Our strategy

THV increased by 1% in FY25 with the stabilisation of used asset prices in many I&C categories. We saw growth of 13% in auctions facilitated and a 12% increase in lots listed driven by A&A, as well as high retention of auctioneers with a stable number of sellers in the year.

The conversion rate remained broadly stable. We continued to improve the seller experience through investing in easier onboarding and in our white label proposition, as well as ramping up our team investing in buyer conversion.

We drove adoption of atgXL through the launch of a single upload feature for both atg marketplaces and white label. We added new sites to the Partner Network as well as increasing inventory through the acquisition of Chairish.

The Group expanded the marketplace take rate by 0.3ppt to 4.8% through growth across all three value-added services. Value-added services revenue grew by 16% in the year (excluding Chairish).

We controlled our operating costs and continued with the consolidation of our platforms The adjusted EBITDA margin was impacted by the revenue mix, the consolidation of Chairish for two months of the year and increased investment in performance related pay.

The acquisition of Chairish strengthens the Group’s position in the A&A market by adding supply in complementary categories and entering new consumer segments. Strong financial returns are expected through both cost and revenue synergies.