REG - Aurrigo Int PLC - H1 FY25 Trading Update, Outlook, £1m Grant Funding

Aurrigo InternationalAnnouncement

Mon 07:00

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RNS Number : 7659U  Aurrigo International PLC  11 August 2025

11 August 2025

Aurrigo International plc

("Aurrigo" or the "company")

 

H1 FY25 Trading Update, Outlook and £1million Grant Funding

 

Aurrigo International plc (AIM: AURR), a leading international provider of
transport technology solutions, provides an update on trading for the half
year ended 30 June 2025 and outlook for the remainder of the year.

The company has performed broadly in line with the Board's expectations during
the first half and expects to report revenues of £3.5 million.

The Autonomous division delivered revenue of £1.14 million, up 41% (H1 2024:
£0.8 million), as key customer programs, including the current phase of the
Changi project, progressed according to delivery plans. The Automotive
division delivered revenues of £2.36 million (H1 2024: £3.1 million),
performing well in Q1 and in line with budget. However, during Q2, the impact
of US tariffs on UK car OEM production volumes became increasingly evident,
with volatility and deferrals in customer schedules impacting performance.
Early indications from OEMs at that time were that volumes would be recovered
in the second half of the year.

Outlook for H2 2025

We expect US tariffs to continue to weigh on the Automotive division, although
we anticipate volumes to stabilise later in the year. However, given the pace
of recovery it now appears unlikely that the shortfalls in the first half will
be fully offset within the year. The division continues to provide a
cash-generative revenue stream to the Group and helps underpin investment in
the Autonomous division.

In the Autonomous division, the project at Zurich Airport has commenced
following the signing of a strategic partnership and six-month project
agreement with Swissport International AG, the world's largest provider of
airport ground services and cargo handling.

We remain encouraged by the continued high level of interest and active
discussions with international airports and partners, which we are working to
convert into contracts in the coming months. However, due to a combination of
extensions to existing testing programmes, ongoing product refinements, and in
particular, delays to certain tender processes, we now expect that the start
dates of many of these programs will be deferred into next year.

As a result, we now expect revenue for the full year to fall significantly
below current market expectations* with H2 revenues expected to be in line
with H1 revenues. EBITDA will also be materially impacted, although cost
efficiency measures and the £1 million of grant funding (see below) will
provide some mitigation.

Cash at 30 June 2025 stood at £1.8 million. The Board is reassured by the
ongoing high level of interest in the company's products from multiple
sources, heavily focused on winning business in the remainder of the year, and
is confident in the company's ability to secure several key opportunities with
commercial and strategic partners.

Award of £1 million Grant Funding

Following the period end, the Group is pleased to have been awarded new grant
funding to advance new autonomous transport innovations. The grants total over
£1 million, which will be accounted for within Other Income and Deferred
Income. The funding is being provided by The Connected and Automated Mobility
(CAM) Pathfinder - Enhancements programme and Innovate UK's Launchpad
programme to accelerate sustainable airport and transport innovations across
four projects. These include an extension to the ongoing Autonomous Cargo
programme, whereby Aurrigo will supply another Auto-Cargo® alongside an
Auto-Shuttle® to East Midlands Airport for the next phase of testing, as well
as projects for software and simulation development, feasibility studies and
real-world vehicle trials in close collaboration with further leading industry
partners, including International Airlines Group (IAG), Highlands and Islands
Transport Partnership (HITRAINS) and Urban Foresight.

Notice of Results

The company expects to announce results for the half ending 30 June 2025 in
September 2025.

David Keene, CEO of Aurrigo International, commented: "I'm pleased with our
resilient performance in the first half, which was delivered despite a
challenging macroeconomic backdrop. Our ability to deliver major projects,
such as the continued progress at Changi Airport and ongoing Auto-Cargo®
collaboration, highlights both the trust placed in our technology by leading
aviation and industry partners and the strength of execution by our team.

While it is clearly disappointing that the impact of tariffs and some extended
sales cycles will impact financial results for H2 2025, we remain confident
about the longer-term as interest from international airports continues to
grow, as does the recognition of the clear need for autonomous solutions to
address efficiency, safety, and labour challenges in ground operations.

We continue to work with diligence and patience as our focus remains on the
successful launch and go-to-market of our leading solutions. As is the nature
of scaling disruptive technology, the timing of contracts can be uneven;
however the market is starting to move at pace, and our first-mover advantage,
strategic partnerships and increasing technology proof points means we are
well-placed to deliver material growth over the coming years."

 

* The company considers that the forecasts for the year ended 31 December 2025
prior to this announcement were for revenue of £12.0m, cash of £1.3m and an
adjusted loss EBITDA of £1.6m.

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

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, Cincinnati 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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