Aurrigo flags strong growth in autonomous division

(Sharecast News) - Aurrigo International flagged strong growth in its autonomous division in an update on Tuesday, with 2024 revenue rising 433% to £2.9m, up from £0.5m in the prior year. The AIM-traded firm said total revenue for the year was expected to be £8.9m, in line with expectations, while an adjusted EBITDA loss of £1.9m was ahead of forecasts.

Loss before tax was also anticipated to be better than expected.

The company said its automotive division was continuing to provide stable cash flow, generating £5.9m in revenue, slightly lower than the £6.1m recorded in 2023.

At year-end, Aurrigo had net cash of £3m, and with the completion of a funding round in January, the company said it was well positioned to support its next phase of growth.

"The 2024 financial year was another significant year of success for Aurrigo," said chief executive officer David Keene.

"The team has worked tirelessly to drive growth and deliver best in class services and solutions for our customers."

Keene said the strong growth seen in the autonomous division reflected the demand for the company's smart airside solutions as airports looked 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."

Aurrigo said it was planning to release its audited results for the year in May.

At 1100 GMT, shares in Aurrigo International were down 1.05% at 47p.

Reporting by Josh White for Sharecast.com.