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(Alliance News) - Auction Technology Group PLC on Thursday reported a widened loss for its recently ended financial year, as costs from its IPO in February and several acquisitions more than offset robust revenue growth.
For the year ended September 30, the London-based online auction operator posted a pretax loss of GBP27.3 million, widened from GBP19.0 million the same period the year before.
This was as administrative expenses jumped to GBP66.5 million from GBP25.6 million, relating to its IPO, and its acquisition of North American marketplace Proxibid and LiveAuctioneers during the period.
On a reported basis, Auction Technology's revenue was GBP70.1 million, a 98% rise from GBP35.5 million reported for the eight-and-a-half month contribution in the 2020 financial year.
On an aggregated basis, which assumes that the acquisitions of Proxibid and Turner Topco took place at the start of the 2020 financial year, revenue increased 34% year-on-year from GBP52.3 million.
Revenue growth was driven by strong growth from all six of the group's marketplaces through a rise in auction activity.
Looking ahead, Auction Technology expects to report revenue growth for its current financial year in the high single digit to low double digits, ahead of market expectations and the company's initial IPO guidance.
"I am proud of our achievements as a newly listed company over the past 12 months. Our success has been driven by the foundation we have built over the last five years and by the enormous efforts of our committed team at ATG working closely with our auctioneers, bidders and partners, which is collectively allowing us to continue to progress our mission of transforming the auction industry," said Chief Executive Officer John-Paul Savant.
"We are ideally placed to lead and benefit from the auction industry's ongoing structural shift to online and increased consumer demand for auctions, and we are focused on unlocking the value of the curated secondary goods market," Savant added.
Shares in Auction Technology were down 0.3% at 1,326.00 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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