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.