Source - LSE Regulatory
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 basis1) and marketplace revenue is expected to increase 7% (up 3% on an organic basis1).

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

For media enquiries

press@auctiontechnologygroup.com



Teneo Communications

+44 207 353 4200

(Public relations advisor to ATG)

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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