Online auctioneer ATG posts strong revenue in first full year results since London IPO
Auction Technology Group this morning said that its full year revenue rose 34 per cent to £70.1m from £52.3m a year earlier, outperforming expectations set out at its February IPO as bidders and auctioneers continued to rally online.
Adjusted EBITDA hit £31.8m, a margin of 45 per cent and a 43 per cent increase on last year, the group said.
Meanwhile, losses before tax swelled 44 per cent to £27.3m, which ATG said was primarily due to the costs related to its IPO in February.
It also cited the costs related to its $500m acquisition of the holding company of online auction business LiveAuctioneers last month, in a bid to reach the US market.
Looking ahead, ATG said the new current financial year had started ahead of expectations and is anticipated to reach high single digit to low double digit revenue growth, ahead of the group’s original IPO guidance and analyst consensus.
In the medium term, the group said it remains confident in achieving its medium-term growth target of mid-teens plus revenue growth, and adjusted EBITDA margin percentages in the mid-high 40s.
“We delivered revenue growth of 34 per cent and were excited to welcome Auction Mobility and, following our financial year end, LiveAuctioneers, to the Group,” said CEO John-Paul Savant.
“These are both examples of highly attractive opportunities aligned with our desire to add value to our offering for auctioneers and bidders and to enable an ambitious growth strategy which provides additional value to all our stakeholders.
“We are ideally placed to lead and benefit from the auction industry’s ongoing structural shift to online and increased consumer demand for auctions, and we are focused on unlocking the value of the curated secondary goods market.”