REG - Aurrigo Int PLC - Interim results for the six months to 30 June 2025
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250929:nRSc1067Ba&default-theme=true
RNS Number : 1067B Aurrigo International PLC 29 September 2025
29 September 2025
Aurrigo International plc
("Aurrigo" or the "Company")
Interim results for the six months to 30 June 2025
Aurrigo International plc (AIM: AURR), a leading international provider of
autonomous transport technology solutions, reports its interim results for the
six months ended 30 June 2025.
Auto-Cargo® and Auto-DollyTug®
Financial highlights
· Revenue of £3.5m (H1 24: £3.9m), comprising:
o 41% growth in Autonomous division revenues to £1.1m (H1 24: £0.8m)
driven by new deployments and contract progression.
o Automotive revenues of £2.36m (H1 24: £3.1m), performing well in Q1 but
reflecting impact of production volatility stemming from US tariff changes in
Q2.
· Gross profit increased to £1.5m (H1 24: £1.4m), with gross margin improving
to 42.3% (H1 24: 35%), a result of the increased revenue weighting towards the
higher margin Autonomous division.
· Adjusted EBITDA loss of £1.6m (H1 24: £1.2m), reflecting scale-up investment
in Autonomous teams to support delivery and product development.
· Net cash of £1.8m at 30 June 2025 (30 June 2024: £1.8m). Since the period
end, the Group has completed a fundraising of £14.1m, as first announced on
27 August 2025.
Operational highlights
· The Autonomous division made solid progress during the period and continued to
move forward across key areas:
o Auto Cargo® was launched, the Group's largest autonomous aviation vehicle
to date, developed in collaboration with UPS.
o Three-year partnership signed with Swissport International AG to deploy
Auto-Sim® at Zurich Airport and trial an Auto-DollyTug®, due for delivery
soon.
o Following successful trials at Amsterdam Schiphol, Aviation Solutions B.V.
formally approved Auto-DollyTug® and Auto-Sim® for recommendation across a
network of more than 60 airports.
o Commercial interest continues to grow with recent trials and live
deployments providing strong reference points for global partners and
supporting the progression of potential customers through the Group's
commercial pipeline.
· Automotive division delivered consistent performance in Q1 with reduced
volumes in Q2 due to ongoing production disruption linked to US tariffs on UK
OEMs.
Current trading and post-period end
· The Group enters the second half in line with revised Board expectations for
FY25 as set out in the August trading update.
· Continued commercial momentum in Autonomous, including Teesside International
Airport project to commence in H2 2025 starting with Auto-Shuttle® testing,
followed by live airside operations.
· Auto-Shuttle® trial launched in Canada which is expected to begin public road
service in Q4 2025.
· Over £1 million in new grant funding awarded post period end to support
development and deployment of autonomous solutions, including additional
Auto-Cargo® and Auto-Shuttle® vehicles at East Midlands Airport and further
software and simulation projects.
· £14.1 million fundraise successfully completed post period end, significantly
strengthening the balance sheet and enabling scale-up of production, team
expansion and potential relocation to larger facilities.
David Keene, CEO of Aurrigo International, commented:
"We delivered a resilient first half and look ahead with confidence, supported
by growing market awareness of our autonomous solutions, strong structural
drivers across aviation, and encouraging momentum with new customer and
partner engagements.
"While macroeconomic headwinds have contributed to delays in the timing of
certain tenders, as is often the case when scaling disruptive technology, we
remain firmly focused on delivering our major global projects and accelerating
the go-to-market rollout of our Autonomous airside solutions. The successful
funding round completed post period-end provides us with the resources to
scale and capture these opportunities."
Notice of Investor Presentation
David Keene, Chief Executive Officer, and Ian Grubb, Chief Financial Officer,
will host a presentation and Q&A relating to the Group's results at 9:30am
today. Questions can be submitted pre-event via the Investor Meet Company
dashboard up until 9:00am the day before the meeting or at any time during the
live presentation. To sign up to the presentation via Investor Meet Company
please register using the following link:
https://www.investormeetcompany.com/aurrigo-international-plc/register-investor
(https://www.investormeetcompany.com/aurrigo-international-plc/register-investor)
Investor Hub
For more information and the chance to have your questions directly answered
by the management team, please head to our interactive investor hub via:
https://investors.aurrigo.com/s/a33031
(https://investors.aurrigo.com/s/a33031) .
No new material, including trading or financial, information will be disclosed
during the Q&A.
For further enquiries:
Investor questions on this announcement https://investors.aurrigo.com/link/Pwb6Ar
(https://investors.aurrigo.com/link/Pwb6Ar)
We encourage all investors to share questions
on this announcement via our investor hub
Aurrigo International plc Via our InvestorHub
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
George Grainger
Alma Strategic Communications +44(0)20 3405 0205
Hilary Buchanan
Caroline Forde
Louisa El-Ahwal
Cucumber PR +44 (0)78 1260 0271
Russ Cockburn
Subscribe to our news alert service: https://investors.aurrigo.com/auth/signup
(https://investors.aurrigo.com/auth/signup)
Notes to Editors:
Aurrigo International plc is an international designer and developer of fully
integrated smart airside solutions for the aviation industry, including
autonomous 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 32+ 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/) .
Operational Review
Introduction
The first half of 2025 has seen continued progress for Aurrigo as we build on
the strong foundations laid in FY24. Key deployments and partnerships across
our Autonomous division have reinforced our position in the growing aviation
market, while the Automotive division continues to provide a solid and
reliable base for the Group.
As a result, the Group delivered a resilient first-half performance. We
advanced major global Autonomous projects and secured a strategic partnership
with Swissport, the world's largest airport ground-handling and cargo services
provider, with access to over 270 airports worldwide. While macroeconomic
headwinds, including tariffs, impacted our Automotive division in Q2 and
certain Autonomous programmes were extended, these factors remain temporary.
Our focus is firmly on what we can control: executing successful launches and
scaling our market-leading solutions.
Our post-period end oversubscribed fundraise has significantly strengthened
our financial position and will allow us to scale production, push forward
with product development, and build out the teams needed to support growing
demand. Looking forward, we are optimistic about rising inbound interest and
growing partner confidence as well as a healthy pipeline of opportunities and
remain focused on delivering autonomous solutions that offer real operational
value for our customers.
Financial Highlights
The Group continued to make strategic progress in H1 2025, with sustained
growth in the Autonomous division despite broader industry pressures impacting
Automotive volumes. Total revenue for the period was £3.5m, a decrease of
9.8% compared to H1 2024 (£3.9m), largely due to a softer Automotive
performance in Q2. Autonomous revenues grew by 41% to £1.1m (H1 2024:
£0.8m), demonstrating the continued traction we are seeing as we scale
existing contracts and initiate new deployments across airports globally.
Automotive revenues of £2.36m (H1 2024: £3.1m) were in line with
expectations in Q1, however Q2 performance was impacted by reduced production
volumes due to ongoing US tariff-related disruption resulting in a 23.2%
reduction.
Despite the decline in total revenue, gross profit increased to £1.5m (H1
2024: £1.4m), and gross margin improved significantly to 42.3% (H1 2024:
35.0%), reflecting the increasing contribution from our Autonomous division
which typically delivers higher margins. This shift in revenue mix is
encouraging and in line with our longer-term strategic direction.
Our Adjusted EBITDA loss for the period was £1.6m (H1 2024: £1.2m) due to
our continued investment in technical and delivery teams to support the
ramp-up of our Autonomous programmes. We remain focused on operational
discipline and continue to secure additional relevant grant income, with
£0.4m recognised as other operating income in the period (H1 2024: £0.3m).
The Group also maintained a stable cash position, ending the period with
£1.8m (H1 24: £1.8m), as we continued to manage the business carefully.
Post Period End Highlights - Fundraise and Grant Award
Following the period end we successfully completed a £14.1m funding round
that closed in August 2025. We would like to sincerely thank both new and
existing institutional and private shareholders for their continued confidence
in our strategy, and we are delighted to welcome Next Gen Mobility and
Schroders to the register, among others.
The fundraise significantly strengthens our balance sheet and gives the
financial headroom required to support the next phase of growth within our
Autonomous division. It allows us to invest further in our software,
engineering capabilities and deployment teams; build multiple show
demonstrator vehicles to support customer conversion; and a potential
relocation to larger UK facilities in Coventry with increased design and
manufacturing capacity.
We were also pleased to be awarded over £1 million in new grant funding in
August 2025 to support the development and deployment of our autonomous
transport solutions. The grants have been awarded under the Connected and
Automated Mobility (CAM) Pathfinder - Enhancements programme and Innovate UK's
Launchpad initiative, supporting four projects focused on sustainable airport
and transport technologies. These include an extension to our ongoing
Autonomous Cargo programme, with an additional Auto-Cargo® and Auto-Shuttle®
vehicle to be deployed at East Midlands Airport as part of the next phase of
testing, as well as projects for software and simulation development.
Business Review
Autonomous
Market
The market for Autonomous aviation solutions is advancing rapidly as
commercial models solidify, driven by the rapid adoption of automation and
digitalisation across global airports. Rising passenger volumes, ongoing cost
pressures, and increasing demands for safety and sustainability are pushing
the industry toward next-generation solutions that optimise ground handling
and airside logistics.
The capacity pressure on airports is highlighted by industry statistics that
show global passenger traffic hit a new high in 2024, surpassing 9.4 billion
travellers, up 8.4% from 2023 and 2.7% above pre-pandemic levels (2019) whilst
air cargo rebounded with close to 127 million metric tonnes handled in 2024,
up 9.9% year-over-year and 4.1% over 2019(1). As airports and airlines seek to
enhance operational resilience, autonomous vehicles and systems are emerging
as a critical enabler, working to reduce congestion, minimise turnaround
times, and address chronic labour shortages.
The establishment of industry bodies focused on autonomous baggage handling
provides clear evidence of the sector's progression from experimentation to
structured, industry-wide adoption. Recently, Aurrigo, International Airports
Group (IAG), Heathrow Airport, Manchester Airport Group, Highlands and Islands
Airports, Aer Lingus, Equinix, The Civil Aviation Authority, Oxa, Menzies,
Swissport, UPS, Zenzic and Fusion Processing are among the founding members of
the Airside Automation Group (AAG), a new group launched post period end to
foster greater collaboration between the UK's civil aviation and connected
and automated mobility (CAM) industries. The new group brings together the
leading names from across the aviation industry, spanning government, industry
bodies, operators and solution providers.
Against this backdrop, Aurrigo is well positioned as one of the few providers
with both proprietary autonomous technology and deep expertise in aviation
operations. Our autonomous baggage handling and airside transport solutions
directly address industry pain points by delivering scalable, cost-efficient
alternatives to traditional ground support equipment. With successful trials
at leading international airports and expanding commercial discussions with
global partners, Aurrigo is establishing a first-mover advantage in an airport
automation market projected to grow from $10.8bn in 2022 to $19.6bn by
2032(2). As adoption accelerates, we believe autonomous aviation will
transition from initial pilot projects to mainstream deployment, and that
Aurrigo is at the forefront of that evolution.
(1) Source: 2025 Edition of its World Airport Traffic Dataset
(https://aci.aero/2025/07/08/worlds-busiest-airports-revealed-in-final-global-rankings/?utm_source=chatgpt.com)
(2) Source: Airport Automation Market Share, Research, Size, Trends
(https://www.alliedmarketresearch.com/airport-automation-market-A312078)
Progress on the ground
We entered 2025 with solid foundations from FY24 and have since seen steady
progress across both product development and our partnerships.
One of the most significant developments in the period was the launch of
Auto-Cargo® in April, our largest autonomous airside vehicle to date.
Developed in collaboration with UPS, Innovate UK, CCAV and East Midlands
Airport, the vehicle is fully electric, designed for all-weather operations,
and capable of carrying and towing loads up to 16,500kg. This has marked an
important step in adapting our autonomous solutions to meet the demands of
large-scale airside logistics.
In May, we were delighted to announce a three-year partnership agreement,
incorporating a six month project agreement, with Swissport International AG,
one of the largest global providers of airport ground and cargo handling
services. Auto-Sim® is being developed to analyse Swissport's operation at
Zurich Airport, with good progress being made ahead of the delivery of the
Auto-DollyTug® in the coming weeks, paving the way towards the wider
deployment of our solutions across Swissport's network of over 270 airports.
We also continued to strengthen our relationship with Aviation Solutions B.V.,
part of Royal Schiphol Group. Following successful trials at Amsterdam Airport
Schiphol, both our Auto-DollyTug® and Auto-Sim® have been formally approved
for recommendation to Aviation Solutions' network of over 60 airports.
The project at Teesside International Airport will get underway later this
year, starting with the delivery of the Auto-Shuttle® for initial testing at
the new Connected Autonomous Mobility test centre on the airport campus,
followed by the delivery of the Auto-DollyTug®. Both vehicles will then move
into Teesside for airside testing and live operations.
We also announced the launch of our Auto-Shuttle® trial in Canada in August,
and following rigorous testing, it is due to begin service on public roads in
Q4 2025. This not only demonstrates the Auto-Shuttle's ability to operate in
all-weather conditions but its capabilities in a live traffic environment,
while strengthening our presence in the North American market.
Ongoing trials across multiple markets continue to shape the next phase of
product development and help us refine vehicle specifications to meet
real-world operational requirements. We are focused on progressing customers
from early-stage Auto-Sim® projects through to full deployments of our
autonomous vehicle solutions, managed via our Auto-Connect® platform.
The successful fundraise completed in August 2025 has strengthened our ability
to support that journey, with careful management of funds ensuring we are well
placed to scale production to meet expected demand.
Automotive
The Automotive division continues to provide a strong operational backbone for
the Group with long-standing customer relationships and a track record of
delivering high-quality solutions to global OEMs and Tier 1 suppliers.
The Automotive division generated revenue of £2.3m with Q1 performance, in
line with expectations. However, as the half progressed, customer production
volumes were affected by the knock-on impact of US tariffs on UK-based OEMs,
leading to increased volatility and some deferral of scheduled work. While
this affected revenues in the short term, we continue to maintain strong
relationships with our customers, and we are supported by an ongoing pipeline
of projects.
Technology Innovation and R&D
The Group made significant progress in further developing and refining its
suite of Autonomous solutions during the period. In addition to advances to
the Group's highly engineered hardware offering, which includes
Auto-DollyTug®, Auto-Cargo® and Auto-Shuttle®, notable, advances were
achieved across the Group's proprietary software platforms, including
Auto-Sim®, Auto-Stack® (Aurrigo's automated driving software), and
Auto-Connect ®. Key solutions and advances include:
Auto-Sim®
Auto-Sim® is Aurrigo's 3D simulation and digital twin platform designed
specifically for airport operations. Unlike generic traffic simulators,
Auto-Sim® integrates actual airport infrastructure schematics, live or
historic flight data, and site-specific workflows (e.g., turnaround SOPs, gate
timings, transfer logistics). Its simulation engine enables:
· Dynamic scenario planning based on actual flight schedules and gate
assignments
· Constraint-based routing models that incorporate congestion, vehicle queues,
and baggage hall utilisation
· Bespoke layout modelling for complex multi-terminal or irregular airport
geometries and road structures
· Implementation of electric GSE into the airside operation including optimum
charger installation, charger type and peak power requirements calculations
· Calculation and optimisation of baggage flows including first and last bag
timing
The result is a simulation tool that produces operationally realistic outputs,
helping airport teams validate the ROI and integration pathway of autonomy
before making procurement decisions. It also allows iterative configuration of
different fleet mixes and deployment phasing, using real-world data.
Auto-Connect®
Auto-Connect® is the cloud-native orchestration engine responsible for live
fleet management. Key functional highlights include:
· Real-time task allocation - dynamically assigns jobs to vehicles based on
real-world inputs such as vehicle status, airport congestion, and task urgency
· Live operational re-optimisation - adapts to flight delays, gate changes, and
unforeseen service interruptions in real time without manual intervention
· Multi-variable decision logic - factors in vehicle charge level, load type,
location, and upcoming availability to determine the optimal assignment
· Priority-based routing - elevates urgent cargo or baggage tasks based on SLA
windows, passenger connections, or aircraft pushback deadlines
· Predictive congestion avoidance - anticipates chokepoints using live route
data, proactively redirecting fleets to maintain on-time service
· Graph-based architecture - leverages a dynamic, weighted decision model that
simulates trade-offs across time, efficiency, and service level
· A cyber secure platform to provide resilience in the fleet for airside
operations
· Optimisation of the best availability of vehicle(s) to deliver the airports
operational requirements
What sets Auto-Connect® apart is its ability to evolve and scale: new rules,
APIs, and custom logic can be implemented per deployment site without
overhauling the core architecture, a critical factor in high-IT-integrity
airport environments.
It serves as the real-time, constraint-based decision engine that governs how
autonomous vehicles are assigned, routed, and optimised across complex airport
environments. Unlike conventional fleet management systems, which rely on
static rules, Auto-Stack® continuously recalibrates its task allocation based
on real-world conditions and predictive algorithms.
Together, these features make Auto-Connect® one of the most advanced
orchestration engines currently available in airside automation. It transforms
autonomous vehicles from reactive assets into intelligent, self-managing
agents capable of optimising airport logistics with precision and
adaptability.
Auto-Stack®
Auto-Stack® is Aurrigo's proprietary Autonomous Driving Software (ADS) module
that operates within each vehicle and directly connects with the
Auto-Connect® orchestration platform and is the 'brain' that lets every
Auto-DollyTug®, Auto-Cargo® and Auto-Shuttle® operate safely without a
driver. Written entirely in-house, the stack brings together all the
low-level and high-level functions needed to move an airport-grade vehicle in
complex, low-speed, highly regulated domains. Key modules include:
· Vehicle-control kernel - Manages steering, braking and traction motors with
real-time safety
· Sensor fusion & perception - Integrates LiDAR, stereo/mono cameras and
IMUs to build a 360° obstacle map-even in heavy rain or low light.
· Mapping & localisation - Creates and updates high-resolution drivable-zone
maps and keeps the vehicle pinned to them to centimetre accuracy
· Path planning & navigation - Calculates collision-free routes, speed
profiles and manoeuvres (e.g., side-shift, crab, 360° pivot) tailored to
apron and stand geometry
· Cyber-secure comms gateway - Encrypts Vehicle-to-Everything messages and
enforces role-based access for commands from Auto-Connect® or the Airport
Operational Database / Flight Information Display System
· Functional-safety layer - Monitors all subsystems; triggers graceful
degradation or emergency stop if any component strays outside a certified
envelope
Each of these solutions has moved forward during the period. A key milestone
for the Group was the successful development and testing of technology that
enables vehicles to safely cross live taxiways, an essential capability for
real-world airport deployment. As a result, the Group is now well positioned
to scale up live operations.
This progress across all three software solutions has been underpinned by
targeted investment in software talent, including the addition of four new
software engineers in H1 and further hires planned in H2. These hires have
significantly expanded the Group's capabilities, providing around-the-clock
software engineering coverage from its four locations around the world and
strengthening its ability to deliver complex autonomous solutions at scale.
This enhanced skill base represents a key enabler for the Group as it moves
from development into live commercial deployment.
Current Trading and Outlook
The Group enters the second half in line with revised Board expectations for
FY25 as set out in the August trading update. The Group anticipates continued
tariff-related pressures in its Automotive business, albeit with expectations
of volume stabilisation later in the year. The Group is closely monitoring the
ongoing situation at JLR following the recent cyber incident that has
disrupted their production. To date, the impact on Aurrigo has been minimal
and has provided an opportunity to strategically build stock in key areas
ahead of the anticipated resumption of normal activity. The Group will provide
any updates as necessary.
The Autonomous division has commenced activity at Zurich Airport with
Swissport and continues to engage with global airport partners. Whilst tender
delays and product refinements have pushed some project start dates into next
year as described in the recent trading update, the Group is confident that
the growing interest from international airports will translate into new
commercial opportunities, with a qualified pipeline of identified
opportunities. Inbound interest is strengthening as partners and prospects
gain a clearer view of Aurrigo's progress and the direction of the aviation
industry.
Furthermore, the Group's oversubscribed Placing, anchored by strategic
investor Next Gen Mobility, provides the firepower to scale at pace. This,
combined with the Group's leading solution suite, increasing customer
reference ability and industry expertise, accelerates Aurrigo's position to
capitalise on rising global demand.
FINANCIAL REVIEW
Revenue
Revenue in the period was £3.5m (H1 24: £3.9m), a decrease of £0.4m (9.8%)
compared to H1 24.
Revenue from the Autonomous segment has increased by £0.3m to £1.1m compared
with H1 24, an increase of 41% as contracts from 2024 progress and new
contracts have been instigated in the first half of the year showing continued
progress in this segment.
Automotive revenues have decreased by 23.2% from £3.1m in H1 24 to £2.36m in
H1 25. The division performed well in Q1 and was in line with management
expectation but 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.
Gross profit
Gross profit for the period was £1.5m (H1 24: £1.4m). Gross profit margin
was 42.3% (H1 24: 35.0%). Automotive margins have declined in the first half
of 2025 compared to 2024 due to product mix but is expected to improve again
in the second half. This is more than offset by the higher margins made in the
Autonomous division for which revenue increased in the period.
Adjusted EBITDA
Adjusted EBITDA loss was £1.6m (H1 24: £1.2m), representing an increase of
£0.4m (29.6%) compared to H1 24 primarily due to an increase in staffing
taken on in order to fulfil Autonomous contracts and development. Other
operating income of £0.4m (H1 24: £0.3m) has increased as the Group
continues to secure relevant grant funding where available and strategically
pertinent.
Depreciation and amortisation
The total charge for the period was £0.5m (H1 24: £0.3m), of which £0.23m
(H1 23: £0.16m) related to the amortisation of intangible assets.
Auto-DollyTug additions transferred from stock in H2 2024, which are being
used in aviation contracts have been depreciated in H1 25 but were still in
build as at H1 24.
Share-based payments
The total charge for the period under IFRS 2 "Share-based payments" was
£0.01m (H1 24: £0.1m). This charge related to the awards made under the 2022
Share Option Plan established on admission on 15 September 2022. The majority
of options vested as at the end of the period and as such charges have reduced
from the prior period.
Cashflow
The Group's cash is position £1.8m (H1 24: £1.8m). The net cash used for
operating activities was £2.0m (H1 24: £1.5m).
Balance Sheet
The Group had net assets of £9.5m as at 30 June 2025 (H1 24: £7.4m). Post
the Balance Sheet date the Group completed a fundraise of £14.1m before
expenses which has further improved the balance sheet position.
Consolidated Statement of Total Comprehensive Income
For the period ended 30 June 2025
Unaudited Unaudited Audited
Notes 6 months ended 6 months ended Year
30 June 30 June ended
2025 2024 31 December
2024
£'000 £'000 £'000
Revenue 4 3,502 3,883 8,855
Cost of sales (2,021) (2,525) (5,218)
Gross profit 1,481 1,358 3,637
Other operating income 364 299 750
Administrative expenses including non-recurring expenses, share based payment (3,945) (3,245) (6,918)
charges, depreciation and amortisation
Operating loss (2,100) (1,588) (2,531)
Share based payments 7 60 122
Depreciation 297 154 428
Amortisation 227 163 382
Adjusted EBITDA * (1,569) (1,211) (1,599)
Finance income 54 58 63
Finance costs (19) (26) (45)
Loss before taxation (2,065) (1,556) (2,513)
Income tax credit/(charge) 54 (21) 28
Loss for the period attributable to equity shareholders of the parent (2,011) (1,577) (2,485)
Other comprehensive income: (14) (13)
Items that will not be reclassified to profit or loss
Currency translation differences
46
Total other comprehensive income (14) (13) 46
(2,025) (1,590) (2,439)
Total comprehensive loss for the period attributable to equity shareholders of
the parent
Basic EPS (£ per share) 5 (0.03) (0.03) (0.05)
Diluted EPS (£ per share) 5 (0.03) (0.03) (0.05)
* Adjusted EBITDA refers to earnings before interest, tax, depreciation and
amortisation and impairment. Share based payments are also excluded.
All results were derived from continuing operations.
Consolidated Statement of Financial Position
For the period ended 30 June 2025
Notes Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Non-current assets
Intangible assets 6 6,554 6,042 6,445
Goodwill 202 202 202
Property, plant and equipment 7 1,974 762 2,085
Total non-current assets 8,730 7,006 8,732
Current assets
Inventories 1,277 2,185 1,066
Contract assets 1,561 - 975
Trade and other receivables 1,279 2,023 1,966
Current tax receivable 323 323 166
Cash and cash equivalents 2,014 1,785 3,086
Total current assets 6,454 6,316 7,259
Total assets 15,184 13,322 15,991
Current liabilities
Trade and other payables (1,806) (2,023) (2,319)
Invoice discounting liabilities 8 (220) - -
Borrowings (10) (30) (25)
Lease liabilities (183) (257) (262)
Deferred grant income (293) (293) (293)
Total current liabilities (2,512) (2,603) (2,899)
Net current assets 3,942 3,713 4,360
Total assets less current liabilities 12,672 10,719 13,092
Non-current liabilities
Borrowings - (10) -
Lease liabilities (22) (208) (75)
Deferred grant income (3,146) (3,151) (3,243)
Total non-current liabilities (3,168) (3,369) (3,318)
Total liabilities (5,680) (5,972) (6,217)
Net assets 9,504 7,350 9,774
Share capital 116 91 107
Share premium account 15,844 10,934 14,107
Share option reserve 461 438 499
Retained losses (6,954) (4,105) (4,990)
Foreign exchange reserve 37 (8) 51
Total equity 9,504 7,350 9,774
Consolidated Statement of Changes in Equity
For the period ended 30 June 2025
Share Share Share Foreign exchange reserve Retained losses Total equity attributable to owners of the parent
capital Premium option reserve
account
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2024 (audited) 91 10,927 383 5 (2,542) 8,864
Loss for the six month period ended 30 June 2024 - - - - (1,577) (1,577)
Currency translation differences - - - (13) - (13)
Transactions with owners in their capacity as owners:
Share option expense - - 60 - - 60
Share options exercised - 7 (5) - (2) -
Deferred tax on share based payment transactions - - - - 16 16
At 30 June 2024 (unaudited) 91 10,934 438 (8) (4,105) 7,350
Loss for the six month period ended 31 December 2024 - - - - (908) (908)
Currency translation differences - - - 59 - 59
Transactions with owners in their capacity as owners:
Issue of share capital 16 3,485 - - - 3,501
Costs of issue set against premium - (315) - - - (315)
Share option expense - - 62 - - 62
Share options exercised - 3 (1) - 8 10
Deferred tax on share based payment transactions - - - - 15 15
At 31 December 2024 (audited) 107 14,107 499 51 (4,990) 9,774
Loss for the six month period ended 30 June 2025 - - - - (2,011) (2,011)
Currency translation differences - - - (14) - (14)
Transactions with owners in their capacity as owners:
Issue of share capital 9 1,810 - - - 1,819
Costs of issue set against premium - (88) - - - (88)
Share option expense - - 7 - - 7
Share options exercised - 15 (45) - 45 15
Deferred tax on share based payment transactions - - - - 2 2
At 30 June 2025 (unaudited) 116 15,844 461 37 (6,954) 9,504
Consolidated Statement of Cash Flows (continued)
For the period ended 30 June 2025
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
2025 2024 31 December
2024
£'000 £'000 £'000
Cash flow from operating activities
Loss for the period (2,011) (1,577) (2,485)
Adjustments for:
Tax (credit)/charge (54) 21 (28)
Finance costs 19 26 45
Investment income (54) (58) (63)
RDEC grant income (101) (47) (107)
Amortisation of intangible assets 227 163 382
Depreciation of tangible assets 297 154 428
Gain on sale of property, plant and equipment (7) (30) (29)
Grant income recognised 262 (252) (643)
Equity settled share based payment expense 7 60 122
(1,415) (1,540) (2,378)
Changes in working capital:
(Increase)/decrease in inventories (211) (476) 643
Decrease in trade and other receivables 696 283 340
Increase in contract asset (586) - (975)
(Decrease)/increase in trade and other payables (513) 192 552
Cash used in operations (2,029) (1,541) (1,818)
Income taxes refunded - 50 330
Net cash used in operating activities (2,029) (1,491) (1,488)
Cash flow from investing activities
Acquisition of subsidiary (net of cash acquired) - - (50)
Capitalised development costs (325) (206) (801)
Grant income (359) 208 691
Purchase of intangible assets (11) (22) (52)
Purchase of property, plant and equipment (188) (98) (1,697)
Proceeds from the sale of property, plant and equipment - 30 30
Interest received 54 58 63
Net cash used in investing activities (829) (30) (1,816)
Cash flow from financing activities
Interest paid (10) (26) (45)
Proceeds from issue of shares (net of issue costs) 1,834 7 3,196
Cost of share issue (88) - -
Repayments of bank loans and borrowings (15) (15) (30)
Payment of lease liabilities (141) (127) (238)
Net cash generated from / (used in) financing activities 1,580 (161) 2,883
Decrease in cash and cash equivalents (1,278) (1,682) (421)
Cash and cash equivalents at beginning of the period 3,086 3,462 3,462
Effect of foreign exchange rates (14) 5 45
Cash and cash equivalents at end of period 1,794 1,785 3,086
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
2025 2024 31 December
2024
£'000 £'000 £'000
Relating to:
Bank balances 2,014 1,785 3,086
Invoice discounting facility (220) - -
1,794 1,785 3,086
Notes to the Interim Financial Statements
For the period ended 30 June 2025
1. Company information
Aurrigo International Plc is a public limited company domiciled and
incorporated in England and Wales. The registered office is Unit 33, Bilton
Industrial Estate, Humber Avenue, Coventry, United Kingdom, CV3 1JL. These
consolidated interim financial statements comprise Aurrigo International Plc
and all of its subsidiaries, collectively the "Group".
The principal activity of the Group is that of the supply of electrical
components to the automotive industry and the development of electric
autonomous vehicles.
2. Significant accounting policies
2.1 Basis of preparation
The financial information set out in these interim consolidated financial
statements for the six months ended 30 June 2025 is unaudited. The financial
information presented are not statutory accounts prepared in accordance with
the Companies Act 2006, and are prepared only to comply with AIM requirements
for interim reporting. Statutory accounts for the year ended 31 December 2024,
on which the auditors gave an audit report which was unqualified and did not
contain a statement under Section 498(2) or (3) of the Companies Act 2006,
have been filed with the Registrar of Companies.
These financial statements have been prepared in accordance with international
accounting standards ("IFRS") as adopted by the United Kingdom ("UK") insofar
as these apply to interim financial statements.
The interim consolidated financial statements have been prepared using
consistent accounting policies as those adopted in the financial statements
for the year ended 31 December 2024.
The interim consolidated financial statements are prepared in sterling, which
is the functional currency of the Group. Monetary amounts in these interim
consolidated financial statements are rounded to the nearest £1,000.
The financial statements have been prepared on the historical cost basis,
modified to include the revaluation of certain financial instruments at fair
value.
2.2 Basis of consolidation
The interim consolidated financial statements consist of the financial
statements of the parent company, Aurrigo International Plc, together with all
entities controlled by the parent company (its subsidiaries), and the Group's
share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2025. Where necessary,
adjustments are made to the financial statements of subsidiaries to bring the
accounting policies used into line with those used by other members of the
Group.
All intra-Group transactions, balances and unrealised gains on transactions
between Group companies are eliminated on consolidation. Unrealised losses are
also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
Subsidiaries are consolidated in the Group's financial statements from the
date that control commences until the date that control ceases.
2.3 Going concern
The Group has consolidated its trading position in the period, achieving sales
of £3.5m and gross profit of £1.5m. Cash and cash equivalents amount to
£2.0m at the period end.
The Directors have prepared detailed financial cashflow forecasts for the
period to December 2026. These projections are based on the Group's detailed
annual business plan. Sensitivity analysis has been performed to model the
impact of more adverse trends compared to those included in the financial
projections in order to estimate the impact of severe but plausible downside
risks.
The key sensitivity assumptions applied include:
• Delay in revenues derived from R&D testing of Autonomous
vehicles and related simulation.
• Increased wage rate inflation.
• Increased general inflation on input costs, including goods
sold.
Mitigating actions available to the Group were applied and the Board
challenged the assumptions used. After reviewing the forecasts the Board has
formed the judgement at the time of approving the financial statements that
there is a reasonable expectation that the Group has adequate resources to
continue in operational existence for at least twelve months from the date of
approval of these interim financial statements.
2.4 Use of estimates and judgements
In the application of the Group's accounting policies, the directors are
required to make judgements, estimates and assumptions about the carrying
amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised, if the revision affects only that period, or in the
period of revision and future periods if the revision affects both current and
future periods.
The estimates and assumptions which have a significant risk of causing a
material adjustment to the carrying amount of assets and liabilities are
outlined below.
Critical judgements: Autonomous vehicles
The directors make a judgement as to the appropriate classification of each
autonomous vehicle constructed during a period. Where vehicles are constructed
for sale, autonomous vehicles are classified as inventory and are measured at
the lower of cost and estimated selling price less costs to complete and sell.
Where vehicles are intended for use on a continuing basis in the Group's
activities they are classified as tangible fixed assets and are measured at
depreciated cost and less impairment, if any.
In addition, there are estimation uncertainties around determining labour and
overheads absorbed during the construction of vehicles as well as estimating
likely selling price less costs to complete and sell.
Key sources of estimation uncertainty
Revenue and margin recognition
The Group recognises revenue from certain long-term contracts over time in
accordance with IFRS 15 - Revenue from Contracts with Customers, using the
input method based on costs incurred to date relative to total estimated
contract costs. This approach requires significant estimation and judgement,
particularly in assessing the areas of total contract costs, the measurement
of progress towards completion and the recovery of contract assets. Due to the
inherent uncertainty in estimating future costs and performance outcomes,
actual results may differ from those estimates. A significant increase in
total estimated costs or a decrease in expected recoveries may materially
impact revenue recognition and profit margins on affected contracts.
Useful lives and impairment of development costs
Development costs included within intangible fixed assets are amortised over
their estimated useful life of 10 years once they are brought into use. The
selection of estimated lives requires the exercise of management judgement.
Useful lives are regularly reviewed and should management's assessment of
useful lives shorter or increase then amortisation charges in the financial
statements would increase or decrease and carrying amounts of the assets would
change accordingly.
The Group is required to consider, on an annual basis, whether indications of
impairment relating to such assess exist and if so, perform an impairment
test. The recoverable amount is determined based on the higher of value in
use calculations or fair value less costs to sell. The use of value in use
method requires the estimation of future cash flows and the chose of a
discount rate in order to calculate the present value of the cash flows. The
Directors are satisfied that all recorded assets will be fully recovered from
expected future cash flows.
Capitalisation of development costs
The Group recognises as intangible fixed assets development costs that are
considered to meet the relevant capitalisation criteria. The measurement of
such costs and assessment of their eligibility in line with the appropriate
capitalisation criteria requires judgement and estimation around the time
spent by eligible staff on development, expectation around the ability to
generate future economic benefit in excess of cost and the point at which
technical feasibility is established. The costs incurred on the intangible
fixed assets were the key growth areas for the Group's admission to AIM which
helps to justify the capitalisation and demonstrates the Group's ability to
capitalise these assets.
Incremental borrowing rates applied to calculate lease liabilities
The Group has used the incremental borrowing rate to calculate the value of
the lease liabilities relating to its property lease liabilities recognised
under IFRS 16. The discount rate used reflects the estimates risks associated
with borrowing against similar assets by the Group, incorporating assumptions
for similar terms, security, and funds at that time.
Share based payments
Share options have been fair valued excluding implied exit probabilities. At
each reporting period end, the Group makes an assessment of the likelihood of
a range of exit routes, including implied probabilities, dates and values for
each, and applies this to the outstanding share options yet to be exercised.
The share-based payment expense included in the Group Statement of
Comprehensive Income is then adjusted to reflect the straight line expensing
of the underlying fair value through to expected exit.
Going concern
As part of the going concern assessment, management has prepared detailed cash
flow forecasts for the period to December 2026. The preparation of these
forecasts requires the use of significant judgements and estimates,
particularly in relation to projected revenue streams, operating costs,
working capital requirements, and the timing of future cash inflows and
outflows. These estimates are inherently uncertain and sensitive to changes in
economic conditions, customer demand, and funding availability. Management has
considered a range of scenarios and mitigating actions, including access to
existing financing facilities and cost reduction strategies, in concluding
that the Group has sufficient resources to continue as a going concern. These
forecasts form the basis of the Directors' assessment that the going concern
basis of preparation remains appropriate.
3. Revenue
The Group applies IFRS 15 'Revenue from contracts with customers'. Under IFRS
15, the Group applies the 5-step method to identify contracts with its
customers, determine performance obligations arising under those contracts,
set an expected transaction price, allocate that price to the performance
obligations, and then recognises revenue as and when those obligations are
satisfied.
The Group has two operating segments as follows:
· Automotive components - the supply of electrical components for use
in the automotive sector and across other industrial applications, as well as
trim and design components. Within the automotive component sector there is a
single type of revenue recognised only.
· Autonomous - the design, development and manufacture of autonomous
vehicles and associated autonomous design and consultancy services. Within the
autonomous component sector there are two types of revenue - (i) supply of
vehicles under contract; (ii) contracts for autonomous proof of concept,
simulation and demonstration.
For the majority of customer contracts, revenue is recognised at a point in
time when the single performance obligation is satisfied and the product is
sold to the customer. This is usually at the point that the customer has
signed for the delivery of the goods and the significant risks and rewards of
ownership of the goods has transferred to the customer. There were no volume
discounts in the current or prior year or period.
Some contracts for supply of autonomous vehicles involve a number of goods and
services which individually are not distinct and are therefore combined into a
bundle that is distinct. As such all of the goods and services promised in the
contract are a single performance obligation. The performance obligation is
settled over time and therefore revenue recognised over time using the input
method to measure progress and recognise revenue. For simulation contracts,
revenue is recognised based on the percentage of completion and matched to
costs incurred in order to deliver the project.
When revenue recognised in respect of a customer contract exceeds amounts
received or receivable from a customer at that time a contract asset is
recognised. If amounts received or receivable from a customer exceed revenue
recognised for a contract, for example if the Group receives an advance
payment from a customer, a contract liability is recognised.
Contract assets and liabilities are presented on the statement of financial
position to reflect the cumulative revenue recognised in excess of, or short
of, amounts billed to customers. The Group assesses recoverability of contract
assets periodically to ensure they are not impaired.
4. Segmental analysis of revenue
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
2025 2024 31 December
2024
£'000 £'000 £'000
Automotive components 2,360 3,071 5,939
Autonomous 1,142 812 2,916
Total revenue from contracts with customers 3,502 3,883 8,855
Revenue from customers who individually accounted for more than 10% of total
Group revenue was as follows:
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
2025 2024 31 December
2024
£'000 £'000 £'000
Customer 1 334 516 1,168
Customer 2 1,008 1,673 2,941
Customer 3 738 527 2,043
2,080 2,716 6,152
Note, customer 1 did not account for 10% or more of revenue in the period
ended 30 June 2025 but did in the period ended 30 June 2024 and year ended 31
December 2024. Current period and comparative results are provided for
transparency and consistency.
5. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December
2024
Earnings used in calculation (£'000) (2,011) (1,577) (2,485)
Weighted average number of ordinary shares 57,782,933 45,833,291 46,146,704
Basic EPS (£) (0.03) (0.03) (0.05)
Weighted average number of dilutable shares 58,813,816 45,833,291 47,290,682
Diluted EPS (£) (0.03) (0.03) (0.05)
In the current, prior period and prior year the Group has incurred losses and
as such, in accordance with IAS 33 'Earnings per share', the diluted earnings
per share is the same as the basic earnings.
6. Intangible assets
Patents Research and development Total
£'000
£'000 £'000
Cost
At 1 January 2024 148 6,299 6,447
Additions 22 206 228
At 30 June 2024 170 6,505 6,675
Additions 30 595 625
At 31 December 2024 200 7,100 7,300
Additions 11 325 336
At 30 June 2025 211 7,425 7,636
Amortisation and impairment
At 1 January 2024 17 456 473
Amortisation charged for the period 4 156 160
At 30 June 2024 21 612 633
Amortisation charged for the period 5 217 222
At 31 December 2024 26 829 855
Amortisation charged for the period 5 222 227
At 30 June 2025 31 1,051 1,082
Carrying amount
At 30 June 2025 (unaudited) 180 6,374 6,554
At 31 December 2024 (audited) 174 6,271 6,445
At 30 June 2024 (unaudited) 149 5,893 6,042
7. Property, plant and equipment
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Property, plant and equipment 1,787 324 1,772
Right of use assets 187 436 313
1,974 760 2,085
The Group has lease contracts for buildings and vehicles used in its
operations.
8. Invoice discounting facility
The Group entered into an invoice discounting facility arrangement during the
period. The Group uses the facility sporadically rather than continuously.
Trade receivables are sold to a third-party financial institution in exchange
for immediate cash. The Group retains the credit risk associated with the
receivables and therefore the Group holds substantially all the risks and
rewards of ownership. Accordingly, the receivables subject to the arrangement
remain on the statement of financial position as part of trade receivables.
The proceeds received from the facility are recognised as "Invoice discounting
liabilities" on the statement of financial position.
The financial liability is measured initially at fair value, which is equal to
the proceeds received (£220k at 30 June 2025), since receivables are
short-term and/or the effects of applying the effective interest method would
be immaterial. Any costs or fees incurred in relation to the arrangement are
recognised in profit or loss as finance costs over the term of the
arrangement.
As a result of the arrangement, the group is subject to a fixed and floating
charge in favour of Bibby Financial Services Limited.
9. Subsequent events
Subsequent to the reporting date, the Group successfully completed a
fundraising transaction consisting of three tranches totalling £14,117k,
through issuance of new ordinary shares. The transaction involves 31,370,579
ordinary shares issued, at 45p price per share.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR DVLFLEKLBBBLRecent news on Aurrigo International
See all newsREG - Aurrigo Int PLC Schroders PLC - Notification of Major Holdings
AnnouncementREG - Aurrigo Int PLC - Interim results for the six months to 30 June 2025
AnnouncementREG - Aurrigo Int PLC - Notification of Major Holdings
AnnouncementREG - Aurrigo Int PLC - Notification of Major Holdings
AnnouncementREG - Aurrigo Int PLC - Notification of Major Holdings
Announcement