AUCTION
TECHNOLOGY GROUP PLC
TRADING
UPDATE FOR FIRST HALF OF FY24
London, United Kingdom, 16 April
2024 - Auction Technology Group plc ("ATG", "the Company", "the
Group") (LON: ATG), operator of world-leading marketplaces for
curated online auctions, provides an update on its trading for the
first half of FY24 (six-month period ending 31 March
2024).
Revenue
In the first six months of FY24
total revenue of $86.0m was up 6% year-on-year and up 1% on an
organic basis. Total growth reflects the strong underlying
performance from EstateSales.Net ("ESN") which we acquired in
February 2023. Marketplace revenue grew 2% on an organic basis
driven by growth in value-added services and event fees, offsetting
a decline in commission revenue.
Revenue in Art & Antiques
increased 17% to $44.6m including the contribution from ESN and 5%
on an organic basis, primarily driven by the continued strong
adoption of value-added services, and in particular the growth of
atgPay and atgShip. Industrial & Commercial ("I&C") revenue
declined 2% on an organic basis to $35.2m. Proxibid was impacted by
end market dynamics including the normalisation of used asset
prices in some I&C categories and a lower conversion rate
year-on-year. However, we are pleased with the auctioneer response
to our new cross-listing offering which is driving a strong
adoption of ATG's white label and which we expect will result in an
improved trajectory for Proxibid.
FY24 Outlook
We expect our full year Group
revenue to be in the range of $175m-$180m implying a mid-point
growth rate of 7%, including organic revenue growth of 2% - 5% and
a strong contribution from ESN. Revenue growth in the second half
of FY24 will be driven by the continued growth in value-added
services, less challenging comparatives for the upcoming period,
and encouraging trends seen from the roll out of cross-listing and
ATG white label across the Group. The Group now expects its
FY24 adjusted EBITDA margin to be 46% due to the mix of revenue
with a higher contribution of lower margin value-added services
relative to higher margin I&C commission revenue.
Half Year Results
The Group will report its interim
results on Thursday 16 May 2024. The half-year results will be
published at 7.00am (UK time) through the regulatory news services
(RNS), followed by an analyst presentation at 9.30am (UK time).
Please contact atg@Teneo.com if you would like to
attend.
For further information please
contact:
About Auction Technology Group
plc
Auction Technology Group plc ("ATG")
is the operator of world leading marketplaces and auction services
for curated online auctions, seamlessly connecting bidders from
around the world to around 4,000 trusted auction houses across two
major sectors: Industrial & Commercial ("I&C") and Art
& Antiques ("A&A").
The Group powers eight online
marketplaces and listing sites using its proprietary auction
platform technology, hosting just under 86,000 live and timed
auctions each year. ATG has been supporting the auction industry
since 1971 and the Group has offices in the UK, US and
Germany.
CAUTIONARY STATEMENT The
announcement may contain forward-looking statements. These
statements may relate to (i) future capital expenditures, expenses,
revenues, earnings, synergies, economic performance, indebtedness,
financial condition, dividend policy, losses or future prospects,
and (ii) developments, expansion or business and management
strategies of the Company. Forward-looking statements are
identified by the use of such terms as "believe", "could",
"should", "envisage", "anticipate", "aim", "estimate", "potential",
"intend", "may", "plan", "will" or variations or similar
expressions, or the negative thereof. Any forward-looking
statements contained in this announcement are based on current
expectations and are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by those statements. If one or more of these risks or
uncertainties materialise, or if underlying assumptions prove
incorrect, the Company's actual results may vary materially from
those expected, estimated or projected. No representation or
warranty is made that any forward-looking statement will come to
pass. Any forward-looking statements speak only as at the date of
this announcement. The Company and its directors expressly disclaim
any obligation or undertaking to publicly release any update or
revisions to any forward-looking statements contained in this
announcement to reflect any change in events, conditions or
circumstances on which any such statements are based after the time
they are made, other than in accordance with its legal or
regulatory obligations (including under the UK Listing Rules and
the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority). Nothing in this announcement shall exclude any
liability under applicable laws that cannot be excluded in
accordance with such laws.
LEI Number:
213800U8Q9K2XI3WRE39
