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The chief financial officer of Auction Technology Group has sold £1.2mn of stock, ahead of his departure early next year.
Tom Hargreaves disposed of 230,000 shares on November 28 at 510p each, reducing his stake in the FTSE 250 online platform by more than a fifth. According to a company statement, the sale was for “personal financial purposes” and left Hargreaves in possession of 816,700 ordinary shares. This is not the first time he has made a hefty disposal. In May 2023, he sold £1.6mn of stock, again for personal financial purposes.
Hargreaves resigned as CFO in October after roughly eight years at the helm to take up a new position with a private equity-backed company in early 2025. A search for his replacement is now underway.
Auction Technology Group has had a relatively turbulent year, with the first half marred by a profit downgrade. Lower asset prices in the industrial and commercial division, a lower win rate and slow demand for arts and antiques all contributed to a weaker performance.
However, things improved in the second half, with the arts and antiques division fuelling organic revenue growth. Operating profit across the whole year jumped by 17 per cent to $32.4mn (£25.4mn) as operational leverage kicked in. Management is guiding for revenue growth of 4 to 6 per cent for financial year 2025, with adjusted ebitda margins steady at 45-46 per cent.
However, end markets remain “uncertain” and analysts at Investec argue “a range of fears around cyclical trends, investment levels and the structural position of ATG in the industry” are depressing the company’s valuation. It currently trades on a forward price/earnings ratio of 17 times, half its five-year average.
The broker said the latest results provide “more clarity on the direction of travel on all these fronts”, however, ushering in the possibility of a re-rating.
Telecom Plus chief buys in
Telecom Plus revealed that chairman Charles Wigoder had acquired 200,000 ordinary shares in the FTSE 250-listed utilities supplier, which bundles utility packages together and trades under the Utilities Warehouse brand. Wigoder, who joined the company in 1998, purchased the shares at an average of £17.70 each, for a total value of £3.54mn.
Following the transaction, Wigoder holds a beneficial interest in 8.63mn ordinary Telecom Plus shares, representing approximately 10.87 per cent of the total voting rights in the company. The company’s shares have been enjoying a rebound after slipping back on lower energy prices — the war in Ukraine meant gas and electricity prices raced far ahead of the energy price cap.
That drop has since been arrested, meaning the shares are currently only 5 per cent off their 12-month high of 1,932p. The market was pleased with the company’s customer acquisition rate; the Utilities Warehouse’s customer base has stayed solidly above 1mn customers and the medium-term target of growing this to 2mn looks increasingly plausible.
