Our strategy
Our six growth drivers provide multiple compounding levers for growth
THV grew 3% in FY23 to £10.8bn as we added new auction houses and new lots to our marketplaces. We have actively identified new THV that we wish to bring online over the medium term. The acquisition of ESN extended ATG's addressable market into the estimated $5bn US estate sales market.
The conversion rate decreased to 2ppt to 31% in FY23, although remains significantly higher than pre-pandemic. For auctioneers we continue to actively facilitate the shift from live to timed auctions, and for bidders, we will invest to make the bidding experience even easier driving bidder acquisition, engagement and conversion.
We are continuing to make it easier for auctioneers to cross-list assets on our marketplaces and grow bidder reach as we roll out integrated bidding. Cross-listing also encourages bidders to use ATG as their primary search portal by presenting them with the broadest array of online inventory.
We have expanded our auctioneer paid-for digital marketing solutions, rolled out payments across LiveAuctioneers, have begun to roll out payments on Proxibid and have recently launched atgShip, our integrated shipping solution.
We are investing in a single technology platform, which will provide both agility and flexibility to our operations, whilst also enabling the acceleration of new product development. In FY23 our adjusted EBITDA margin expanded 2pt to 47%.
In FY23, we completed the acquisition of EstateSales.Net. The integration has progressed well and is on track with strategic initiatives ahead of the original plan.