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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Auction Technology Group Plc | LSE:ATG | London | Ordinary Share | GB00BMVQDZ64 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-7.50 | -1.48% | 498.50 | 500.00 | 502.00 | 514.00 | 500.00 | 514.00 | 615,713 | 16:35:21 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Prepackaged Software | 135.23M | 16.94M | 0.1394 | 35.87 | 607.46M |
TIDMATG
RNS Number : 7432V
Auction Technology Group PLC
15 December 2021
15 December 2021
Auction Technology Group plc
(the "Company" or "ATG")
Publication of 2021 Annual Report and Accounts and
Notice of 2022 Annual General Meeting
Following the release on 2 December 2021 of its preliminary results for the year ended 30 September 2021, the Company announces that it is today publishing its 2021 Annual Report and Accounts. The Company also announces that its Annual General Meeting ("AGM") will be held at 10.00 a.m. on Tuesday 25 January 2022 at the offices of Travers Smith LLP, 10 Snow Hill, London EC1A 2AL.
At the present time, it is expected that UK Government rules and advice relating to the COVID-19 pandemic will permit a physical meeting to be held, but this may be subject to change at short notice. Any change affecting the holding of the AGM will be posted on the Company's website ( www.auctiontechnologygroup.com ) and by way of announcement to the London Stock Exchange. Shareholders are advised to regularly check the Company's website for updates in relation to the AGM and to carefully consider the Government advice in effect at the time of the AGM. Due to the ongoing uncertainty in respect of the COVID-19 pandemic we strongly encourage shareholders to appoint the chair of the meeting as their proxy, irrespective of whether or not they plan to attend in person.
In accordance with Listing Rule 9.6.1 of the UK Financial Conduct Authority ("FCA") a copy of the Annual Report and Accounts, the Notice of AGM and Proxy Form have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
C opies of the Annual Report, Notice of AGM and Proxy Form will also be shortly available to view on the Company's website at www.auctiontechnologygroup.com/investors/ .
Compliance with DTR 6.3.5R
The information included in the final results announcement released on 2 December 2021, together with the information in the Appendix to this announcement which is extracted from the 2021 Annual Report and Accounts , constitute the materials required by the FCA's Disclosure Guidance and Transparency Rule 6.3.5R. T his announcement is not a substitute for reading the 2021 Annual Report and Accounts in its entirety.
Enquiries
Tulchan Communications +44 (0) 207 353 4200 (Public relations advisor to ATG@tulchangroup.com ATG) Tom Murray, Sunni Chauhan, Matt Low, Laura Marshall ATG For investor enquiries investorrelations@auctiontechnologygroup.com For media enquiries press@auctiontechnologygroup.com
APPIX
Statement of Directors' Responsibilities
Page 87 of the Annual Report contains the following statement regarding responsibility for the financial statements and the management report included in the Annual Report.
The Directors are responsible for preparing the Annual Report and the Group and parent Company financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors are required to prepare the Group Consolidated Financial Statements in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the European Union and Article 4 of the IAS Regulation and have elected to prepare the parent Company Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 101 "Reduced Disclosure Framework". Under company law the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing the parent Company financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable, relevant, reliable and prudent;
-- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the parent Company financial statements; and
-- prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
In preparing the Group Consolidated Financial Statements, International Accounting Standard 1 requires the Directors to:
-- properly select and apply accounting policies;
-- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
-- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
-- make an assessment of the Company's ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Responsibility statement of the Directors in respect of the annual financial report
We confirm that to the best of our knowledge:
-- the Financial Statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole;
-- the Strategic Report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and
-- the Annual Report and the Consolidated Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position and performance, business model and strategy.
This responsibility statement was approved by the Board of Directors on 1 December 2021 and is signed on its behalf by:
John-Paul Savant Tom Hargreaves Chief Executive Officer Chief Financial Officer
Principal Risks and Uncertainties
Pages 52 to 55 of the Annual Report contain the following statement on principal risks and uncertainties faced by the Group.
Identifying, monitoring and managing the Group's principal risks
The Board has carried out a robust assessment of the principal risks facing the Group, including those that would threaten its business model, future performance, solvency or liquidity. This included an assessment of the likelihood and impact of each risk identified, and the mitigating actions being taken. Risk levels were modified to reflect the current view of the relative significance of each risk.
The principal risks and uncertainties identified are detailed in this section. Additional risks and uncertainties to the Group, including those that are not currently known or that the Group currently deems immaterial, may individually or cumulatively also have a material effect on the Group's business, results of operations and/or financial condition.
Whilst we operate in an evolving environment with several clear risks, we take a proactive and robust approach to identifying any new risks, and evaluating and mitigating all known risks through a regular review process. Climate change is not currently considered to be a principal risk for the Group given the nature of our business. The Board will continue to monitor the environmental impact of our business on the environment and the potential impact of climate change.
COVID-19
The COVID-19 pandemic caused unprecedented levels of disruption globally, with periods of national and local lockdowns in each of the territories we operate. However, the Group has continued to trade strongly and has experienced accelerated growth during the COVID-19 pandemic, in part due to acceleration of the shift from offline to online auctions. As restrictions have started to ease, we have not seen a significant change in behaviour of auctioneers and bidders returning to the use of physical auctions away from online however, there is a risk this could happen therefore reducing the number of auctioneers and/or bidders using the marketplaces or platform. The pandemic may also have longer-term impacts on other stakeholders such as employees, customers, suppliers and the wider economy which in turn may impact the Group.
The safety of our employees has been a priority, with staff supported in their need to work from home according to their personal circumstances. Intra-company communication has continued at regular intervals using accessible technology with regular town hall streaming of communications to all staff including real time Q&A sessions. We have ensured our supplier payments have continued to be made in accordance with supplier payment terms.
1. IT infrastructure - stability and business continuity of auction platforms Description of risk Mitigating action/controls -------------------------------------------- An inability to maintain a consistently The Group maintains a scalable high-quality experience, including and resilient IT infrastructure network or server failure for with real-time monitoring and the Group's auction house and alerting. Processes are in place bidder customers across its to ensure that dedicated technical marketplaces or platform, could and client operations teams affect the Group's reputation, are mobilised to minimise client increase its operational costs impact. and cause losses. -------------------------------------------- 2. IT infrastructure - inability to keep pace with innovation and changes Description of risk Mitigating action/controls -------------------------------------------- If the Group fails to keep pace The Group has a dedicated team with innovation and changes of product managers responsible in technology this could result for keeping pace with changes in fewer auction houses and/or in customer expectations and bidders using the marketplaces technology, and defining the or platform and therefore a roadmap of features for the loss of revenue. platform and marketplaces. New functionality is tested with a subset of the user base, to gather real-time usage data and feedback, to then optimise the user experience. -------------------------------------------- 3. Data security/data loss Description of risk Mitigating action/controls -------------------------------------------- A key asset to our business The Group has an internal governance is our data. Like many technology framework for data protection businesses, the risk of security and security policies and procedures breaches and/or targeted attacks in place along with robust IT and other disruptions is ever and security controls. Annual present. Whilst we design security penetration tests are performed into the way we operate, we on all proprietary systems along are acutely aware that any compromise with security recommendations to our systems could disrupt from third-party security providers the Group's business, compromise which are reviewed each month. sensitive and confidential information, The Group appointed an experienced affect the Group's reputation, Data Protection Officer during increase its operational costs the year to oversee all data and cause potential financial protection matters and work losses in the form of penalties. with stakeholders across the Group to review, develop and improve our data practices and procedures. Further details are set out in the governance section of the ESG report on page 40. -------------------------------------------- 4. Competition Description of risk Mitigating action/controls -------------------------------------------- The Group's business model may The combination of our leadership, come under significant pressure people, agile way of working should a significant number and strong industry knowledge of auction houses choose to and networks helps to ensure take bidder generation, technology that we stay up-to-date with development and customer service the competitive landscape within (amongst other things) in-house which we operate. and so bypass the marketplaces We are constantly innovating or platform, including as a with our technology and engaging result of auction houses who our customers for feedback. use the Group's white label We also undertake regular horizon-scanning offering attempting to maintain activities to understand competitive their own platforms rather than threats and opportunities. using the Group's platform. -------------------------------------------- 5. Failure to deliver expected benefits from acquisitions and/or integrate the business into the Group effectively Description of risk Mitigating action/controls -------------------------------------------- The Group has in the past made Clear plans and route maps are and in the future may undertake prepared to successfully integrate further acquisitions and investments, newly acquired businesses into which may prove unsuccessful the Group. It is important that or divert its resources, result we retain key expertise in our in operating difficulties, and newly acquired businesses. Post otherwise disrupt the Group's the acquisitions completing operations. we continue to review operational structures to ensure they are optimised globally. Performance of the acquired businesses is reviewed against the initial investment cases prepared to ensure their performance is in line with original expectation. -------------------------------------------- 6. Attracting and retaining skills/capabilities and succession planning Description of risk Mitigating action/controls -------------------------------------------- Our business depends on hiring During the year the Group has and retaining first class talent recruited a number of senior in the highly competitive tech hires, including a new Chief industry. Inability to attract Marketing Officer. and retain critical skills and Following the IPO, the Nomination capabilities could hinder our Committee has been established ability to deliver on our strategic to help review succession planning objectives. for the Board and senior management. A variety of techniques are applied to attract, retain and motivate our staff, with particular attention to those in key roles. These techniques include the regular review of remuneration packages, share incentive schemes, training, regular communication with staff, annual employee surveys and a thorough performance review process. Further details on our people can be found in the ESG section on page 40. -------------------------------------------- 7. Regulatory compliance Description of risk Mitigating action/controls -------------------------------------------- The Group operates in a constantly Compliance for the Group is changing and complex regulatory overseen by the Audit Committee environment, increasingly so and the Board is ultimately following its listing on the responsible. They are supported LSE during the year. There is by our legal, company secretary, a risk that the Group, or its finance, operations and technology subsidiaries, fail to comply teams. We ensure that all our with these requirements or to people are appropriately trained respond to changes in regulations, in compliance, relative to their
including the Financial Conduct roles. Authority's rules and guidance, We have developed a detailed GDPR, or specific legislation governance framework to monitor in the territories in which our legal and regulatory risks, the Group operates including and to ensure that we comply the Competition and Markets with the principles, rules and Authority in the UK. guidance applicable to our regulated This could lead to reputational activities. These are regularly damage, financial or criminal reported upwards to the Audit penalties and impact on our Committee and Board. ability to do business. -------------------------------------------- 8. Governance and internal control Description of risk Mitigating action/controls -------------------------------------------- As a newly listed Group, establishing During the IPO process a complete and maintaining corporate governance review of the Group's policies standards, and an effective and procedures was conducted and efficient risk management to ensure they were appropriate and internal control system, for a listed Group. At the same proportionate to the needs of time the Audit Committee was the Group, is a key part of established to monitor these our short and long-term success. and review progress against Any failure and/or weakness the implementation of controls, in this area (financial and as detailed in the Financial non-financial) could have an Position and Prospects Procedures. impact on the operations of The Board has ultimate responsibility the Group. for ensuring compliance with the Corporate Governance Code. For further information on activities undertaken by the Board and Committees during the year see pages 59 to 74. -------------------------------------------- 9. Economic and geo-political uncertainty Description of risk Mitigating action/controls -------------------------------------------- Group performance could be adversely This risk is mitigated by keeping impacted by factors beyond our abreast of macroeconomic developments control such as the economic and ensuring that the Group conditions and political uncertainty responds swiftly to any as they in key markets. materialise. The macroeconomic climate including The Group has demonstrated through the continued uncertainty following the ongoing pandemic, and last Brexit on the UK economy and year in particular, that it the US political landscape has has a strong business model impacted the second-hand goods and its diversified revenue markets both directly and indirectly. streams and geographical markets More details on the impact in help to mitigate the impact FY21 can found in the Market of political or economic instability Overview section on page 26. in any particular country or region. --------------------------------------------
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December 15, 2021 04:59 ET (09:59 GMT)
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