Auction Technology Group (ATG)

Sector:

IT Services

Index:

FTSE 250

1,062.00p
   
  • Change Today:
      6.00p
  • 52 Week High: 1,642.00
  • 52 Week Low: 788.00
  • Currency: UK Pounds
  • Shares Issued: 120.52m
  • Volume: 122,654
  • Market Cap: £1,279.92m
  • RiskGrade: 274

Auction Technology earnings rise as it lifts 2022 forecast

By Josh White

Date: Thursday 02 Dec 2021

LONDON (ShareCast) - (Sharecast News) - Auction Technology reported revenue of £70.1m in its full-year results on Thursday, making for a 34% increase year-on-year, with growth recorded in all six of its marketplaces.
The FTSE 250 marketplace and technology company said its adjusted EBITDA was up 43% for the year ended 30 September at £31.8m, at a margin of 45%, up three percentage points year-on-year.

It recorded a loss before tax of £27.3m, 44% wider than last year, after share-based payments expenses and charges for exceptional items, primarily related to the IPO and acquisition of LiveAuctioneers and intangible asset amortisation.

During the year, Auction Technology completed its refinancing with a five-year new senior facilities agreement, including a $204m term loan for the LiveAuctioneers acquisition and a $49m revolving credit facility.

The company said it saw "strong" cash generation, with £30.4m of adjusted free cash flow in the period and a closing net cash position of £24.6m.

Looking ahead, the company said it expected the 2022 financial year to consist of revenue growth in the high-single to low-double digits, ahead of its original initial public offering guidance and analyst consensus, and was confident in achieving its medium-term growth target of mid-teens-plus revenue growth.

It said it expected a continued improvement in the underlying operating margin, although that would be offset in the new financial year by a combination of full-year public limited company costs, the impact of lower margin payments revenue, and an incremental £2m of growth-focused investment.

Auction Technology said it remained confident in achieving adjusted EBITDA margin percentages in the mid-to-high 40's over the medium term.

"I am proud of our achievements as a newly listed company over the past 12 months," said chief executive officer John-Paul Savant.

"Our success has been driven by the foundation we have built over the last five years and by the enormous efforts of our committed team at ATG working closely with our auctioneers, bidders and partners, which is collectively allowing us to continue to progress our mission of transforming the auction industry.

"We delivered revenue growth of 34% and were excited to welcome Auction Mobility and, following our financial year end, LiveAuctioneers, to the group."

Savant said the firm was "ideally placed" to "lead and benefit" from the auction industry's ongoing structural shift to online, and increased consumer demand for auctions, as it was focussed on "unlocking the value" of the curated secondary goods market.

"Our financial and strategic progress reflects this compelling opportunity - we look forward to continuing to accelerate the growth of the circular economy and further enhancing an important channel of sustainable commerce."

At 0952 GMT, shares in Auction Technology Group were up 0.3% at 1,326p.

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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 1,062.00p
Change Today 6.00p
% Change 0.57 %
52 Week High 1,642.00
52 Week Low 788.00
Volume 122,654
Shares Issued 120.52m
Market Cap £1,279.92m
RiskGrade 274

ATG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
4.55% above the market average4.55% above the market average4.55% above the market average4.55% above the market average4.55% above the market average
13.98% above the sector average13.98% above the sector average13.98% above the sector average13.98% above the sector average13.98% above the sector average
Price Trend
28.95% below the market average28.95% below the market average28.95% below the market average28.95% below the market average28.95% below the market average
4.59% below the sector average4.59% below the sector average4.59% below the sector average4.59% below the sector average4.59% below the sector average
Income Not Available
Growth
17.92% above the market average17.92% above the market average17.92% above the market average17.92% above the market average17.92% above the market average
28.00% above the sector average28.00% above the sector average28.00% above the sector average28.00% above the sector average28.00% above the sector average

ATG Dividends

No dividends found

Trades for 27-May-2022

Time Volume / Share Price
16:36 16,997 @ 1,062.00p
16:36 670 @ 1,062.00p
16:35 38,197 @ 1,062.00p
16:29 1 @ 1,060.00p
16:29 2 @ 1,060.00p

ATG Key Personnel

CEO John-Paul Savant
CFO Tom Hargreaves

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