Aurrigo has reported a jump in revenues as the AIM-listed firm saw a surge in demand for its airside technology.
In a full year trading update, the Coventry-based autonomous vehicle technology provider said its 2024 financial results, expected to be released in May, were set to show an adjusted EBITDA loss of £1.9m, 40% less than the year before, ahead of its previously forecast loss of £2.7m for the year.
The company’s autonomous division, which provides self-driving transportation vehicles for the aviation industry, was the key to driving its turnover up. Revenue for the division rose 433% to £2.9m, while the revenue for Aurrigo’s automotive division dipped slightly from £6.1m in 2023 to £5.9m.
Aurrigo expects to report net cash of £3m for the end of 2024, bolstered by a capital injection it secured last month.
Aurrigo’s share price fell around 2% to 47p at the opening of trading on Tuesday. The stock is up by 6% since the start of the year.
CEO David Keene said: “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 is going all in on its airside autonomous technology, which includes a self-driving baggage and cargo tractor.
Aurrigo’s chief executive told UKTN in September that the company’s analysis found as many as 600 airports globally that would benefit from its products.
The West Midlands firm has offices in the UK, Malta, Canada, the US, Australia and Singapore. The firm listed on the London stock market in 2022.
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