Business
Trading Update
Trading Update.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n \n \n 14 February 2023\n \n \n \n Aurrigo International plc\n \n \n \n \n Trading Update\n \n \n \n \n Strong performance with momentum building since IPO\n \n \n \n Aurrigo International plc (AIM: AURR, the \"Company\" or \"Aurrigo\"), a leading international provider of transport technology solutions, provides a trading update for the year ended 31 December 2022.\n \n \n \n \n \n Following its successful IPO on AIM in September 2022, the Company delivered a strong operational and financial performance in line with market expectations*.\n \n \n Since IPO, Aurrigo has invested in the further development of its Autonomous and Aviation division which has seen positive progress. In October 2022, it signed an agreement with Singapore's Changi Airport Group for the next phase of development of the Auto-Dolly, Aurrigo's innovative baggage transportation solution for airports. This phase involves trialling the Auto-Dolly on the ground at Changi Airport. There has also been significant positive engagement with other airport groups, both in terms of Auto-Dolly and also Auto-Sim, the Company's airport design, development and modelling tool. Further investment is being made in the next generation of the Company's autonomous vehicles, including a MK2 version of the Auto-DollyTug, with particular focus on the requirement to deliver commercial scale production.\n \n \n \n \n \n The Automotive division experienced a strong second half performance with good activity levels across all customers and enquiry levels continue to be encouraging, particularly amongst new potential customers.\n \n \n \n \n \n With the benefit of the proceeds received from the IPO, Aurrigo has also been able to grow its team, hiring 18 employees across the UK and internationally, expanding its personnel from 52 at IPO to 70 in January 2023, with the aim of reaching 100 staff by the end of 2023. It has particularly expanded its sales, marketing and engineering capabilities, together with senior positions, including hiring an experienced HR Director.\n \n \n \n \n \n Post period-end, in February 2023, Aurrigo won a £0.7 million\n Innovate UK grant as part of the\n Sunderland Advanced Mobility Shuttle (\"SAMS\") project\n with Sunderland City Council. It has also signed an Industry Innovation Collaboration Agreement with the University of O...