Technology solutions provider Accesso Technology said it had enough cash to operate into autumn but said it was talks with its lender to potentially beef up its credit lines as its markets had been severely impacted by the Covid-19 pandemic. The company also announced the appointment of Fern MacDonald as chief financial officer. Staffing expense reductions, combined with reduced discretionary spending including travel, marketing, and tradeshows, and the permanent closure of its San Diego office effective 27 April, would together reduce the company's monthly operating cost run rate by approximately $2.6m compared to 2019, resulting in a run rate of approximately $3.8m. 'We consider that alongside our aggressive mitigating actions our existing facility gives us sufficient liquidity to support operations through summer and into the autumn period, assuming a nominal level of activity from mid-summer onwards,' the company said. 'To that end we are currently in constructive discussions with our debt provider to ensure that any necessary covenant waivers are granted and potentially to increase our available liquidity,' it added. At 9:20am: (LON:ACSO) Accesso Technology Group PLC share price was -20p at 175p
Sign up to our
Subscribe to the latest investing news by entering your email address below
You can opt out at any time.
For five days a week you will get
- The latest company news
- Insight into investment trends
- Round-up of director's buys and sells
- Articles from Shares magazine
Plus more useful investment content and occasional promotional offers.
UK 350 Risers and Fallers
Tweets not available.