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(Sharecast News) - Auction and list price marketplaces operator Auction Technology Group said on Monday that secondquarter trading remained positive, building on momentum seen in the first quarter, with the group now expecting to report firsthalf revenues of roughly $125m.
Auction Technology Group said Q1 pro forma constantcurrency revenue growth was expected to be close to 8%, or roughly 9% at actual rates, with its arts and antiques division delivering strong revenue growth, while Easter timing also provided a benefit. Industrial and commercial revenue, on the other hand, declined modestly during the period.
The London-listed firm stated adjusted underlying earnings were in line with expectations, helped by LiveAuctioneers commission growth, Chairish synergies and cost efficiencies. It also noted that targeted actions to improve both buyer and seller experiences were already yielding results, with further initiatives planned.
Looking ahead, fullyear guidance remained unchanged, including 4-5% pro forma constantcurrency revenue growth, an adjusted EBITDA margin of 34.5-35.5%, strong free cash flow and leverage well below 2x by yearend.
Chief executive John-Paul Savant said: "We continue to focus on our strategy for extending our leading position in the curated second-hand goods market. ATG has delivered good trading and pro forma growth in H126 and I'm particularly pleased to report our progress on driving A&A GMV which has been a focus area. This, combined with our anticipated growth on the back of our shipping mandate and the good progress with Chairish underpins our ability to deliver our FY26 guidance.
"We remain firmly confident that ATG will continue to lead in our A&A and I&C sectors by delivering unparalleled value to both buyers and sellers, building on our transaction and trust infrastructure, our unique pool of data and market intelligence, and our platform and operational scale."
Separately, Auction Technology announced that Savant was standing down after more than ten years as CEO, with the board already "at an advanced stage" of its process to appoint a successor.
As of 1005 BST, Auction Technology shares were down 2.70% at 381.40p.
Reporting by Iain Gilbert at Sharecast.com
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