Auction Technology Group Plc (ATG.L), a digital market platform, on Wednesday reported a surge in pre-tax earnings for the full year, helped by a rise in revenue and a decline in expenses.
For the 12-month period to September 30, the company recorded a pre-tax income of $18.4 million, higher than restated $8.6 million in the previous year.
Net profit stood at $24.192 million or 19.5 cents per share as against last year's restated $20.543 million or 16.7 cents per share.
Excluding items, profit was $47.759 million or 38.6 cents per share, lower than restated $48.936 million or 39.8 cents per share a year ago.
Operating profit rose to $32.428 million from restated $27.627 million last year.
Adjusted EBITDA was $79.969 million, higher than restated $78.394 million a year ago.
Net finance costs were $14.045 million as against restated $18.963 million in 2023.
Administrative expenses slipped to $82.596 million from last year's restated $85.834 million.
Cost of sales was also down at $56.924 million, compared with restated $53.301 million a year ago.
Revenue was $174.148 million, up from prior year's restated $165.886 million.
Revenue from Arts & Antiques or A&A business was $90.3 million, higher than $80.5 million in 2023, which includes the ESN acquisition and a 6 percent organic growth. Organic revenue growth was predominantly driven by the strong growth of all value-added services in A&A.
Looking ahead, the Group, said: "Trading in the first eight weeks of FY25 has continued to show positive momentum from the second half of FY24. ATG remains confident in its ability to sustain this growth through the delivery of its strategic initiatives."
For the full year, the company expects revenue growth of 4 percent to 6 percent, supported by the continued growth of value-added services and positive GMV growth, also reflecting uncertain end markets.
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