FTSE 250-listed Auction Technology Group PLC (LSE:ATG) surged 11% on the stock market today following a year-end trading update that revealed "significantly improved momentum" in recent months and strong cash generation.
The operator of marketplaces for curated online auctions, including its own sites such as thesaleroom.com and i-bidder.com, said it "has continued to make good progress against its strategic initiatives".
It hailed clients' adoption of its value-added services and the roll-out of its cross-listing product, atgXL.
Gross merchandise value remains "slightly negative" year-on-year, with headwinds in underlying end markets still to reverse, but GMV has improved significantly in the second half of the fiscal year to 30 September.
ATG expects full year revenue to be up 5% and an adjusted EBITDA margin of between 45% and 46% for the full year, with results will be announced on 27 November.
Finance chief Tom Hargreaves, who has been with ATG for almost eight years, intends to step down in order to take up a new position with a private equity-backed company, a separate statement revealed.
He will remain with the company until early next year, and the search for his replacement has begun.