Auction Technology Group Plc. (ATG.L), an operator of marketplaces for curated online auctions, on Thursday registered an increase in pre-tax profit for the first half, helped by lower net finance costs.
For the six months, the company posted a pre-tax income of $3.110 million, higher than the restated $0.581 million in the same period last year. This increase is due to a decline in net finance costs of $7.414 million, compared with the previous year's restated $11.209 million.
Net profit stood at $6.502 million or 5.3 cents per share as against last year's restated $14.026 million or 11.4 cents per share.
Adjusted profit was at $20.546 million or 16.6 cents per share, lesser than restated $23.577 million or 19.2 cents per share a year ago.
Operating profit fell to $10.524 million from restated $11.790 million in 2023.
Excluding items, EBITDA moved down to $35.7 million from restated $37.8 million a year ago.
Cost of sales rose to $28.128 million from last year's restated $25.628 million.
Administrative expenses stood at $47.382 million, higher than the restated $43.989 million a year ago.
Revenue was $86.022 million, up from the previous year's restated $80.795 million, driven by growth in marketplace revenue and the acquisition of ESN.
John-Paul Savant, CEO of Auction, said the company would be maintaining its full-year outlook for Group revenue to be in the range of $175-$180 million, implying a mid-point growth rate of 7%, including organic revenue growth of 2% - 5%.
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