REG - Auction Technology - Trading Statement

Auction TechnologyAnnouncement

16/04/2024 07:00

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RNS Number : 7031K  Auction Technology Group PLC  16 April 2024

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:

 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 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

 

 

 

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