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:
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