The last time I reported on my holding in Access Intelligence was back in October following a mild profits warning from the company:-
http://michae1mouse.blogspot.co.uk/2013/10/access-intelligence.html
At the end of the post I stated that I might add to my holding on further weakness, and that's exactly what I did at prices around and below 3p.
At the beginning of the month, the company reported their annual results with turnover up 4% at £8.4m, contracted not yet invoiced revenue up 21% to £6.6m, recurring revenue up 9% to £6m at 72% of sales, adjusted EBITDA up 57% to £576,000 and a cash balance of £1.5m.
The company reported a loss, but this is substantially due to the impairment of intangibles, otherwise the operating profit was a modest £77,000.
Over the last couple of years, Access Intelligence has invested heavily in product development to deliver long term shareholder value, and there are signs that the company is beginning to see the benefits of this investment with the number of new contracts that it has signed and the increase in contracted revenue not yet invoiced.
As with Trakm8, future visibility is good since recurring revenues are a significant percentage of sales and the company has strong cash generation. This is a small company which is making steady progress, but is well under the radar of many investors at the moment.
Another attractive feature is it's hugely impressive and wide client base:- BG Group, Debenhams, NHS, Metropolitan Police, AstraZeneca, Investec, Ladbrokes, Met. Office, Centrica, Easyjet, etc. to name just a few.
Following the results Michael Jackson took advantage of the low share price and grabbed £48,000 worth at 3.75p per share. Incidentally, Michael Jackson is former Chairman of PartyGaming plc, Computer Software Group, Planit Holdings and until August 2006 was chairman of FTSE100 company, The Sage Group plc, where he was a Board Director for 23 years and saw the company rise from a market cap of less than £5m to its current valuation of over £3bn.
Maybe he can do for Access Intelligence what he did for Sage Group?
A swish new website went up this week and it's well worth having a good browse:-
http://www.accessintelligence.com/
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