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16 May 2024
Auction Technology Group - H1/24 Interim results; VAS revenue growth showing thr

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Auction Technology Group - H1/24 Interim results; VAS revenue growth showing thr
Auction Technology Group PLC (ATG:LON) | 331 0 0.0% | Mkt Cap: 398.3m
- Published:
16 May 2024 -
Author:
Ian McInally -
Pages:
10 -
H1/24 interim results for the six-month period to 31 March 2024 reported revenue of $86m, a 6% increase on H1/23 and in line with the April 2024 trading update. The EstateSales.Net (ESN) marketplace, acquired in 2023, performed well in the period, driving a 17% increase in A&A marketplace revenue, despite weaker A&A end-markets. Total marketplace revenue increased 2% on an organic basis, driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (mainly through lower asset prices). Although I&C revenue declined in the period (2%), asset price normalisation is expected to be nearly complete and a stabilisation of GMV on Proxibid is anticipated over H2/24, along with further strong growth in VAS-related revenue, enhanced by the network effects of cross-listing over multiple marketplaces, an important differentiator in the online auction market.