Auction Technology lifts FY revenue growth guidance
By Michele Maatouk
Date: Thursday 19 May 2022
(Sharecast News) - Auction Technology lifted its full-year revenue growth guidance on Thursday following a better-than-expected first half.
In the six months to the end of March, the company swung to a pre-tax profit of £3.3m from a loss of £22.6m in the same period a year ago, with revenues up 67% at £57.7m. This was driven by "resilient" growth in total hammer value and "strong" growth in value-add services, it said.
As a result of the better-than-anticipated first half, and with trading for the second half to date in line with board expectations, the group now expects low double-digit proforma revenue growth for the full year. Previously, it had guided to revenue growth of "high single digit to low double digits".
Chief executive John-Paul Savant said: "Our continued growth clearly demonstrates that the auction industry's structural shift online that began pre Covid-19, and accelerated during the pandemic, has continued.
"Auctioneers list their assets where they can get the highest return for their consignors, and bidders buy where they can find the widest choice while buying with the highest degree of trust. ATG's growth, even amidst uncertainty in the broader world economy, demonstrates both the value that we bring to auctioneers and bidders and the increasing diversity of our revenues."
At 0830 BST, the shares were up 1.7% at 958p.
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