REG - Aurrigo Int PLC - Full Year Trading Update

Aurrigo InternationalAnnouncement

25/02/2025 07:00

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RNS Number : 2810Y  Aurrigo International PLC  25 February 2025

25 February 2025

Aurrigo International plc

("Aurrigo" or the "company")

Full Year Trading Update

Strong growth in Autonomous revenues supports a positive year

Aurrigo International plc (AIM: AURR), a leading international provider of
transport technology solutions, provides an update on trading for the year
ended 31 December 2024. The company has made good progress in the year. The
board expects to report revenues of £8.9m, in line with expectations, and an
adjusted EBITDA loss of £1.9m, ahead of expectations, with loss before tax
also expected to be better than expectations as a result.

 

The Autonomous division continued to grow strongly, delivering revenue of
£2.9m, up 433% from the prior year (2023: £0.5m). The Automotive division
continues to underpin the company's performance and deliver steady cash
generation and is expected to report revenue of £5.9m, comparable with the
prior year (2023: £6.1m).

 

The company expects to report net cash of £3m at year end and following the
completion of a subsequent funding round in January 2025 the company is well
capitalised to support its next phase of growth.

 

The company expects to announce audited results for the year ending 31
December 2024 in May 2025.

 

David Keene, CEO of Aurrigo International, commented: "FY24 was another
significant year of success for Aurrigo. The team has worked tirelessly to
drive growth and deliver best in class services and solutions for our
customers. The strong growth we have seen in the Autonomous division reflects
the demand for our smart airside solutions as airports seek to reduce costs
and emissions while improving efficiency. With an expanding partner network
and healthy sales pipeline, we look ahead to further Autonomous growth,
supported by our Automotive division."

 

* The company considers that the forecasts for the year ended 31 December 2024
are revenue of £8.9m, cash of £3m and an adjusted loss EBITDA of £2.7m

 

 

For further enquiries:

 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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