Auction Technology Group – strong first half and upgrade see shares up 7% at 379p, will Brazil bid soon?

Mark Watson-Mitchell - 15.05.2026

Yesterday morning, Thursday 14^th May, Auction Technology Group (LON:ATG) announced its Interim Results to end-March.

They were good and carried an Upgrade for the balance of the year to end-September.

Reaction to the figures and the accompanying statement saw the group’s shares rise 7% to 379p, well up from its end-November price fall to 259p.

The operator of world-leading auction and list price marketplaces that connect millions of buyers with unique items worth finding again, now sees Broker’s Target Prices now range from 460p to 599p.

The Business

The £459m capitalised 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.

ATG has offices in North America, the United Kingdom, Germany and Mexico.

Interim Results

Yesterday morning the group reported positive interim results for the six months end-March, with revenue increasing by 41.7% to $126.1m, driven by the inclusion of Chairish and 7.9% pro forma constant currency growth primarily from the Arts & Antiques segment.

The group’s adjusted EBITDA rose 10.9% to $42.7m and its adjusted diluted earnings per share grew 4.7% to 19.9c per share.

The company upgraded its full-year guidance, now expecting revenue growth of 5-6% and an adjusted EBITDA margin of 34.5-35.5%, the group’s strong cash flow generation continues, with leverage projected to be well below 2x by year-end.

Management Comment

Recently appointed CEO Duncan Painter stated that:

“The company is well positioned and performing well with strong first half financials.

There is still significant progress to be made, and our focus is to accelerate and deliver upon our potential in the second half and over the medium term.

For FY26, having delivered a positive start to the year driven by A&A momentum, we are pleased to modestly upgrade our guidance.

We expect another period of strong free cash flow generation.

Our financial performance provides a strong foundation to reach our full potential.”

Broker Views

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 is estimating that the current year to end-September will see 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, he sees $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 reiterated his ‘buy’ recommendation and has a Target Price of 460p on its shares.

He noted that the half-year results showed a ‘solid’ 7.9% year-on-year revenue increase to $126m, thanks to double-digit growth in arts and antiques.

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’.

Lockyer considers that the results, including the modest upgrade to revenue and deleveraging, should be well received by the market.

My View

I reckon that Benjamin Brazil, who knows a thing or two about auctions, will eventually make an outright bid for the improving group.

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.

Despite the price recovery over the last few months, the shares at 379p still offer strong upside potential.

Auction Technology - still looking for a Bid?