25th Feb 2025 12:40
(Alliance News) - Aurrigo International PLC on Tuesday said it anticipates a double-digit rise in revenue for 2024, driven primarily by growth within its Autonomous division.
The Coventry, England-based provider of smart airside solutions said it expects to report revenue of GBP8.9 million for 2024, in line with a company-compiled market consensus and up 35% from GBP6.6 million the year before.
Aurrigo also anticipates an adjusted loss before interest, tax, depreciation and amortisation of GBP1.9 million, ahead of the GBP2.7 million consensus and narrowed from GBP3.2 million last year.
Its Autonomous division alone is expected to deliver GBP2.9 million in revenue, multiplied from GBP500,000 a year prior, while revenue for the firm's Automotive arm is anticipated to decline 3.3% to GBP5.9 million from GBP6.1 million.
Aurrigo is due to release its full-year results in May.
"2024 was another significant year of success for Aurrigo. The team has worked tirelessly to drive growth and deliver best in class services and solutions for our customers," said Chief Executive Officer David Keene.
"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."
Aurrigo added that it expects year-end net cash to total GBP3 million.
Shares in Aurrigo International were down 1.1% at 47.00 pence in London on Tuesday afternoon. The stock has fallen 49% over the last twelve months.
By Emily Parsons, Alliance News reporter
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