Trading Statement

London, United Kingdom, 30 January 2024 - Ahead of its Annual General Meeting which takes place today, Auction Technology Group plc ("ATG", "the Company", "the Group") (LON: ATG), operator of world-leading marketplaces for curated online auctions, provides an update on its trading for the first quarter of FY24 (three-month period ending 31 December 2023).

ATG has started the year in line with expectations with total revenue up 11% year-on-year and up 3% on an organic basis to $43.9m, driven by the continued strong growth in value-added services offsetting the wider market dynamics in Gross Merchandise Value that continued from the end of FY23 into FY24, as we expected.

Revenue in the Art & Antiques segment grew strongly on an organic basis and on a total basis including the contribution from the EstateSales.NET acquisition, which continued to perform well. The organic growth was driven by the growing adoption of atgShip and atgPay. Industrial & Commercial ("I&C") revenue showed a small decline, as we expected, reflecting the annualisation of strong performance in the same period last year which had benefited from elevated used asset prices in some I&C categories, as well as exceptional auction activity levels.

FY24 Outlook

Trading in the first quarter is consistent with the FY24 outlook provided at our FY23 Results on 1 December 2023, reflecting an expected improvement in performance over the year due to the year-on-year stabilisation of I&C asset prices and activity levels and an increasing contribution from value-added services revenue. We therefore maintain our guidance of FY24 full year organic revenue growth of 5% to 8% and adjusted EBITDA margins to be maintained.

Half Year Results

The Group will report its interim results on Thursday 16 May 2024.