30th Jul 2024 15:05
Aurrigo International PLC - Coventry, England-based provider of smart airside solutions - Says its Automotive division has secured an additional GBP1.5 million European export contract with an "existing global automotive manufacturing customer", which it left unnamed. It will supply wiring harnesses to the customer over the course of approximately 2.5 years, with production expected to start in the second half of 2025. It adds: "The contract, which will be delivered at positive net margin for the company, does not change management's financial expectations going forward, but provides further visibility in the forecasts of the business."
Chief Executive David Keene comments: "We are delighted to announce this contract win with a major global automotive manufacturer, demonstrating our automotive expertise and ability to tailor the manufacture of complex systems to suit our clients' needs - skills we are also leveraging in our designs for our smart airside solutions. Our UK leading Automotive division continues to grow organically, underpinning the overall group's performance."
Current stock price: 80.00 pence
12-month change: down 40%
By Sophie Rose, Alliance News senior reporter
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