Auction Technology Group PLC on Thursday said strategic investments have delivered growth throughout the business.
The London-based auction market operator and technology company said pretax profit multiplied to $3.1 million in the six months ended March 31 from $600,000 a year prior, as revenue rose by 6.5% to $86.0 million from $80.8 million.
Auction Technology pays no dividend.
Chief Executive Officer John-Paul Savant said: ‘ATG is executing against the investments we are making and where we’ve invested, we are growing...The strong momentum that we are seeing from our strategic programmes...gives us confidence in revenue acceleration in the second half of FY24.’
Recent investments have brought new products to market such as atgXL, a cross-listing solution that further differentiates the company’s proposition for auctioneers and bidders whilst improving its network effect, Auction Technology asserted.
The company reaffirmed its guidance for the full year of revenue in the range of $175 million to $180 million, improving from a restated £165.9 million generated last year.
Auction Technology shares were up 12% to 550.00 pence each in London on Thursday morning
Copyright 2024 Alliance News Ltd. All Rights Reserved.
