AUCTION TECHNOLOGY GROUP PLC
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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:
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.