketing, point-of-sale, virtual queuing, distribution and experience management software. Many of our team members have direct, hands-on experience working in the venues we serve. In this way, we are experienced operators who run a technology company serving attractions operators, versus a technology company that happens to serve the market. From our agile development team to our dedicated client service specialists, every team member knows that their passion, integrity, commitment, teamwork and innovation are what drive our success. accesso is a public company, listed on AIM: a market operated by the London Stock Exchange. For more information, visit www.accesso.com. *** Chief Executive’s Review Overview Having taken up the role of Chief Executive on 1 May, I am pleased to present my first report to shareholders. Iwould like to thank my predecessor, Steve Brown, for his leadership of the business during his tenure and for hiswork in supporting a smooth transition. Trading in H1 FY26 was in line with the Board's expectations and resilient against an uncertain macroeconomicbackdrop. Ticketing and Distribution grew by 8.6%, reflecting good progress in the period, although this was offsetby the impact of two previously announced customer contract changes in virtual queuing, resulting in broadly flat Group revenue. Excluding those two contract changes, Group revenue increased by 7.1%. Cost efficiency measuresimplemented earlier in the year underpinned a material improvement in Cash EBITDA, which increased 49.7% to$7.6m (H1 2025: $5.1m), with Cash EBITDA margin rising to 11.2% (H1 2025: 7.5%). H1 was a period of deliberate strategic transition, during which we refined the organisation and leadership structureto create a more focused business, aligned around a scalable platform model built on accesso Intelligence, paymentsand a unified product offering. We are simplifying the customer proposition, bringing our technology solutions together, focusing investment and moving accesso from a product-led sales model towards a more connectedecosystem across the guest journey. Where accesso has historically led with a single product sale before expandingthat relationship over time, we are increasingly presenting customers with a more integrated proposition from the outset, increasing the value we capture from each new customer relationship from the point of first sale. Thistransition is aligned with an evolving market backdrop, as venue operators assess the role of AI and broadertechnology investment within their own operating models. While this has lengthened some customer decision- making and sales cycles in the near term, it also reinforces the relevance of our strategy: positioning accesso as abroader ecosystem partner. In particular, accesso Intelligence addresses a key priority for operators by givingcustomers a practical way to apply AI to their own operational data, opening broader strategic conversations beyond individual product sales. H1 has provided encouraging early evidence of customer demand for a more integrated accesso offering. We haveseen an increasing share of multi-product deals sold within single commercial relationships and have a materially stronger multi-product pipeline. Early cross-sell conversations for accesso Intelligence have also been encouraging,with interest running ahead of our expectations at this stage. Together, these indicators point to growing demand fora broader ecosystem proposition. Alongside operational progress, the Group allocated capital strategically into M&A while also making significantreturns to shareholders through an on-market share buyback and tender offer. The acquisition of Dexibit andselective investment in future growth areas, including AI, Intelligence and payments underpin the strategic prospects of the Group. These investments were balanced with a disciplined approach to cost efficiency and the completion oftargeted restructuring actions earlier in the year. The Group distributed $20.0m through a tender offer and $0.2mthrough share buybacks in the half-year. As a result, the Group has now cancelled 18.9% of its issued share capital since April 2025. Strategy: From products to unified software ecosystem accesso’s technology supports multiple points across the guest journey, positioned at the layer where money movesthrough a venue: the gate, the queue, the food and beverage point, the retail till and the re-book. That remains avaluable foundation, but it does not fully reflect the opportunity now in front of the Group. Our strategy is bringingthese existing capabilities together into an AI-first, data-driven operating platform for guest experiences, enabling customers to monetise more of the guest journey, operate more efficiently and make better decisions throughpayments, data and AI. This is aligned with a broader market shift from point solutions towards connected platforms with embedded AI solutions at its core. The modular design enables customers to adopt the capabilities they need today and addfurther functionality as their requirements evolve, without the need for a significant re-platforming project. We
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expect this approach to deliver higher win rates, a greater share of customer spend and stronger retention, as aconnected ecosystem gives operators a better, more joined-up experience than separate products. As customers adopt more of the accesso software ecosystem, they bring more of the guest journey onto our platform, deepeningthe data available to accesso Intelligence and improving decision-making across demand, pricing, staffing andrevenue generation. In this model, each additional capability makes the others more valuable, creating a compounding effect from products we already own and can deploy rapidly into customers we already serve. It marks a significant change from accesso’s historical commercial model. Our products have traditionally been soldand run as largely separate solutions, each with its own commercial arrangements and limited connection between them, which made expanding a customer relationship beyond the initial product a slow and largely manual process.Bringing these products together on a single platform, underpinned by the accesso Intelligence and payments layersand the combined data they generate, turns cross-sell across our existing customer base from a largely theoretical opportunity into a more deliberate and pointed one. accessoPay enables this strategy by bringing payment processing inside the accesso ecosystem and supporting asimpler, more integrated commercial model across the guest journey, replacing multiple separate fees with a clearer structure. For customers, this reduces complexity and can lower the overall cost of ownership; for accesso, itincreases the revenue opportunity as more transaction volume and product capability move through our platform. Italso extends the reach of the model: a single, clearer commercial structure opens up a broader mid-market opportunity that has historically been harder to serve economically. Customer acquisition We signed 17 new venues in the first half, comprising 32 product wins. A larger share of those venues than a yearago bought multiple products under a single commercial model. The same shift is more pronounced in the pipeline,where the share of value tied to multi-product deals has roughly doubled year on year. accesso Intelligence The acquisition of Dexibit in March was an important step in the Group’s platform transition. During the period, we embedded the capability within the accesso software ecosystem as our Intelligence layer rather than running it as aseparate analytics product. This is a transformational component of the strategy, and by enabling customers to drawinsight from operational data across ticketing, queuing, food and beverage and payments, accesso Intelligence helps customers understand the value generated across the wider accesso ecosystem in a way that a standalone analyticstool cannot: it shows a customer what the rest of the ecosystem is earning them. Integration has progressed at pace. Since completion, we have integrated the business, expanded the team, relaunched the product and secured initial customer wins. This early delivery reinforces the strategic importance ofaccesso Intelligence and its role as a core component of the Group’s platform transition. Momentum here has beenamong the strongest in the business. Cross-sell conversations into the existing base opened during the half and interest has run ahead of what we expected at this stage. Five customers signed for the Intelligence layer post-acquisition, with a pipeline of around 100 further opportunities. Intelligence is expected to make a greater revenue contribution in the second half as cross-sell opportunities convert. More importantly, it is broadening the customer conversation beyond reporting and analytics towards thepractical use of operational data across the guest journey. Since the period end, we have launched accesso.ai, adedicated site for the Intelligence platform, setting out its capabilities across connected data, demand forecasting,pricing and staffing recommendations. This supports the Group’s wider platform strategy and reinforces the role of Intelligence as a core component of accesso’s future customer proposition. Payments Our embedded payments capability went live during the half, with the commercial infrastructure now in place andthe capability built, launched and integrated into the ecosystem within five months of signing the processingpartnership. This addresses a longstanding customer requirement by bringing payment processing into the accesso platform, supporting a simpler customer proposition while creating an additional revenue opportunity as transactionvolumes move through the ecosystem. Customer adoption of embedded payments is progressing well and remains on track to exceed our full-year target. While revenue is expected to be modest in the first year, the strategic value lies in bringing guest transaction volumeonto the accesso platform, creating an additional revenue stream as customers go live and the pipeline converts. Thefirst customer go-live implementations are underway, with transaction volumes expected to grow from September. With the build complete, commercial execution is now the focus. Product delivery and operational discipline The roadmap is moving faster than we set it. Features we had forecast for the first half of 2027 have landed sixmonths ahead of plan as we benefit from the return on the investment we made in AI-assisted development throughlast year. Each quarter of acceleration brings revenue-generating capability to market sooner, supporting customer engagement and future growth. We are managing the cost base deliberately, aligning it with the year in front of us. The benefits of this disciplinedapproach are already evident in Cash EBITDA and margin performance. At the same time, we remain focused on reinvesting selectively in the capabilities that support future growth, including AI across our own operations, accessoIntelligence and payments. Underlying administrative expenditure reduced by 6.1% per cent against the same periodin the prior year, and we expect this disciplined approach to continue through the rest of the financial year. The AI work we started last year is now how significant parts of this business run rather than a programme sittingalongside it. The productivity is welcome, but the more valuable thing is that we have proved we can adopt this kindof change quickly. That will matter more over the coming years, as the rate of AI innovation accelerates.
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Outlook Trading through the peak summer months of July and August was broadly in line with the Board’s expectations. Consistent with the Group’s typical seasonality, full-year performance remains weighted towards the second half,with the important Halloween trading period still to come. Projects in the Middle East remain subject to milestone timing; approximately $1.3m of revenue remains dependent on the delivery of multiple milestones during theremainder of the year, after approximately $0.5m of milestone revenue shifted into 2027 following changes to venueopening dates. Taking H2 seasonality and current planned project delivery milestones into account, the Board’s outlook for FY26 remains unchanged, with anticipated full-year revenue of approximately $146m and Cash EBITDAof approximately $20m. Customer decision cycles remain challenging to forecast, with operators taking longer to assess technology investment decisions and a greater share of new business wins landing later in the year. Against this backdrop, anumber of important wins have already been secured, we are seeing early traction behind our refined commercialstrategy and our more composable ecosystem strengthens our position as we move into 2027. In addition, we are continuing to make strong progress with our AI-assisted development which has accelerated ourinternal development roadmap, bringing key features forward by six months and enabling earlier customerengagement. The second half will include a number of important product delivery milestones that further underpin our strategic transition, including the first payments go-lives and initial Intelligence revenue from cross-selling intoour existing customer base. Early customer engagement supports our confidence in our strategic direction. Operators are increasingly considering a broader range of accesso capabilities, and we are excited by the product and commercialtransformation we can deliver over the next 12 months. This encouraging pipeline momentum, combined with asimplified organisation, new senior leadership team, clearer commercial focus and continued investment in Intelligence and payments, supports the Board’s view that we are building a more resilient and scalable businesswell-positioned for future growth. Lee Cowie Chief Executive Officer Financial Review Group revenue for the six months to 30 June 2026 was $67.8m, broadly consistent with the $67.9m reported in thefirst half of 2025. Within this, there was a shift in mix as Ticketing and Distribution grew by 8.6% to $57.7m,reflecting improved commercial terms under a revised contract with a major customer together with new Horizonimplementations in the Middle East. Guest Experience reduced by 41.7% to $6.1m, reflecting the virtual queuingcustomer contract changes previously communicated. Professional Services revenue was $4.0m (H1 2025: $4.4m). Gross profit was $52.8m (H1 2025: $53.2m), representing a gross margin of 77.8% (H1 2025: 78.3%). The modestreduction in margin reflects the change in revenue mix, with a lower contribution from higher-margin virtualqueuing. The more material movement in the period was in the cost base. Underlying administrative expenditure reduced by6.1% to $45.6m (H1 2025: $48.5m), reflecting the benefit of the cost efficiencies actioned earlier in the year, whichmore than absorbed continued investment in artificial intelligence and in our payments capability. As a result, CashEBITDA increased by 49.7% to $7.6m (H1 2025: $5.1m) and the Cash EBITDA margin rose to 11.2% (H1 2025: 7.5%). Consistent with the Group's established seasonality, revenue and profitability remain weighted towards the secondhalf of the year, when the northern hemisphere summer and Halloween trading periods fall. Key Financial Metrics Revenue on a segmental basis was as follows: Six monthsended 30June 2026 Unaudited Six monthsended 30June 2025 Unaudited $000 $000 % Ticketing 46,880 41,983 11.7% Distribution 10,841 11,154 (2.8%) Ticketing and distribution 57,721 53,137 8.6% Virtual queuing 4,320 8,646 (50.0%) Other guest experience 1,747 1,760 (0.7%) Guest experience 6,067 10,406 (41.7%) Professional Services 3,994 4,354 (8.3%) Total revenue 67,782 67,897 (0.2%) Revenue by type was as follows:
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Six monthsended 30 June 2026 Unaudited Six monthsended 30 June 2025 Unaudited $000 $000 % Virtual queuing 4,320 8,646 (50.0%) Ticketing and eCommerce 32,224 29,755 8.3%Distribution 10,841 10,722 1.1% Transactional revenue 47,385 49,123 (3.5%) Maintenance and support 6,689 5,803 15.3%Platform fees 1,007 1,113 (9.5%) Recurring licence revenue 2,102 1,346 56.2% Total Repeatable 57,183 57,385 (0.4%) One-time licence revenue 1,623 729 122.6%Implementation, Change Request and Billable services 3,011 3,193 (5.7%) Professional services 3,582 4,354 (17.7%) Non-repeatable revenue 8,216 8,276 (0.7%) Hardware 469 278 68.7% Other 1,914 1,958 (2.2%) Other revenue 2,383 2,236 6.6% Total revenue 67,782 67,897 (0.2%) Total Repeatable as % of total 84.4% 84.5% (0.1)ppts Repeatable revenue Total repeatable revenue was $57.2m (H1 2025: $57.4m), a reduction of 0.4%, and continued to represent 84.4% ofGroup revenue (H1 2025: 84.5%). Within this, a reduction in transactional revenue was largely offset by growth inother repeatable revenue. Transactional revenue reduced by 3.5% to $47.4m (H1 2025: $49.1m). Ticketing and eCommerce grew by 8.3% to$32.2m, largely reflecting improved commercial terms under a revised contract with a major customer rather thanhigher transaction volumes, with underlying attendance across our major venues broadly flat year on year.Distribution revenue was broadly flat, increasing by 1.1% to $10.8m. These increases were more than offset by a50.0% reduction in virtual queuing revenue to $4.3m (H1 2025: $8.6m), reflecting the major customer contractchanges previously communicated. Other repeatable revenue increased by 18.6% to $9.8m (H1 2025: $8.3m). Maintenance and support revenue grewby 15.3% to $6.7m and recurring licence revenue by 56.2% to $2.1m, in both cases driven by increased business andby additional venues going live from the end of 2025 and throughout the first half of 2026, principally in the MiddleEast. Platform fees reduced by 9.5% to $1.0m. Non-repeatable revenue Non-repeatable revenue was broadly flat at $8.2m (H1 2025: $8.3m), a reduction of 0.7%, reflecting offsettingmovements within the category. One-time licence revenue more than doubled, increasing by 122.6% to $1.6m (H12025: $0.7m), again reflecting new implementations in the Middle East. This was offset by a 17.7% reduction inprofessional services revenue to $3.6m (H1 2025: $4.4m) and a 5.7% reduction in implementation, change requestand billable services revenue to $3.0m; these service lines are demand-led and fluctuate from period to period withthe timing and scale of customer projects in any given year. Other revenue Other revenue increased by 6.6% to $2.4m (H1 2025: $2.2m), comprising hardware revenue of $0.5m (H1 2025:$0.3m) and other revenue of $1.9m (H1 2025: $2.0m). Revenue on a geographical basis was as follows: Six months ended 30 June2026Unaudited Six months ended 30 June2025*Unaudited $000 $000 % UK 13,888 16,750 (17.1%) Other Europe 2,431 2,120 14.7% North America 41,452 42,990 (3.6%) Central and South America 1,219 1,342 (9.2%) Middle East 5,068 1,269 299.4% South Pacific 2,520 2,147 17.4% Asia 1,042 1,110 (6.1%)Africa 162 169 (4.1%) Total revenue 67,782 67,897
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*The Group’s revenue by location disclosure has been restated for the comparative period to align with the presentation in the 2025 annualreport. This presents revenues by the location of the contractual customer, rather than the end venue. This basis is considered to more closelyreflect the Group’s geographical structure and underlying contractual commitments. There is no change to the total revenue reported or impactto numbers reported outside of this disclosure. Revenue in the United Kingdom reduced by 17.1% to $13.9m (H1 2025: $16.8m), largely reflecting the previouslycommunicated virtual queuing contract changes, the impact of which is concentrated in the UK. Revenue in theMiddle East increased to $5.1m (H1 2025: $1.3m), driven by new Horizon deployments in the region, principally inSaudi Arabia. Gross Margin Gross margin was 77.8% (H1 2025: 78.3%). The reduction reflects the lower proportion of higher-margin virtualqueuing revenue within the mix. Administrative expenses Administrative expenses as reported were $51.7m (H1 2025: $51.8m). The table below reconciles reportedadministrative expenses to underlying administrative expenditure, which is stated before capitalised developmentcosts, amortisation of acquired intangibles, share-based payments, depreciation and amortisation, property leasemovements and exceptional items. Six monthsended 30 June 2026 Six monthsended 30 June 2025 Unaudited Unaudited $000 $000 % Administrative expenses as reported 51,747 51,812 (0.1%)Capitalised development expenditure 1,021 1,545 (33.9%)Amortisation related to acquired intangibles (1,864) (1,676) 11.2% Share-based payments (2,183) (2,019) 8.1%Amortisation and depreciation (2,261) (1,609) 40.5%Property lease payments and receipts not in administrative expense 376 394 (4.6%) Exceptional restructuring, acquisition and integration costs (1,279) 55 n/a Underlying administrative expenditure 45,557 48,502 (6.1%) Underlying administrative expenditure reduced by 6.1% to $45.6m (H1 2025: $48.5m), reflecting the benefit of the reorganisation actioned earlier in the year, partly offset by continued investment in artificial intelligence and in the Group's payments capability. The Group's headcount, including contractors, has decreased over the preceding 12 months, from 675 at 30 June2025 and 655 at 31 December 2025 to 617 at the end of June 2026. The figure at 30 June 2026 is inclusive of 10 staffwho joined following the acquisition of Dexibit in March 2026, together with further targeted investment inheadcount since. The overall reduction reflects the reorganisation actioned earlier in the year, which loweredunderlying staffing costs. Included within underlying administrative expenditure is the impact of foreign exchange volatility on the assets andliabilities held in our non-US entities. The foreign exchange gain recorded in underlying administrative expenses forH1 2026 was $0.3m (H1 2025: FX loss of $1.0m). On a constant currency basis, underlying administrativeexpenditure decreased by 4.9% or $2.3m, driven predominantly by lower staffing costs following the reorganisationactioned earlier in the year. Exceptional expenditure of $1.3m was incurred in the period, principally comprising restructuring costs relating to the reorganisation and, to a lesser extent, acquisition and integration costs relating to Dexibit and ongoing corporate development activity. Cash EBITDA Cash EBITDA increased by 49.7% to $7.6m (H1 2025: $5.1m), with the Cash EBITDA margin rising to 11.2% (H1 2025:7.5%). The improvement was driven by the reduction in the underlying cost base while revenue was held broadlylevel. Six monthsended 30 June 2026 Six monthsended 30 June 2025 Unaudited Unaudited $000 $000 % Operating profit 1,018 1,361 (25.2%) Add: Exceptional restructuring, acquisition and integration costs 1,279 (55) n/a Add: Share-based payments 2,183 2,019 8.1% Add: Amortisation related to acquired intangibles 1,864 1,676 11.2% Add: Amortisation and depreciation (excluding acquired intangibles) 2,261 1,609 40.5% Less: Capitalised internal development costs (1,021) (1,545) (33.9%) Cash EBITDA 7,584 5,065 49.7%
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Cash EBITDA margin % 11.2% 7.5% Our distribution business, focused on B2B, will continue to be a key part of our service offering however, due to theaccounting standards covering revenue recognition, our margins in this business will always be significantly lowerthan the rest of our revenue streams. These revenue recognition standards require us to recognise the full amountof commission included within the gross value of a ticket sold as our revenue, with the larger portion of thiscommission paid to the distributor as our cost of goods sold. To illustrate the impact this has on our results, the tablebelow presents what our revenue and gross profit and cash EBITDA margins would be if we were permitted torecognise net commission as our revenue Proforma income statement with distribution revenue recognised net: Six monthsended 30June 2026 Six monthsended 30June 2025 Unaudited Unaudited $000 $000 Revenue (net) 59,061 59,151 Cost of goods sold (6,296) (5,978) Gross Profit 52,765 53,173 Gross Profit margin % 89.3% 89.9% Underlying administrative expenditure excluding property lease payments (45,181) (48,108) Cash EBITDA 7,584 5,065 Cash EBITDA margin % 12.8% 8.6% Cash and net cash 30 June2026 30 June2025 31 December2025 Unaudited Unaudited Audited $000 $000 $000 Cash in hand & at bank 33,177 35,571 41,374 Borrowings (25,852) (10,148) (10,876) Net cash 7,325 25,423 30,498 Less: pass-through cash* (7,840) (5,168) (8,948)Adjusted net (debt)/cash (515) 20,255 21,550 The Group ended the period with cash of $33.2m (H1 2025: $35.6m) and borrowings of $25.9m (H1 2025: $10.1m),giving net cash of $7.3m (H1 2025: $25.4m). The reduction reflects the £14.5m tender offer completed in March2026 and continued on-market share buybacks (together $20.1m), along with the acquisition of Dexibit ($5.4m)which were part-funded by increased drawing under the revolving credit facility alongside operating cashgeneration. The Dexibit outflow is stated net of cash acquired and reflects upfront cash consideration ofapproximately $7.0m, reduced to $5.9m paid on completion after net debt and working capital adjustments;deferred and contingent consideration is payable in future periods. Adjusted net debt, which excludes pass-through cash held on behalf of third parties, was $0.5m (H1 2025 net cash:$20.3m). Since the period end, the Group has refinanced its banking facilities with HSBC, ahead of the expiry of its previousfacility in May 2027. On 28 August 2026 the Group completed the refinancing of its existing $40m multicurrencyrevolving credit facility with HSBC, extending it for a further four years. The refinanced facility continues the Group'scommitted funding on more flexible terms and at improved pricing. Share repurchases During the first half the Group completed a tender offer, approved by shareholders, returning approximately £14.5m(approximately $20.1m) to shareholders through the purchase and cancellation of 4,833,333 ordinary shares at £3.00 per share in March 2026. This represented 12.7% of the issued share capital and reduced the shares in issuefrom 38,116,207 to 33,282,874. No dividend was paid in the period. Taxation The effective tax rate (being the tax rate on profit before income tax) for the period was 19.3%. This is offset in thecurrent period by realised adjustments of -$140k in respect of the prior period, which reduce the income tax chargein H1 2026 to a credit of $86k. The effective tax rate after these adjustments is -30.7% (H1 2025: 27.1%). – ENDS – Consolidated statement of comprehensive income for the six-month period ended 30 June 2026 30 June 2026Unaudited 30 June 2025Unaudited 31 December2025Audited
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Notes $000 $000 $000 Revenue 67,782 67,897 155,105 Cost of sales (15,017) (14,724) (33,310) Gross profit 52,765 53,173 121,795 Administrative expenses (51,747) (51,812) (107,367) Operating profit before exceptional items 2,297 1,306 14,512Exceptional expenditure (1,279) 55 (84) Operating profit 1,018 1,361 14,428 Finance expense (935) (697) (1,360) Finance income 197 1,208 1,253 Profit before tax 280 1,872 14,321 Income tax credit / (charge) 4 86 (507) (3,336) Profit for the period 366 1,365 10,985 Other comprehensive income Items that will be reclassified to income statement Exchange differences on translating foreign operations (978) 4,184 3,809 (978) 4,184 3,809 Total comprehensive income (612) 5,549 14,794 All loss and comprehensive loss is attributable to theowners of the parent Earnings per share expressed in cents per share: Basic 6 1.07 3.39 27.96 Diluted 6 1.04 3.32 27.00 All activities of the company are classified as continuing. Consolidated statement of financial position as at 30 June 2026 30 June 2026 30 June 2025 31 December 2025 Unaudited Unaudited Audited $000 $000 $000 Assets Non-current assets Intangible assets 171,672 165,610 163,442 Property, plant and equipment 800 843 906 Right of use assets 1,377 1,381 1,078 Contract assets 599 757 855 Deferred tax assets 12,069 15,131 12,123 186,517 183,722 178,404 Current assets Inventories 109 132 118 Contract assets 4,946 6,091 3,981 Trade and other receivables 27,431 30,705 28,846 Income tax receivable 3,157 2,266 2,917 Cash and cash equivalents 33,177 35,571 41,374 68,820 74,765 77,236 Liabilities Current liabilities Trade and other payables 28,365 28,614 28,411 Lease liabilities 487 547 458 Contract liabilities 7,657 5,279 6,868
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Corporation tax payable 5,946 5,325 4,805 42,455 39,765 40,542 Net current assets 26,365 35,000 36,694 Non-current liabilities Deferred tax liabilities 7,730 7,188 6,607 Contract liabilities 284 490 325 Other non-current liabilities 522 432 464 Lease liabilities 906 874 701 Borrowings 25,852 10,148 10,876 35,294 19,132 18,973 Total liabilities 77,749 58,897 59,515 Net assets 177,588 199,590 196,125 Shareholders' equity Called up share capital 489 582 554 Share premium 154,536 154,536 154,536 Retained earnings 8,325 29,311 30,210 Merger reserve 19,641 19,641 19,641 Translation reserve (1,404) (50) (426) Own shares held in trust (4,121) (4,459) (8,447) Capital redemption reserve 122 29 57 Total shareholders' equity 177,588 199,590 196,125 Consolidated statement of cash flows for the six-month period ended 30 June 2026 30 June 2026Unaudited 30 June 2025*Unaudited 31 December 2025Audited $000 $000 $000 Cash flows from operations Profit for the period 366 1,365 10,985 Adjustments for: Depreciation (excluding finance leased assets) 279 302 577 Depreciation on leased assets 278 312 617 Amortisation on acquired intangibles 1,864 1,676 3,362 Amortisation on development costs and other intangibles 1,704 995 2,756 Loss / (Gain) on disposal of fixed assets 1 (9) (2) Share-based payments 2,183 2,019 4,245 Movement on bad debt provision 459 184 127 Gain on disposal of subsidiary - (164) (164) Finance expense 935 697 1,360 Finance income (197) (1,208) (1,253) Foreign exchange loss 64 546 302 Income tax charge (86) 507 3,336 RDEC Tax credits - - (117) Operating cashflow before movement in working capital 7,850 7,222 26,131 Decrease in inventories 9 25 38 Decrease in trade and other receivables 629 8,972 11,375 (Increase) in contract assets* (835) (3,236) (1,231) Increase / (Decrease) in contract liabilities* 102 (2,113) (712) (Decrease) in trade and other payables (2,828) (3,171) (3,383) Cash generated from operations 4,927 7,699 32,218 Tax paid (321) (1,240) (2,684) Net cash inflow from operating activities 4,606 6,459 29,534 Cash flows from investing activities Acquisition of Dexibit, net of acquired cash (5,441) - - Acquisition of Boxer Consulting Limited - (114) (114) Purchase of 1RISK Intellectual Property - (4,000) (4,000) Proceeds from disposal of Brazilian subsidiary (net of cash disposed) - 152 16 Capitalised internal development costs (1,021) (1,545) (3,050) Purchase of intangible assets - (263) (480) Purchase of property, plant and equipment (172) (246) (585) Proceeds from sale of property, plant and equipment 6 4 7 Interest received 196 302 546
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Net cash used in investing activities (6,432) (5,710) (7,660) Cash flows from financing activities Purchase of own shares held in trust - - (4,053) Purchase of own shares for cancellation (20,108) (4,985) (15,911) Interest paid (613) (422) (960) Payments on property lease liabilities (376) (394) (712) Proceeds from borrowings 20,165 2,000 8,072 Repayments of borrowings (5,250) (6,000) (11,500) Net cash (used in) from financing activities (6,182) (9,801) (25,064) (Decrease) in cash and cash equivalents in the period (8,008) (9,052) (3,190) Cash and cash equivalents at beginning of year 41,374 42,769 42,769 Exchange (loss) / gain on cash and cash equivalents (189) 1,854 1,795 Cash and cash equivalents at end of period 33,177 35,571 41,374 *The disclosure for contract assets and liabilities for the comparative period ending 30 June 2025 has been enhanced to present these movements separately. These were previously disclosures as a combined total of $5.3m. There are no changes to the comparative period ending 31 December 2025.
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Consolidated statement of changes in equity for the six-month period ended 30 June 2026 Share capital Share premium Retained earnings Merger reserve Own shares held in trust Translation reserve Capital Redemption reserve Total $000 $000 $000 $000 $000 $000 $000 $000 Balance at 31 December 2025 554 154,536 30,210 19,641 (8,447) (426) 57 196,125 Comprehensive income for the period Profit for period - - 366 - - - - 366 Other comprehensive income - - - - - (978) - (978) Total comprehensive income for the period - - 366 - - (978) - (612) Contributions by and distributions by owners Share-based payments - - 2,183 - - - - 2,183 Re-purchase of shares for cancellation (65) - (20,108) - - - 65 (20,108) Settlement of share awards through Employee Benefit Trust - - (4,326) - 4,326 - - - Total contributions by and distributions by owners (65) - (22,251) - 4,326 - 65 (17,925) Balance at 30 June 2026 489 154,536 8,325 19,641 (4,121) (1,404) 122 177,588 Balance at 31 December 2024 592 154,370 31,797 19,641 (5,345) (4,235) 19 196,839 Comprehensive income for the period Profit for period - - 1,365 - - - - 1,365 Other comprehensive income - - - - - 4,185 - 4,185 Total comprehensive income for the period - - 1,365 - - 4,185 - 5,550 Contributions by and distributions by owners Share-based payments - - 2,019 - - - - 2,019 Re-purchase of shares for cancellation (11) - (4,985) - - - 10 (4,986) Settlement of share awards through Employee Benefit Trust - - (885) - 886 - - 1 Contingent consideration settled in shares 1 166 - - - - - 167 Total contributions by and distributions by owners (10) 166 (3,851) - 886 - 10 (2,799) Balance at 30 June 2025 582 154,536 29,311 19,641 (4,459) (50) 29 199,590
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Notes to the Interim Financial Information 1. Basis of preparation accesso Technology Group plc (the "Group") is a company domiciled in England. The background of preparation of this financial information is consistent with the basis that will be adopted for the full year accounts. The interim financial information has been prepared in accordance with the recognition and measurement requirements of international accounting standards in conformity with the requirements of the Companies Act 2006 that are used for the annual financial statements. The financial figures included in this half-yearly report are consistent with AIM rules applicable to interim periods. The basis of preparation is consistent with the audited financial statements, see note 2 for further details. This half- yearly report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34. There are no changes to significant accounting policies. This interim financial information has neither been audited nor reviewed pursuant to guidance issued by the FRC and the financial information contained in this report does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The comparative figures for the financial year ended 31 December 2025 are not the Company’s statutory accounts for that financial year. Those accounts have been reported on by the Company’s auditor and delivered to the registrar of companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. 1.1 Going concern The directors, having reassessed the principal risks and uncertainties, consider it appropriate to adopt the going concern basis of accounting in the preparation of the Interim Financial Information. In reaching this conclusion, the directors noted the Group’s $26.2m drawings on its $40.0m revolving credit facility and net cash position of $12.3m as at 31 July 2026. The directors have reviewed sensitised net cash flow forecasts for the going concern period, which indicate that, taking account of severe but plausible downsides, the Group will have sufficient funds to meet the liabilities of the Group as they fall due for that period. Consequently, the directors are satisfied that the Group's forecasts take into account reasonably possible changes in trading performance, including no anticipated breach of covenants and the ability to satisfy its liabilities as they fall due for a period through to 31 December 2027 from the date of release of these interim statements. Therefore, there are no material uncertainties over going concern and the going concern basis of preparation continues to be appropriate. 2. Accounting policies The condensed consolidated interim financial information has been prepared using accounting policies consistent with those set out on pages 75 to 83 in the audited financial statements for the year ended 31 December 2025. These accounting policies have been applied consistently to all periods presented in this financial information. The policy for recognising and measuring income taxes in the interim period is described in Note 4. 3. Business segments and revenue analysis Segmental analysis The Group’s operating segments under IFRS have been determined with reference to the financial information presented to theBoard of directors. The Board of the Group is considered the Chief Operating Decision Maker (“CODM”) as defined within IFRS 8,as it sets the strategic goals for the Group and monitors its operational performance against this strategy. The Group’s Ticketing and Distribution operating segment comprises the following products: accesso Passport® ticketing suite using our hosted proprietary technology offering to maximise up-selling,cross-selling and selling greater volumes accesso SiriuswareSM software solutions providing modules in ticketing & admissions, memberships,reservations, resource scheduling, retail, food service, gift cards, kiosks and eCommerce. The accesso ShoWareSM ticketing solution for box office, online, kiosk, mobile, call centre and social mediasales Ingresso operate a consolidated distribution platform which connects and distributors, opening up a largerglobal channel for clients to sell their event, theatre and attraction tickets. accesso ParadoxSM cutting-edge software solution specifically tailored to the unique needs of the industry.The flexible, hosted solution empowers ski areas to take full control of their operations across ticketing andpasses, snow school, retail, equipment rental, food & beverage, administration, and online sales in one,unified platform.
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accesso HorizonSM highly functional and best-in-class ticketing and visitor management solution leveragingan innovative portfolio model approach to guest management. accesso Intelligence purpose-built data analytics and artificial intelligence platform for the visitorattractions industry. The Group’s Guest Experience operating segment comprises the following aggregated segments: accesso LoQueue® providing leading edge virtual queuing solutions to take customers out of line, improveguest experience and increase revenue for theme parks Mobile Appexperience management platforms which deliver personalised real-time immersive customerexperiences at the right time, elevating the guest’s experience and loyalty to the brand. accesso FreedomSM recently launched point of sale system enabling modules in food and beverage, retail,eCommerce via kiosk or mobile through a multi-tenanted hosted solution. The Group’s virtual queuing solution (accesso LoQueue), experience management platforms (Mobile Platforms), and food andbeverage retail system (accesso Freedom) are headed by segment managers who discuss the operating activities, financial results,forecasts and plans of their respective segments with the CODM. These three distinct operating segments share similar economiccharacteristics, expected long term financial performance, customers and markets; the products are heavily bespoke, technologyand software intensive in their delivery and are directly targeted at improving a guest’s experience of an attraction orentertainment venue, whilst providing cross-selling opportunities and increased revenues to the venues. Management thereforeconclude that they meet the aggregation criteria. The Professional Services operating segment comprises: Professional Services are the delivery of bespoke Professional Services to large customers in the ski, theme park, and cruise ship markets. These revenues are not provided in conjunction with one of our Productsand are not provided on our typical transactional or license models. The Group’s assets and liabilities are reviewed on a Group basis and therefore segmental information is not provided for thestatements of financial position of the segments. The CODM monitors the results of the operating segments prior to charges for interest, depreciation, tax, amortisation, and non-recurring items, but after the deduction of capitalised development costs. The Group has a significant amount of centralunallocated costs which are not segment specific. These costs have therefore been excluded from segment profitability andpresented as a separate line below segment profit. The following is an analysis of the Group’s revenue and results from the continuing operations by reportable segment whichrepresents revenue generated from external customers. Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 Unaudited Unaudited Audited $000 $000 $000 Ticketing and Distribution 57,721 53,137 117,767 Guest Experience 6,067 10,406 28,341 Professional Services 3,994 4,354 8,997 Total revenue 67,782 67,897 155,105 Ticketing Guest Experience Professional Services Central unallocated costs Capitalised development costs Group Period ended 30 June 2026 - Unaudited $000 $000 $000 $000 $000 $000 Cash EBITDA (1) 45,979 4,436 2,350 (44,160) (1,021) 7,584 Capitalised development costs 1,021 Depreciation and amortisation (excluding acquired intangibles) (2,261) Amortisation related to acquired intangibles (1,864) Share-based payments (2,183) Acquisition and integration related costs (1,279) Finance income 197 Finance expense (935) Profit before tax 280 Ticketing Guest Experience Professional Services Central unallocated costs Capitalised development costs Group
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Period ended 30 June 2025 – Unaudited $000 $000 $000 $000 $000 $000 Cash EBITDA (1) 41,834 8,639 2,700 (46,563) (1,545) 5,065 Capitalised development costs 1,545 Depreciation and amortisation (excluding acquired intangibles) (1,609) Amortisation related to acquired intangibles (1,676) Share-based payments (2,019) Acquisition and integration related costs 55 Finance income 1,208 Finance expense (697) Profit before tax 1,872 (1) Cash EBITDA: operating profit before the deduction of amortisation, impairment of intangible assets, depreciation, acquisition and integration related costs, and costs related to share-based payments less capitalised development costs. 4. Taxation The tax charge for the interim financial statements is determined by applying the weighted average statutory tax rate based on full year forecast profits to the actual profits for the first half of the year, and then adjusting for non- taxable or deductible items that affect the profits of the first half of the year. The adjusted earnings per share (Note 6) has been presented using an estimated adjusted rate for the period, which has been adjusted to remove the effect of amortisation related to acquired intangibles, share-based payment charges, exceptional expenditure and any related tax effect on those items. 5. Reconciliation of alternative performance measure Management present Cash EBITDA as its alternative performance measure below because it monitors performanceat a consolidated level and provides a better understanding of the Group’s underlying financial performance. Thedefinition of Cash EBITDA is the same as in the last annual financial statements. Cash EBITDA is not a defined performance measure under IFRS. The Group’s definition may not be comparable withsimilarly titled performance measures and disclosures by other entities. Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 Unaudited Unaudited Audited Cash EBITDA $000 $000 $000 Operating profit 1,018 1,361 14,428 Add: Exceptional expenditure on acquisition & integration 1,279 (55) 84 Add: Amortisation related to acquired intangibles 1,864 1,676 3,362 Add: Share-based payments 2,183 2,019 4,245 Add: Amortisation and depreciation (excluding acquired intangibles) 2,261 1,609 3,950 Capitalised internal development costs (1,021) (1,545) (3,050) Cash EBITDA 7,584 5,065 23,019 6. Earnings per share (“EPS”) The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. Diluted earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average of ordinary shares outstanding during the period adjusted for the effects of dilutive instruments. Adjusted basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders adjusted for exceptional expenditure on the acquisition of intellectual property, amortisation and reversal of impairment on acquired intangibles and share-based compensation by the weighted average number of shares used in basic EPS. The denominator for adjusted diluted earnings per share is the weighted average number of shares used in diluted EPS. Six months ended Six months ended Year ended
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30 June 2026 30 June 2025 31 December 2025 Unaudited Unaudited Audited $000 $000 $000 Profit attributable to ordinary shareholders 366 1,365 10,985 Basic EPS Denominator Weighted average number of shares used in basic EPS 34,186 40,223 39,287 Basic earnings per share – cents 1.07 3.39 27.96 Diluted EPS Denominator Weighted average number of shares used in basic EPS 34,186 40,223 39,287 Deferred share consideration on business combinations Effect of dilutive securities LTIP and Option awards (000s) 1,170 916 1,406 Weighted average number of shares used in diluted EPS 35,356 41,139 40,693 Diluted earnings per share – cents 1.04 3.32 27.00 Adjusted EPS Profit attributable to ordinary shareholders 366 1,365 10,985 Adjustments to profit for the period: Exceptional expenditure on acquisitions and integrations 1,279 (55) 84 Amortisation relating to acquired intangibles 1,864 1,676 3,362 Share based payments 2,183 2,019 4,245 Adjusted profit 5,692 5,005 18,676 Net tax related to above adjustments: (H1 2026: 32.9%; H1 2025: 26.03%; FY 2025 16.9%) (1,333) (962) (1,288) Adjusted profit attributable to ordinary shareholders 4,359 4,043 17,388 Adjusted basic EPS Denominator Weighted average number of shares used in basic EPS 34,186 40,223 39,287 Adjusted earnings per share – cents 12.75 10.05 44.26 Adjusted diluted EPS Denominator Weighted average number of shares used in diluted EPS 35,356 41,139 40,693 Adjusted earnings per share – cents 12.33 9.83 42.73 7. Acquisition of Dexibit Acquisitions involving the purchase of the acquiree's share capital have been accounted for under the acquisition method of accounting. A key part of the Group's strategy is to grow through acquisition. The Group has developed a process to assist with the identification of the fair values of the assets acquired and liabilities assumed, including the separate identification of intangible assets in accordance with IFRS 3 'Business Combinations' as revised. This formal process is applied to each acquisition and involves an assessment of the assets acquired and liabilities assumed with assistance provided by external valuation specialists where appropriate. Until this assessment is complete, the allocation period remains open up to a maximum of 12 months from the relevant acquisition date. At 30 June 2026 the allocation process remained in progress. The consideration in respect of acquisitions comprises amounts paid on completion and deferred consideration. The consideration has been allocated against the identified net assets, with the balance recorded as goodwill. Transaction costs and expenses such as professional fees are charged to the income statement. Acquisition of Dexibit Limited
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On 28 March 2026 the Group acquired 100% of the share capital of Dexibit Limited, a New Zealand-based AI-native visitor-analytics software business (with a US subsidiary, Dexibit Inc). Consideration is settled in cash, comprising upfront cash, deferred cash consideration, and contingent cash consideration payable on a performance target and on realisation of certain tax reliefs. The upfront cash consideration agreed on completion was approximately $7.0m. This is subject to customary completion adjustments in respect of net debt and working capital, reducing the upfront cash paid in the period to $5.9m, as set out below. Deferred and contingent cash consideration is payable in future periods. The principal reason for this acquisition was to accelerate the Group’s AI and analytics capabilities through the development of accesso Intelligence, a cross-platform intelligence capability designed to enable operators to make smarter, faster decisions across accesso’s own solutions and third-party systems. Acquisition and integration related costs of $0.3m were incurred in relation to this acquisition and are included within administrative expenses. The net cash outflow in the current period in respect of the acquisition comprised: Six months ended30 June 2026 Unaudited $000 Cash paid 5,886Net cash acquired (444) 5,441
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