Auction Technology Group PLC, the operator of world-leading marketplaces for curated online auctions, has released a trading update for the first quarter of FY24. The company reported a total revenue increase of 11% year-on-year and 3% on an organic basis to $43.9m. This growth was driven by the continued strong performance in value-added services, offsetting the wider market dynamics in Gross Merchandise Value. The Art & Antiques segment experienced strong organic growth, attributed to the growing adoption of atgShip and atgPay. However, the Industrial & Commercial ("I&C") segment saw a small decline, as expected, due to the annualization of strong performance in the same period last year.
The company's outlook for FY24 remains consistent with the guidance provided at the FY23 Results, with an expected improvement in performance over the year. This is due to the year-on-year stabilisation of I&C asset prices and activity levels, as well as an increasing contribution from value-added services revenue. The company maintains its guidance of FY24 full year organic revenue growth of 5% to 8% and adjusted EBITDA margins to be maintained. Auction Technology Group plc will report its interim results on Thursday 16 May 2024.
Auction Technology Group plc ("ATG") is the operator of world-leading marketplaces for curated online auctions, connecting bidders 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 has offices in the UK, US, and Germany.
The announcement may contain forward-looking statements, and 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. 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.