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392.20 -8.40 (-2.10%)

Bid:

393.20

Ask:

394.00

Spread: 0.80 (0.203%)

Market Cap: £474.91m

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Auction Technology Group posts solid FY numbers

Wed, 27th Nov 2024 09:41

(Sharecast News) - Online marketplace operator Auction Technology Group posted strong full-year numbers on Wednesday, leading it to provide some solid guidance.

Auction Technology said operating profits increased by 17% to $32.4m in the year ended 30 September, driven by a 5% uptick in revenue to $174.2m, with a notably strong 12% increase in its arts and antiques unit.

Adjusted free-cash flow grew to $65.8m from $61.1m, while net debt dropped to $114.7m from $141.2m at the same time a year earlier.

Looking forward, the FTSE 250-listed group expects FY25 revenues to grow 4-6% and stated that EBITDA margins were forecast to remain steady at 45-46%.

"Trading in the first eight weeks of FY25 has continued to show positive momentum from the second half of FY24. ATG remains confident in its ability to sustain this growth through the delivery of its strategic initiatives," said Auction Technology.

As of 0940 GMT, Auction Technology shares had surged 15.78% to 510.0p.

Reporting by Iain Gilbert at Sharecast.com