Highlights

  • Berenberg initiates buy ratings on Accesso Technology Group and Luceco with price targets of 550 GBX and 175 GBX respectively.
  • Accesso expects 2025 revenue of around $155 million and plans a GBP 14.5 million tender offer.
  • Luceco reports 2025 revenue of approximately GBP 271 million with increased expectations for 2026.

Two London-listed companies, Accesso Technology Group and Luceco, have received buy ratings from investment bank Berenberg following recent trading updates that outlined revenue progress, operational developments and forward-looking plans. Berenberg has set price targets of GBX 550 for Accesso Technology Group and 175 GBX for Luceco, pointing to valuation upside from current levels.

Accesso Trading Update Supports Broker Optimism

Accesso Technology Group PLC (LS:EACSO), which provides ticketing, guest experience and data solutions to leisure and entertainment venues, reported that revenue for the 2025 financial year is expected to come in slightly ahead of market expectations at approximately USD155 million. Cash EBITDA margins are forecast to approach 15%, supported by operational efficiencies and cost controls.

The company noted that while transaction volumes softened during peak summer months, higher service revenues offset this impact. Cash EBITDA for the year is expected to align with the prior year, and net cash stood at USD 30 million as of 31 December 2025.

Accesso has also completed a share repurchase programme covering around 7% of its issued share capital. Building on this, the board intends to launch a tender offer to repurchase up to GBP 14.5 million of shares at an expected price of GBP 3.00 per share.

In its outlook, the company confirmed continued service provision to a major customer into 2026, with updated commercial terms close to completion. Another customer is set to exit a software agreement at the end of January 2026, as previously communicated.

Luceco Delivers Revenue Growth and Margin Expansion

Luceco PLC (LSE:LUCE), a designer and manufacturer of electrification products, reported full-year 2025 revenue of approximately GBP 271 million, representing a 12% increase year on year. Second-half like-for-like growth exceeded 6%, accelerating from the first half.

Electric vehicle charging sales rose by around 85% to approximately GBP 18 million, while wiring accessories and LED products posted low single-digit growth. Adjusted operating profit is expected to reach at least GBP 33.5 million, exceeding prior market expectations, with margins forecast to move above 12%.

The group generated adjusted free cash flow of around GBP 30 million during the year and reduced bank net debt to approximately GBP 53 million. Luceco said it has entered 2026 with positive sales momentum and increased exposure to energy transition markets, prompting the board to raise revenue and profit expectations for the year ahead.