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Auction Technology sees FY performance in line with market views
(Sharecast News) - Auction Technology Group said on Tuesday that its full-year revenue and adjusted EBITDA performance was set to be in line with recently-revised market expectations of $186.3m and $75.8m, respectively. In an update for the year to 30 September, the company - which operates auction and list price marketplaces - said revenue growth excluding Chairish accelerated in the second half, leaving the full year up over 4%. Including Chairish, revenue is expected to be up around 9%.
"We made good progress on our strategic initiatives during the year including growing value added services such as atgAMP, atgPay, and in particular, atgShip," it said.
Auction Technology said it continues to expect to deliver an adjusted EBITDA margin of between 42% and 43%, excluding Chairish, in line with revised expectations, adding that initial trading for Chairish has been in line with its expectations.
The company expects to report a non-cash goodwill impairment for the year, reflecting increases in the discount rate, macroeconomic conditions and the impact of the 4th August trading announcement.
It also expects adjusted net debt to adjusted EBITDA to be around 2.2x at year end, supported by good cash generation. Adjusted net leverage is expected to reduce to well below 2x by the end of FY26.
"For FY26 the group expects performance in line with current market expectations," it said. Market consensus is for revenue of $241.3m and adjusted EBITDA of $85.5m.
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