Auction Technology Group PLC has released its trading update for the first half of FY24, ending on 31 March 2024. The company reported a 6% year-on-year increase in total revenue, reaching $86.0m, with a 1% organic growth. The growth was primarily driven by the strong performance of EstateSales.Net, which was acquired in February 2023. Revenue in the Art & Antiques segment increased by 17% to $44.6m, including a 5% organic growth, while Industrial & Commercial revenue declined by 2% on an organic basis to $35.2m. The company expects its full-year Group revenue to be in the range of $175m-$180m, with a mid-point growth rate of 7%, including organic revenue growth of 2%-5% and a strong contribution from ESN.

The revenue growth in the second half of FY24 is expected to be driven by the continued growth in value-added services, less challenging comparatives for the upcoming period, and encouraging trends seen from the roll out of cross-listing and ATG white label across the Group. The company also expects its FY24 adjusted EBITDA margin to be 46% due to the mix of revenue with a higher contribution of lower margin value-added services relative to higher margin I&C commission revenue. The Group will report its interim results on Thursday 16 May 2024, with an analyst presentation at 9.30am (UK time).

Auction Technology Group plc ("ATG") is the operator of world-leading marketplaces and auction services for curated online auctions, connecting bidders to around 4,000 trusted auction houses across two major sectors: Industrial & Commercial and Art & Antiques. 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, other than in accordance with its legal or regulatory obligations.