StockMarketWire.com - Auction Technology reported wider losses as higher costs offset a surge in revenue.

for the year ended 30 September 2021, pre-tax losses widened by 44% to £27.3 million year-on-year, while revenue increased 98% to £70.1 million.

The group's administrative expenses had increased, reflecting 'the nature of the one-off events which have taken place during the year such as the IPO and the acquisitions,' the company said.

Looking ahead, the company said it anticipated FY22 revenue growth of high single digit to low double digits, ahead of its original IPO guidance and analyst consensus, and remained 'confident' of achieving our medium-term growth target of mid-teens plus revenue growth.

'We expect continued improvement in our underlying operating margin but this will be offset in FY22 by a combination of full year plc costs, the impact of lower margin payments revenue and an incremental £2m of growth-focused investment.'




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