Auction Technology on track to meet FY expectations

(Sharecast News) - Auction Technology said on Thursday that it was on track to meet full-year expectations, having recently rejected a twelfth takeover proposal from shareholder FitzWalter Capital. In an update for the three months to the end of December, the online auction operator said trading was positive throughout the period, with pro forma constant currency revenue growth of 7.2%.

Revenue from Arts & Antiques (A&A) grew strongly, it said, driven by atgShip as expected and with a positive contribution from gross merchandise value growth. Meanwhile, Industrial & Commercial (I&C) revenue declined slightly.

Chairish, which is part of A&A, delivered good pro forma revenue growth, the company said, adding that operational synergies remain on track to deliver an annual run rate of $8m.

"Following Q1 revenue growth, we remain on track for our full year expectations, which included stronger H1 growth rates," it said.

Earlier this week, Auction Technology said it had rejected a twelfth takeover proposal from FitzWalter Capital at 400p a share.

The private equity firm had already made 11 takeover approaches to ATG, the last of which at 360p a share was rejected on the basis that it fundamentally undervalued the group.

ATG said on Thursday that it was "time for FitzWalter either to make a proposal which reflects full and fair value, or otherwise allow the business to dedicate its full focus and resources on the execution of its strategy".

Chief executive John-Paul Savant said: "ATG has delivered good trading and pro forma revenue growth in Q1, supporting our confidence for meeting our guidance for FY26. We can see early signs of progress in our plan; including driving GMV in A&A, increasing our take-rate by monetising our suite of value-added services; and leveraging our seller and buyer audience thereby enhancing our network flywheel.

"We are also seeing encouraging signs from Chairish, with the benefits from being part of ATG contributing to growth. We are confident that ATG has a bright future and will remain a sector leader in both A&A and I&C divisions."

For its part, FitzWalter put out a statement about its most recent offer.

It said: "Following discussions with a number of ATG shareholders, FitzWalter believes that there is inconsistent information between certain shareholders as to the events that culminated in the company's pre-emptive announcement of FitzWalter's possible offer on 5 January 2026 regarding the extent to which the board was considering a disposal of the I&C division and further M&A opportunities.

"FitzWalter believes that shareholders deserve full and transparent disclosure to inform their assessment of the board's rejection of FitzWalter's latest proposal of 400 pence in cash per ATG share announced on 19 January 2026."