10th Oct 2024 09:19
(Alliance News) - Auction Technology Group PLC on Thursday said it continues to make good progress against its strategic initiatives, as its chief financial officer is set to step down.
The London-based auction market operator and technology company said it expects to report an increase in annual revenue, though it noted "headwinds" in end markets have persisted.
Auction Tech expects to report a 5% revenue increase to USD174 million for the financial year ended September 30. The company said the rise would be 2% on an organic basis. For the financial year that ended September 30, 2023, the company had reported revenue of GBP135.2 million, about USD170.8 million using conversion rates at the time of the results release in November 30 last year.
ATG switched its reporting currency to the dollar from the pound for financial periods from October 2023 onward.
The company said: "ATG has continued to make good progress against its strategic initiatives, including growing the adoption of value-added services and rolling out our cross-listing product, atgXL. Encouragingly, [gross merchandise value] has demonstrated significantly improved momentum in the second half of FY24."
However, it cautioned that GMV "is still slightly negative year-over-year".
ATG added: "Headwinds in the underlying end markets have yet to reverse."
ATG reports annual results on November 27.
The firm also announced Tom Hargreaves is to step down as CFO to take up a role in a "private equity-backed company".
Hargreaves is to stay at ATG until "early next year in order to ensure a smooth transition".
The FTSE 250 listing said it has kicked off a search to find a new CFO.
ATG shares were up 12% to 456.50 pence each on Thursday morning in London.
By Tom Budszus, Alliance News slot editor
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