Aurrigo International Delivers Strong Autonomous Growth in FY24
Why we think this is good
Aurrigo International has delivered a solid performance in FY24, with strong growth in its Autonomous division offsetting steady performance in the Automotive division. The company's EBITDA loss was better than expected, and it ended the year with a healthy net cash position, positioning it well for future growth. While revenue growth was mixed, the overall sentiment is positive, with the company highlighting the strong demand for its smart airside solutions.
Key Points
- Autonomous division revenues up 433% to £2.9m
- Automotive division revenues steady at £5.9m
- Adjusted EBITDA loss of £1.9m, better than expected
- Net cash of £3m at year-end, with additional funding secured
Summary
Aurrigo International plc (AIM: AURR) has reported a solid performance for the year ended 31 December 2024, with revenues of £8.9m and an adjusted EBITDA loss of £1.9m, both ahead of expectations. The company's Autonomous division delivered strong growth, with revenues up 433% to £2.9m, while the Automotive division remained steady at £5.9m. Aurrigo ended the year with net cash of £3m and completed a subsequent funding round in January 2025 to support its next phase of growth.