RCS - Aurrigo Int PLC - C. £1.5m Automotive contract win

Aurrigo InternationalAnnouncement

30/07/2024 07:15

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RNS Number : 2753Y  Aurrigo International PLC  30 July 2024

30 July 2024

RNS Reach

Aurrigo International plc

("Aurrigo", "the Group" or the "Company")

C. £1.5m Automotive contract win

Core business contract win provides increasing revenue visibility

 

Aurrigo International plc (AIM: AURR, the "Company" or "Aurrigo"), a leading
international provider of smart airside solutions and automotive products, is
pleased to announce its Automotive division has secured an additional c.£1.5m
European export contract ("the contract") with an existing global automotive
manufacturing customer.

 

The contract will see the Group supply wiring harnesses to the customer over
the course of approximately 2.5 years, with production expected to start in H2
2025. The contract was won, following a competitive tender process, thanks to
both the strong existing relationship with the customer and a recognition of
the Group's product quality and on time delivery performance.

 

The contract, which will be delivered at positive net margin for the Company,
does not change management's financial expectations going forward, but
provides further visibility in the forecasts of the business.

 

David Keene, CEO of Aurrigo, commented: "We are delighted to announce this
contract win with a major global automotive manufacturer, demonstrating our
automotive expertise and ability to tailor the manufacture of complex systems
to suit our clients' needs - skills we are also leveraging in our designs for
our smart airside solutions. Our UK leading Automotive division continues to
grow organically, underpinning the overall Group's performance."

 

Contacts:

 Aurrigo International plc                              +44 (0)2476 635818

 David Keene, Chief Executive Officer

 Ian Grubb, Chief Financial Officer
 Canaccord Genuity (Nominated Adviser and Sole Broker)  +44 (0)20 7523 8000

 Adam James

 Harry Pardoe

 Alma Strategic Communications                          +44(0)20 3405 0205

 Hilary Buchanan

 Caroline Forde

 Will Ellis Hancock

 Cucumber PR                                            +44 (0)78 1260 0271

 Russ Cockburn

 

Notes to Editors:

Aurrigo International plc is an international designer and developer of fully
integrated smart airside solutions for the aviation industry, including
automated vehicles, systems and software.

 

The Group's proprietary, award-winning autonomous technology and secure
management system is supporting some of the world's leading airports.
Customers choose to partner with Aurrigo to transform their baggage and cargo
handling operations, improving safety, operational efficiencies and meeting
sustainability targets, while navigating growing passenger volumes, rising
costs and increasing labour shortages.

 

Headquartered in Coventry, UK with offices in Singapore and Ottawa, the Group
has a 30+ year heritage designing and supplying automotive vehicle
manufacturers with highly advanced, innovative product and system solutions.
For more information, please visit the Group's website at www.aurrigo.com
(http://www.aurrigo.com/) .

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