30 July 2024
RNS Reach
Aurrigo International plc
("Aurrigo", "the Group" or the "Company")
C. £1.5m Automotive contract win
Core business contract win provides increasing revenue visibility
Aurrigo International plc (AIM: AURR, the "Company" or "Aurrigo"), a leading international provider of smart airside solutions and automotive products, is pleased to announce its Automotive division has secured an additional c.£1.5m European export contract ("the contract") with an existing global automotive manufacturing customer.
The contract will see the Group supply wiring harnesses to the customer over the course of approximately 2.5 years, with production expected to start in H2 2025. The contract was won, following a competitive tender process, thanks to both the strong existing relationship with the customer and a recognition of the Group's product quality and on time delivery performance.
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.
David Keene, CEO of Aurrigo, commented: "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."
Contacts:
| Aurrigo International plc David Keene, Chief Executive Officer Ian Grubb, Chief Financial Officer | +44 (0)2476 635818 |
| Canaccord Genuity (Nominated Adviser and Sole Broker) Adam James Harry Pardoe
| +44 (0)20 7523 8000
|
| Alma Strategic Communications Hilary Buchanan Caroline Forde Will Ellis Hancock
| +44(0)20 3405 0205 |
| Cucumber PR Russ Cockburn | +44 (0)78 1260 0271 |
Notes to Editors:
Aurrigo International plc is an international designer and developer of fully integrated smart airside solutions for the aviation industry, including automated vehicles, systems and software.
The Group's proprietary, award-winning autonomous technology and secure management system is supporting some of the world's leading airports. Customers choose to partner with Aurrigo to transform their baggage and cargo handling operations, improving safety, operational efficiencies and meeting sustainability targets, while navigating growing passenger volumes, rising costs and increasing labour shortages.
Headquartered in Coventry, UK with offices in Singapore and Ottawa, the Group has a 30+ year heritage designing and supplying automotive vehicle manufacturers with highly advanced, innovative product and system solutions. For more information, please visit the Group's website at www.aurrigo.com.
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