Registered number 03959429 
 
 
 
 
 
 
 
 
 
  
accesso Technology Group plc 
 
2016 Annual report and financial statements  
 
 
   accesso Technology Group plc 
1 
 
Contents of the consolidated financial statements 
for the financial year ended 31 December 2016 
 
 
 
 Page 
Company information 2 
  
Introduction and key financial highlights 3 
  
Chairman's statement 5 
  
Chief Executive’s statement 6 
  
The Board of directors 10 
  
Strategic report 12 
  
Report of the directors 14 
  
Statement of Directors’ responsibilities in respect of the annual report and the financial statements 20 
  
Report of the independent auditor to the members of accesso Technology Group plc 21 
  
Consolidated statement of comprehensive income 22 
  
Consolidated statement of financial position 23 
  
Company statement of financial position 24 
  
Consolidated statement of cash flow 25 
  
Company statement of cash flow 26 
  
Statement of changes in Group equity 27 
  
Statement of changes in company equity 28 
  
Notes to the consolidated financial statements 29 
 
 
 
 
   accesso Technology Group plc 
2 
 
Company information 
for the financial year ended 31 December 2016 
 
 Directors: Tom Burnet, Executive Chairman 
  John Alder, Executive 
  Steve Brown, Executive 
  David Gammon, Non-Executive  
  Karen Slatford, Non-Executive 
  John Weston, Senior Independent Director 
   
   
 Secretary: Martha Bruce 
  Bruce Wallace Associates Limited 
  120 Pall Mall 
  London 
  SW1Y 5EA 
   
   
 Registered office: Unit 5, The Pavilions  
  Ruscombe Park 
  Twyford 
  Berkshire 
  RG10 9NN 
   
   
 Registered number: 03959429 (England and Wales) 
   
   
 Auditor: KPMG LLP 
  Arlington Business Park 
  Theale 
  Reading 
  Berkshire 
  RG7 4SD 
   
   
 Bankers: Lloyds Bank plc 
  The Atrium 
  Davidson House 
  Forbury Square 
  Reading 
  Berkshire 
  RG1 3EU 
   
   
 
 
   accesso Technology Group plc 
3 
 
Introduction and key financial highlights 
for the financial year ended 31 December 2016 
 
Financial Highlights 
 
 12 months ended       12 months ended      
 
  
31 Dec 16   31 Dec 15     Change 
     $m     $m      
 Revenue  
 
                 102.5  
 
                 93.2  
 
+10.0% 
 Adjusted EBITDA (i)  
 
19.1 
 
15.2 
 
+25.7% 
 Adjusted operating profit (ii)  
 
15.7 
 
12.6 
 
+24.6% 
 Profit before tax 
 
10.1 
 
7.2 
 
+40.3% 
 Cash generated from operations 
 
18.6 
 
14.7 
 
+26.5% 
       
 Cash conversion (iii)  97.4%  96.7%   
 Net debt (iv) 
 
3.4 
 
9.4 
 
($6.0m) 
       
       
 Adjusted Earnings per share – basic (cents) (v)   51.48   40.96   +25.7% 
 Earnings per share – basic (cents)  33.95  24.47  +38.7% 
 
(i) Adjusted EBITDA is defined as operating profit before the deduction of amortisation, depreciation, acquisition costs and costs related to 
share based payments 
(ii) Adjusted operating profit is defined as operating profit before the deduction of amortisation related to acquisitions, acquisition costs and 
costs related to share based payments 
(iii) Cash conversion is defined as Cash generated from operations as a percentage of adjusted EBITDA 
(iv) Net debt is defined as borrowings less cash and cash equivalents 
(v) Earnings used in the adjusted earnings per share calculation is defined as profit before tax before the deduction of amortisation related to 
acquisitions, acquisition costs and costs related to share based payments, less tax at the effective rate   
 
 
 
Operational Highlights 
 
Scaling up and leading the market 
 
o Strong performance in all key financial metrics resulting from greater scale of the business, contract wins and new ideas 
o Growth driven by a combination of new wins and long-term extensions 
o Planned rollout of Merlin contract remains on track 
o Continued investment in people and technology, expanding the platform and readying it for the world stage 
o Launch of accesso Prism
SM
, the world’s most technologically advanced smart park wearable device 
 
accesso LoQueue
SM
 – Wearing the future on your sleeve 
o Important new contract wins in three separate continents with Wet’n’Wild Sydney, Denmark’s LEGOLAND® Billund and 
Schlitterbahn Waterpark and Resort in Texas 
o Wet’n’Wild win reflects growing importance of Asia-Pacific region to the Group, where a new regional MD has been appointed 
o Expanding client-base and improving mix reflected in total guest revenue up 5.7% 
o Significant one-off investment in the development of accesso Prism, a new smart park wearable device which can facilitate 
queuing, payments, messaging, photography, park access and trip intelligence 
 
accesso Passport® – Globalising the platform  
o Total volumes up 30% year-on-year, with the continued consumer migration and revenue mix shift towards mobile transactions. 
38% of unit sales now take place on a mobile device (2015: 25%) 
o 2016 saw particular cross-selling success coming from within existing accesso Siriusware
 
customers adopting accesso Passport 
ecommerce: The Henry Ford Museum in Dearborn, Michigan and The Pacific Science Center, Seattle, Washington 
o Planned investment in our technology platform to improve functionality, language capability and payments systems  
o Merlin rollout remains on track, with rollout targeted to be complete at most major sites by the end of 2017 
 
accesso Siriusware
sm
 – Making its mark in the UK 
o 9 new wins in the year, demonstrating good momentum at the heart of accesso’s point-of-sale and guest management business 
o Breakthrough year for accesso Siriusware in the UK & Ireland, winning its maiden contracts with Blackpool Pleasure Beach and 
Jameson Distillery 
o Continued strong progress made within and beyond traditional ski markets, including 5 new ski resort clients, NLand Surf Park in 
Austin, Texas and the Catalina Island Conservancy in California  accesso Technology Group plc 
4 
 
accesso ShoWare
sm
 – Leveraging our scale  
o Rebrand completed in May 2016, completing integration into accesso  
o Leveraging accesso’s brand and broad resource capabilities to improve the product and differentiate from the competition 
o 51 customer wins during the year, showing ability to rapidly acquire new customers in a new segment for the Group, including 
sports stadiums where we now sell tickets for 3 major league Mexican soccer teams 
o A central part of accesso’s expansion into Mexico and throughout the Americas 
 
Post Period-End – Broadening our horizons  
o Completed inital production run of accesso Prism devices and commenced onsite installation of first water park to use this new 
product offering with go-live scheduled for early summer 2017 
o Continued global rollout of accesso Passport across Merlin Entertainments. The new LEGOLAND® Japan theme park has become 
the first location to use accesso Passport in Asia and onsite installation is complete at London cluster attractions 
o Signed a range of new customers including ten for accesso ShoWare, the CNN Studio Tour in Atlanta for accesso Passport and a 
major Canadian visitor attraction for accesso Siriusware 
 
 
Commenting on the results, Tom Burnet, Executive Chairman of accesso, said:  
 
“2016 has been the year in which I believe Accesso has achieved meaningful scale. As a result, we are now beginning to see the positive 
impact this step-change in activity can have on our financial performance. 
 
It is particularly encouraging that this performance has been delivered during what we consider to be an investment phase for Accesso, as 
we continue to prepare for what remains a significant global opportunity in the medium term.  
 
As ever, we base our success on the quality of the relationships we have with some of the largest and most ambitious operators in the world, 
helping us to expand or extend our existing relationships as well as to initiate new ones.  This approach, fully aligned with our business 
model, allows us to focus on the execution of our plans to generate sustainable and increasing profitable growth.” 
 
 
Commenting on the results, Steve Brown, Chief Executive Officer of accesso, said: 
 
“This year we have continued to make excellent progress in our quest to extend Accesso’s market leadership in all our operating areas. Our 
technology is second-to-none and is delivered by our team with world class service standards.  A range of enhancements across our platforms 
along with the launch of Accesso Prism earlier in the year demonstrates the extent of our commitment to improving our product offering on 
an ongoing basis.  
 
Accesso continues to invest to ensure we are at the forefront of product functionality, customer relationship management and internal 
talent acquisition. Beyond these investments to prepare us for long term growth, these efforts are already delivering results for our 
customers and our business today.”  
 
  
 
   accesso Technology Group plc 
5 
 
Chairman’s statement 
 
Success at scale 
 
2016 has been another successful year for accesso. The Group has depth in its leadership team and has a comprehensive suite of products 
that lead in the markets it currently serves. This year has seen the Group continue to develop its global aspirations, expanding into new 
geographies and further embedding itself in the markets it has historically served. From established relationships in North America to 
flourishing ones in Europe, and from a rapidly growing customer base in South America to a burgeoning presence in Australia, accesso 
continues to serve its customers both as a technology partner and revenue enabler, gaining the trust and confidence of some of the largest 
and most ambitious operators in the industry.  
 
The Group’s financial performance reflects accesso’s circumstances well. This year, accesso achieved adjusted EBITDA of $19.1m, which 
amounts to growth of 25.7% year-on-year. This performance reflects increasing operational leverage as the Group gains scale, and has 
been delivered despite a significant ongoing investment in our core platforms and infrastructure as well as an accelerated development 
relating to accesso Prism, the most technologically advanced smart park wearable device available today. These investments reflect the 
Group’s ongoing commitment to look to the future, and to ensure it remains ahead of its competition from a technology and product 
standpoint. The strides made already have contributed to the high-quality performance delivered in 2016, while work currently underway, 
including our progress in relation to the transformational agreement with Merlin Entertainments Group Ltd, promises an even greater 
acceleration in the future.   
 
Earning the right 
 
Our long-term investment strategy is underpinned by the platform we have built. Through acquisition and organically, we have worked 
hard to shape a business that offers queuing, ticketing, point-of-sale and guest management solutions across a wide range of leisure 
markets, and builds products that can serve clients at any stage of development. Moreover, the breadth of our offering is increasing the 
number of accesso customers who now take more than one service from the Group, blending our ticketing and queuing heritage to take 
us beyond a product-by-product selling strategy and towards a more solutions-based approach. As a result, we are becoming more deeply 
embedded with our customers and this, combined with our enduring commercial model, allows us to plan more strategically about the 
future.  
 
Mapping out the future 
 
Whilst we continue to make strong progress, there is more to do. This year, for example, we have seen tremendous advances in the 
globalisation of our accesso Passport ticketing suite and we have launched accesso Prism which we believe takes us close to realising our 
ambition of enabling an entirely queueless park. Looking ahead, we believe there are other opportunities to acquire complementary 
technologies which will help drive improved guest experience and revenues for our customers and we continue to actively evaluate these.  
 
Our team 
 
As ever, none of this would be possible without an exceptional group of people working together. accesso employees continue to outdo 
themselves, working tirelessly to face and overcome the complex challenges of providing market leading technology and superior service. 
On behalf of the Board, I thank them once again for their efforts.  
 
2017 so far 
 
The Group has started 2017 in good order. We are on schedule with planned installations and our current direction of travel indicates the 
beginnings of another good year. That said, the key trading months are ahead of us and will take place in the context of an extremely strong 
comparator first half from 2016. Nevertheless, we believe fully in our prospects, and look forward to the rest of the year with confidence.   
 
Tom Burnet 
Executive Chairman  
   accesso Technology Group plc 
6 
 
Chief Executive’s statement 
 
Operational Review 
 
accesso is a truly global business, currently serving clients in 27 countries across the globe. We now stand before current and prospective 
customers as a mature and balanced Group capable of solving problems and thinking across product lines to provide the best solutions 
available in the market.  
 
During 2016, a significant amount of thought, work and capital has been invested in the business. Firstly, this relates to the investment 
required in executing the transformational agreement with Merlin Entertainments Group Ltd, to roll accesso Passport out across its entire 
estate. This work has already taken us a considerable way in our rollout at Merlin sites, and is all about enhancing our operating capability 
to exceed their high expectations, ensuring we make the most of the significant opportunity it lays out before us.  
 
The second major investment has been in accesso Prism, a significant step forward for our entire industry when it comes to in-park wearable 
technology. Queueing is our heritage at accesso, and it is fitting that the idea that underpins our business lives on in this latest product 
evolution. It is also fitting that while queueing is at the foundation of both Group and product, accesso Prism also reminds us how far we’ve 
come. Its expansive capabilities incorporate a range of elements that build on the original idea in the same way accesso has done, overlaying 
the core queueing functionality with state-of-the-art technologies that complement it. We are enormously excited about accesso Prism 
and what it says about the way we approach technology leadership at accesso. As we continue to improve our business on all fronts, we 
can look forward to an exciting future. 
 
Our People 
 
As accesso expands, attracting and retaining the best talent in the industry is becoming all-the-more important. We take this aspect of our 
growth extremely seriously, and think with as much energy about our people as we do any other aspect of our business. Our ambition is to 
create a highly motivated, mobile and collaborative workforce, which, like the Group we currently have, is capable of generating the ideas 
and energy that keep us ahead of our competition.  
 
This year, we have taken a number of steps to reaffirm our commitment to our people. These include the implementation of Workplace 
(Facebook at Work) to improve intra-Group, global communication, the piloting of accesso core competencies and career path planning, 
and the start of cross-product and cross-country work assignments which have led to four employees taking temporary assignments in 
different countries, and four employees permanently transferring into a different part of the business. We also implemented iValue, a peer 
recognition programme, undertook our second annual global employee engagement survey, with 99% participation and supported 
engagement with the local communities by offering employees paid volunteer time annually to a charitable organisation of their choice. 
All in all, we hired and onboarded 82 new employees in 2016, bringing our non-seasonal employee count at the end of the year to 362. I 
want to thank each of them for their commitment and outstanding performance as we move into 2017.  
 
accesso LoQueue 
 
2016 was a solid year for accesso’s queueing products, achieving a number of important new wins and delivering improved results against 
a backdrop of unfavourable weather conditions at the beginning of H2. Most notable among the new wins were Denmark’s LEGOLAND® 
Billund and the Schlitterbahn Waterpark and Resort in Texas, while in H2, the three-year agreement with Village Roadshow Theme Parks 
to install accesso LoQueue at Wet’n’Wild Sydney marked an important further expansion for the Group in the Asia-Pacific region. Each of 
these contracts were won at venues in different continents reflects accesso’s growing global footprint and strengthening international 
brand. Our win in Australia follows accesso’s 2014 agreement to install Qsmart
SM
 at Malaysia’s newest theme park, the Movie Animation 
Park Studios in Ipoh. accesso continues to focus on the Asia-Pacific region, and has appointed a regional MD to oversee progress there. The 
Wet’n’Wild agreement was also a good example of accesso expanding a relationship with an existing customer, as Wet’n’Wild became the 
second Village Roadshow venue to leverage the accesso Qband product.  
 
As a result of its expanding footprint, albeit offset by the challenge of weather, total guest revenue in accesso LoQueue was up 5.7%, on 
the back of a stable average revenue per guest.  
 
Perhaps most significantly within accesso LoQueue, in November 2016 the Group unveiled accesso Prism, the new smart-park wearable 
device, the most technologically advanced device of its kind available today. The device includes a range of capabilities, from virtual 
queueing and payments to park access and guest intelligence for operators. These are all capabilities that position accesso as the technology 
provider of choice for tomorrow’s attractions, allowing venues to increase the volume and range of in-park spending and to drive increased 
transaction-based revenue for the Group. We look forward to the first site rollout of accesso Prism in early Summer 2017. 
 
accesso Passport 
 
During 2016, accesso Passport has reaffirmed its position at the heart of the Group’s growth. Across the platform, total volumes were up 
30% year-on-year reflecting the continued roll-out of our agreement with Merlin and new contract wins including the Jameson Distillery, 
The Henry Ford Museum and The Philadelphia Museum of Art. Moreover, we continue to experience the rapid shift in consumer behavior   accesso Technology Group plc 
7 
 
Chief Executive’s statement (continued) 
 
towards mobile, accounting for 38% of total transactions, up from 25% in 2015. accesso continues to benefit from its early sense that the 
transition to mobile would only accelerate, and has developed the accesso Passport platform to work seamlessly across mobile devices so 
consumers can shop in their own time, in comfort and well in advance of their visit.  
 
Beyond mobile, our ticketing platform’s functionality has also been improved in terms of fraud prevention, client support and technology 
functionality.  As a result of the improvement, during 2016 these improvements we were able to successfully prevent more than $10m in 
fraudulent transactions on behalf of our customers, fulfill beyond 27,000 client service requests and have our accesso Passport point-of-
sale solution certified to the highest standards for payment applications as per the Payment Card Industry Security Standards Council. We 
also introduced accesso Passport Control, a module providing a modernised, easy-to-use interface for our clients to manage all their 
ticketing business. This new product allows users to create and modify ticket products and pricing, adjust capacity around timed products 
and much more. Lastly, the introduction of our new accesso Passport Exchange solution has provided our clients with significantly expanded 
capabilities to reach resellers, trade partners, and other 3rd parties to more fully leverage their sales networks.  
 
During 2016, accesso Passport has also continued to be a focal point for the Group’s cross-selling activity. The Group regularly seeks 
opportunities to increase the number of accesso products taken by a single operator, and this year we have seen several installations where 
accesso Passport has been combined with accesso Siriusware to provide operators with more comprehensive solutions to meet their needs. 
The combination of ticketing, point-of-sale and guest management solutions is a particularly compelling one, and the Group continues to 
pursue avenues where the two products can be deployed together. To date, the combination has been particularly successful in our 
museum and ski resort clients, and as a result, we have undertaken an in-depth evaluation of the ski market with the goal of improving the 
way we integrate these two important solutions. This has seen a significant improvement in our understanding of this market, and a number 
of tailored enhancements to the product as a result.  
 
The planned investment to right-size accesso Passport for the Merlin rollout has also been progressing to plan during 2016. The platform 
has been enhanced to deal with the myriad requirements associated with a global rollout of this nature, which itself has been progressing 
well.  
  
accesso Siriusware 
 
accesso Siriusware fared well in 2016, winning 9 new clients during the year. Perhaps even more notably, 2016 was the year that accesso 
Siriusware won its first contract in the European market through our agreement with the long-term accesso LoQueue customer, Blackpool 
Pleasure Beach. This success was quickly followed by a further agreement with Jameson Distillery, which will operate onsite alongside 
accesso Passport for ecommerce. We now have seven same-site integrations of accesso Passport and accesso Siriusware, with an eighth to 
follow in the first half of 2017.   
 
accesso Siriusware continues to be successful in adding Ski clients to its roster, yet the Blackpool Pleasure Beach agreement also reflects 
the product’s growing ability outside its core Ski market and helps the Group move into new markets and geographies. NLand Surf Park in 
Austin, Texas and the Catalina Island Conservancy in California are good examples of client wins from across industries, showing accesso 
Siriusware’s continued appeal.  
 
accesso ShoWare 
 
In May 2016, we completed the rebranding of ShoWare to accesso ShoWare, completing the brand’s integration into the accesso Group. 
During that process, we have nearly doubled accesso ShoWare’s sales force, and consolidated its sales and marketing group into the single 
joined up team that spans the entire Group. Since the acquisition in 2014, accesso ShoWare has acquired new business quickly, taking 
accesso into the assigned-seating market and opening the Group up to a new type of customer: the event promoter or organiser.  Good 
examples of this new success come from Mexico, where we continue to make progress into the exciting sports market, now providing 
ticketing services for three major league soccer teams.  
 
This year, accesso ShoWare won 51 new contracts, some which continue the cross-selling theme by coming from customers already taking 
other accesso servicess. For example, Six Flags’ La Ronde theme park (accesso Passport & accesso LoQueue), Longwood Gardens (accesso 
Siriusware) and Taos Center for the Arts (accesso Siriusware) all became accesso ShoWare customers in 2016, providing further evidence 
that the potential for cross-sell in accesso’s portfolio stretches right across our offering.  
 
Importantly, accesso ShoWare has a significant opportunity to differentiate from the competition by leveraging the brand and expertise 
within the wider Group. In this regard, a number of product enhancements have already been rolled out in the business, including an 
integrated marketing campaign manager, a streamlined checkout system and enhanced language support. With the integration now 
complete, we are delighted to report that the start of the process has exceeded our expectations, and we look forward to progressing with 
accesso ShoWare in the coming years.  
 
 
  accesso Technology Group plc 
8 
 
Chief Executive’s statement (continued) 
 
Striding in to 2017 
 
Beyond the period-end, all business lines are showing good momentum. In terms of new business, we have already signed a range of new 
customers including ten for accesso ShoWare, the CNN Studio Tour in Atlanta for accesso Passport and a major Canadian visitor attraction 
for accesso Siriusware. We have also completed the first production run of our new accesso Prism devices, and have commenced its first 
onsite installation. That installation is scheduled to go live early in the summer of 2017. 
 
We are also continuing with the global rollout of accesso Passport across for Merlin Entertainments. The start of 2017 has seen go-lives at 
Merlin’s London cluster, and the accesso Passport installation in Asia at the new LEGOLAND® Japan Theme Park.  
 
Financial Review 
 
2016 has been another strong financial year for accesso, as the business continues to benefit from its expanding global footprint and 
increasing scale.  
 
accesso’s business model is largely founded on transaction-based agreements that provide high-quality, highly-visible and repeatable 
revenue for the Group. These agreements are often long-term, and as such, we are able to look forward to our future revenue with 
significant levels of confidence. In line with the previous year, we would consider that approximately 91% of 2016 group revenue consisted 
of revenues in this category. This, combined with the fact that the Group often benefits from pricing increases implemented by our 
customers and the longevity of the agreements, clearly permits the opportunity to outperform future revenue expectations by delivering 
new business.   
 
Key financial metrics 
 
accesso once again performed strongly in 2016 despite some challenging trading conditions during the North American summer where hot 
weather in certain markets was not helpful to attraction attendance. The strong performance also came in the context of a material 
expansion in the cost base owing in part to the aforementioned platform improvements, investment in our global team, development 
expenditure around accesso Prism and the required scale-up to deliver on our global rollout commitment of accesso Passport with Merlin.  
 
Revenue for the year ended 31 December 2016 of $102.5m increased by $9.3m (+10.0%) when compared to 2015 ($93.2m) and benefited 
from accesso’s expanded reach. On a constant currency basis, revenues would have been $1m higher. The gross profit margin in 2016 was 
53.9%, compared to 49.4% in 2015, once again principally reflecting a change in mix towards higher margin ticketing revenue. 
 
Administrative expenses in the business, ignoring share based payments, depreciation and amortisation, were $36.2m, which represented 
an increase of 17% on 2015 ($30.9m), as the Group continued to invest ahead of revenue to support the more global nature of our 
opportunities.  
 
Adjusted operating profit, which the Board considers a key underlying metric, for the year ended 31 December 2016 was $15.7m and this 
equates to 24.6% growth when compared to 2015 ($12.6m). Our adjusted operating margin improved to 15.3% in 2016 (2015: 13.5%) and 
the Board believes there is potential for future improvement in this metric, as we exit this investment period. 
 
Profit before tax of $10.1m increased by $2.9m from $7.2m (+40.3%) in the prior year. On a constant currency basis, profit before tax would 
have been $9.8m. 
 
Earnings per share (basic) was 33.95 cents for 2016, an increase of 38.7% on 2015 (24.47 cents). 
 
These results are evidence of a harmonised and increasingly diversified portfolio capable of delivering overall growth while overcoming 
challenges. More specifically, accesso is increasingly able to derive expanding earnings from its growth at the top line, as the investments 
made come through and allow the Group to reap the benefits of improving operating leverage.  
 
Total R&D expenditure during 2016 was $17.9m, (2015: $12m) represents 17.5% of revenues (12.9%) and of which $11.7m (2015: $6.2m) 
was capitalised. The increase from 2015 is attributable to the development of accesso Prism and the continued expansion of functionality 
to enhance the offering generally and to support our geographic aspirations.   
 
Debt refinancing and cash flow 
 
Cash generated from operations at $18.6m for the year ended 31 December 2016 was 26.5% better than in 2015 ($14.7m) and represents 
a cash conversion from adjusted EBITDA of 97.4% (2015: 96.7%). 
 
 
  accesso Technology Group plc 
9 
 
Chief Executive’s statement (continued) 
 
Our closing net debt balance of $3.4m (2015: $9.4m), represents 17.8% (2015: 62%) of current year adjusted EBITDA and was ahead of our 
expectations, notwithstanding the increased investment. The Board believes that the Group remains in a strong financial position at the 
period end, with excellent opportunities to access debt finance on attractive terms. 
 
On 14 March 2016, the Group amended its facility with Lloyds Bank. That amended facility extended the original to allow a drawdown 
facility of $25m, with no step downs, at an improved drawdown rate of 1.35% above LIBOR, and an improved commitment rate. That facility 
was due to terminate on 14 March 2019 with the possibility for this to extend for a further 24 months in two separate 12 month extensions. 
 
Tax 
 
The full year tax rate of 25.5% (2015: 25.6%) was lower than the guidance that we provided for 2016 of 28%.  
 
The Group continues to focus on and review opportunities for maintaining or lowering its effective rate, while mindful of the fact that the 
majority of taxable income will continue to be generated in markets that currently have significantly higher headline tax rates than the UK. 
The Board expects the Group’s 2017 tax rate to be within the range of 20% to 23%.  
 
Dividend 
 
The Board maintains its view that the payment of a dividend is unlikely in the short to medium term with cash better invested in product 
development and complementary M&A. 
 
Adjustment  
 
A prior year adjustment has been incorporated within the comparative balances as at 31 December 2015 relating to the acquisition 
accounting for accesso LLC within the accounts for the year ending 31 December 2013. This fair value accounting included the recognition 
of a deferred tax asset.  After consultation with KPMG LLP, who were appointed as auditors to the Group in Nov 2016, the Board has 
decided that the deferred tax was overstated and goodwill understated by $4.6m. If this adjustment was retrospectively applied, there 
would not have been any change in reported earnings, net assets or cash flows for 2013, 2014 or 2015. 
 
Summary and Outlook for 2017 
 
accesso has once again performed strongly during 2016 and despite a strong comparator period, has made a reassuringly vibrant start to 
the first half of the new year. 
 
What is clear to the Board is that accesso has all the ingredients and attributes required to enjoy a sustained period of increasingly profitable 
growth in the future. The Board believes that the Group is currently within a stage of its development that should be considered an 
investment period as it invests heavily in product, people and infrastructure to support the global opportunities that present themselves. 
While this may restrict our operating margin growth in the short-term, it presents opportunities for accelerated margin improvement as 
we exit this investment period.  During 2017 the Board will continue to drive accesso along its growth path, executing its plan to expand 
the Group’s capabilities in terms of technology, geographical diversity and personnel to ensure it can make the most of the opportunity 
before it. The Board is confident that the Group will meet its expectations for 2017. 
 
 
 
Steve Brown 
Chief Executive Officer 
 
 
   accesso Technology Group plc 
10 
 
The Board of directors 
for the financial year ended 31 December 2016 
 
Tom Burnet, Executive Chairman 
 
Tom Burnet joined accesso as the Chief Executive Officer in late 2010. In his current position as Executive Chairman, he 
leads accesso’s medium and long-term growth plans.  He has particular responsibility for Group strategy, Investor Relations, and M&A 
activity. Tom was formerly Managing Director of a division of Serco Group plc, a global outsourcing company, overseeing the 5,000 person 
Defense Services division. 
 
During his career he has been involved in creating, growing and running several businesses and started his career as the UK’s youngest 
Army Officer. He also has an MBA from the University of Edinburgh. 
 
He believes accesso can grow to become a billion-dollar business and a cornerstone of the attraction and leisure industry’s supply chain. 
 
John Alder, Chief Financial Officer 
 
John Alder joined accesso in 2008 and is the Chief Financial Officer for the company.  He is a Chartered Accountant who qualified with 
Coopers and Lybrand (PricewaterhouseCoopers) and brings expertise in finance, mergers and acquisitions, strategic planning and financial 
modeling. 
 
Prior to joining accesso, John spent 4 years as European Controller and Interim Finance Director of private equity backed Palletways Group 
Limited, supporting the Continental European development of Europe’s largest and fastest growing palletized freight network business.  
He also held Finance Director and Controller positions in quoted and private pan-European businesses. 
 
John was appointed Chief Financial Officer of the company in August 2009. 
 
Steve Brown, President, Chief Executive Officer 
 
Steve Brown brings a strong operations and finance background to the accesso team with extensive experience in ticketing, pricing strategy, 
eCommerce and revenue management. As the company’s President and Chief Executive Officer, he guides accesso’s global operations. 
Steve’s theme park career began during college at Walt Disney World Resort.  Over the course of sixteen years, he held a variety of roles 
with increasing responsibility in financial planning and pricing strategy including Director, Walt Disney World Ticketing and Vice President, 
Revenue Management for Disneyland Resort, where he drove dramatic growth in park admission and hotel revenues utilizing strategic and 
promotional pricing. 
 
Prior to joining accesso, Steve served as the corporate Vice President of Ticket Strategy and Sales for Six Flags. While at Six Flags, Steve 
championed an overhaul of the company’s eCommerce process, which doubled the already significant online sales and established Six 
Flags’ national partnerships with major distributors.  
 
Steve received his MBA from the Goizueta Business School at Emory University in Atlanta and graduated with a BS in Marketing from the 
University of South Florida in Tampa. 
 
David Gammon, Non-Executive Director 
 
David Gammon has widespread experience in developing and building technology based businesses. Since 2001, David has focused on 
finding, advising and investing in UK technology companies. David founded Rockspring, an advisory and investment firm, which focuses on 
early stage technology companies and where David continues as CEO today. Other current positions include non-executive chairman at 
Frontier Developments plc, non-executive director at Raspberry Pi Trading Limited, and adviser to Marshall of Cambridge 
(Holdings) Limited. 
 
Previous experience includes non-executive director and advisor at artificial general intelligence company DeepMind Technologies Limited, 
advisor to Hawkwood Capital LLP, non-executive director at real time location technology specialist Ubisense Trading Limited, non-
executive director at internet TV specialist Amino Technologies plc, non-executive director at smart metering and software company 
BGlobal plc and acting CFO at internet specialist Envisional Solutions Limited. Earlier in his career David worked as an investment banker 
for over 15 years. 
 
David joined accesso in November 2010 and is chairman of the audit and remuneration committees. 
 
 
 
 
  accesso Technology Group plc 
11 
 
The Board of directors (continued) 
for the financial year ended 31 December 2016 
 
Karen Slatford, Non-Executive Director 
 
Karen Slatford has significant experience working in the global technology and business arenas, serving currently as Senior Independent 
Director at Micro Focus International plc.  Karen has also served since 2009 as Chairman of The Foundry, a global software company and 
since 2013 as a non-executive director of Intelliflo, a SaaS based financial services software company. Between 1983 and 2001, Karen 
worked at Hewlett Packard where, in 2000, she became Vice President and General Manager Worldwide Sales & Marketing for the Business 
Customer Organisation. She was responsible for sales of all Hewlett Packard’s products, services and software to business 
customers globally. 
 
Karen is a member of accesso’s audit and remuneration committees. 
 
John Weston, Senior Independent Director 
 
John Weston joined accesso in 2011 and serves as the Senior Independent Director. Prior to joining, he served as the Chief Executive of 
British Aerospace and BAE Systems 1998 to 2002, at which time it was a £12.5 billion business employing more than 120,000.  
 
John brings vast experience in the electronics and technology industries and in addition to accesso, he currently chairs several other 
companies including Windar Photonics PLC, Pro-Drive Composites and Brittpac PLC.  
 
Previously, John served on the board of directors for MB Aerospace, AWS Electronics, Torotrak, Acra Control, Ufi Charitable Trust and Ufi 
Ltd.  
 
John is a member of accesso’s audit and remuneration committees. 
 
   accesso Technology Group plc 
12 
 
Strategic report 
for the financial year ended 31 December 2016 
 
Review of business 
 
The results for the period and financial position of the company and the Group are as shown in the annexed financial statements and 
explained in the Chairman’s statement and Chief Executive Officer’s statement. 
 
Principal risks and key performance indicators 
 
The Board has identified the principal risks and uncertainties which it believes may impact the Group and its operations, as well as a number 
of key performance indicators with which to measure the progress of the Group and are presented in the financial highlights on page 3. 
 
Principal risks and uncertainties 
 
In line with groups of a similar size, the Group is managed by a limited number of key personnel, including Executive directors and senior 
management, who have significant experience within the Group and the sectors it operates within, and who could be difficult to replace. 
Executive remuneration plans, incorporating long-term incentives, have been implemented to mitigate this risk. 
 
A key risk relates to the high concentration of revenue derived from particular customers or guests of particular theme parks groups. The 
Group continues to increase its operating parks, including the introduction of additional park operators by introducing new technologies, 
extending its geographical presence and broadening its technologies to a wider range of venues. In addition, the Group continues to seek 
appropriate complementary acquisitions to reduce reliance on specific customers, sectors or geographies.   
 
The Group has a significant seasonal business with revenue and cash flows predominantly linked to leisure venue attendance which, with 
the current profile of business, peak in the summer months of the Northern Hemisphere. Attendance at leisure venues can be impacted by 
circumstances outside the control of the Group including, but not limited to, inclement weather, consumer spending capability within the 
regions we operate together with operator venue pricing, discount policies, investment capability, safety record and marketing. 
 
A significant proportion of revenues of the business are denominated in US dollars. Although the majority of expenditure is also 
denominated in this currency, there remains an exposure to movements between the US dollar and either sterling, the Brazilian real, the 
Mexican peso or the Canadian dollar.  
 
The Group has reviewed its operations as a result of the UK’s referendum to leave the European Union (“Brexit”). It is not expected that 
this will have a material impact on the operations or financial results of the Group given its significant operations in the US, and its growing 
global presence. 
 
It is of fundamental importance in maintaining a sustainable long-term business that the Group is aware and takes action to mitigate 
competitive threats, whether from technological change, or from competition. Effort is directed to ensure that the Group invests in 
appropriate and focused research and development activity and monitors technological advances and competitor activity. The Group has 
accelerated its investments in the year across its product portfolio as it looks to support global deployment and enhancement of its 
technologies offering. Linked to this, the Group is committed to protecting its technology by the development and/or purchase of patents 
and will take appropriate action to defend its intellectual property rights or ensure infringers enter into licensing arrangements. The Group 
capitalises appropriate levels of development expenditure but is exposed to the risk that development of a specific technology could suffer 
impairment. 
 
Key performance indicators and alternative performance measures 
 
Key performance indicators are used to measure and control both financial and operational performance. Total guest revenues, ticket 
volumes, revenues, margins, costs and cash are trended to ensure plans are on track and corrective actions taken where necessary. See 
the Chief Executive’s Report on pages 6 to 9 for a discussion of the metrics. Product development performance is also monitored and 
tracked through measurement against agreed milestones. In addition, further key performance indicators include the proportion of 
business that is delivered via mobile technology and the sales mix of services offered. 
 
The Board utilizes consistent alternative performance measures (“APMs”) in evaluating and presenting the results of the business, including 
adjusted EBITDA, adjusting operating profit, repeatable revenue, and constant currency. A reconciliation of these measures from IFRS, 
along with their definition, is provided below. 
 
The Board views these APMs as more representative of the Group’s performance as they remove certain non-cash items which are not 
reflective of the underlying business, including amortisation, depreciation, and share based payments. The APMs help ensure the Group is 
focused on translating sales growth into profit. By adjusting for amortisation, depreciation, and share based payments, the Group is more 
readily comparable against a business that does not have the same acquisition history and share based payment policy. Additionally, these 
are the measures commonly used by the Group’s investor base.  accesso Technology Group plc 
13 
 
Strategic report (continued) 
for the financial year ended 31 December 2016 
 
Reconciliation of APMs 
 2016  2015 
 
Adjusted 
EBITDA  
Adjusted 
Operating 
Profit  
Adjusted 
EBITDA  
Adjusted 
Operating 
Profit 
IFRS measure $000  $000  $000  $000 
Operating profit 10,512  10,512  7,708  7,708 
Add: Amortisation (including acquired intangibles) 6,221  -  5,521  - 
Add: Amortisation related to acquired intangibles -  4,227  -  4,235 
Add: Depreciation 1,393  -  1,360  - 
Add: Share based payments 987  987  629  629 
 19,113  15,726  15,218  12,572 
 
Definitions of APMs 
• Adjusted EBITDA: operating profit before the deduction of amortisation, depreciation, acquisition costs, and costs related to share 
based payments 
• Adjusted operating profit: operating profit before the deduction of amortisation related to acquisitions, acquisition costs, and costs 
related to share based payments 
• Repeatable revenue: transactional revenue that the Group would expect to occur every year from a current customer without a new 
customer being acquired; for example, ecommerce income 
• Constant currency: utilizing the exchange rates from the comparative period as to show how the current period would be presented 
if the current year’s exchange rates had been the same 
• Adjusted EPS: earnings per share after adjusting operating profit for amortisation on acquired intangibles and share based 
payments, net of tax at the effective rate for the period 
 
Risk management and internal control 
 
The Board is satisfied that the Group’s risk management and internal control systems are adequate. At this stage the Board do not consider 
it to be appropriate to establish an internal audit function. 
 
On behalf of the Board: 
 
 
John Alder 
Chief Financial Officer  
21 March 2017 
 
Unit 5, The Pavilions 
Ruscombe Park, Twyford 
RG10 9NN  accesso Technology Group plc 
14 
 
Report of the directors 
for the financial year ended 31 December 2016 
 
The directors present their report with the financial statements of the company and the Group for the financial year ended 31 December 
2016. 
 
Dividends  
 
No dividends will be proposed for the financial year ended 31 December 2016. 
 
Research and development  
 
The Group's research and development activities relate to the development of technologies that can be deployed by entertainment 
operators and venue owners within leisure, entertainment and cultural markets.  During the financial year ended 31 December 2016 the 
Group invested $17.9m into research and development (year ended 31 December 2015: $12.0m).  
 
Directors  
 
The directors during the period under review were: 
 
Tom Burnet, Executive Chairman  
John Alder, Executive 
Steve Brown, Executive 
Matt Cooper, Non-Executive (resigned 18 March 2016) 
David Gammon, Non-Executive  
Leonard Sim, Executive (resigned 16 March 2016) 
Karen Slatford, Non-Executive (appointed 24 May 2016) 
John Weston, Senior Independent Director 
 
The company paid for sufficient directors and officer’s indemnity insurance during the period, and to the date of approval of these 
financial statements, to enable the directors to carry out their duties.  
 
The beneficial interests of the directors holding office on 31 December 2016 in the issued share capital of the company were as follows: 
 
Ordinary share capital £0.01 shares              As at 31 December 2016                  As at 1 January 2016 
    
Tom Burnet, Executive Chairman (1)  426,909 853,818 
John Alder, Executive  6,612 6,612 
Steve Brown, Executive   633,916 1,133,916 
David Gammon, Non-Executive  48,000 48,000 
Karen Slatford, Non-Executive (Appointed 24 May 2016)  - - 
John Weston, Senior Independent Director  165,144 165,144 
    
(1) Shares held by the employee benefit trust of the company. 
 
Details of the directors' share options are disclosed on page 18. 
 
Financial instruments  
 
Details of the Group's financial risk management objectives and policies, including the use of financial instruments, are included within 
the accounting policies in note 6 to the financial statements. 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
15 
 
Report of the directors (continued) 
for the financial year ended 31 December 2016 
 
Substantial shareholdings  
 
As at 31 December 2016 the company had been notified that the following were interested in 3% or more of the ordinary share capital of 
the company: 
 
               Shareholder Number of ordinary shares  % of Issued ordinary 
share capital 
    
Standard Life Investments Limited 2,618,670  11.75% 
BlackRock Investment Management 2,433,664  10.92% 
Allianz Global Investors 1,502,114  6.74% 
Old Mutual Global Investors 810,394  3.64% 
Mr Leonard Sim 809,635  3.63% 
 
Annual general meeting 
 
The annual general meeting of the company will be held on Tuesday, 23rd May 2017. The notice convening the meeting is enclosed with 
these financial statements. 
 
Branch registration 
 
The company operates a branch in Germany. 
 
Corporate governance  
 
The Board of directors comprises three Executive directors, one of whom is the Chairman, and three independent Non-Executive directors. 
The company holds board meetings regularly throughout the year at which financial and other reports are considered. The Board is 
responsible for formulating, reviewing and approving the Group’s strategy, budgets and major items of expenditure.  
 
The committees of the Board 
 
The following committees have been established to assist the Board in fulfilling its responsibilities: 
 
Audit committee 
 
The members of the audit committee are David Gammon, who chairs the committee, John Weston and Karen Slatford. 
 
The committee met three times during the year to fulfil its duties. The Chairman, Chief Executive Officer, Chief Financial Officer and external 
auditor attended meetings by invitation. 
 
The committee is comprised of independent Non-Executive directors only and its terms of reference are to promote appropriate standards 
of integrity, financial reporting, risk management and internal controls. This committee is responsible for overseeing the involvement of 
the Group’s auditor in the planning and review of the Group’s financial statements, any other formal announcements relating to the Group’s 
financial performance, for recommending the appointment and fees of its auditor, and for discussing with the auditor the findings of the 
audit and issues arising from the audit. It reviews the Group’s compliance with accounting, legal and listing requirements. It is also 
responsible, along with the Board, for reviewing the effectiveness of the systems of internal control. The committee considers the 
independence and objectivity of the auditors with regard to the way in which they conduct their audit duties. 
 
The committee looks to ensure that the auditor’s independence is not compromised by their undertaking of non-audit services.  
 
Non-audit/tax advisory services are benchmarked by management to ensure value for money, auditor objectivity and independence of 
advice. 
 
The audit committee’s recommendation is that KPMG LLP be appointed as the company’s auditor and an appropriate resolution will be put 
before the shareholders at this year’s annual general meeting. 
 
Remuneration committee 
 
The members of the remuneration committee are John Weston, Karen Slatford and David Gammon, who chairs the committee.  accesso Technology Group plc 
16 
 
Report of the directors (continued) 
for the financial year ended 31 December 2016 
 
The full committee met two times during the year to fulfil its duties. The committee considers and approves specific remuneration packages 
for each Executive director. In accordance with guidelines set by the Board, the committee determines the Group’s policy on remuneration 
of senior executives and the operation of share option schemes, the grant of options and the implementation and operation of other long 
term incentive arrangements. Remuneration of Non-Executive directors is set by the Executive directors. 
 
It is considered that the composition and size of the Board does not warrant the appointment of a nominations committee and 
appointments are dealt with by the Board as a whole. The need to appoint such a committee is subject to review by the Board. 
 
Going concern 
 
After making appropriate enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in 
operational existence for the foreseeable future, with an underlying business that continues to perform well, a confident Group outlook 
for 2017, and a strong balance sheet and cash position. For this reason, the Board continues to adopt the going concern basis in preparing 
the accounts. 
 
Disabled employees 
 
The Group's policy is one of equal opportunity in the selection, training, career development and promotion of staff. The Group has a policy 
not to discriminate against disabled employees for those vacancies that they are able to fill and will provide facilities, equipment and 
training to assist any disabled persons employed. 
 
All necessary assistance with initial training courses will be given. Once employed, a career plan will be developed so as to ensure suitable 
opportunities for each disabled person. Arrangements will be made, wherever possible, for re-training employees who become disabled to 
enable them to perform work identified as appropriate to their aptitudes and abilities. 
 
Employees 
 
The Group's policy is to consult and engage with employees, by way of meetings, surveys and through personal contact by directors and 
other senior executives, on matters likely to affect employees' interests. 
 
Information on matters of concern to employees is given in meetings, handouts, letters and reports, which seek to achieve a common 
awareness on the part of all employees on the financial and economic factors affecting the Group's performance. 
 
Relations with shareholders 
 
The company and Board recognise the importance of developing and maintaining good relationships with all the various categories of 
shareholders and devotes significant effort and resource in this respect. 
 
There have been regular dialogues with shareholders during the year including holding briefings with analysts and other investors including 
staff shareholders. The company also uses the annual general meeting as an opportunity to communicate with its shareholders. All directors 
are expected to attend the annual general meeting with the chairman of the audit and remuneration committees being available to answer 
shareholders’ questions. 
 
Notice of the date of the 2017 annual general meeting is included with this report. Separate resolutions on each substantially separate 
issue, in particular any proposal relating to the annual report and accounts, will be made at the annual general meeting. 
 
Website publication 
 
The directors are responsible for ensuring the annual report and the financial statements are made available on a website.  Financial 
statements are published on the company's website in accordance with legislation in the United Kingdom governing the preparation and 
dissemination of financial statements, which may vary from legislation in other jurisdictions.  The maintenance and integrity of the 
company's website is the responsibility of the directors.  The directors' responsibility also extends to the ongoing integrity of the financial 
statements contained therein. 
 
Statement as to disclosure of information to auditor  
 
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which 
the Group's auditor is unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself 
aware of any relevant audit information and to establish that the Group's auditor is aware of that information.  
  accesso Technology Group plc 
17 
 
Report of the directors (continued) 
for the financial year ended 31 December 2016 
 
Auditor 
 
A resolution approving the re-appointment of KPMG LLP will be proposed at the forthcoming annual general meeting. 
 
Remuneration committee policy 
 
The policy is to provide remuneration packages for Executive directors which aim to attract and retain high quality executives and which 
link their reward to the Group’s performance. The committee regularly reviews the effectiveness of incentive schemes and, where 
considered necessary or appropriate in order to maximise shareholder value, the committee will consider updating existing scheme rules 
and/or implementing new schemes. 
 
Executive directors’ remuneration package 
 
The components of the remuneration package are base salary and benefits, bonuses, pension contributions and long-term incentive 
arrangements. Base salaries are reviewed by the committee annually, normally in January. The executives may also receive bonuses, 
depending on whether certain financial, operational or strategic objectives are met. The annual standard bonus plan for the Executive 
directors has a maximum threshold of between 80% and 100% of base salary and exceptional bonuses are considered at the committee’s 
discretion. The benefits packages offered include private health insurance and payments to money purchase pension schemes. Notice 
periods for all Executive directors are set at six months. 
 
Details of the directors’ emoluments who served during the current or prior period are also set out below: 
 
Directors’ emoluments 
        2016 2015 2016 2015 
  Salary Fees Bonus Share-
based 
payments 
Other 
benefits 
  Total  Total  Retirement 
contributions 
  $000 $000 $000 $000 $000   $000  $000  $000 $000 
Non - Executive 
directors 
             
Matt Cooper (1)  - 11 - - -  11  53   - - 
David Gammon (2)  - 51 - - -  51  53   - - 
Karen Slatford (3)  - 31 - - -  31  -  - - 
John Weston  - 78 - - -  78  84   - - 
              
Executive directors              
John Alder  298 - 239 58 20  615  443  9 19  
Steve Brown  339 - 350 63 6  758  490  - - 
Tom Burnet  387 - 346 77 2  812  732  17 32  
Leonard Sim (4)  15 - - - 3  18  46   1 4  
              
Total  1,039 171 935 198 31  2,374  1,901   27 55  
(1) Resigned 18 March 2016 
(2) Fee payments in respect of the services provided by David Gammon were paid to Rockspring 
(3) Appointed 24 May 2016 
(4) Resigned 16 March 2016 
 
Tom Burnet was the highest paid director in 2016 (2015: Tom Burnet). 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
18 
 
Report of the directors (continued) 
for the financial year ended 31 December 2016 
 
Share option scheme 
 
The share options of the directors are set out below: 
 
  31 December 
2015 or date of 
appointment 
Issued in 
the 
period 
Exercised in 
the period 
 31 December 
2016 or date 
of resignation 
Exercise 
price 
Date from 
which 
exercisable 
Expiry 
Date 
Share Options        
John Alder 40,000 - 40,000 - 57.5p 25 Jun 10 24 Jun 19 
John Alder 160,000 - 60,000 100,000 156p (1) 10 Mar 12 9 Mar 21 
Steve Brown  - - - - - - - 
Tom Burnet  - - - - - - - 
Leonard Sim  - - - - - - - 
Karen Slatford - - - - - - - 
John Weston  - - - - - - - 
David Gammon (2) 80,000 - - 80,000 156p 10 Mar 12 9 Mar 21 
Matt Cooper  30,400 - - 30,400 600p 25 Apr 15 25 Apr 23 
        
LTIP        
John Alder 29,818 - - 29,818 - 8 July 2017 - 
 42,127 - - 42,127 - 15 Apr 2018 - 
 - 59,371 - 59,731 - 14 Mar 2019 - 
Steve Brown  32,028 - - 32,028 - 8 July 2017 - 
 42,463 - - 42,463 - 15 Apr 2018 - 
 - 69,653 - 69,653 - 14 Mar 2019 - 
Tom Burnet  45,395 - - 45,395 - 8 July 2017 - 
 47,805 - - 47,805 - 15 Apr 2018 - 
 - 82,960 - 82,960 - 14 Mar 2019 - 
(1) Options may only be exercised when the share price is above £1.82 
(2) Held by Rockspring 
 
Employee benefit trust share subscription and Tom Burnet equity incentive plan  
 
On 10 March 2011, the remuneration committee of the Board recommended, and the Board approved, an incentive arrangement pursuant 
to which the company lent its employee benefit trust (‘’EBT’’) £1,331,956, and the EBT subscribed for 853,818 new ordinary shares of 1 
penny each in the company (‘’New Ordinary Shares’’). 
 
The EBT plan subsequently granted Tom Burnet an interest in the growth in value above a share price of £2 per share in the New Ordinary 
Shares. Cash reserves of the Group will not be impacted when this is realised. In addition, the EBT granted Tom Burnet an option to acquire, 
in relation to half of the New Ordinary Shares (426,909), the EBT’s interest in the value between £1.30 and £2, provided that at the date of 
exercise the share price is above £1.82. 
 
On 5 April 2016, Tom Burnet terminated his interest in 426,909 of the New Ordinary Shares and the EBT subsequently disposed of these in 
order to settle its obligations relating to the value above £2. 
 
The remaining shares are registered in the name of Lo-Q (Trustees) Limited, a wholly owned subsidiary of the company. John Alder and 
David Gammon are directors of Lo-Q (Trustees) Limited. 
 
Long Term Incentive Plan Awards 
 
On 14 September 2016, the company granted conditional share awards (“Awards”) over ordinary shares of 1 penny each under the accesso 
Technology Group 2014 Long Term Incentive Plan which was approved by shareholders on 27 May 2014. Awards were granted to Tom 
Burnet (82,960 shares), John Alder (59,371 shares) and Steve Brown (69,653 shares). 
 
The company previously granted Awards under the LTIP scheme in 2015 and 2014, as detailed above. 
 
The Awards vest three years from the date of grant and are required to be held for a further six months and are subject to certain 
performance conditions relating to the achievement of compound share price growth rates as detailed in note 28. No consideration will be 
paid for the conditional shares upon their vesting.  accesso Technology Group plc 
19 
 
Report of the directors (continued) 
for the financial year ended 31 December 2016 
 
On behalf of the Board 
 
 
 
John Alder 
Chief Financial Officer  
21 March 2017   accesso Technology Group plc 
20 
 
Statement of Directors’ responsibilities in respect of the annual report and the financial statements 
 
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and 
regulations.   
Company law requires the directors to prepare group and parent company financial statements for each financial year. As required by the 
AIM Rules of the London Stock Exchange they are required to prepare the group financial statements in accordance with IFRSs as adopted 
by the EU and applicable law and have elected to prepare the parent company financial statements on the same basis.  
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of 
the state of affairs of the group and parent company and of their profit or loss for that period.  In preparing each of the group and parent 
company financial statements, the directors are required to:   
• select suitable accounting policies and then apply them consistently;   
• make judgements and estimates that are reasonable and prudent;   
• state whether they have been prepared in accordance with IFRSs as adopted by the EU; and   
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the parent 
company will continue in business. 
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company’s 
transactions and disclose with reasonable accuracy at any time the financial position of the parent company and enable them to ensure 
that its financial statements comply with the Companies Act 2006.  They have general responsibility for taking such steps as are reasonably 
open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities.   
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s 
website.  Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other 
jurisdictions. 
 
On behalf of the Board 
 
 
John Alder 
Chief Financial Officer  
21 March 2017 
 
 
 
 
 
 
 
 
 
 
 
 
 
   accesso Technology Group plc 
21 
 
Report of the independent auditors to the members of accesso Technology Group plc 
for the financial year ended 31 December 2016 
 
We have audited and provided an opinion on the financial statements of accesso Technology Group plc for the year ended 31 December 
16 set out on pages 22 to 62. The financial reporting framework that has been applied in their preparation is applicable law and International 
Financial Reporting Standards (IFRSs) as adopted by the EU and, as regards the parent company financial statements, as applied in 
accordance with the provisions of the Companies Act 2006.  
 
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our 
audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an 
auditor’s report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone 
other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.   
 
Respective responsibilities of directors and auditor   
As explained more fully in the Directors’ Responsibilities Statement set out on page 20, the directors are responsible for the preparation of 
the financial statements and for being satisfied that they give a true and fair view.  Our responsibility is to audit, and express an opinion 
on, the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland).  Those standards 
require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. 
 
Scope of the audit of the financial statements   
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website at 
www.frc.org.uk/auditscopeukprivate. 
 
Opinion on financial statements   
In our opinion:   
• the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December 
2016 and of the group’s profit for the year then ended;   
• the group financial statements have been properly prepared in accordance with IFRSs as adopted by the EU;   
• the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the EU and as applied 
in accordance with the provisions of the Companies Act 2006; and   
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.   
 
Opinion on other matters prescribed by the Companies Act 2006   
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year is consistent with the financial 
statements. 
Based solely on the work required to be undertaken in the course of the audit of the financial statements and from reading the Strategic 
report and the Directors’ report: 
• we have not identified material misstatements in those reports; and   
• in our opinion, those reports have been prepared in accordance with the Companies Act 2006.   
 
Matters on which we are required to report by exception   
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:   
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received 
from branches not visited by us; or   
• the parent company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with 
the accounting records and returns; or   
• certain disclosures of directors’ remuneration specified by law are not made; or   
• we have not received all the information and explanations we require for our audit.   
 
 
Simon Haydn-Jones (Senior Statutory Auditor)   
for and on behalf of KPMG LLP, Statutory Auditor   
Chartered Accountants   
KPMG UK LLP 
Arlington Business Park 
Reading 
RG7 4SD 
21 March 2017   accesso Technology Group plc 
22 
 
Consolidated statement of comprehensive income 
for the financial year ended 31 December 2016 
  2016  2015 
 Notes $000  $000 
     
Revenue 4, 7, 8 102,511  93,169 
     
Cost of sales  (47,186)  (47,206) 
     
Gross profit  55,325  45,963 
     
Administrative expenses  (44,813)  (38,255) 
     
Operating profit  10,512  7,708 
     
Finance expense 11 (414)  (491) 
     
Finance income 11 4  3 
     
Profit before tax  10,102  7,220 
     
Income tax 12 (2,576)  (1,851) 
     
Profit for the period  7,526  5,369 
     
Other comprehensive income     
     
Items that will be reclassified to income statement     
Exchange differences on translating foreign operations  (1,579)  32 
     
Other comprehensive income net of tax  (1,579)  32 
     
Total comprehensive income   5,947  5,401 
     
Profit attributable to:     
Owners of the parent  7,526  5,367 
Non-controlling interest  -  2 
  7,526  5,369 
     
Total comprehensive income attributable to:     
Owners of the parent  5,947  5,399 
Non-controlling interest  -  2 
  5,947  5,401 
Earnings per share expressed in cents per share:     
Basic 14 33.95  24.47 
Diluted 14 32.02  23.49 
 
 
 
 
 
 
 
 
 
 
 
 
All activities of the company are classified as continuing 
The accompanying notes on pages 29 to 62 form part of these consolidated financial statements   accesso Technology Group plc 
23 
 
Consolidated statement of financial position 
as at 31 December 2016 
 
   Restated*  Restated* 
Registered Number: 03959429 
 31 December 
2016 
 31 December 
2015 
 31 December 
2014 
 Notes $000  $000  $000 
Assets       
Non-current assets       
Intangible assets 15 81,612  76,559  75,718 
Property, plant and equipment 16 3,494  3,077  2,733 
Deferred tax assets 12 6,008  1,377  1,407 
  91,114  81,013  79,858 
       
Current assets       
Inventories 18 491  561  648 
Trade and other receivables 20 10,232  9,080  6,946 
Income tax receivable  681  878  1,052 
Cash and cash equivalents 19 5,866  5,307  5,693 
  17,270  15,826  14,339 
       
Liabilities       
Current liabilities       
Trade and other payables 21 11,242  9,181  7,999 
Finance lease liabilities 22 54  51  48 
Income tax payable  -  84  - 
  11,296  9,316  8,047 
       
Net current assets  5,974  6,510  6,292 
       
Non-current liabilities       
Deferred tax liabilities 12 9,990  9,196  9,150 
Finance lease liabilities 22 9  63  114 
Borrowings 23 9,298  14,700  20,000 
  19,297  23,959  29,264 
       
Total liabilities   30,593  33,275  37,311 
       
Net assets  77,791  63,564  56,886 
       
Shareholders' equity       
Called up share capital 24 357  353  352 
Share premium  28,150  26,841  26,491 
Own shares held in trust  (1,163)  (2,136)  (2,136) 
Other reserves  9,242  3,470  2,544 
Retained earnings  29,919  22,169  16,802 
Merger relief reserve  14,540  14,540  14,540 
Translation reserve  (3,254)  (1,675)  (1,707) 
Total attributable to equity holders  77,791  63,562  56,886 
       
Non-controlling interest  -  2  - 
       
Total shareholders’ equity  77,791   63,564  56,886 
*See note on restatement on pages 35 to 36 
 
The financial statements were approved by the Board of directors on 21 March 2017 and were signed on its behalf by: 
 
Steve Brown 
Chief Executive Officer 
 
The accompanying notes on pages 29 to 62 form part of these consolidated financial statements  accesso Technology Group plc 
24 
 
Company statement of financial position 
as at 31 December 2016 
    Restated*  Restated* 
Registered Number: 03959429 
 31 December 
2016 
 31 December 
2015 
 31 December 
2014 
 Notes $000  $000  $000 
Assets       
Non-current assets       
Intangible assets 15 6,426  2,428  2,356 
Investments in subsidiaries 17 37,806  45,614  47,948 
Property, plant and equipment 16 1,353  1,132  1,377 
Deferred tax asset 12 1,014  283  195 
  46,599  49,457  51,876 
       
Current Assets       
Inventories 18 303  360  403 
Trade and other receivables 20 16,306  18,662  20,528 
Income tax receivable  238  -  903 
Cash and cash equivalents 19 1,303  1,734  1,309 
  18,150  20,756  23,143 
       
Liabilities       
Current liabilities       
Trade and other payables 21 1,258  1,247  1,461 
Income tax payable  -  84  - 
  1,258  1,331  1,461 
       
Net current assets  16,892  19,425  21,682 
       
Non-current liabilities       
Deferred tax 12 1,069  228  32 
Borrowings 23 9,298  14,700  20,000 
  10,367  14,928  20,032 
       
Total liabilities   11,625  16,259  21,493 
       
Net assets  53,124  53,954  53,526 
       
Shareholders' equity       
Called up share capital 24   357  353  352 
Share premium  28,150  26,841  26,491 
Other reserves  4,439  2,643  1,906 
Retained earnings  20,364  14,268  11,939 
Merger relief reserve  14,540  14,540  14,540 
Translation reserve  (14,726)  (4,691)  (1,702) 
Total shareholders' equity  53,124  53,954  53,526 
*See note on restatement on pages 35 to 36 
 
The financial statements were approved by the Board of directors on 21 March 2017 and were signed on its behalf by: 
 
Steve Brown 
Chief Executive Officer 
 
 
 
 
 
 
 
 
The accompanying notes on pages 29 to 62 form part of these consolidated financial statements  accesso Technology Group plc 
25 
 
Consolidated statement of cash flow 
for the financial year ended 31 December 2016 
  2016  2015 
 Notes $000  $000 
     
Cash flows from operations     
 Profit for the period    7,526  5,369 
 Adjustments for:     
 Depreciation  1,393  1,360 
 Amortisation on acquired intangibles  4,227  4,235 
 Amortisation on development costs  1,927  1,187 
 Amortization on other intangibles  67  99 
 Share based payment    987  629 
 Finance expense   414  491 
 Finance income    (4)  (3) 
 Loss on disposal of fixed assets  5  - 
 Foreign exchange (gain) / loss  (1,465)  359 
 Income tax expense 12 2,576  1,851 
     
  17,653  15,577 
     
Increase in inventories    70  87 
Decrease in trade and other receivables   (1,152)  (2,134) 
Increase in trade and other payables   2,061  1,182 
     
 Cash generated from operations  18,632  14,712 
     
 Tax paid  (810)  (1,094) 
     
 Net cash inflow from operating activities   17,822  13,618 
     
Cash flows from investing activities     
Additional consideration to sellers of subsidiary 15 -  (293) 
Purchase of intangible fixed assets  (84)  - 
Capitalised internal development costs  (11,591)  (6,224) 
Purchase of property, plant and equipment  (1,948)  (1,785) 
Interest received  4  3 
     
Net cash used in investing activities  (13,619)  (8,299) 
     
Cash flows from financing activities     
Share issue   1,313  351 
Sale of shares held in trust  1,240  - 
Interest paid  (414)  (468) 
Payments to finance lease creditors  (51)  (48) 
Cash paid to refinance 23 (184)  - 
Proceeds from borrowings  5,550  3,375 
Repayments of borrowings  (10,825)  (8,675) 
     
Net cash used in financing activities  (3,371)  (5,465) 
     
Increase / (decrease) in cash and cash equivalents  832  (146) 
Cash and cash equivalents at beginning of year  5,307  5,693 
Exchange loss on cash and cash equivalents  (273)  (240) 
     
Cash and cash equivalents at end of year 19 5,866  5,307 
 
 
 
The accompanying notes on pages 29 to 62 form part of these consolidated financial statements  accesso Technology Group plc 
26 
 
Company statement of cash flow  
for the financial year ended 31 December 2016 
  2016  2015 
 Notes $000  $000 
     
Cash flows from operations     
 Profit for the period    6,096  2,329 
 Adjustments for:     
 Amortisation on development costs  544  738 
 Depreciation and amortization on other fixed assets  567  783 
 Share based payment    276  629 
 Finance expense   414  480 
 Finance income    (1)  - 
 Foreign exchange gain  (651)  (98) 
 Income tax expense 12 990  514 
     
  8,235  5,375 
     
 Increase in inventories    57  43 
 Increase in trade and other receivables   2,356  1,866 
 Increase / (decrease) in trade and other payables   11  (214) 
     
 Cash generated from operations  10,659  7,070 
     
 Tax (paid) / received   (393)  666 
     
Net cash inflow from operating activities  10,266  7,736 
     
Cash flows from investing activities     
Additional consideration to sellers of subsidiary 15 -  (293) 
Purchase of intangible fixed assets  (84)  - 
Capitalised internal development costs  (4,883)  (1,027) 
Purchase of property, plant and equipment  (947)  (518) 
Interest received  1  - 
     
Net cash used in investing activities  (5,913)  (1,838) 
     
Cash flows from financing activities     
Share Issue  1,313  351 
Interest paid  (414)  (458) 
Cash paid to refinance 23 (184)  - 
Repayments of borrowings  5,550  3,375 
Proceeds from borrowings  (10,825)  (8,675) 
     
Net cash used in from financing activities  (4,560)  (5,407) 
     
(Decrease) / increase in cash and cash equivalents  (207)  491 
Cash and cash equivalents at beginning of year  1,734  1,309 
Exchange loss on cash and cash equivalents  (224)  (66) 
     
Cash and cash equivalents at end of year 19 1,303  1,734 
 
 
 
 
 
 
 
 
 
The accompanying notes on pages 29 to 62 form part of these consolidated financial statements  accesso Technology Group plc 
27 
 
Statement of changes in Group equity 
for the financial year ended 31 December 2016 
  
Share 
capital 
Share 
premium  
Retained 
earnings 
Merger relief 
reserve 
Other 
reserves 
Own shares 
held in trust 
Translation 
reserve  
 Attributable 
to equity 
holders 
 Non-
controlling 
interest  
 
Total 
  $000 $000 $000 $000 $000 $000 $000 
 
$000 
 
$000 
 
$000 
Balance at 31 
December 2015 
(restated)*  353 26,841 22,169 14,540 3,470 (2,136) (1,675)  63,562  2  63,564 
               
Comprehensive income for the year           
Profit for period  - - 7,526 - - - -  7,526  -  7,526 
Other 
comprehensive 
income  - - - - - - (1,579)  (1,579)  -  (1,579) 
Total 
comprehensive 
income for the 
year  - - 7,526 - - - (1,579)  5,947  -  5,947 
               
Contributions by and distributions to owners         
Issue of share 
capital  4 1,309 - - - - -  1,313  -  1,313 
Share based 
payments  - - - - 987 - -  987  -  987 
Reduction of 
shares held in 
trust  - - 222 - - 973 -  1,195    
 
1,195 
Removal of NCI  - - 2 - - - -  2  (2)  - 
Change in tax 
rates  - - - - (11) - -  (11)  -  (11) 
Share option tax 
credit  - - - - 4,796 - -  4,796  -  4,796 
Total 
contributions by 
and 
distributions by 
owners  4 1,309 224 - 5,772 973 -  8,282  (2)  8,280 
               
Balance at 31 
December 2016  357 28,150 29,919 14,540 9,242 (1,163) (3,254)  77,791  -  77,791 
               
Balance at 31 
December 2014 
(restated)*  352 26,491 16,802 14,540 2,544 (2,136) (1,707)  56,886  -  56,886 
               
Comprehensive income for the year          
Profit for period  - - 5,367 - - - -  5,367  2  5,369 
Other 
comprehensive 
income  - - - - - - 32  32  -  32 
Total 
comprehensive 
income for the 
year  - - 5,367 - - - 32  5,399  2  5,401 
               
Contributions by and distributions to owners          
Issue of share 
capital  1 350 - - - - -  351  -  351 
Share based 
payments  - - - - 629 - -  629  -  629 
Share option tax 
credit   - - - - 297 - -  297  -  297 
Total 
contributions by 
and distributions 
by owners  1 350 - - 926 - -  1,277  -  1,277 
               
Balance at 31 
December 2015 
(restated)*  353 26,841 22,169 14,540 3,470 (2,136) (1,675)  63,562  2  63,564 
*See note regarding restatement on pages 35 to 36 
 
 
  accesso Technology Group plc 
28 
 
Statement of changes in company equity 
for the financial year ended 31 December 2016 
 
 
Share 
capital   
Share 
premium    
Retained 
Earnings  
Merger 
relief 
reserve  
Other 
reserves  
Translation 
reserve    Total 
  $000   $000   $000  $000  $000  $000   $000 
Balance at 31 
December 2015 
(restated)* 
 
353  26,841  14,268  14,540  2,643  (4,691)  53,954 
               
Comprehensive income for the year         
Profit for period  -  -  6,096  -  -  -  6,096 
Other comprehensive 
income 
 
-  -  -  -  -  (10,035)  (10,035) 
               
Total comprehensive 
income for the year 
 
-  -  6,096  -  -  (10,035)  (3,939) 
               
Contributions by and distributions by owners           
Issue of share capital  4  1,309  -  -  -  -  1,313 
Share based payments  -  -  -  -  987  -  987 
Change in tax rates  -  -  -  -  (11)  -  (11) 
Share option tax credit  -  -  -  -  820  -  820 
               
Total contributions by 
and distributions by 
owners 
 
4  1,309  -  -  1,796  -  3,109 
               
Balance at 31 
December 2016 
 
357  28,150  20,364  14,540  4,439  (14,726)  53,124 
               
Balance at 31 
December 2014 
(restated)* 
 
352  26,491  11,939  14,540  1,906  (1,702)  53,526 
               
Comprehensive income for the year       
Profit for period  -  -  2,329  -  -  -  2,329 
Other comprehensive 
income 
 
-  -  -  -  -  (2,989)  (2,989) 
               
Total comprehensive 
income for the year 
 
-  -  2,329  -  -  (2,989)  (660) 
               
Contributions by and distributions by owners           
Issue of share capital  1  350  -  -  -  -  351 
Share based payments  -  -  -  -  629  -  629 
Share option tax credit  -  -  -  -  108  -  108 
               
Total contributions by 
and distributions by 
owners 
 
1  350  -  -  737  -  1,088 
               
Balance at 31 
December 2015 
(restated)* 
 
353  26,841  14,268  14,540  2,643  (4,691)  53,954 
*See note regarding restatement on pages 35 to 36 
 
 
 
  accesso Technology Group plc 
29 
 
Notes to the consolidated financial statements 
for the financial year ended 31 December 2016 
 
1. Reporting entity 
 
accesso Technology Group plc is a public limited company incorporated in the United Kingdom, whose shares are publicly traded 
on the AIM market. The company is domiciled in the United Kingdom and its registered address is Unit 5, The Pavilions, Ruscombe 
Park, Twyford, Berkshire RG10 9NN. These consolidated financial statements comprise the company and its subsidiaries (together 
referred to as the “Group”).  
 
The Group's principal activities are the development and application of ticketing, mobile and eCommerce technologies, and 
virtual queuing solutions for the attractions and leisure industry.  
 
2. Basis of accounting 
 
The Group's financial statements have been prepared in accordance with International Financial Reporting Standards, 
International Accounting Standards, and related interpretations (collectively IFRSs) issued by the International Accounting 
Standards Board (IASB) as adopted by the European Union (“adopted IFRSs”). 
 
The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been 
consistently applied to all the periods presented, unless otherwise stated.  
 
New standards that have been adopted during the period 
 
•  Annual improvements to IFRSs  
 
The adoption of the above has not had a material impact on the financial statements during the period ended 31 December 2016. 
 
New standards and interpretations not yet adopted 
 
A number of new standards, amendments to standards, and interpretations are not effective for 2016, and therefore have not 
been applied in preparing these accounts. The effective dates shown are for periods commencing on the date quoted. 
 
•  IFRS 15 Revenue from Contracts with Customers (effective for year ending 31 December 2018) 
•  IFRS 9 Financial Instruments (effective 31 December 2018) 
•  IFRS 16 Leases (effective for year ending 31 December 2019) 
•  IAS 16 and 38: Amendments to Clarification of Acceptable Methods of Depreciation and Amortisation (effective for year 
ending 31 December 2017) 
•  IAS 27: Amendments related to Equity Method in Separate Financial Statements (effective for year ending 31 December 
2017) 
• IAS 11: Amendments relating to Acquisitions of Interest in Joint Operations (effective for year ending 31 December 
2017) 
• IAS 7: Amendments related to Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 
(effective for year ending 31 December 2017) 
•  Annual improvements to IFRSs  
 
At the date of authorisation of these financial statements, the directors have considered the standards and interpretations which 
have not been applied in these financial statements, were in issue but not yet effective, and in some cases had not yet been 
adopted by the EU. 
 
Management is assessing the impact of IFRS 15 “Revenue from Contracts with Customers” and whether the application of IFRS 
15, once effective, will have a material impact on the results of the company. Management is also currently assessing the impact 
of IFRS 16 on the Group’s financial statements, but has not yet formed a conclusion. 
 
Adoption of the other standards and interpretations referred to above is not expected to have a material impact on the results 
of the company. Application of these standards may result in some changes in presentation of information within the company’s 
financial statements. 
 
3. Functional and presentation currency 
 
These consolidated financial statements are presented in United States dollars (USD), which differs from the company’s functional 
currency of sterling. 
  accesso Technology Group plc 
30 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
4. Significant accounting policies 
 
Basis of consolidation 
 
The consolidated financial statements incorporate the results of accesso Technology Group plc and all of its subsidiary 
undertakings as at 31 December 2016 using the acquisition method. Subsidiaries are all entities over which the Group has the 
ability to affect the returns of the entity, and has the rights to variable returns from its involvement with the entity. The results 
of subsidiary undertakings are included from the date of acquisition. 
 
The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured at the 
aggregate of the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued 
by the Group in exchange for control of the acquiree. Any costs directly attributable to the business combination are written off 
to the Group income statement in the period incurred. The acquiree’s identifiable assets, liabilities, and contingent liabilities that 
meet the conditions under IFRS 3 are recognised at their fair value at the acquisition date. 
 
Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business 
combination over the Group’s interest in the net fair value of the identifiable assets, liabilities, and contingent liabilities 
recognised. 
 
Disclosure and details of the subsidiaries are provided in note 17. 
 
Investments, including the shares in subsidiary companies held as fixed assets, are stated at cost less any provision for impairment 
in value. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used 
in line with those used by the Group.  
 
Lo-Q (Trustees) Limited, a subsidiary company that holds an employee benefit trust on behalf of accesso Technology Group plc, 
is under control of the Board of directors and hence has been consolidated into the Group results. 
 
All intra-Group transactions, balances, income and expenses are eliminated on consolidation. 
 
Foreign currency 
 
Foreign currency transactions 
Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the rates ruling 
when the transactions occur. 
 
Monetary assets and liabilities denominated in foreign currency are translated into the functional currency at the exchange rate 
at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into 
the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based 
on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. 
 
Foreign operations 
The assets and liabilities of foreign operations, including goodwill, are translated into United States dollars (USD) at the exchange 
rates at the reporting date. The income and expenses of foreign operations are translated into USD at the rates ruling when the 
transactions occur. 
 
Foreign currency differences on translating the opening net assets at opening rate and the results of operations at actual rates 
are recognised in OCI, and accumulated in the translation reserve. Retranslation differences recognised in other comprehensive 
income will be reclassified to profit or loss in the event of a disposal of the business, or the Group no longer has control or 
significant influence. 
 
Revenue recognition  
 
Revenue primarily arises from the development and application of virtual queuing technologies, eCommerce ticketing and sales 
in relation to point of sale and guest management software licences, and related hardware. 
 
Revenue is recognized when the significant risks and rewards of ownership have been transferred to the customer, the amount 
of revenue can be reliably estimated, and recovery of consideration is probable. Revenue is measured net of discounts and service 
credits. 
  accesso Technology Group plc 
31 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Revenue recognition (continued) 
 
In relation to virtual queuing, customers principally consist of theme park and water park operators, who offer the technology or 
service to their guests and share the revenue or profit generated by the technology with the Group. The Group’s contracts are 
either a profit-share, where the Group and the park split the profit of the operation, or a revenue-share, where the Group receives 
a percentage of revenue of sales at the park. Under both types of contracts, revenue is recognised when the guest utilises the 
technology. 
 
Where the contract is a profit-share, revenue represents the total payment by the park guest, net of sales taxes, to utilise the 
technology.  The Group is generally responsible for the operation within the customer’s attraction, including sales, operation, 
maintenance of the equipment and facility, and guest relations. 
 
In a revenue-share contract, the Group’s share of the revenue generated by the technology, as per the customer agreement, is 
recognised as revenue. The Group generally does not influence operation of the product, sales, maintenance, guest relations, or 
employees. 
 
Ticketing revenue is generated from owners or operators of venues utilising the Group technology and is earned either by a per-
ticket fee or as a percent of the total transaction of ticket purchases by guests or visitors of the venue. It is recognised at the time 
of the sale to the guest or visitor and the fee collected for the sale of the ticket is not refundable to the customer. 
 
Revenue in relation to point of sale and guest management software licences is earned via installing software onto a customer’s 
owned hardware and giving the customer the ability to use the software. While installations often occur over a period of time, 
no revenue is recognized until installation is complete and accepted by the customer. The revenue related to the license fee for 
the software purchased by the customer is recognized at the time installation is complete, as at the time of the installation, the 
Group has fulfilled its obligation to provide the customer the software and there is no recourse for revenue to be refunded.  Any 
revenue relating to an on-going support obligation is deferred and recognised over the period of such obligation. 
 
Customers of point-of-sale and guest management software are also charged an annual maintenance and support fee, calculated 
as a percentage of the original cost of the software, each year they remain a customer. This revenue is recognized rateably over 
12 months. If the customer cancels during any 12-month period, the Group is entitled to retain the full amount of the annual 
consideration.  
 
Interest expense recognition 
 
Expense is recognised as interest accrues, using the effective interest method, to the net carrying amount of the financial liability. 
 
Employee benefits 
 
Share-based payment arrangements 
The Group issues equity-settled share-based payments to full time employees. Equity-settled share-based payments are 
measured at the fair value at the date of grant, with the expense recognized over the vesting period, with a corresponding 
increase in equity. The amount recognised as an expense is adjusted to reflect the Group's estimate of shares that will eventually 
vest, such that the amount recognised is based on the number of awards that meet the service and non-market performance 
conditions at the vesting date. 
 
The fair value of Enterprise Management Incentive (EMI) and unapproved share options is measured by use of a Black-Scholes 
model, and share options issued under the Long Term Incentive Plan (LTIP) are measured using the Monte Carlo method due to 
the market-based conditions upon which vesting is dependent. The expected life used in the model has been adjusted, based on 
management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. 
 
The LTIP awards contain market-based vesting conditions. Market vesting conditions are factored into the fair value of the options 
granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting 
conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-
vesting condition is not satisfied. 
 
Pension costs 
Contributions to the Group's defined contribution pension schemes are charged to the Consolidated statement of comprehensive 
income in the period in which they become due. 
  accesso Technology Group plc 
32 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Commitments under leases 
 
Where substantially all of the risks and rewards incidental to ownership are not transferred to the Group (an “operating lease”), 
the total rentals payable under the lease are charged to the consolidated statement of comprehensive income on a straight-line 
basis over the lease term. The aggregate benefit of lease incentives is recognised as a reduction of the rental expense over the 
lease term on a straight-line basis. 
 
Where substantially all of the risks and rewards incidental to ownership of a leased asset have been transferred to the Group (a 
"finance lease"), the asset is treated as if it had been purchased outright. The amount initially recognised as an asset is the lower 
of the fair value of the leased property and the present value of the minimum lease payments payable over the term of the lease. 
The corresponding lease commitment is shown as a liability.  
 
Finance lease payments are analysed between capital and interest. The interest element is charged to the consolidated statement 
of comprehensive income over the period of the lease and is calculated so that it represents a constant proportion of the lease 
liability. The capital element reduces the balance owed to the lessor. 
 
Property, plant and equipment 
 
Items of property, plant and equipment are stated at cost of acquisition or production cost less accumulated depreciation and 
impairment losses. 
 
Depreciation is charged so as to write off the cost of assets, less residual value, over their estimated useful lives, using the straight-
line method, on the following bases: 
 
Plant, machinery, and office equipment 20.0 - 33.3% of the original costs each year 
Installed systems 25 - 33.3%, or life of contract, of the original costs each year 
Furniture and fixtures 20% of the original costs each year 
Leasehold Improvements Shorter of useful life of the asset or time remaining within the lease 
contract of the original costs each year 
 
Inventories 
 
The Group’s inventories consist of parts used in the manufacture and maintenance of its virtual queuing product, along with 
peripheral items that enable to the product to function within a park. 
 
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving 
items. Inventories are calculated on a first in, first out basis. 
 
Park installations are valued on the basis of the cost of inventory items and labour plus attributable overheads. Net realisable 
value is based on estimated selling price less additional costs to completion and disposal. 
 
Deferred tax  
 
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the consolidated and 
company statements of financial position differs from its tax base, except for differences arising on: 
 
• the initial recognition of goodwill; 
• the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the 
transaction affects neither accounting or taxable profit; and 
• investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal 
of the difference and it is probable that the difference will not reverse in the foreseeable future. 
 
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against 
which the difference can be utilised. 
 
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting 
date and are expected to apply when the deferred tax liabilities / (assets) are settled / (recovered). 
 
 
  accesso Technology Group plc 
33 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Deferred tax (continued) 
 
Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and 
liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: 
 
• the same taxable Group company; or 
• different Group entities which intend either to settle current tax assets and liabilities on a net basis, or to realise the 
assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets 
or liabilities are expected to be settled or recovered. 
 
Current income tax 
 
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the 
extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also 
recognised in other comprehensive income or directly in equity, respectively. 
 
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet 
date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically 
evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is  subject to interpretation. 
It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. 
 
Goodwill and intangible assets 
 
Goodwill is carried at cost less any provision for impairment. Intangible assets are valued at cost less amortisation and any 
provision for impairment. 
 
Goodwill arising on business combinations (representing the excess of fair value of the consideration given over the fair value of 
the separable net assets acquired) is capitalised, and its subsequent measurement is based on annual impairment reviews, with 
any impairment losses recognised immediately in the income statement.  Direct costs of acquisition are recognised immediately 
in the income statement as an expense. 
 
Externally acquired intangible assets 
 
Intangible assets are capitalised at cost and amortised to nil by equal annual instalments over their estimated useful economic 
life.  
 
Intangible assets are recognised on business combinations if they are separable from the acquired entity.  The amounts ascribed 
to such intangibles are arrived at by using appropriate valuation techniques (see note 14).  The significant intangibles recognised 
by the Group and their useful economic lives are as follows: 
 
• Brand name over 3 years 
• Customer relationships over 10 to 15 years 
• Intellectual property over 5 to 7 years 
 
Internally generated intangible assets (research and development costs) 
 
Expenditure on internally developed products is capitalised if it can be demonstrated that: 
• It is technically feasible to develop the product for it to be sold; 
• Adequate resources are available to complete the development; 
• There is an intention to complete and sell the product; 
• The Group is able to sell the product; 
• Sale of the product will generate future economic benefits; and 
• Expenditure on the project can be measured reliably. 
 
Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed, 
which is estimated to be 3 to 5 years. The amortisation expense is included within administrative expenses in the consolidated 
income statement. 
 
  accesso Technology Group plc 
34 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Internally generated intangible assets (research and development costs) (continued) 
 
Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects is 
recognised in the consolidated income statement as incurred. 
 
Research and development 
 
In accordance with IAS 38 'Intangible Assets', expenditure incurred on research and development is distinguished as either to a 
research phase or to a development phase. 
 
All advanced research phase expenditure is charged to the income statement. For development expenditure, this is capitalised 
as an internally generated intangible asset, only if it meets criteria noted above. 
 
Development expenditure is capitalised and amortised within administrative expenses on a straight line basis over its useful 
economic life, which is considered to be up to a maximum of 5 years. The Group has contractual commitments for development 
costs of $nil (2015: $nil). 
 
Intellectual property rights and patents 
 
Intellectual property rights comprise assets acquired, being external costs, relating to know how, patents, and licences. These 
assets have been capitalised at the fair value of the assets acquired and are amortised within administrative expenses on a straight 
line basis over their estimated useful economic life of 5 to 9 years. 
 
Financial assets 
 
The Group classifies all its financial assets into one of the following categories, depending on the purpose for which the asset was 
acquired. The Group's accounting policy for each category is as follows: 
 
• Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in 
an active market. They arise principally through the provision of goods and services to customers (trade receivables), but also 
incorporate other types of contractual monetary asset.  
 
• Trade receivables are initially recognised by the Group and carried at original invoice amount less an allowance for any 
uncollectible or impaired amounts. An estimate for doubtful debts is made when collection of the full amount is no longer 
probable. Debts are written off when they are identified as being uncollectible. Other receivables are recognised at fair value. 
 
• Cash and cash equivalents in the statement of financial position comprise cash at bank, cash in hand and short term 
deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral 
part of the Group's cash management are included as a component of cash and cash equivalents for the purposes of the 
consolidated cash flow statement.  
 
• Impairment is recognised if there is objective evidence that the balance will not be recovered. 
 
The Group’s loans and receivables comprise trade and other receivables and cash and cash equivalents in the statement of 
financial position.  
 
Financial liabilities 
 
The Group treats its financial liabilities in accordance with the following accounting policy:  
 
• Trade payables and other short-term monetary liabilities are recognised at fair value and subsequently at amortised 
cost.  
 
• Bank borrowings and finance leases are initially recognised at fair value net of any transaction costs directly 
attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using 
the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate 
on the balance of the liability carried in the statement of financial position. "Interest expense" in this context includes initial 
transaction costs and premiums payable on redemption, as well as any interest payable while the liability is outstanding. 
  accesso Technology Group plc 
35 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Equity instruments  
 
Equity instruments are recorded at the proceeds received, net of direct issue costs. 
 
Employee benefit trust (EBT)  
 
As the company is deemed to have control of its EBT, it is treated as a subsidiary and consolidated for the purposes of the 
consolidated financial statements. The EBT's assets (other than investments in the company's shares), liabilities, income, and 
expenses are included on a line-by-line basis in the consolidated financial statements. The EBT's investment in the company's 
shares is deducted from equity in the consolidated statement of financial position as if they were treasury shares. 
 
Restatement of goodwill and deferred tax 
 
The consolidated statement of financial position as at 31 December 2014 and 31 December 2015 has been restated in relation to 
the acquisition of accesso LLC. Initially, a deferred tax asset of $4.6m was recognised in relation to the acquisition. Management 
determined that the deferred tax asset was overstated, and goodwill understated by $4.6m as at 31 December 2014 and 31 
December 2015. Accordingly, the deferred tax asset was reclassified as goodwill within the consolidated statement of financial 
position as at 31 December 2014 and 31 December 2015. The restatement has no effect on net assets, cash flow, or reported 
earnings in prior periods, nor the current period. 
 
Restatement of Group and company equity balances 
 
In addition to the above, management identified that a number of capital and reserve balances were being retranslated each 
year for presentation purposes through the foreign currency translation reserve, when they should have been carried at the 
historical exchange rate. As a result, the statements of financial position and statements of changes in equity for the years ended 
31 December 2014 and 31 December 2015 have been restated to remove this foreign exchange movement. The effect of the 
restatement is set out below: 
Group  
Share 
capital 
Share 
premium  
Retained 
earnings 
Merger 
relief 
reserve 
Other 
reserves 
Own 
shares 
held in 
trust 
Translation 
reserve  
 
Attributable 
to equity 
holders 
  $000 $000 $000 $000 $000 $000 $000  $000 
Balance at 31 
December 2014 
(as previously 
reported)  342 25,229 16,236 14,540 2,593 (2,076) 22  56,886 
          - 
Restatement  10 1,262 566 - (49) (60) (1,729)   
           
Balance at 31 
December 2014 
(restated)  352 26,491 16,802 14,540 2,544 (2,136) (1,707)  56,886 
 
Group  
Share 
capital 
Share 
premium  
Retained 
earnings 
Merger 
relief 
reserve 
Other 
reserves 
Own 
shares 
held in 
trust 
Translation 
reserve  
 
Attributable 
to equity 
holders 
  $000 $000 $000 $000 $000 $000 $000  $000 
Balance at 31 
December 2015 
(as previously 
reported)  326 24,313 21,033 13,810 3,427 (1,971) 2,624  63,562 
          - 
Restatement  27 2,528 1,136 730 43 (165) (4,299)   
           
Balance at 31 
December 2015 
(restated)  353 26,841 22,169 14,540 3,470 (2,136) (1,675)  63,562  accesso Technology Group plc 
36 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Restatement of Group and company equity balances (continued) 
 
Company  
Share 
capital 
Share 
premium  
Retained 
earnings 
Merger 
relief 
reserve 
Other 
reserves 
Translation 
reserve   
Attributable 
to equity 
holders 
  $000 $000 $000 $000 $000 $000  $000 
Balance at 31 December 
2014 (as previously 
reported)  
          
342  
        
25,229  
        
11,672  
        
14,540  
        
1,831  (88)  53,526 
          
Restatement    10      1,262         267                   -            75  (1,614)   - 
          
Balance at 31 December 
2014 (restated)  
          
352  
        
26,491  
        
11,939  
        
14,540  
        
1,906  (1,702)   53,526 
 
Company  
Share 
capital 
Share 
premium  
Retained 
earnings 
Merger 
relief 
reserve 
Other 
reserves 
Translation 
reserve  
 Attributable 
to equity 
holders 
  $000 $000 $000 $000 $000 $000  $000 
Balance at 31 December 
2015 (as previously 
reported)  
          
326  
        
24,313  
        
13,384  
        
13,810  
        
2,475  -          354   53,954 
         - 
Restatement  
             
27  
          
2,528  
             
884  
             
730  
           
168  -      4,337    
          
Balance at 31 December 
2015 (restated)  
          
353  
        
26,841  
        
14,268  
        
14,540  
        
2,643  -      4,691   53,954 
 
The restatement has no effect on net assets, cash flow, or statement of comprehensive income in prior periods, nor the current 
period. 
 
5. Critical judgments and key sources of estimation uncertainty 
 
In preparing these consolidated financial statements, the Group makes judgements, estimates and assumptions concerning the 
future that impact the application of policies and reported amounts of assets, liabilities, income and expenses.  
 
The resulting accounting estimates calculated using these judgements and assumptions are based on historical experience and 
expectations of future events, and may not equal the actual results. Estimates and underlying assumptions are reviewed on an 
ongoing basis, and revisions to estimates are recognised prospectively. 
 
The judgements and key sources of assumptions and estimation uncertainty that have a significant effect on the amounts 
recognised in the financial statements are discussed below. 
 
Judgements 
 
Information about judgements made in applying accounting policies that have the most significant effects on the amounts 
recognised in these consolidated financial statements are below: 
 
Agent vs. principal 
As identified in note 4, revenue in respect of the Group’s queuing contracts is recognised on either a gross or net basis. When 
analysing whether the Group is acting as a principal or agent in a given arrangement, this requires management to consider 
several judgemental factors. These factors include whether the Group has the ability to influence operating hours, employees, 
and prices, whether it bears significant credit and inventory risk, and whether it has primary responsibility for providing the goods 
or services to the ultimate customer (the park guest or venue). 
 
When revenue is recognised on a gross basis, management has determined that the Group is operating the product with enough 
autonomy and control over the outcome that is bears significant risk and responsibility that it is acting as the principal. The Group  accesso Technology Group plc 
37 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Judgements (continued) 
 
is generally responsible for the operation within the customer’s attraction, including sales, operation, employee management 
(including hiring), maintenance of the equipment and facility and guest relations.  
 
When revenue is recognised on a net basis, management does not view the Group’s participation in the operation as significant 
enough to influence the factors noted above, including operation of the product, sales, maintenance, guest relations, or employee 
management. Revenue is generally recognised on a net basis in a revenue-share contract, as the Group’s responsibility would not 
extend significantly beyond initial installation of the system and annual upkeep. 
 
Capitalised development costs 
The Group capitalises development costs in line with IAS 38, Intangible Assets. Management applies judgement in determining if 
the costs meet the criteria, and are therefore eligible for capitalisation. Significant judgements include the technical feasibility of 
the development, recoverability of the costs incurred, and economic viability of the product and potential market available 
considering its current and future customers. See Research and Development within note 4 for details on the Group’s 
capitalisation and amortisation policies, and Intangible Assets, note 15 for the carrying value of capitalised development costs. 
 
Point-of-sale and guest management software license and maintenance revenue 
As detailed in note 4, revenue relating to a point-of-sale and guest management software license consists of both an up-front 
license fee in the first year of a contract (or when an additional license is purchased in subsequent years), and maintenance 
revenue spread over a 12 month period. The Group determines the split between the license and maintenance by allocating the 
fair value of the contract between the two components. 
 
Determining the fair value of the license requires management to exercise judgement. Significant judgements include 
determining the expected level of support required by the customer, the extent of and type of updates to the software that are 
made available to the customer, and the value of the license for the software. Managements value of each of these and allocation 
across the consideration received is based upon historical experience, which may or may not reflect the reality of the individual 
client. 
 
Determination of fair values of intangible assets acquired in business combinations 
Intangible assets acquired in business combinations are important to the revenue generating capacity of the Group. The 
recognition of goodwill as the result of a business combination is dependent upon the allocation of the purchase price to the fair 
value of identifiable assets acquired and liabilities assumed. 
 
The fair values are based on management’s judgement of the acquiree’s business and how the assets and liabilities will be utilized, 
and the value attributed directly impacts the value of goodwill. The fair value of these intangible assets is based on a method 
appropriate to the specific intangible asset, and reflect assumptions and estimates that have a material effect on the carrying 
value of the asset.  
 
Key assumptions and estimates made in valuing the acquired intangible assets include: 
• Cash flow forecasts prepared at the time of acquisition, which involve estimating future business volumes; 
• The discount rate applied to the forecasted future cash flows; and 
• The costs to recreate the asset. 
 
The nature and inherent uncertainty relating to these assumptions and estimates means that the actual cash flow may be 
materially different from the forecast, and would therefore have led to a different asset value. See note 4 for the useful lives and 
amortisation policies regarding intangible assets acquired in business combinations. 
 
Assumptions and estimation uncertainties 
 
Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustments in 
the following year are: 
 
Impairment of non-financial assets (excluding inventories and deferred tax assets) 
Impairment tests on goodwill are subject to yearly review. Other non-financial assets are subject to impairment tests whenever 
events or changes in circumstances indicate that their carrying amount may not be recoverable.  
 
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the 
smallest group of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units   accesso Technology Group plc 
38 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Assumptions and estimation uncertainties (continued) 
 
(‘CGUs’). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from the synergies 
of the combination giving rise to the goodwill.  
 
Management must make estimates of the pre-tax discount rate, operating margin, and terminal growth rate when testing for 
impairment. These inputs are based upon historical data and estimates of future events which can be difficult to predict, and 
actual results could vary from the estimate. See note 15 for management’s assumptions used in testing for impairment. 
 
Useful lives of intangible assets 
Intangible assets are amortised over their estimated useful lives with the charge recorded in administrative expenses. Useful lives 
are based on management’s estimates of the period that the assets will generate revenue, which are periodically reviewed for 
continued appropriateness, and reflect current technological and economic developments that could impact the usability of the 
asset.  See note 15 for more details, including carrying values. 
 
6. Financial risk management 
 
Overview: 
 
The Group’s use of financial instruments exposes it to a number of risks including: 
 
• Liquidity risk; 
• Interest rate risk; 
• Credit risk; and 
• Market risk. 
 
This note presents information about the Group’s exposure to each of the above risks and the Group’s policies and processes for 
measuring and managing these risks. The risks are managed centrally following Board-approved policies, and by regularly 
monitoring the business and providing ongoing forecasts of the impact on the business. The Group operates a centralised treasury 
function in accordance with Board-approved policies and guidelines covering funding and management of foreign exchange 
exposure and interest rate risk. Transactions entered into by the treasury function are required to be in support of, or as a 
consequence of, underlying commercial transactions. 
 
Other than short-term trade receivables and trade payables that arise directly from operations, as detailed in notes 19 and 20, 
the Group’s financial instruments comprise cash. The fair values of these instruments are not materially different to their book 
values. The objective of holding financial instruments is to finance the Group’s operations and manage related risks.  
 
Liquidity risk 
 
The Group closely monitors its access to bank and other credit facilities in comparison to its outstanding commitments to ensure 
it has sufficient funds to meet its obligations as they fall due.  The Group finance function produces regular forecasts that estimate 
the cash inflows and outflows for the next 12 months, so that management can ensure that sufficient financing is in place as it is 
required. The Group’s objective is to maintain a balance between continuity of funding, and flexibility through the use of banking 
arrangements in place.  
 
Maturity analysis 
 
The following table analyses the Group’s liabilities on a contractual gross basis based on amount outstanding at the balance sheet 
date up to date of maturity: 
 
31 December 2016  
Less than 
6 months   
Between 6 
months and 
1 year   
Between 1 
and 5 years   
Over 5 
Years   Total 
 Note $000  $000  $000  $000  $000 
           
Group           
Financial liabilities 21 11,101  99  -  -  11,200 
Finance lease 22 27  27  9  -  63 
Bank loan 23 -  -  9,434  -  9,434 
Total  11,128  126  9,443  -  20,697  accesso Technology Group plc 
39 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Maturity analysis (continued)  
 
31 December 2016  
Less than 
6 months   
Between 6 
months and 
1 year   
Between 1 
and 5 years   
Over 5 
Years   Total 
 Note $000  $000  $000  $000  $000 
Company           
Financial liabilities 21 1,277  -  -  -  1,277 
Bank loan 23 -  -  9,434  -  9,434 
Total  1,277  -  9,434  -  10,711 
 
31 December 2015  
Less than 6 
months   
Between 6 
months and 
1 year   
Between 1 
and 5 years   
Over 5 
Years   Total 
 Note $000  $000  $000  $000  $000 
Group           
Financial liabilities 21 9,022  72  -  -  9,094 
Finance lease 22 25  26  63  -  114 
Bank loan 23 -  -  14,700  -  14,700 
Total  9,047  98  14,763  -  23,908 
           
Company           
Financial liabilities 21 1,235  -  -  -  1,235 
Bank loan 23 -  -  14,700  -  14,700 
Total  1,235  -  14,700  -  15,935 
 
The Group would normally expect that sufficient cash is generated in the operating cycle to meet the contractual cash flows as 
disclosed above through effective cash management. 
 
Interest rate risk 
 
The Group’s interest rate risk arises mainly from interest on its bank loan facility, which is subject to a floating interest rate, and 
as such, exposes the entity to cash flow risk if prevailing interest rates were to increase. 
 
The Group regularly reviews its funding arrangements to ensure they are competitive with the marketplace. 
 
The table below shows the Group’s and company’s financial assets and liabilities that could be affected by the fluctuation in 
interest rates split by those bearing fixed and floating rates and those that are non-interest bearing: 
 
31 December 2016  
Fixed 
rate  Floating rate  
Non-interest 
bearing  Total assets  
Total 
liabilities 
 Note $000  $000  $000  $000  $000 
Group           
Financial assets  20 -  -  8,715  8,715  - 
Cash 19 -  -  5,866  5,866  - 
Total  -  -  14,581  14,581  - 
           
Bank loan 23 -  (9,434)  -  -  (9,434) 
Finance lease 22 (63)  -  -  -  (63) 
Total  (63)  (9,434)  -  -  (9,497) 
 
 
 
 
 
  accesso Technology Group plc 
40 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Interest rate risk (continued) 
 
31 December 2016  
Fixed 
rate  
Floating 
rate  
Non-interest 
bearing  Total assets  
Total 
liabilities 
 Note $000  $000  $000  $000  $000 
Company           
Financial assets 20 -  -  15,920  15,920  - 
Cash 19 -  -  1,303  1,303  - 
Total  -  -  17,223  17,223  - 
           
Bank loan 23 -  (9,434)  -  -  (9,434) 
Total  -  (9,434)  -  -  (9,434) 
 
31 December 2015  
Fixed 
rate  
Floating 
rate  
Non-interest 
bearing  Total assets  
Total 
liabilities 
 Note $000  $000  $000  $000  $000 
Group           
Financial assets  20 -  -  7,807  7,807  - 
Cash 19 -  -  5,307  5,307  - 
Total  -  -  13,114  13,114  - 
           
Bank loan 23 -  (14,700)  -  -  (14,700) 
Finance lease 22 (114)  -  -  -  (114) 
Total  (114)  (14,700)  -  -  (14,814) 
           
Company           
Financial assets 20 -  -  18,165  18,165  - 
Cash 19 -  -  1,734  1,734  - 
Total  -  -  19,899  19,899  - 
           
Bank loan 23 -  (14,700)  -  -  (14,700) 
Total  -  (14,700)  -  -  (14,700) 
 
Credit risk exposure 
 
Credit risk predominantly arises from trade receivables, cash and cash equivalents, and deposits with banks. Credit risk is 
managed on a Group basis. External credit checks are obtained for larger customers. In addition, the credit quality of each 
customer is assessed internally before accepting any terms of trade. Internal procedures take into account a customers’ financial 
position, their reputation in the industry, and past trading experience. As a result, the Group’s exposure to bad debts is not 
significant due to the nature of its trade and relationships with customers.  
 
Indeed, the Group, having considered the potential impact of its exposure to credit risk, and having due regard to both the nature 
of its business and customers, do not consider this to have a materially significant impact to the results. Credit risk also arises 
from cash and cash equivalents and deposits with banks and financial institutions that have acceptable credit ratings. 
 
  Group  Company 
  2016  2015  2016  2015 
 Note $000  $000  $000  $000 
         
Financial assets 20 8,715  7,807  15,920  18,165 
Cash 19 5,866  5,307  1,303  1,734 
Estimated irrecoverable amounts  (75)  (198)  -  - 
  14,506  12,916  17,223  19,899 
 
The maximum exposure is the carrying amount as disclosed in trade and other receivables. The average credit period taken by 
customers is 31 days (2015: 31 days). The allowance for estimated irrecoverable amounts has been made based upon the  
  accesso Technology Group plc 
41 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Credit risk exposure (continued) 
 
knowledge of the financial circumstances of individual trade receivables at the balance sheet date. The Group holds no collateral 
against these receivables at the balance sheet date. 
 
The following table provides an analysis of trade and other receivables that were past due at 31 December 2016 and 31 December 
2015, but against which no provision has been made. The Group believes that the balances are ultimately recoverable based on 
a review of past payment history and the current financial status of the customers. 
 
  Group  Company 
  2016  2015  2016  2015 
  $000  $000  $000  $000 
         
Up to 3 months  3,542  3,639  505  75 
3 to 6 months  515  353  2  - 
  4,057  3,992  507  75 
 
Capital risk management 
 
The Group considers its capital to comprise its ordinary share capital, share premium, own shares held in trust, other reserves, 
accumulated retained earnings and borrowings as disclosed in the Consolidated statement of financial position. Further details 
of the Group’s borrowing facilities are included in note 22. The Group manages its capital structure in the light of changes in 
economic conditions and financial markets generally and regularly evaluates its compliance with covenants applicable to their 
borrowing facilities.     
 
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to 
provide returns for current and future shareholders and benefits for other stakeholders, and to maintain an optimal capital 
structure to minimise the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount 
of dividends paid to shareholders, return capital to shareholders, issue new shares, or increase or reduce debt. 
 
The Group does not seek to maintain any specific debt to capital ratio, but considers investment opportunities on their merits 
and funds them in what it considers to be the most effective manner. 
 
Foreign currency exposure 
 
The Group primarily has operations or customers in the UK, USA, Canada, Italy, Germany, Australia, Brazil, and Mexico, and, as 
such, is exposed to the risk of foreign currency fluctuations. The main operating currencies of its operations are in sterling, US 
dollars, Canadian dollars, and euros. The Group's currency exposure comprises the monetary assets and liabilities of the Group 
that are not denominated in the operating or 'functional' currency of the operating unit involved.  At the period end accesso 
Technology Group plc and accesso, LLC. held monetary assets in currencies other than its local currency, sterling and US dollars, 
respectively. Balances at 31 December 2016 are: 
 
accesso Technology Group plc 
 $279,925 (2015: $156,804) denominated in US dollars 
 AUD$79,587 (2015: AUD$14,436) denominated in Australian dollars 
 €109,112 (2015: €81,235) denominated in euros 
  Kr419,095 (2015: Kr nil) denominated in Danish krone 
Accesso, LLC. 
 CAD$16,207 (2015: CAD$10,550) denominated in Canadian dollars 
 €24,019 (2015: €32,220) denominated in euros 
 £nil (2015: £3,386) denominated in sterling 
 
The Group manages risk by its subsidiaries matching revenue and expenditure in their local currency wherever possible. The 
Group tries to keep foreign intercompany balances as low as possible to avoid translation adjustments. Given the nature of the 
Group’s operations and their management of foreign currency exposure, they limit the potential down side risk as far as 
practicably possible.  
 
The Group considers the volatility of currency markets over the year to be representative of the potential foreign currency risk it 
is exposed to. The main currency the Group’s results were exposed to was sterling and over the year the average rate for 1GBP = 
1.345USD (2015: 1GBP = 1.526USD). If sterling had been an average of 5% stronger than the dollar through the year, then it would  accesso Technology Group plc 
42 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Foreign currency exposure (continued) 
 
have increased Group profit before tax by $323,695 (3.20%). If sterling had been an average of 5% weaker than the dollar through 
the year then it would have decreased Group profit before tax by $323,695 (3.20%). 
 
The impact on revenue of these movements would be insignificant. 
 
Fair Value Measurement 
 
The Group does not have any level 2 or 3 financial assets or liabilities that have unobservable inputs that require disclosure. 
 
7. Business and geographical segments 
 
Segmental analysis 
 
The Group’s operating segments under IFRS have been determined with reference to the information presented in the 
management accounts reviewed by the Board of directors. 
 
The principle revenue generating activity of the Group is the provision of technology solutions to the global attractions and leisure 
industry. All of the Group’s revenue is generated via business-to-business channels with operators within this market segment. 
 
The Board consider the Group in its current form to consist of one Operating Segment, and appraises the entity’s performance 
as a whole. The Group’s revenues, costs, assets, liabilities, currency exposure, and cash flows are therefore totally attributable to 
the single Operating Segment.  
 
The ticketing and queuing operations of the Group are evolving and continually merging, and the Group is now serviced through 
a single sales team, transferable staff, and is appraised on a Group basis in terms of incentive arrangements. Additionally, similar 
economic characteristics, including customers, markets, and operating margins, are shared by the revenue generating activities 
of the Group. As the business gains more scale, large shared customers are becoming increasingly common. Allocation of 
resources is driven by customer needs across the Group as a whole. 
 
The segments will be assessed as the Group develops and continues to make acquisitions. 
 
Analyses of the Group’s external revenues and non-current assets (excluding deferred tax) by geographical location are detailed 
below: 
 
  
Revenue 
 
Non-current assets 
  2016  2015  2016  2015 
  $000  $000  $000  $000 
         
UK  4,384  2,807  7,459  2,987 
Other Europe  2,053  1,543  86  42 
Australia  765  373  93  - 
USA and Canada  92,993  86,411  77,353  76,532 
Central and South America  2,316  2,035  115  75 
  102,511  93,169  85,106  79,636 
 
Revenue generated in each of the geographical locations is generally in the local currency of the venue based in that location. 
 
 Major customers 
 
The Group has entered into agreements with theme parks, theme park groups, and attractions to operate its technology in single 
or multiple theme parks or attractions within the theme park group. 
 
The majority of the ultimate revenue of the business is derived from guest rentals of the Group’s virtual queuing technology or 
tickets purchased by guests via the Group’s ecommerce technology, but no single guest forms a significant proportion of the 
revenue of the Group. However, the ability to generate guest rentals or ticket related revenue is fully dependant on the Group 
maintaining and developing agreements with theme parks or attraction owners to operate its technology.  
  accesso Technology Group plc 
43 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Major customers (continued) 
 
The customers of one of the park operators with which the Group has a contractual relationship accounts for $51.3m of Group 
revenue for 2016 (2015: $48.6m). 
 
8. Revenue 
 
Management categorises revenue based upon the likelihood it will be repeatable. 
 
Transactional revenue is repeatable revenue earned as either a fixed amount per sale of an item by the customer or as a percent 
of the total sale (e.g. ecommerce income, ticket sales). Other repeatable revenue is repeatable revenue, excluding transactional 
revenue, that is expected to be earned each year of a customer’s contract (e.g. annual license fees, maintenance support). Non-
repeatable revenue is revenue that occurs one-time (e.g. up-front license fees) or is not repeatable based upon the current 
contract (e.g. billable hours) and is unlikely to be repeatable without additional sales activity. Other revenue consists of hardware 
sales and other revenue that may be repeatable with no sales activity if customer behaviour is consistent.  
 
  
2016 
 
2015 
  
$000 
 
$000 
     
Transactional revenue 84,912 
 
77,792 
Other repeatable revenue 7,942 
 
6,959 
Non-repeatable revenue 5,415 
 
5,279 
Other revenue 
 
4,242 
 
3,139 
  
102,511 
 
93,169 
 
See note 4 for a description of revenue recognition policies, and note 7 for a geographical breakdown of revenue. 
 
9. Employees and directors 
 
  2016  2015 
  $000  $000 
     
Wages and salaries            28,725          25,791  
Social security costs               2,464            1,836  
Defined contribution pension costs                  750               548  
Share based payment transactions                  987               629  
             32,926         28,804  
 
In respect of directors’ remuneration, the disclosures required by Schedule 5 to Large and Medium-sized Companies and Groups 
(Accounts and Reports) Regulations 2008 are included in the detailed disclosures in the report of the directors. 
 
The average monthly number of employees during the year was made up as follows: 
 
  2016  2015 
     
Operations  131           113  
Research & development  140          113  
Sales  26           20  
Finance & administration  47           42  
Marketing  7                2  
Seasonal staff  398            420  
  749          710  
 
 
 
 
 
  accesso Technology Group plc 
44 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
10. Expenses by nature 
 
  2016  2015 
  $000  $000 
     
Park operating costs (i)  44,274   43,259  
Staff costs, less costs associated with research and development  21,050   17,405  
Legal and professional costs   3,067     2,051  
Travel   1,621     1,407  
Marketing   1,733     1,164  
Inventories and consumables  678        540  
Other costs   5,035     5,958  
Other operating leases  1,229        998  
Depreciation - owned assets   1,345     1,312 
Depreciation - finance leased assets   48           48  
Amortisation   6,221     5,521  
Research and development   17,869  12,004 
Research and development capitalized to balance sheet  (11,591)  (6,224) 
Foreign exchange differences  (582)  18 
 
(i) Park operating costs include an amount payable to the park when the Group is acting as the principal in the contract, along 
with the Group’s other park operating costs, regardless of whether it is principal or agent. See notes 4 and 5 for details on how 
the Group recognises revenue and determines whether principal or agent treatment is appropriate. 
 
Auditor’s remuneration 
 
During the period the following services were obtained from the Group's auditor at a cost detailed below: 
 
  2016  2015 
  $000  $000 
Audit services     
Fees payable to the company's auditor of the parent company and consolidated 
accounts 175  114 
Fees payable to the company's auditor for the audit of subsidiaries - 2 84 
     
Non audit services 
    
Tax compliance  8 4 72 
Tax advisory  20  33 
Corporate finance services  - 5 8 
Interim agreed upon procedures  -  9 
Other non-audit services  96  2 
  299  322 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
45 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
11. Finance income and expense 
 
The table below details the finance income and expense for the current and prior periods: 
 
  2016  2015 
  $000  $000 
     
Bank interest received           4             3  
     
Finance costs:     
Bank interest  (360)     (481) 
Amortisation of capitalised refinance costs  (48)  - 
Finance lease  (6)        (10) 
       
Total finance costs  (414)      (491) 
     
Net finance expense  (410)      (488) 
 
12. Tax 
 
The table below provides an analysis of the tax charge for the periods ended 31 December 2016 and 31 December 2015: 
 
  2016  2015 
  $000  $000 
UK corporation tax      
Current tax on income for the period   179  466 
Adjustment in respect of prior periods   (113)  (134) 
  66  332 
Overseas tax      
Current tax on income for the period   1,432  1,181 
Adjustment in respect of prior periods   129  - 
  1,561  1,181 
     
Total current taxation   1,627  1,513 
     
Deferred taxation     
Original and reversal of temporary difference - for the current period  831  268 
Original and reversal of temporary difference - for the prior period  118  70 
  949  338 
     
Total taxation charge  2,576  1,851 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
46 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Tax (continued) 
 
The differences between the actual tax charge for the period and the theoretical amount that would arise using the applicable 
weighted average tax rate are as follows: 
  2016  2015 
  $000  $000 
     
Profit on ordinary activities before tax  10,102  7,220 
     
Tax at United States tax rate of 40% (2015: 40.0%)  4,041  2,888 
     
Effects of:     
Expenses not deductible for tax purposes  60  76 
Additional deduction for patent box  (104)  (148) 
Additional deduction for R&D expenditure – current period  (200)  (295) 
Profit subject to foreign taxes at a lower marginal rate  (1,197)  (583) 
Adjustment in respect of prior period – income statement  134  (134) 
Deferred tax not recognized  70  47 
Other including impact of rate differential  (228)  - 
     
Total tax charge   2,576  1,851 
 
 
Deferred taxation Restated*   
 Asset  Liability  
 $000  $000 
Group    
At 31 December 2015 1,377   (9,196) 
    
Charged to income  (105)   (843)  
Credited directly to equity  4,736  49  
    
At 31 December 2016 6,008  (9,990) 
    
At 31 December 2014 1,407   (9,150) 
    
Charged to income (292)   (46)  
Credited directly to equity  262  -  
    
At 31 December 2015 1,377   (9,196) 
    
Company    
At 31 December 2015 283   (228) 
    
Charged to income (29)  (890)  
Credited directly to equity  760  49 
    
At 31 December 2016 1,014   (1,069) 
    
At 31 December 2014 195   (32) 
    
Charged to income 15  (196)  
Credited directly to equity  73  - 
    
At 31 December 2015 283   (228) 
*See note on restatement on page 35 
  accesso Technology Group plc 
47 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Tax (continued) 
 
The following table summarises the recognised deferred tax asset and liability: 
 
   Restated* 
 2016  2015 
 $000  $000 
Group    
Recognised asset    
Tax relief on unexercised employee share options  5,796   1,108  
Short term timing differences  180   269  
Net operating losses 32  - 
Deferred tax asset 6,008   1,377  
    
Recognised liability     
Depreciation in excess of capital allowances  (4,116)  (2,286) 
Short term timing differences (257)  (360) 
Business combinations (5,617)  (6,550) 
Deferred tax liability  (9,990)  (9,196) 
    
Company     
Recognised asset     
Tax relief on unexercised employee share options  1,102  280  
Short term timing differences  2  3 
Deferred tax asset 1,014   283  
    
Recognised liability     
Depreciation in excess of capital allowances  (1,069)   (228)  
Deferred tax liability (1,069)  (228) 
*See note on restatement on page 35 
 
Tax rates in the UK will reduce from 20% to 19% with effect from 1 April 2017 and to 17% with effect from 1 April 2020.  Deferred 
tax assets and liabilities have been measured at rates of 17% and 40% in the UK and US respectively (2015: 18% and 40% 
respectively). There are no material unrecognised deferred tax assets. 
 
13. Profit of parent company 
 
As permitted by Section 408 of the Companies Act 2006, the profit and loss account of the parent company is not presented as 
part of these financial statements. The parent company's profit for the financial year ended 31 December 2016 was $6,095,725 
(2015: $2,329,072). 
 
14. Earnings per share 
 
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average 
number of ordinary shares outstanding during the period. 
 
Diluted earnings per share is calculated by dividing the net profit attributable to ordinary shareholders after adjustments for 
instruments that dilute basic earnings per share by the weighted average of ordinary shares outstanding during the period 
(adjusted for the effects of dilutive instruments). 
 
Earnings for adjusted earnings per share, a non-GAAP measure, are defined as profit before tax before the deduction of 
amortisation related to acquisitions, acquisition costs and costs related to share based payments less tax at the effective rate. 
 
 
 
 
  accesso Technology Group plc 
48 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Earnings per share (continued) 
 
The following reflects the income and share data used in the total basic, diluted, and adjusted earnings per share computations. 
 
  2016  2015 
Profit attributable to ordinary shareholders ($000)    7,526  5,369 
     
Basic EPS     
Denominator     
Weighted average number of shares used in basic EPS  22,169  21,942 
Basic earnings per share (cents)  33.95   24.47  
     
Diluted EPS     
Denominator     
Weighted average number of shares used in basic EPS          22,169           21,942  
Effect of dilutive securities     
Options  1,332                 911  
Weighted average number of shares used in diluted EPS          23,501           22,853  
Diluted earnings per share (cents)            32.02             23.49  
     
Adjusted EPS      
     
Profit attributable to ordinary shareholders ($000)             7,526              5,369  
Adjustments for the period related to:     
Amortisation relating to acquired intangibles from acquisitions             4,227              4,235  
Share-based compensation and social security costs on unapproved 
options 
             987                629  
    12,740     10,233  
Tax related to the above adjustments (2016: 25.5%, 2015: 25.6%):     
Amortisation relating to acquired intangibles from acquisitions  (1,078)  (1,084) 
Share based compensation and social security costs on unapproved 
options 
 (252)  (161) 
Adjusted profit attributable to ordinary shareholders ($000)             11,410              8,988  
     
Adjusted basic EPS     
Denominator     
Weighted average number of shares used in basic EPS          22,169           21,942  
Adjusted basic earnings per share (cents)  51.48  40.96 
     
Adjusted diluted EPS     
Denominator     
Weighted average number of shares used in diluted EPS  23,501  22,853 
Adjusted diluted earnings per share (cents)  48.55  39.33 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
49 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
15. Intangible assets 
 
The cost and amortisation of the Group’s intangible fixed assets are detailed in the following table: 
 
  
Goodwill – 
restated*  
Customer 
relationships  Trademarks  
Internally 
developed 
technology  
Patent 
costs  
IPR 
costs  
Development 
costs  Totals 
  $000  $000  $000  $000  $000  $000  $000  $000 
Cost                 
At 31 December 
2014 as previously 
stated 38,973  10,240  470  20,280  687  249  7,811  78,710 
                 
Prior year 
adjustment  4,635  -  -  -  -  -  -  4,635 
                 
At 31 December 
2014 as restated 43,608  10,240  470  20,280  687  249  7,811  83,345 
                 
Foreign currency 
translation -  -  -  -  (29)  (12)  (260)  (301) 
Additions 254  -  -  -  -  -  6,224  6,478 
                 
At 31 December 
2015 as restated 43,862  10,240  470  20,280  658  237  13,775  89,522 
                 
Foreign currency 
translation -  -  (1)  -  (93)  (39)  (989)  (1,122) 
Additions -  -  -  -  84  -  11,591  11,675 
                 
At 31 December 
2016 43,862  10,240  469  20,280  649  198  24,377  100,075 
                 
Amortisation                 
At 31 December 
2014 -  794  93  2,924  356  221  3,239  7,627 
                 
Foreign currency 
translation -  -  -  -  (14)  (12)  (159)  (185) 
Charged -  882  148  3,205  74  25  1,187  5,521 
                 
At 31 December 
2015 -  1,676  241  6,129  416  234  4,267  12,963 
                 
Foreign currency 
translation -  -  -  -  (58)  (39)  (624)  (721) 
Charged -  882  142  3,205  62  3  1,927  6,221 
                 
At 31 December 
2016 -  2,558  383  9,334  420  198  5,570  18,463 
                 
Net book value                
At 31 December 
2016 43,862  7,682  86  10,946  229  -  18,807  81,612 
                
At 31 December 
2015 43,862  8,564  229  14,151  242  3  9,508  76,559 
*See note on restatement on page 35 
 
 
 
 
 
  accesso Technology Group plc 
50 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Intangible assets (continued) 
 
The cost and amortisation of the company’s intangible fixed assets are detailed in the following table: 
 
  Patent costs   IPR costs   Development 
costs 
  Totals 
  $000   $000   $000   $000 
Cost         
At 31 December 2014  580  248  5,170  5,998 
         
Foreign currency translation  (29)  (12)  (260)  (301) 
Additions  -  -  1,027  1,027 
         
At 31 December 2015  551  236  5,937  6,724 
         
Foreign currency translation  (93)  (38)    (988)  (1,119) 
Additions  84  -  4,883  4,967 
         
At 31 December 2016  542  198  9,832  10,572 
         
Amortisation         
At 31 December 2014  269  221  3,152  3,642 
         
Foreign currency translation  (14)  (10)  (158)  (182) 
Charged  74  24  738  836 
         
At 31 December 2015  329  235  3,732  4,296 
         
Foreign currency translation  (57)  (38)  (622)  (717) 
Charged  62  1  504  567 
         
At 31 December 2016  334  198  3,614  4,146 
         
Net Book Value         
At 31 December 2016  208  -  6,218  6,426 
         
At 31 December 2015  222  1  2,205  2,428 
 
Prior period acquisition of VisionOne Worldwide Ltd.   
 
On 28 November 2014, the Group acquired 100% of the voting equity of VisionOne Worldwide Ltd., a leading US ticketing and e-
commerce provider to the entertainment sector. Further details and disclosures relating to the acquisition, including the 
provisional fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill are included within the 
2014 Annual report and financial statements. 
 
The principal reason for this acquisition was to take advantage of the complimentary opportunities available within the sector in 
which the Group operates. 
 
The revenue included in the consolidated statement of comprehensive income for the period ended 31 December 2014 is that 
from 28 November 2014. The amount contributed by VisionOne Worldwide Ltd. and its subsidiaries was $0.7m and contributed 
gross profit of $0.18m over the same period. 
 
Had VisionOne Worldwide Ltd. and its subsidiaries been consolidated from 1 January 2014 the consolidated statement of 
comprehensive income would have included revenue of approximately $8.4m and gross profit of $7.7m. Acquisition related costs 
of $0.72m were incurred in relation to this acquisition and are included within administrative expenses ($0.56m) and finance 
costs ($0.16m) within the statement of comprehensive income in 2014.  
 
Details of the final fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill together with the 
provisional fair values are below:  accesso Technology Group plc 
51 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Intangible assets (continued) 
 
  Book value   Adjustment   
Final fair 
value  
Provisional 
fair value  
  $000  $000  $000 $000 
Identifiable intangible assets         
      Internally developed technology   1,526   9,850   11,376  11,376  
      Customer relationships  -  4,459   4,459  4,459  
      Trademarks  -  205   205  205  
Property, plant and equipment   198     198  198  
Receivables and other debtors  1,656   (180)  1,476  1,656  
Payables and other liabilities  (956)  -  (956) (956) 
Cash   693   -  693  693  
Deferred tax Liability  (622)  (5,806)  (6,428) (6,428) 
Total net assets  2,495   8,528   11,023  11,203  
        
Cash paid at completion   18,781   -  18,781  18,781  
Equity instruments (1,519,364 ordinary shares)  14,610  (1) -  14,610  14,610  
Working capital true-up  293   -  293  219  
Total consideration   33,684   -  33,684  33,610  
        
Goodwill on acquisition      22,661  22,407  
 
(1) In accordance with IFRS 3 Business Combinations (revised 2008), the consideration paid in shares is based on the share price 
at the date on which the company obtained control of VisionOne Worldwide Ltd. The price determined in the Membership 
Interest Purchase Agreement for calculating the number of shares to be issued to the vendors is based on an average price 
of 577.5p. Shares are subject to certain lock-up restrictions, namely that one third is fully restricted until twelve months 
after the completion date; a further one third is fully restricted until 24 months after the completion date; and the final one 
third is fully restricted until 36 months after the completion date. 
 
The main factors leading to the recognition of goodwill are the presence of certain intangible assets, such as the assembled 
workforce of the acquired entity and the expected synergies of the enlarged Group, which do not qualify for separate recognition. 
 
The fair value uplift of intangible assets recognised does not attract tax deductions under applicable local tax jurisdictions. 
 
The net cash outflow in each year in respect of acquisition comprised: 
 
 2015  2014  Total 
 $000  $000  $000 
Cash paid (293)  (18,781)  (19,074) 
Net cash acquired -  693   693 
Total cash outflow in respect of acquisition (293)  (18,088)  (18,381) 
 
The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. The recoverable amount is 
determined based on value in use calculations. The use of this method requires the estimation of future cash flows and the 
determination of a discount rate in order to calculate the present value of the cash flows. 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
52 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Intangible assets (continued) 
 
Details of goodwill allocated to acquired cash generating units (CGUs) is as follows: 
    Restated* 
  2016  2015 
   $000  $000 
Goodwill carrying amount     
 Acquired cash generating unit: accesso, LLC & Siriusware, Inc. (CGU 1)   21,201  21,201 
 Acquired cash generating unit: VisionOne Worldwide Limited and its 
subsidiaries (CGU 2)  
 22,661  22,661 
     
 Recoverable amount of CGU's      
 Acquired cash generating unit: accesso, LLC & Siriusware, Inc. (CGU 1)   81,176  65,120 
 Acquired cash generating unit: VisionOne Worldwide Limited and its 
subsidiaries (CGU 2)  
 38,761  33,668 
     
 Excess of recoverable value of CGU above carrying value      
 Acquired cash generating unit: accesso, LLC & Siriusware, Inc. (CGU 1)   48,608  20,019 
 Acquired cash generating unit: VisionOne Worldwide Limited and its 
subsidiaries (CGU 2)  
 1,212  184 
*See note on restatement of goodwill on page 35 
 
The recoverable amounts of all the CGUs have been determined from value in use calculations based on cash flow projections 
using budget and forecast projections and assumes a perpetuity based terminal value. 
 
The key assumptions used for value in the calculations in 2016 and 2015 are as follows: 
 
  2016  2015 
  CGU 1 CGU 2  CGU 1 CGU 2 
Pre-tax discount rate (%) 15.5 15.5  14.5 14.5 
Average operating margin (%) 19.1 35.8  16.0 25.6 
Average EBITDA growth rate 8.0% - 20.0% 11.0% - 15.0%  5.0% - 20.0% 8.0% - 9.0% 
Terminal growth rate (%) 3 3  3 3 
Forecast period (years) 5 5  8 8 
 
Operating margins have been based on past experience, where possible, and future expectations in the light of anticipated 
economic and market conditions.  Discount rates are based on the Group’s WACC adjusted to reflect market participant’s 
expected capital structure.  Growth rates beyond the formally budgeted period are based on economic data pertaining to the 
region concerned.  
 
In respect of CGU 1, if any one of the changes indicated below were made to the above key assumptions, the carrying amount 
and recoverable amount would be equal. 
  Per test  Change 
  %  % 
Pre-tax discount rate  15.5  +14.1 
Average operating margin  19.1  - 
 
If the operating margin of the CGU was nil, the recoverable value would still be above the carrying value. 
 
In respect of CGU 2, if any one of the changes indicated below were made to the above key assumptions, the carrying amount 
and recoverable amount would be equal. 
  Per test  Change 
  %  % 
Pre-tax discount rate  15.5  +0.3 
Average operating margin  35.8  (2.9) 
 
Management continues to review the CGUs and believes the convergence into one CGU is likely in the near term. 
  accesso Technology Group plc 
53 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
16. Property, plant and equipment 
 
The cost and depreciation of the Group’s tangible fixed assets are detailed in the following table: 
 
  
Installed 
systems 
 
Plant, 
machinery and 
office 
equipment 
 
Furniture 
& fixtures 
 
Leasehold 
improvements 
 Totals 
  $000  $000  $000  $000  $000 
Cost           
At 31 December 2014  4,978  3,266  1,082  1,017  10,343 
           
Foreign currency 
translation 
 (242)  (52)  (13)  -  (307) 
Additions  699  421  568  97  1,785 
           
At 31 December 2015  5,435  3,635  1,637  1,114  11,821 
           
Foreign currency 
translation 
 (683)  (88)  (105)  -  (876) 
Additions  361  859  573  155  1,948 
Disposals  (104)  (1,087)  (93)  (8)  (1,292) 
           
At 31 December 2016  5,009  3,319  2,012  1,261  11,601 
           
Depreciation           
At 31 December 2014  3,502  2,963  558  587  7,610 
           
Foreign currency 
translation 
 (169)  (46)  (11)  -  (226) 
Charged  846  256  187  71  1,360 
           
At 31 December 2015  4,179  3,173  734  658  8,744 
           
Foreign currency 
translation 
 (500)  (209)  (34)  -  (743) 
Charged  671  337  242  143  1,393 
Disposals  (104)  (1,087)  (92)  (4)  (1,287) 
           
At 31 December 2016  4,246  2,214  850  797  8,107 
           
Net book value           
At 31 December 2016  763  1,105  1,162  464  3,494 
           
At 31 December 2015  1,256  462  903  456  3,077 
 
 
 
 
 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
54 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Property, plant and equipment (continued) 
 
The cost and depreciation of the company’s tangible fixed assets are detailed in the following table: 
 
  
Installed 
systems 
 
Plant, 
machinery 
and office 
equipment 
 
Furniture & 
fixtures 
 
Leasehold 
improvements 
 Totals 
  $000  $000  $000  $000  $000 
Cost           
At 31 December 2014  4,484  454  229  -  5,167 
           
Foreign currency 
translation 
 (240)  (23)  (12)  -  (275) 
Additions  20  78  420  -  518 
           
At 31 December 2015  4,264  509  637  -  5,410 
           
Foreign currency 
translation 
 (683)  (85)  (105)  -  (873) 
Additions  224  473  250  -  947 
           
At 31 December 2016  3,805  897  782  -  5,484 
           
Depreciation           
At 31 December 2014  3,206  393  191  -  3,790 
           
Foreign currency 
translation 
 (167)  (20)  (10)  -  (197) 
Charged  613  37  35  -  685 
           
At 31 December 2015  3,652  410  216  -  4,278 
           
Foreign currency 
translation 
 (587)  (68)  (36)  -  (691) 
Charged  418  56  70    544 
        -   
At 31 December 2016  3,483  398  250  -  4,131 
           
Net book value           
At 31 December 2016  322  499  532  -  1,353 
           
At 31 December 2015  612  99  421  -  1,132 
 
17. Investments 
 
Investment in subsidiaries 
 
  $000 
Cost   
At 31 December 2015        45,614  
   
Foreign currency translation  (7,808) 
   
At 31 December 2016  37,806 
 
 
 
  accesso Technology Group plc 
55 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Investments in subsidaries (continued) 
 
At 31 December 2014                                     47,948  
       
Additions                               74 
Foreign currency translation                              (2,408)                           
       
At 31 December 2015                                   45,614  
 
Net book value       
At 31 December 2015                                  45,614  
       
At 31 December 2016                             37,806 
 
Name  Country of incorporation  
% Ownership 
interest 
 
% Voting 
Rights 
Lo-Q, Inc. (1)  United States of America  100  100 
Lo-Q Service Canada Inc (1)  Canada  100  100 
Lo-Q (Trustees) Limited (2)  United Kingdom  100  100 
accesso, LLC. (3)  United States of America  100  100 
Siriusware, Inc. (4)  United States of America  100  100 
Lo-Q Limited (5)  United Kingdom   100  100 
VisionOne Worldwide Limited (6)  British Virgin Islands  100  100 
VisionOne, Inc. (7)  United States of America  100  100 
VisionOne S.A. de C.V. (8)  Mexico  100  100 
ShoWare do Brazil Ltda (9)  Brazil  100  100 
VisionOne do Brazil Ltda (9)  Brazil  100  100 
Accesso Australia PTY Limited (10)  Australia  100  100 
As required by the Companies Act, the registered address of the businesses are: 
(1) Registered address of 420 Thornton Rd, Suite 109, Lithia Springs, GA, USA 
(2) Registered address of Unit 5, The Pavilions, Ruscombe Park, Twyford, Berksire RG 10 9NN, UK 
(3) Registered address of 1025 Greenwood Blvd, Suite 500, Lake Mary, FL, USA 
(4) Registered address of 302 Camino de la Placita, Taos, NM, USA 
(5) Registered address of Unit 5, The Pavilions, Ruscombe Park, Twyford, Berksire RG 10 9NN, UK 
(6) Registered address of Geneva Place, PO Box 3469, Waterfront Drive, Road Town, British Virgin Islands 
(7) Registered address of 6781 N Palm Ave, #120, Fresno, CA 93704, USA 
(8) Registered address of Montecito #38, Piso 30 Oficinas 26 y 27, Colonia Napoles, 03810, Mexico City, Mexico, D.F. 
(9) Registered address of Rua Joaquim Floriano, no. 888, Suite 1003, Itaim Bibi, CEP 04534-003, Sao Paulo, Sao Paulo, Brazil 
(10) Registered address of 135 King Street, Floor 13, Sydney City, 2000, NSW, Australia 
 
accesso, LLC, Siriusware, Inc. and VisionOne, Inc. are 100% owned by Lo-Q, Inc. VisionOne do Brazil Ltda and VisionOne do Mexico 
Ltda are 100% owned by VisionOne Worldwide Ltd. Showare Do Brazil Ltda is 100% owned by VisionOne do Brazil Ltda. 
 
The trade for both Lo-Q, Inc. and Lo-Q Service Canada Inc is that of the application of virtual queue technologies. The trade of 
accesso, LLC, Siriusware, Inc. and the VisionOne subsidiaries is that of ticketing and point-of-sale software solutions. The economic 
characteristics of the entities are similar, including customer bases, and operating margins, and therefore they are classified as 
one segment. 
 
Lo-Q (Trustees) Limited operates an employee benefit trust on behalf of accesso Technology Group plc to provide benefits in 
accordance with the terms of a joint share ownership plan. Further details of this can be found on page 18. 
 
 
 
 
 
 
 
 
  accesso Technology Group plc 
56 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
18. Inventories 
 
 Group  Company 
 2016  2015  2016  2015 
 $000  $000  $000  $000 
        
Stock 478  561  303  360 
Park installation 13  -  -  - 
 491  561  303  360 
 
The amount of inventories recognised as an expense and charged to cost of sales for the year ended 31 December 2016 was 
$1,878,066 (2015: $1,796,084). Park installation balances includes equipment installed at a theme or water park on a trial basis 
or during the phase prior to a new or updated operation commencing. 
 
19. Cash and cash equivalents 
 
 
Group 
 
Company 
 
2016 
 
2015 
 
2016 
 
2015 
 
$000 
 
$000 
 
$000 
 
$000 
        
Petty cash 2 
 
1 
 
1 
 
1 
Bank accounts 5,864 
 
5,306 
 
1,302 
 
1,733 
 
5,866 
 
5,307 
 
1,303 
 
1,734 
 
20. Trade and other receivables 
 
 Group  Company 
 2016  2015  2016  2015 
 $000  $000  $000  $000 
        
Trade debtors 5,903  6,407  970  413 
Accrued income 2,812  1,400  129  51 
Amounts owed by Group undertakings -  -  14,821  17,701 
Financial assets 8,715  7,807  15,920  18,165 
        
Social security and other taxes -  18  -  1 
Other debtors 190  85  38  31 
VAT (1)  140  4  138 
Prepayments 1,328  1,030  344  327 
 10,232  9,080  16,306  18,662 
 
The Group’s financial assets are short term in nature. In the opinion of the directors, the book values equate to their fair value. 
 
21. Trade and other payables 
 
 
Group 
 
Company 
 2016  2015  2016  2015 
 $000  $000  $000  $000 
        
Trade creditors 1,281  2,493  150  220 
Other creditors 519  159  (1)  44 
Deferred revenue 4,050  4,152  -  - 
Accruals 5,350  2,290  1,128  971 
Financial liabilities 11,200  9,094  1,277  1,235 
        
Social security and other taxes 42  87  (19)  12 
 11,242  9,181  1,258  1,247 
The Group’s financial liabilities are short-term in nature. In the opinion of the directors the book values equate to their fair value.   accesso Technology Group plc 
57 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
22. Finance lease 
 
Certain office equipment in one of the Group’s properties is classified as a finance lease, and included within the Group’s tangible 
fixed assets disclosed in note 16, which have a net book value of $3.5m, are assets with a net book value of $0.1m held under 
finance lease arrangements. The depreciation charged in the year in respect of these assets was $0.05m. 
 
Future lease payments are due as follows:  
 
 
Minimum lease 
payments 
  Interest 
 
Present 
Value 
 $000   $000   $000 
      
Not later than one year 57  3  54 
Repayable between one and five years 10  1  9 
 67  4  63 
      
Current liabilities     54 
Non-current liabilities     9 
     63 
 
At 31 December 2015, the future lease payments were as follows: 
 
 
Minimum lease 
payments 
  Interest 
 
Present 
Value 
 $000   $000   $000 
      
Not later than one year 57  6  51 
Repayable between one and five years 67  4  63 
 124  10  114 
      
Current liabilities     51 
Non-current liabilities     63 
     114 
 
23. Borrowings 
 
 Group  Company 
 2016  2015  2016  2015 
 $000  $000  $000  $000 
        
Bank loans 9,434  14,700  9,434  14,700 
Arrangement fees, less amortised cost (136)  -  (136)  - 
 9,298  14,700  9,298  14,700 
 
On 7 November 2014 the Group entered into an amendment and restatement agreement with Lloyds Bank plc in relation to a 
Revolving Loan Facility dated 4 December 2013. 
 
On 14 March 2016, the Group amended the facility. The amended facility extends it to allow a drawdown facility of $25m, with 
no step downs, at an improved drawdown rate of 1.35% above LIBOR, and an improved commitment rate. The renewed facility 
terminates on 14 March 2019 with the possibility for this to extend for a further 24 months in two separate 12 month extensions. 
 
 
 
 
 
 
 
  accesso Technology Group plc 
58 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
24. Called up share capital 
 
       Restated* 
 2016  2016  2015  2015 
Ordinary shares of 1p each Number  $000  Number  $000 
        
Opening balance 21,984,321  353  21,924,537  352 
Issued in relation to exercised share options 293,310  4  59,784  1 
        
Closing balance 22,277,631  357  21,984,321  353 
*See note on restatement on pages 35 to 36 
 
During the period, 293,310 shares, with a nominal value $4,134, were allotted following the exercise of share options.  
 
On 28 November 2014, the Group issued 1,519,364 shares, with a nominal value of $23,686, in respect of the acquisition of 
VisionOne Worldwide Ltd., with a fair value of $14.6m ($9.62 per share). Shares are subject to certain lock-up restrictions, namely 
that one third is fully restricted until twelve months after the completion date; a further one third is fully restricted until 24 
months after the completion date; and the final one third is fully restricted until 36 months after the completion date. 
 
Following the adoption of new Articles of Association on 12 April 2011 the company no longer has an authorised share capital 
limit. 
 
All issued share capital is fully paid, except for 426,909 treasury shares registered in the name of Lo-Q (Trustees) Limited, a wholly 
owned subsidiary of the company on behalf of the Lo-Q Employee Benefit Trust. 
 
Share option schemes 
 
At 31 December 2016 the following share options were outstanding in respect of the ordinary shares: 
 
Scheme  Number of 
shares 
 Period of Option  Price per 
share 
EMI Scheme  1,850  25 June 2010 to 24 June 2019  57.5p 
  22,235  24 June 2013 to 23 June 2021  179p 
  16,231  30 November 2014 to 29 November 2022  323.5p 
  10,000  25 April 2015 to 25 April 2023  600p 
  12,000  23 January 2017 to 22 January 2024  697.5p 
  18,800  15 April 2018 to 15 April 2025  557.5p 
  20,050  29 April 2019 to 28 April 2026  1105p 
US Scheme  100,000  10 March 2012 to 9 March 2021 (1)  156p 
  19,700  24 June 2013 to 23 June 2021  179p 
  13,984  30 November 2014 to 29 November 2022  323.5p 
  15,000  26 March 2014 to 25 March 2022  292.5p 
  88,250  25 April 2015 to 25 April 2023  600p 
  158,750  23 January 2017 to 22 January 2024  697.5p 
  194,900  15 April 2018 to 15 April 2025  557.5p 
  2,008  14 January 2018 to 14 January 2026  851p 
  220,550  29 April 2019 to 28 April 2026  1105p 
  2,262  23 May 2019 to 22 May 2026  1061p 
UK unapproved Scheme   110,000  10 March 2012 to 9 March 2021  156p 
Long term incentive plan  182,205  8 July 2017  -p (2) 
  40,400  27 October 2017  -p (2) 
  277,534  15 April 2018  -p (2) 
  306,974  14 March 2019  -p (2) 
(1) Options may only be exercised when the share price is above £1.82. 
(2) Vesting is conditional on achievement of certain market based conditions (see note 28). 
 
  accesso Technology Group plc 
59 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
25. Reserves 
 
The following describes the nature and purpose of each reserve within equity:  
 
Reserve Description and purpose 
Share premium: Amount subscribed for share capital in excess of nominal value 
Own shares held in trust: Weighted average cost of own shares held by the EBT 
Other reserve: Reserve to account for share option equity based transactions 
Merger relief reserve: The merger relief reserve represents the difference between the fair value and nominal 
value of shares issued on the acquisition of subsidiary companies, where the company has 
taken advantage of merger relief 
Retained earnings: All other net gains and losses and transactions not recognised elsewhere 
Translation reserve: Gains/losses arising on retranslating the net assets of overseas operations into US dollars 
 
26. Pension commitments 
 
The Group operates defined contribution pension schemes in the UK and US. The assets of each scheme are held separately from 
those of the Group in an independently administered fund. The pension charge represents contributions payable by the Group 
to the fund and amounted to $749,803 (2015: $548,044). Contributions amounting to $56,326 (2015: $48,647) were payable to 
the fund and are included in creditors. 
 
27. Related party disclosures 
 
Ultimate controlling party 
 
There is no ultimate controlling party. 
 
Subsidiaries 
 
All intercompany revenues, expenses, and balances are eliminated upon consolidation. 
 
Other related parties 
 
Rockspring, a company in which David Gammon, an accesso Technology Group plc director, is a director invoiced the company in 
respect of directors fees $43,357 (2015: $44,256), of which $7,032 (2015: $3,578) was outstanding at year end. 
 
Matt Cooper, who resigned as an accesso Technology Group plc director on 18 March 2016, invoiced the company in respect of 
directors fees $8,774 (2015: $44,256), of which $nil (2015: $3,578) was outstanding at year end. 
 
Maven Creative, LLC., a company in which Steve Brown, an accesso Technology Group plc director, is a director and has a 33% 
interest, invoiced the Group $197,627 (2015: $100,928) in respect of marketing services, of which $164 (2015: $3,082) was 
outstanding at year end. 
 
All of the above outstanding amounts are included within trade creditors. 
 
Key management compensation 
 
The key management of the company staff are considered to be the Executive directors and their remuneration is as follows: 
 
  2016  2015 
  $000  $000 
Executive director’s remuneration  1,987  1,785  
Executive director's contribution to retirement scheme  27  55  
Employer’s social security costs  166  126  
Share-based payments  198  115  
  2,378  2,081  
  
Included in employer’s social security costs is an amount of $nil related to the exercise of unapproved share options by directors 
(2015: $nil).  accesso Technology Group plc 
60 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
28. Share-based payment transactions 
 
Equity settled share option schemes 
 
For details of share option schemes in place during the period see note 24. Details of the number of share options and the 
weighted average exercise price (WAEP) outstanding during the period are as follows: 
 
 2016  2015 
 Number  WAEP (pence)  Number  WAEP (pence) 
Outstanding at beginning of year 1,591,300  289.10  1,178,200  313.21 
Granted during the year 558,345  496.39  527,334  264.09 
Exercised during the year (293,310)  321.29  (59,784)  388.58 
Leavers, lapsed & other  (32,651)  683.64  (54,450)  626.43 
        
Outstanding at end of the year 1,823,634  340.04  1,591,300  289.10 
Exercisable at the end of the year 387,250  289.02  676,060  300.95 
Weighted average share price at date of exercise for 
share options exercised during the year: 1,092.3     795.80 
 
The exercise price of options outstanding at 31 December 2016 range between £nil and 1,105p (2015: £nil and 697.5p) and their 
weighted average contractual life was 4.7 years (2015: 5.4 years). 
 
The weighted average share price at the date of exercise for share options exercised during the period was £1,092.3 (2015: £7.95). 
 
The fair value of options granted during the period were calculated using the Black-Scholes valuation method. The inputs to the 
model were as follows: 
 
 2016  2015 
Weighted average exercise price of options issued during the period 
(pence) 
1,102.58  575.5 
Expected volatility (%) 31.47              27.63  
Expected life beyond vesting date (years)              2.00                2.00  
Risk free rate (%)              1.00                1.00  
Dividend yield (%)                  -                      -    
 
The Group did not enter into any share-based payment transactions with parties other than employees during the current or 
previous period.   
 
Expected volatility was determined by calculating the historic volatility of the Group’s share price over the previous twelve-month 
period. Expected life is based on the Group’s assessment of the average life of the option following the vesting period. The market 
vesting condition was factored into the valuation of shares issued under the LTIP as explained on page 18. 
 
Long term incentive plan 
 
In addition to those above, on 14 March and 14 September 2016 the Group granted conditional share awards (“Awards”) over a 
total of 306,974 ordinary shares of 1 penny under the Long Term Incentive Plan (“LTIP”), which was approved by shareholders on 
27 May 2014. 
 
During 2014 and 2015, the company granted Awards over 222,206 and 277,534 ordinary shares of 1 penny under the LTIP, 
respectively. 
 
All Awards vest three years from the date of grant, are required to be held for a further six months, and are subject to certain 
performance conditions. 
 
 
 
 
 
  accesso Technology Group plc 
61 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
Long term incentive plan (continued) 
 
The fair values of the Awards at the dates of grant were calculated using the Monte Carlo statistical modelling approach to reflect 
the market conditions within the Award conditions. The inputs to this model were as follows: 
 
 14 March 
2016  
14 September 
2016  2015 
Expected volatility (%) 28.0  28.0         30.0  
Expected life years 3.00  2.5            3.00  
Risk free rate (%) 0.73  0.16            0.60  
Dividend yield (%) -  -                  -    
 
29. Reconciliation of net cash flow to movements in net funds and analysis of net funds 
 
The amounts disclosed on the cash flow statement in respect of cash and cash equivalents are in respect of these balance sheet 
amounts. 
 
2015  Cash Flow  
Exchange 
movement   2016 
 $000  $000  $000   $000 
Group        
Cash in hand & at bank 5,307  832  (273)  5,866 
        
 5,307  832  (273)  5,866 
        
Company 
       
Cash in hand & at bank 1,734  (207)  (224)  1,303 
        
 1,734  (207)  (224)  1,303 
 
 
 
2014  Cash Flow  
Exchange 
movement   2015 
 $000  $000  $000   $000 
Group        
Cash in hand & at bank 5,693  (146)  (240)  5,307 
        
 5,693  (146)  (240)  5,307 
        
Company 
       
Cash in hand & at bank 1,309  491  (66)  1,734 
        
 1,309  491  (66)  1,734 
 
Group net debt reconciliation 
  2016  2015 
 Note $000  $000 
     
Borrowings 23 9,298  14,700 
Less: Cash in hand & at bank 19 (5,866)  (5,307) 
     
Net debt  3,432  9,393 
 
 
 
 
 
  accesso Technology Group plc 
62 
 
Notes to the consolidated financial statements (continued) 
for the financial year ended 31 December 2016 
 
30. Commitments under operating leases 
 
Total of future minimum operating lease payments under non-cancellable operating leases: 
 
 2016  2015 
 $000  $000 
Group    
Land & buildings    
Less than one year 935  720 
Within one to five years 3,123  3,495 
Greater than five years 1,003  1,871 
 5,061  6,086 
Other    
Less than one year 39  47 
Within one to five years 34  87 
Greater than five years -  - 
 73  134 
 
 
 2016  2015 
 $000  $000 
Company    
Land & buildings    
Less than one year 100  93 
Within one to five years 365  604 
Greater than five years -  817 
 465  1,514 
Other    
Less than one year 39  47 
Within one to five years 34  87 
Greater than five years -  - 
 73  134 
 
Operating leases within ‘Land & buildings’ include the leases of company and Group offices. Leasing arrangements from the 
respective lessors can be viewed as standard. Leases within ‘Other’ include office equipment and a vehicle. Terms can be viewed 
as standard.