REG - Auction Technology - Trading Statement

Auction TechnologyAnnouncement

30/01/2024 07:00

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RNS Number : 2813B  Auction Technology Group PLC  30 January 2024

AUCTION TECHNOLOGY GROUP PLC

 

AGM Trading Statement

 

Trading update for first quarter of FY24

 

 

London, United Kingdom, 30 January 2024 - Ahead of its Annual General Meeting
which takes place today, 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 quarter of
FY24 (three-month period ending 31 December 2023).

 

ATG has started the year in line with expectations with total revenue up 11%
year-on-year and up 3% on an organic basis to $43.9m, driven by the continued
strong growth in value-added services offsetting the wider market dynamics in
Gross Merchandise Value that continued from the end of FY23 into FY24, as we
expected.

 

Revenue in the Art & Antiques segment grew strongly on an organic basis
and on a total basis including the contribution from the EstateSales.NET
acquisition, which continued to perform well. The organic growth was driven by
the growing adoption of atgShip and atgPay. Industrial & Commercial
("I&C") revenue showed a small decline, as we expected, reflecting the
annualisation of strong performance in the same period last year which had
benefited from elevated used asset prices in some I&C categories, as well
as exceptional auction activity levels.

 

FY24 Outlook

Trading in the first quarter is consistent with the FY24 outlook provided at
our FY23 Results on 1 December 2023, reflecting an expected improvement in
performance over the year due to the year-on-year stabilisation of I&C
asset prices and activity levels and an increasing contribution from
value-added services revenue. We therefore maintain our guidance of FY24 full
year organic revenue growth of 5% to 8% and adjusted EBITDA margins to be
maintained.

 

 

Half Year Results

The Group will report its interim results on Thursday 16 May 2024.

 

For further information please contact:

 ATG
 For investor enquiries, Rebecca Edelman  rebeccaedelman@auctiontechnologygroup.com
                                          (mailto:rebeccaedelman@auctiontechnologygroup.com)
 For media enquiries                      press@auctiontechnologygroup.com (mailto:press@auctiontechnologygroup.com)

 Teneo Communications                     +44 207 353 4200
 (Public relations advisor to ATG)        ATG@teneo.com (mailto:ATG@teneo.com)
 Tom Murray, Matt Low, Arthur Rogers

About Auction Technology Group plc

Auction Technology Group plc ("ATG") is the operator of world-leading
marketplaces 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

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