Aurrigo reports strong operational, financial performance

14th Feb 2023 17:00

(Sharecast News) - Transport technology specialist Aurrigo International reported a "strong" operational and financial performance for the year ended 31 December in an update on Tuesday, following its successful initial public offering (PIO) in September.

It anticipated meeting market expectations for revenues of £5.2m, an EBITDA loss of £1.2m, and net debt of £5.0m.

The AIM-traded firm said it invested in the further development of its autonomous and aviation division in the year, and saw positive progress, including a deal with Changi Airport Group to trial its baggage transportation solution, the 'Auto-Dolly'.

It said it was also able to expand its team, hiring 18 employees and expanding its sales, marketing, and engineering capabilities.

The company won a £0.7m Innovate UK grant as part of the Sunderland Advanced Mobility Shuttle project, and signed an Industry Innovation Collaboration Agreement with the University of Ottawa in Canada.

"2022 was a transformational year for Aurrigo - we joined AIM and raised the funds to invest in our innovative technology, develop our market position and grow our dedicated team," said chief executive officer David Keene.

"We're proud to be delivering on what we set out at the time of the IPO and to have started 2023 strongly with industry partnerships in aviation and good traction across automotive."

The company said it expected to report its full-year results in April.

At 1316 GMT, shares in Aurrigo International were down 0.84% at 117.5p.

Reporting by Josh White for Sharecast.com.