Auction Technology Group (ATG)

Sector:

IT Services

Index:

FTSE 250

566.00p
   
  • Change Today:
      2.00p
  • 52 Week High: 775.00
  • 52 Week Low: 448.00
  • Currency: UK Pounds
  • Shares Issued: 121.79m
  • Volume: 224,802
  • Market Cap: £689.34m
  • RiskGrade: 274

Auction Technology maintains guidance despite earnings fall

By Josh White

Date: Thursday 16 May 2024

LONDON (ShareCast) - (Sharecast News) - Auction Technology Group reported 6% growth in first-half revenue on Thursday, to $86m (£67.81m), driven by strong growth in value-added services and contributions from 'EstateSales'.
The FTSE 250 company said adjusted EBITDA, however, narrowed by 6% to $35.7m, impacted by changes in the revenue mix and cost phasing.

Despite challenges such as a 17% decrease in gross merchandise value (GMV), ATG was optimistic, maintaining its full-year outlook for group revenue to range between $175m and $180m, with a midpoint growth rate of 7%, driven by strategic initiatives like atgXL, atgShip, and atgPay.

The firm anticipated improving organic revenue growth in the second half, supported by momentum on the Proxibid marketplace and cost phasing.

Its full-year adjusted EBITDA margin guidance remained at 46%.

ATG said it was focussed on leveraging its strengths to sustain growth amidst market challenges.

"ATG is executing against the investments we are making and where we've invested, we are growing," said chief executive officer John-Paul Savant.

"Our focus in the 2022 and 2023 financial years was upgrading the online auction user experience through the rollout and growth of value-added services, and as outlined in December, in 2024 we are now focused on initiatives that drive GMV.

"We launched atgXL, our new cross-listing offering, that further differentiates our proposition for auctioneers and bidders and enhances our network effect."

Savant said that since the launch of the new products, the firm had been "very pleased" with the response from auctioneers, as well as trends in bidder activity and the differentiation it gave its white label over the competitors.

"This differentiation hinges on an auctioneer's ability to run a white label whilst simultaneously cross-listing onto multiple ATG marketplaces, all from a single work flow, thus lowering operating costs and giving the auctioneer greater exposure to bidders for minimal effort.

"The strong momentum that we are seeing from our strategic programmes, as well as the improved trajectory in Proxibid, gives us confidence in revenue acceleration in the second half of 2024."

At 0841 BST, shares in Auction Technology Group were up 11.99% at 551p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ATG Market Data

Currency UK Pounds
Share Price 566.00p
Change Today 2.00p
% Change 0.35 %
52 Week High 775.00
52 Week Low 448.00
Volume 224,802
Shares Issued 121.79m
Market Cap £689.34m
RiskGrade 274

ATG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
27.37% below the market average27.37% below the market average27.37% below the market average27.37% below the market average27.37% below the market average
11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average
Price Trend
24.39% below the market average24.39% below the market average24.39% below the market average24.39% below the market average24.39% below the market average
29.67% below the sector average29.67% below the sector average29.67% below the sector average29.67% below the sector average29.67% below the sector average
Income Not Available
Growth
14.29% below the market average14.29% below the market average14.29% below the market average14.29% below the market average14.29% below the market average
15.29% below the sector average15.29% below the sector average15.29% below the sector average15.29% below the sector average15.29% below the sector average

ATG Dividends

No dividends found

Trades for 14-Jun-2024

Time Volume / Share Price
16:35 43,366 @ 566.00p
16:35 158 @ 566.00p
16:35 254 @ 566.00p
16:35 46 @ 566.00p
16:35 563 @ 566.00p

ATG Key Personnel

CEO John-Paul Savant
CFO Tom Hargreaves

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