[Source: Aurrigo International]
Aurrigo International, (AURR), a transport technology solutions provider, has reported its full-year financial results for the period ending December 31, 2022. The company achieved £5.3 million in revenues, but incurred adjusted EBITDA loss of £0.9 million. Aurrigo's cash position remained strong at £5.4 million, due to effective cost controls.
Operational highlights include Aurrigo's Autonomous and Aviation division partnering with Changi Airport Group to advance the development of Auto-Dolly, Auto-DollyTug, and Auto-Sim, key solutions in autonomous and aviation technologies. The rapid recovery of the global aviation industry continues to support demand for Aurrigo's solutions.
Meanwhile, the Automotive division has experienced notable activity levels after targeting potential new customers, and continues to invest in research and development for the Auto-Dolly MK3 and Auto-DollyTug MK3.
Looking ahead, Aurrigo expects to sustain the momentum generated in 2022 throughout 2023. This will be supported by industry partnerships, grant-funded projects in the Autonomous and Aviation sector, and encouraging customer interest in the Automotive division.
To capitalise on these opportunities, Aurrigo plans to invest in sales and marketing activities, while also leveraging its partnership with CAG to engage potential customers on a global scale.
David Keene, CEO of Aurrigo, commented, "We delivered an exciting year of progress in 2022 with the IPO, fundraising and partnership agreement with Changi Airport Group laying the foundations for our future growth. Since joining AIM, we have scaled our team, developed new vehicles and are now rapidly building a leadership position in autonomous aviation solutions."
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A strong set of results from Aurrigo, with its key growth drivers underpinned by the rapid recovery of the global aviation industry. The increasing demand for improved efficiencies and solutions to address staff shortages further strengthens Aurrigo's growth prospects.
The wider aviation sector is edging back towards pre-pandemic levels - according to the International Air Transport Association, airlines are expected to see their ridership levels fully return to ‘normal’ or pre-pandemic level by 2025.
However, amidst documented global staff shortages, the demand for enhanced efficiencies and automation within the airport setting is on the rise. The onset of the pandemic forced airlines and airports to make significant workforce reductions, relying on government bailouts and implementing drastic job cuts in order to survive. With ridership now reaching pre-pandemic levels but lacking sufficient staff to support the demand, the aviation solutions offered by Aurrigo International are more crucial than ever before.
With this in mind, Aurrigo has exhibited strong momentum in 2023 and is in a strong position to continue to deliver the growth outlined at IPO.
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