Auction Technology Group – FY26 trading slightly ahead; strong performance from Chairish, FY27 outlook in line with current market expectations
Mark Watson-Mitchell – 22.10.2026
The £581m-capitalised Auction Technology Group (LON:ATG), the operator of world-leading auction and list price marketplaces that connect millions of buyers with unique items worth finding again, this morning announced its FY26 Pre-close Trading Update.
The Group anticipates its financial year 2026 revenue to be approximately $251m, slightly exceeding market expectations, with an adjusted EBITDA margin just above 34.5%.
The Company expects its adjusted net debt to adjusted EBITDA ratio to be around 1.5x, reflecting healthy cash flow and capital discipline.
Strategic initiatives, including strong growth from Chairish and re-platforming efforts, have progressed well.
For financial year to end-September 2027, the Group anticipates performance in line with current market expectations, projecting a year of robust earnings growth.
The Company will release its full FY26 results on Tuesday, 24th November.
The Group’s shares have performed very well this year, having risen over 72% to last night’s close of 480.60p – I now see them rising even further.
The Business
The Auction Technology Group operates 10 leading marketplaces in Arts & Antiques and Industrial & Commercial, connecting millions of buyers with unique items worth finding again.
ATG transforms fragmented, complex markets into structured, trusted marketplaces where buyers and sellers can transact with confidence at scale.
The Group powers its ten branded online auction and list price marketplaces using best-in-class proprietary technology.
The Business has offices in North America, the United Kingdom, Germany and Mexico.
Broker Views
Current company-compiled analyst expectations for FY26 revenue range from $247.8m to $252.1m with a mid-point of $249.9m.
For FY26 adjusted EBITDA range from $85.5m to $86.7m with a mid-point of $86.3m.
Current company-compiled analyst expectations for FY27 revenue range from $258.2m to $274.6m, with a mid-point of $262.7m.
For FY27 adjusted EBITDA range from $93.6m to $100.8m with a mid-point of $95.9m.
Some nine analysts follow the group closely, with six calling the shares as a Buy, two to Outperform and the ninth as a Hold.
In the middle of August, Singer Capital Markets initiated coverage of the British curated online auction operator with a Buy rating and a price target of 590p.
Analyst Ian McInally, at Cavendish Capital Markets, has a Buy note on the group, with a 599p Target Price for its shares.
He notes that the group has put in place measures to improve the buyer and seller experience delivered benefits during the period, with further initiatives planned for 2H26.
He was previously estimating that the year to end-September will have seen revenues of $242.3m ($190.2m), with adjusted pre-tax profits of $59.8m ($54.9m), lifting earnings to 38.75c (37.91c) per share.
For 2027, his estimates were for $260.9m revenues, $71.5m profits and 45.76c per share earnings.
Further progress is expected in 2028, with $278.1m revenue, $81.9m profit and 51.72c per share in earnings.
At Peel Hunt, analyst James Lockyer has previously reiterated his ‘Buy’ recommendation and has a Target Price of 460p on its shares.
The analyst sees early signs of the benefits of artificial intelligence investment are coming through as arts and antiques gross merchandise value has been ‘benefiting from visitors being shown higher-priced and more relevant items, increasing their propensity to bid’.
My View
I take the view that the 55-year-old Australian, Benjamin Brazil, will eventually make an outright bid for the improving group.
The Private Equity manager and former Macquarie high-flyer certainly knows a thing or two about auctions, his various global interests already hold a big stake in the group’s equity, having recently added another 1% to his now 27.45% position.
Between now and Tuesday, 24th November, I would suggest that action in the Group’s shares will be fairly active, with that 500p level being a rapid price objective.
(Profile 05.01.26 @ 270p set a Target Price of 337p*)
(Profile 15.05.26 @ 379p set a Target Price of 470p*)
(Profile 22.10.26 @ 480.50p set a Target Price of 525p)
Comments