REG - Auction Technology - Trading Statement

Auction TechnologyAnnouncement

10/10/2024 07:00

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RNS Number : 6172H  Auction Technology Group PLC  10 October 2024

 AUCTION TECHNOLOGY GROUP PLC

 

PRE-CLOSE FY24 TRADING UPDATE

 

 

 

London, United Kingdom, 10 October 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 performance for
the financial year ended 30 September 2024.

 

ATG has continued to make good progress against its strategic initiatives,
including growing the adoption of value-added services and rolling out our
cross-listing product, atgXL. Encouragingly, GMV has demonstrated
significantly improved momentum in the second half of FY24. GMV is still
slightly negative year-over-year as headwinds in the underlying end markets
have yet to reverse. As a result, the Group expects full year revenue to be
$174m, an increase of 5% (up 2% on an organic basis(1)) and marketplace
revenue is expected to increase 7% (up 3% on an organic basis(1)).

The Group's cost performance was in line with its expectations to deliver a
significantly improved adjusted EBITDA margin in the second half of the year
benefiting from phasing of costs. The Group expects its adjusted EBITDA margin
to be between 45% and 46% for the full year. Through ongoing strong cash
generation, the Group continues to expect its adjusted net debt to adjusted
EBITDA ratio to be at 1.5x at year end.

 

The Group will report its Full Year results on Wednesday 27 November 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

 

1.     The Group has made certain acquisitions that have affected the
comparability of the Group's results. To aid comparisons between FY24 and
FY23, organic revenue growth is presented whereby the current period results
have been presented to exclude the acquisition of EstateSales.Net on 7
February 2023. Organic revenue is shown on a constant currency basis using
average exchange rates for the current financial period applied to the
comparative period and are used to eliminate the effects of fluctuations in
assessing performance.

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