(Alliance News) - Auction Technology Group PLC on Thursday swung to a half-year profit as total 'hammer value' grew better than expected.
ATG posted a pretax profit of GBP3.3 million for its half-year that ended March 31, compared to a loss of GBP22.6 million a year ago. Revenue rose 16% to GBP57.7 million from GBP49.9 million. For its financial year 2022, the London-based online auction operator expects a low double-digit proforma revenue growth as its margin guidance remains unchanged.
"Our performance in the first half of the financial year 2022 was better than expected, driven by the strong growth in total hammer value," ATG said.
Total hammer value represents "the total final sale value of all lots listed on the marketplaces or the platform, on a proforma basis, excluding additional fees, such as online fee and auctioneers' commissions, and sales of retail jewellery, being new, or nearly new, jewellery".
"We continue to invest in our business to support future growth," Auction Technology added.
ATG shares were 2.0% lower at 923.00 pence each in London on Thursday morning.
By Tom Budszus; tombudszus@alliancenews.com
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Auction Technology Group (ATG)