Auction Technology Group sales soar as sector’s shift to online sticks

- Advertisement -


a

Uction Technology Group has seen revenue surge as the shift to lockdown-era online auctions appears to be a permanent ban.

- Advertisement -

ATG was valued at approximately £600 million in February and today has a market capitalization of approximately £1.5 billion.

- Advertisement -

On Thursday it reported revenue of £70.1 million for the year on 3 September, up 34% from the £52.3 million seen a year earlier.

The high profile lot sold includes a rare box of Pokémon cards for £16,000 and a Banksy screen print, which was purchased for £70,000.

- Advertisement -

Chief executive John-Paul Sawant has said that being a listed company helps it win customers as the sector “structurally moves online”.

ATG’s pre-tax loss increased to £27.3 million, which the company put into the cost of the IPO and last month’s $500 million acquisition of US-based art and antiques marketplace Live Auctions.

The company said its new fiscal year started ahead of expectations and that “positive trends continue in our key markets”.

The owners said they expect full-year revenue to grow from high single digits to low double digits, ahead of the guidance provided in the IPO and consensus analysts.

Sawant said the company is following an “ambitious growth strategy”, adding: “We are focused on unlocking the value of the curated secondary goods market.”

Russell Pointon, analyst at Edison Group, said: “The group is well positioned to maintain momentum as both consumers and the industry continue to move toward ecommerce.”

He added that ATG’s old market is “well placed to capitalize on the new sustainability priorities and growth of the circular economy”.

Shares held steady at 1322p on Thursday morning’s update.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox