Business
AGM TRADING UPDATE
Auction Technology Group plc reported positive trading for the three months ended 31 December 2025, with pro forma constant currency revenue up 7.2% and pro forma revenue at actual rates increasing by 8.5%, driven by strong performance in Arts & Antiques, including Chairish which is on track for $8m annual run rate synergies. The company confirmed its full-year 2026 guidance, expecting 4-5% pro forma constant currency revenue growth, an adjusted EBITDA margin of 34.5-35.5%, and Group leverage well below 2x by year-end, with adjusted net debt to adjusted EBITDA reducing to 2.0x. The Board also noted that FitzWalter Capital's revised indicative offer of 400 pence per share continues to fundamentally undervalue the company, and confirmed preliminary expressions of interest for its I&C business did not progress. Disclaimer*
About this update from Auction Technology Group Plc
[{"type":"text","content":"\n\n22 January 2026\nAUCTION TECHNOLOGY GROUP PLC\nAGM TRADING UPDATE\nQ1 pro forma constant currency[1] revenue up 7%, positive Chairish growth\nFY 2026 guidance confirmed\n \nAuction Technology Group plc (\"ATG\", \"the Company\", \"the Group\") (LON: ATG), the operator of world-leading auction and list price marketplaces that connect millions of buyers with unique items worth finding again, today announces a trading update for the three-month period ended 31 December 2025 (\"the period\"), ahead of its Annual General Meeting to be held later today.\nQ1 trading\nGroup trading was positive throughout the period. Pro forma constant currency revenue growth was 7.2%, with pro forma[2] growth (actual rates) of 8.5%. \nArts & Antiques (A&A) grew revenue strongly, driven by atgShip as expected and with a positive contribution from GMV growth; while Industrial & Commercial (I&C) revenue slightly declined. \nChairish, part of A&A, delivered good pro forma revenue growth in the period, with the benefits of being part of ATG contributing to this growth. Operational synergies also remain on track to deliver an annual run rate of $8m. \nFollowing Q1 revenue growth, we remain on track for our full year expectations, which included stronger H1 growth rates.\nCash generation remained strong, with adjusted net debt / adjusted EBITDA[3] reducing to 2.0x at the end of December (from 2.2x at end FY25).\nFY guidance confirmed, supported by positive Q1\nWe continue to expect performance in line with the guidance provided at the time of our FY25 results on 26 November 2025.\nWe expect at a Group level:\n• Revenue growth of 4-5%, on a pro forma constant currency basis, driven mainly by value-added services, especially the full year benefit of atgShip.\n• Revenue growth more weighted to the first half. \n• An adjusted EBITDA margin of 34.5-35.5% for the Group as a whole, reflecting mix and full year contribution of Chairish.\n• Strong adjusted free cash flow generation continues.\n• Group leverage well below 2x by end FY26.\nAs the Group continues to deliver against its stated strategic priorities, the Board will consider capital allocation decisions towards the end of the year, including potential share buybacks. \n\nAt the Annual General Meeting, Scott Forbes, Chair of ATG, will say:\n\...