26th May 2021 14:46
Auction Technology Group PLC - London-based online auction operator - Revenue for six months to March 31 shoots up to GBP34.5 million from GBP6.5 million in the two-and-a-half months to March 31, 2020, while pretax loss widens to GBP22.6 million from GBP12.3 million. Administration costs jump to GBP35.2 million from GBP9.6 million. Notes share-based compensation charge of GBP10.4 million, mainly relating to equity grants made in the run-up to the IPO and exceptional costs of GBP9.1 million related to IPO and acquisition of Auction Mobility. Auction Technology floated in London in February this year.
"Trading for the year to date has been strong and as a result we are currently trading ahead of board expectations. However, we remain mindful that we have yet to lap the very strong Covid-19 comparators and accordingly our expectations for FY22 currently remains unchanged," firm says.
Late Tuesday, FTSE Russell indicated that, ahead of next week's quarterly UK index review, Auction Technology could enter the FTSE 250. The FTSE index review will use data from next Tuesday's close, with confirmed rebalance changes announced after the market close on Wednesday, June 2 - meaning the actual results of the review could differ from these indicative changes.
Current stock price: 1,070 pence, up 11% on Wednesday and giving market capitalisation of GBP1.1 billion
Year-to-date change: up 78% from 600p IPO price
By Lucy Heming;Â [email protected]
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