(Alliance News) - Aurrigo International PLC on Monday reported an increased loss due to ballooning costs but hailed its partnership with United Parcel Service Inc in its outlook.
The Coventry, England-based company provides autonomous and semi-autonomous vehicle technology to the aviation, ground handling and cargo industries.
Pretax loss in the six months to June 30 widened to GBP1.9 million from GBP382,000 a year prior.
Revenue grew by 36% to GBP3.1 million from GBP2.3 million. Cost of sales increased 56% to GBP2.4 million from GBP1.5 million, however, and administrative expenses, including non-recurring charges, multiplied to GBP3.0 million from GBP1.3 million.
The company said it performed well in the second half of 2023, driven by the automotive division which delivers the majority of its revenue.
Looking ahead, Aurrigo said: "The strategic growth areas of autonomous vehicles and autonomous aviation technology continue to develop significant existing and potential new customer traction. The new partnership announced recently with UPS demonstrates an important milestone of the company's autonomous technology development."
Aurri said its product trials at Changi Airport Group enabled "substantial" technical development of vehicles. It expects revenue streams from the project in 2024 and 2025 due to re-planned project phases. Changi Airport Group operates both commercial airports in Singapore, Changi Airport and Seletar Airport.
Aurrigo shares fell 6.9% to 121.00 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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