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Auction Technology reaffirms guidance after compelling first half

16th May 2024 11:13

(Alliance News) - Auction Technology Group PLC on Thursday said strategic investments have delivered growth throughout the business.

The London-based auction market operator and technology company said pretax profit multiplied to USD3.1 million in the six months ended March 31 from USD600,000 a year prior, as revenue rose by 6.5% to USD86.0 million from USD80.8 million.

Auction Technology pays no dividend.

Chief Executive Officer John-Paul Savant said: "ATG is executing against the investments we are making and where we've invested, we are growing...The strong momentum that we are seeing from our strategic us confidence in revenue acceleration in the second half of FY24."

Recent investments have brought new products to market such as atgXL, a cross-listing solution that further differentiates the company's proposition for auctioneers and bidders whilst improving its network effect, Auction Technology asserted.

The company reaffirmed its guidance for the full year of revenue in the range of USD175 million to USD180 million, improving from a restated GBP165.9 million generated last year.

Auction Technology shares were up 12% to 550.00 pence each in London on Thursday morning

By Elijah Dale, Alliance News reporter

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