Aurrigo International PLC - Coventry, England-based provider of "smart airside solutions" - Signs contract with Singapore Changi Airport Group worth SGD4.2 million, about GBP2.5 million, for a fleet of automated baggage handling vehicles. Aurrigo says the contract is for a test of its Auto-DollyTug vehicles for underwing operations at Changi during 2024 and 2025. The phase 2b trial follows a successful phase 2a test in which the Auto-DollyTug showed it was able to stand up to rain, heat and humidity of the equatorial city to provide automated transfer of baggage containers, Aurrigo says. The new generation vehicles will arrive in Singapore from the UK in July.
Aurrigo will release its 2023 results by the end of May. It confirms these will be in line with market expectations for a loss before interest, tax, depreciation and amortisation of GBP3.8 million on revenue of GBP6.5 million. Aurrigo recorded an adjusted Ebitda loss of GBP939,000 in 2022 on GBP5.3 million in revenue.
Current stock price: 109.00 pence, up 7.9% on London midday Tuesday
12-month change: down 18%
By Tom Waite, Alliance News editor
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Aurrigo (AURR)