Auction Technology Group lowers full-year guidance as CFO steps down

(Sharecast News) - Auction Technology Group said it expects full-year revenues to be slightly shy of earlier guidance as it announced the resignation of its chief financial officer. In a trading update for the financial year ended 30 September, the online auction marketplace operator said annual revenues would likely rise 5% to $174m.

Back in May at the time of its interim results, the company said it was expecting revenues in the range of $175-180m, targeting revenue growth of 7% at the mid-point of the range.

ATG also said that adjusted EBITDA margins would be between 45% and 46% for the year, marginally lower than earlier guidance of 46%.

The company said it has made good progress during the year, though gross merchandise value declined as "headwinds in the underlying end markets have yet to reverse".

In a separate statement, ATG said that Tom Hargreaves was stepping down as CFO to take up a new position at a private equity-backed company. His departure comes just two months after chair Breon Corcoran stepped down to focus his other role as IG Group chief executive.

"Tom has been with ATG for almost eight years and played a key role in the ATG journey. On behalf of myself and the board I want to thank Tom for his many contributions to ATG's success and wish him the best in the next phase of his career," said ATG chief executive John-Paul Savant.