TIDMAURR
RNS Number : 4389N
Aurrigo International PLC
25 September 2023
25 September 2023
Aurrigo International plc
Interim results for the six months to 30 June 2023
Aurrigo International plc (AIM: AURR, the "Company" or
"Aurrigo"), a leading international provider of transport
technology solutions, reports its interim results for the six
months to 30 June 2023 ("H1 23").
Highlights
-- Autonomous and Aviation division making good progress
following the announcement in February 2023 of a strategic
partnership with Changi Airport Group ("CAG")
-- Positive performance from the Automotive division with new customers added
-- Acquisition of GB Wiring Systems Limited ("GB Wiring") in June 2023, integrating well
-- Continued progress against IPO objectives, including scaling
headcount to 97 at H1 23 (FY 22: 70)
-- Sunderland Advanced Mobility Shuttle ("SAMS") project and
grant funding announced in February 2023
-- Revenue growth of 35% to GBP3.1m (H1 22: GBP2.3m)
-- Gross profit consistent with the prior year at GBP0.7m (H1 22: GBP0.7m)
-- Adjusted EBITDA loss of GBP1.6m (H1 22 loss: GBP0.3m),
reflects the scale up of the autonomous and aviation division
-- Cash of GBP2.8m at period end
Post period-end
-- Collaboration with UPS to develop and pilot Auto-Cargo(R) at
East Midlands Airport, with GBP483k UK Government grant announced
September 2023
-- European Institute of Innovation and Technology grant of
EUR275k for project to deploy Auto-Shuttle(R) in Prague announced
in September 2023
-- Auto-DollyTug(R) mk3 completed its extended development and
will be delivered to market during 2023
David Keene, CEO of Aurrigo International plc, commented:
"We saw good progress during the first half of the year,
engaging with both new and existing customers and partners. I
believe that we have now developed in the Auto-DollyTug mk3 a
vehicle that will revolutionise operations at airports
internationally."
"Interest from aviation organisations and airport groups in our
solutions and the ability to showcase the capabilities of our
technologies on the ground has been invaluable. We are now seeing
an accelerated level of interest in Aurrigo's innovative aviation
solutions for future deployments within Europe and North America
."
For further enquiries:
Aurrigo International plc
David Keene, Chief Executive Officer
Ian Grubb, Chief Financial Officer +44 (0)2476 635818
Singer Capital Markets (Nominated Adviser
and Sole Broker)
Phil Davies, Rick Thompson, Alaina Wong,
Jalini Kalaravy +44 (0)20 7496 3000
Instinctif Partners (Financial Communications) +44 (0)20 7457 2020
Rozi Morris, Tim McCall, Isadora Pegler aurrigo@instinctif.com
About Aurrigo
Aurrigo is a leading international provider of transport
technology solutions. Listed on the London Stock Exchange's AIM
Market (AIM: AURR) and headquartered in Coventry, UK, it designs,
engineers, manufactures and supplies OEM products and autonomous
vehicles to the automotive and transport industries. It is highly
regarded as a specialist in autonomous and semi-autonomous
technology solutions for the aviation, ground handling and cargo
industries.
Aurrigo has three divisions, Automotive, Autonomous and
Aviation. For more information, see www.aurrigo.com
OPERATIONAL REVIEW
Summary
The first half of this year has been one of engaging with both
new and existing customers and partners, with the Autonomous and
Aviation divisions working hard with strategic partners. We have
continued to operate live demonstrations whilst at the same time
developing the new Auto-DollyTug mk3. Our marketing efforts are
leading to increasing numbers of enquiries for our automated
aviation technology and good levels of industry and new customer
engagement.
The Sunderland Advanced Mobility Shuttle project, announced in
February 2023, is progressing on schedule, building three
automated, zero-emission Auto-Shuttles mk3 in partnership with
Sunderland City Council .
The Automotive division has seen good growth and this has been
augmented with the Company's acquisition in June this year of GB
Wiring, specialist providers of electrical wiring harnesses and
assemblies for the Automotive industry.
Autonomous and Aviation
Growth drivers
Technological developments continue to advance interest in
Aurrigo's Autonomous and Aviation product and services, with both
global airport groups, passenger and cargo airlines expressing
interest in automation. The long-term structural growth drivers
which are encouraging the adoption of automation and the
efficiencies it can bring are beginning to be fuelled as air
traffic and passenger demand return to normal levels following the
global pandemic.
Workforce shortages and costs post pandemic continue to be an
issue, whist the industry at the same time remains under pressure
to reduce its environmental impact. This increases the demand for
efficient and sustainable vehicles, smart airport planning software
and autonomous solutions.
Aurrigo is making encouraging progress in engaging with airlines
and other airport groups. As well as site visits and airside
demonstrations, there has also been strong engagement with
potential customers at key international conferences and trade
shows such as Aviation Festival Asia, Ground Handling International
and the IATA Ground Handling Conference.
Meanwhile, Aurrigo continues to build on its leadership position
in aviation automation by working with aviation industry regulator
IATA and the UK Government's Centre for Connected and Autonomous
Vehicles (" CCAV") to set industry standards for automated
vehicles.
Customers and partner programmes
The formal partnership agreement with CAG announced in February
2023 is focused on the continued joint development and testing of
the Auto-Dolly (R) , Auto-DollyTug (R) and Auto-Sim (R) airport
simulation software platform. The development and testing of
Aurrigo's autonomous vehicles at CAG is partially funded by the
Civil Aviation Authority of Singapore ("CAAS") through its Aviation
Development Fund ("ADF"). The ADF supports initiatives to improve
productivity in the Singapore aviation sector through the use of
innovative solutions.
The ability to showcase the technology to airport groups and
stakeholders is proving invaluable. Potential customers are
responding positively to seeing the vehicles in a live operating
environment and their full range of capabilities and the potential
to revolutionise operations at airports internationally.
The Sunderland SAMS project continues and Aurrigo is on schedule
to deliver three automated, zero-emission Auto-Shuttle mk3's to
Sunderland City Council and their transport providers in the first
quarter of 2024. The success of winning this project is resulting
in conversations with other local authority transport
providers.
Post period-end, in September 2023, the Company announced a
collaboration with UPS. The project will receive GBP482,020 in
grant funding from Innovate UK and the Centre for Connected and
Autonomous Vehicles ("CCAV"). The two companies will develop and
pilot Aurrigo's Auto-Cargo (R) over a 14-month period from
September 2023 at East Midlands Airport, the UK's second-largest
cargo terminal. If successful, it will then move to real-world
driverless cargo movement operations with in-service aircraft.
On 19 September 2023, Aurrigo announced another grant project
win for the deployment of its Auto-Shuttle autonomous passenger
transport vehicle in Prague, Czech Republic. The grant of EUR
274,820 comes from the European Institute of Innovation and
Technology (EIT) and the project has started immediately.
Automotive
Demand is ahead of expectations through both new and existing
customers. Additionally the acquisition of GB Wiring has
contributed by diversifying the customer base into new automotive
and industrial customers. The acquisition has integrated well and
the Aurrigo and GB Wiring teams are working together to target new
customer opportunities.
R&D
The key focus for R&D during H1 23 has been completing the
development of Auto-DollyTug, an autonomous electric baggage dolly
which can also pull conventional baggage trailers. The design has
had significant developments which are IP-protected. The first
Auto-DollyTug mk3 has completed development and is expected to be
delivered to market during 2023.
People
The Company's headcount continues to grow as it delivers on its
strategy to scale the business. As of June 2023, the headcount was
97 FTEs, up from 70 at the end of December 2022. This includes new
hires particularly in the Autonomous and Aviation engineering team,
as well as the additional staff from GB Wiring.
Staff retention is currently strong, with formalised employee
engagement programmes and staff incentives in place.
Recruitment is also assisted by work experience programmes at
Aurrigo's HQ in Coventry for students at local schools and
colleges, alongside a formal academic placement programme with
Warwick, Coventry and Aston Universities.
Aurrigo also has a formal Knowledge Transfer Partnership with
Aston University, helping students and researchers apply their
academic knowledge to real-world commercial projects, enhancing
their experience and skills as well as their job prospects.
The Company has also signed up to introduce apprentices across
the business.
Current Trading and Outlook
The second half of the year has continued to perform well for
the Automotive division which currently delivers the majority of
the business' revenues. 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.
The ongoing product trials at CAG, as part of the partnership
agreement announced in February 2023, have enabled substantial
technical development of the vehicles. As a result of this the
project phases have been replanned to take advantage of the
increased capability, which consequently means the revenue streams
will now be realised in 2024 and 2025.
Following visits and live demonstrations in Singapore to a
number of aviation organisations, we are now seeing an accelerated
level of interest in Aurrigo's innovative aviation solutions for
future deployments within Europe and North America.
FINANCIAL REVIEW
Revenue
Revenue in the period was GBP3.1m (H1 22: GBP2.3m), an increase
of GBP0.8m (34.8%) compared to H1 22. This increase represents a
growth in Automotive revenues, including one month's contribution
from newly acquired GB Wiring. While a significant proportion of
the increase derives from the Company's largest customer in the
period, the addition of GB Wiring and new actively engaged
customers will help to dilute customer concentration for the
remainder of the year and into 2024.
Revenue from the Autonomous segment has remained consistent with
H1 22 at GBP0.3m. The sale of Autonomous Passenger products and
services on an enquiry basis continued through the period but
accounts for a lower proportion of the segmental revenues in H1
2023 compared to H1 2022 as Aviation revenues crystalise.
Gross profit
Gross profit for the period was GBP0.7m (H1 22: GBP0.7m). Gross
profit margin was 22.3% (H1 22: 32.6%) which was lower than H1 22
due in part to a change in the sales mix with the proportion of
Automotive revenues increasing compared to the prior period.
Incremental lower margin Automotive product revenues have added to
the effect of this.
Adjusted EBITDA
Adjusted EBITDA loss increased to GBP1.6m (H1 22: GBP0.9m),
representing an increase of GBP0.7m (77.8%), compared to H1 22. H1
23 reflects the Company's first interim period as a public company
in which it has incurred additional governance and related costs.
Increased staff recruitment, primarily within R&D and the
Autonomous division have been actioned according to the objectives
set out at IPO, increasing the Company's cost base in preparation
for future development and marketing within Aviation.
Depreciation and amortisation
The total charge for the period was GBP0.3m (H1 22: GBP0.1m), of
which GBP0.15m (H1 22: GBP0.03m) related to the amortisation of
intangible assets.
Share-based payments
The total charge for the period under IFRS 2 "Share-based
payments" was GBP0.1m (H1 22: GBP0m). This charge related to the
awards made under the 2022 Share Option Plan established on
admission on 15 September 2022.
Cashflow
The Company's cash is position GBP2.8m (H1 22: GBP0.02m). The
net cash used for operating activities was GBP1.9m (H1 22: GBP0.7m)
with the increase reflecting the additional costs of operating as a
public company as described above. The net cash outflow includes
inflows from grants of GBP0.1m in the period (H1 2022: GBP0.5m) as
the Company continues to take advantage of this form of
funding.
The acquisition of GB Wiring Systems Limited reduced cash in the
period by GBP0.1m.
Balance Sheet
The Group had net assets of GBP6.8m as at 30 June 2023 (H1 22:
GBP3.2m). Property, plant and equipment increased reflecting the
renewal of property related leases, capitalised in accordance with
IFRS16.
FINANCIAL STATEMENTS
Consolidated Income Statement
For the period ended 30 June 2023
Unaudited Unaudited Audited
Notes 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
-------------------------------- -------- ---------- ---------- -------------
Revenue 4 3,083 2,275 5,302
Cost of sales (2,397) (1,533) (3,483)
---------- ---------- -------------
Gross profit 686 742 1,819
---------- ---------- -------------
Other operating income 353 139 278
Administrative expenses
including non-recurring
expenses, share based
payment charges, depreciation
and amortisation (3,013) (1,253) (4,569)
---------- ----------
Operating loss (1,974) (372) (2,472)
---------- ---------- -------------
Costs of admission to
AIM - - 1,010
Share based payments 121 - 143
Depreciation 131 95 208
Amortisation 147 26 172
---------- ---------- -------------
Adjusted EBITDA * (1,575) (251) (939)
-------------------------------- -------- ---------- ---------- -------------
Finance income 49 - 2
Finance costs (21) (10) (26)
---------- ---------- -------------
Loss before taxation (1,946) (382) (2,496)
---------- ---------- -------------
Income tax (charge)/income (43) 59 301
---------- ---------- -------------
Loss for the period
attributable to equity
shareholders of the parent (1,989) (323) (2,195)
---------- ---------- -------------
Other comprehensive income:
Items that will not be reclassified
to profit or loss
Currency translation differences 6 - (2)
Total other comprehensive
income 6 - (2)
---------- ---------- -------------
Total comprehensive loss for
the period attributable to
equity shareholders of the
parent (1,983) (323) (2,197)
---------- ---------- -------------
Basic EPS (GBP per share) 5 (0.05) (0.27) (0.12)
---------- ---------- -------------
Diluted EPS (GBP per
share) 5 (0.05) (0.27) (0.12)
---------- ---------- -------------
* Adjusted EBITDA refers to earnings before interest, tax,
depreciation and amortisation and impairment. Share based payments
and one-off costs of admission to the AIM are also excluded.
All results were derived from continuing operations.
Consolidated Statement of Financial Position
For the period ended 30 June 2023
Unaudited Unaudited Audited
30 June 30 June 31 December
Notes 2023 2022 2022
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 6 5,681 5,358 5,403
Goodwill 7 122 - -
Property, plant and equipment 8 721 155 306
Deferred tax asset - 151 -
Total non-current assets 6,524 5,664 5,709
---------- ---------- -------------
Current assets
Inventories 959 843 931
Trade and other receivables 1,839 2,402 1,532
Current tax receivable 264 268 174
Cash and cash equivalents 2,797 179 5,386
Total current assets 5,859 3,692 8,023
---------- ---------- -------------
Total assets 12,383 9,356 13,732
---------- ---------- -------------
Current liabilities
Trade and other payables (1,341) (1,795) (1,143)
Borrowings (30) (30) (30)
Lease liabilities (187) (107) (79)
Deferred grant income (217) - (217)
Deferred consideration (50) - -
Total current liabilities (1,825) (1,932) (1,469)
---------- ---------- -------------
Net current assets 4,034 1,760 6,554
---------- ---------- -------------
Total assets less current liabilities 10,558 7,424 12,263
---------- ---------- -------------
Non-current liabilities
Borrowings (40) (70) (55)
Lease liabilities (383) - (132)
Deferred tax liabilities - (385) -
Deferred grant income (3,333) (3,768) (3,442)
Total non-current liabilities (3,756) (4,223) (3,629)
---------- ---------- -------------
Total liabilities (5,581) (6,155) (5,098)
---------- ---------- -------------
Net assets 6,802 3,201 8,634
---------- ---------- -------------
Equity attributable to equity holders of
the Group
Share capital 83 - 83
Share premium account 7,103 - 7,103
Share option reserve 264 - 143
Retained earnings (648) 3,201 1,305
Total equity 6,802 3,201 8,634
---------- ---------- -------------
Consolidated Statement of Changes in Equity
For the period ended 30 June 2023
Share Share Share Retained Total equity
capital Premium option earnings attributable
account reserve to owners
of the parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2022 (audited) - - - 3,524 3,524
Loss for the six month period
ended 30 June 2022 - - - (323) (177,228)
At 30 June 2022 (unaudited) - - - 3,201 3,201
--------- ---------- --------- ---------- ---------------
Loss for the six month period
ended 31 December 2022 - - - (1,872) (1,872)
Currency translation differences - - - (2) (2)
Transactions with owners in their
capacity as owners:
Issue of share capital 33 8,133 - - 8,166
Costs of issue set against share
premium - (1,030) - - (1,030)
Share option expense - - 143 - 143
Deferred tax on share based payment
transactions - - - 28 28
Issue of share capital from reserves 50 - - (50) -
At 31 December 2022 (audited) 83 7,103 143 1,305 8,634
--------- ---------- --------- ---------- ---------------
Loss for the six month period
ended 30 June 2023 - - - (1,989) (1,989)
Currency translation differences - - - 6 6
Transactions with owners in their
capacity as owners:
Share option expense - - 121 - 121
Deferred tax on share based payment
transactions - - - 30 30
At 30 June 2023 (unaudited) 83 7,103 264 (648) 6,802
--------- ---------- --------- ---------- ---------------
Consolidated Statement of Cash Flows
For the period ended 30 June 2023
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Loss for the period (1,989) (323) (2,195)
Adjustments for:
Tax charge/(credit) 43 (59) (301)
Finance costs 21 9 26
Investment income (49) - (2)
RDEC grant income (103) - (107)
Amortisation of intangible assets 131 26 172
Depreciation of tangible assets 147 95 208
Equity settled share based payment
expense 121 - 143
---------- -------------- --------------
(1,678) (252) (2,056)
Changes in working capital:
Increase in inventories (28) (65) (153)
Increase in trade and other receivables (307) (15) (367)
Increase/(decrease) in trade
and other payables 163 (366) 58
---------- -------------- --------------
Cash used in operations (1,850) (698) (2,518)
Interest paid (4) - (2)
Income taxes refunded - 1 238
Net cash used in operating activities (1,854) (697) (2,282)
---------- -------------- --------------
Cash flow from investing activities
Capitalised development costs (395) (982) (1,155)
Grant income on capitalised research
and development - 826 715
Purchase of intangible assets (30) (6) (24)
Purchase of property, plant and
equipment (92) (4) (62)
Acquisition of subsidiary (net
of cash acquired) (138) - -
Interest received 49 4 2
---------- -------------- --------------
Net cash used in investing activities (606) (162) (524)
---------- -------------- --------------
Cash flow from financing activities
Interest paid (21) (10) (21)
(Costs of) / proceeds from issue
of shares - (146) 7,136
Repayments of bank loans and
borrowings (15) (15) (30)
Payment of lease liabilities (91) (83) (182)
Net cash (used in) / generated
from financing activities (127) (254) 6,903
---------- -------------- --------------
(Decrease) / increase in cash
and cash equivalents (2,587) (1,113) 4,097
Cash and cash equivalents at
beginning of the period 5,386 1,292 1,290
Effect of foreign exchange rates (2) - (1)
Cash and cash equivalents at
end of period 2,797 179 5,386
---------- -------------- --------------
Notes to the Interim Financial Statements
For the period ended 30 June 2023
1. Company information
Aurrigo International Plc is a public limited company domiciled
and incorporated in England and Wales. The registered office is
Unit 33, Bilton Industrial Estate, Humber Avenue, Coventry, United
Kingdom, CV3 1JL. These consolidated interim financial statements
comprise Aurrigo International Plc and all of its subsidiaries,
collectively the "Group".
The principal activity of the Group is that of the supply of
electrical components to the automotive industry and the
development of electric autonomous vehicles.
2. Significant accounting policies
2.1 Basis of preparation
The financial information set out in these interim consolidated
financial statements for the six months ended 30 June 2023 is
unaudited. The financial information presented are not statutory
accounts prepared in accordance with the Companies Act 2006, and
are prepared only to comply with AIM requirements for interim
reporting. Statutory accounts for the year ended 31 December 2022,
on which the auditors gave an audit report which was unqualified
and did not contain a statement under Section 498(2) or (3) of the
Companies Act 2006, have been filed with the Registrar of
Companies.
These financial statements have been prepared in accordance with
international accounting standards ("IFRS") as adopted by the
United Kingdom ("UK") insofar as these apply to interim financial
statements.
The interim consolidated financial statements have been prepared
using consistent accounting policies as those adopted in the
financial statements for the year ended 31 December 2022.
The interim consolidated financial statements are prepared in
sterling, which is the functional currency of the group. Monetary
amounts in these interim consolidated financial statements are
rounded to the nearest GBP1,000.
The financial statements have been prepared on the historical
cost basis, modified to include the revaluation of certain
financial instruments at fair value.
2.2 Basis of consolidation
The interim consolidated Group financial statements consist of
the financial statements of the parent company Aurrigo
International Plc together with all entities controlled by the
parent company (its subsidiaries) and the Group's share of its
interests in joint ventures and associates.
All financial statements are made up to 30 June 2023. Where
necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with
those used by other members of the Group.
All intra-group transactions, balances and unrealised gains on
transactions between Group companies are eliminated on
consolidation. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset
transferred.
Subsidiaries are consolidated in the Group's financial
statements from the date that control commences until the date that
control ceases.
2.3 Going concern
As at 30 June 2023 the Group had net assets of GBP6,802k and
cash and cash equivalents of GBP2,797k.
Management has prepared detailed financial projections for a
period of at least twelve months from the date of signing these
interim financial statements. These projections have been subject
to various sensitivity analysis and stress-testing, so as to
estimate the impact of severe but plausible risks. The board
challenged the underlying assumptions of the projections and the
stress-test models.
Having considered the Group's cashflow forecasts, the Directors
believe that there is a reasonable expectation that the Group has
adequate resources to continue in operational existence for at
least twelve months from the date of approval of these financial
statements.
Accordingly, these interim financial statements have been
prepared on a going concern basis. The interim financial statements
do not include the adjustments that would result if the Group was
unable to continue as a going concern.
2.4 Use of estimates and judgements
In the application of the group's accounting policies, the
directors are required to make judgements, estimates and
assumptions about the carrying amount of assets and liabilities
that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may
differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised, if the revision
affects only that period, or in the period of revision and future
periods if the revision affects both current and future
periods.
Critical judgements: Autonomous vehicles
The directors make a judgement as to the appropriate
classification of each autonomous vehicle constructed during a
period. Where vehicles are constructed for sale, autonomous
vehicles are classified as inventory and are measured at the lower
of cost and estimated selling price less costs to complete and
sell. Where vehicles are intended for use on a continuing basis in
the Group's activities they are classified as tangible fixed assets
and are measured at depreciated cost.
In addition there are estimation uncertainties around
determining labour and overheads absorbed during the construction
of vehicles as well as estimating likely selling price less costs
to complete and sell.
Key sources of estimation uncertainty
Development costs
Development costs included within intangible fixed assets are
amortised over their estimated useful life of 10 years, once they
are brought into use. The selection of estimated lives requires the
exercise of management judgement. Useful lives are regularly
reviewed and should management's assessment of useful lives shorter
or increase then amortisation charges in the financial statements
would increase or decrease and carrying amounts of the assets would
change accordingly.
The Group is required to consider, on an annual basis, whether
indications of impairment relating to such assess exist and if so,
perform an impairment test. The recoverable amount is determined
based on the higher of value in use calculations or fair value less
costs to sell. The use of value in use method requires the
estimation of future cash flows and the chose of a discount rate in
order to calculate the present value of the cash flows. The
Directors are satisfied that all recorded asests will be fully
recovered from expected future cash flows.
Capitalisation of development costs
The Group recognises as intangible fixed assets development
costs that are considered to meet the relevant capitalisation
criteria. The measurement of such costs and assessment of their
eligibility in line with the appropriate capitalisation criteria
requires judgement and estimation around the time spent by eligible
staff on development, expectation around the ability to generate
future economic benefit in excess of cost and the point at which
technical feasibility is established. the costs incurred on the
intangible fixed assets were the key growth areas for the Group's
admission to AIM which helps to justify the capitalisation and
demonstrates the Group's ability to capitalise these assets.
3. Revenue
IFRS 8 'Operating Segments' requires operating segments to be
identified on the basis of internal reports of the Group that are
regularly reviewed by the Group's chief operating decision maker.
The chief operating decision maker of the Group is considered to be
the Board of Directors. The Group has considered the overriding
core principles of IFRS 8 'Operating segments' as well as its
internal reporting framework, management and operating structure.
The conclusion is that the Group has two operating segments as
follows:
-- Automotive components - the supply of electrical components
for use in the automotive sector and across other industrial
applications, as well as trim and design components.
-- Autonomous - the design, development and manufacture of
autonomous vehicles and associated autonomous design and
consultancy services.
The Group applies IFRS 15 'Revenue from contracts with
customers'. Under IFRS 15, the Group applies the 5-step method to
identify contracts with its customers, determine performance
obligations arising under those contracts, set an expected
transaction price, allocate that price to the performance
obligations, and then recognises revenues as and when those
obligations are satisfied.
4. Segmental analysis of revenue
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Automotive components 2,771 1,951 4,803
Autonomous 312 324 499
Total revenue from contracts
with customers 3,083 2,275 5,302
---------- ---------- -------------
Revenue from customers who individually accounted for more than
10% of total Group revenue was as follows:
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Customer 1 696 716 1,454
Customer 2 1,796 720 2,597
---------- ---------- -------------
2,492 1,436 4,051
---------- ---------- -------------
5. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
Earnings used in calculation
(GBP'000) (1,989) (323) (2,195)
Weighted average number of ordinary
shares 41,666,667 1,208,215 18,721,737
Basic EPS (GBP) (0.05) (0.27) (0.12)
Weighted average number of dilutable
shares 41,666,667 1,208,215 18,721,737
Diluted EPS (GBP) (0.05) (0.27) (0.12)
On 27 July 2022 the Group reorganised its share capital and
issued new shares in anticipation of the AIM floatation. The EPS
disclosures presented for June 2022 were not restated to include
any necessary adjustments for this reorganisation.
In the current, prior period and prior year the group has
incurred losses and as such has not presented any dilutive shares
in accordance with IAS 33 'Earnings per share'. The diluted
earnings per share is therefore the same as the basic earnings.
6. Intangible assets
Patents Research Total
and development
GBP'000 GBP'000 GBP'000
Cost
At 1 January 2022 71 4,331 4,402
Additions 6 982 988
At 30 June 2022 77 5,313 5,390
--------- ----------------- ---------
Additions 19 173 192
At 31 December 2022 96 5,486 5,582
--------- ----------------- ---------
Additions 30 395 425
At 30 June 2023 126 5,881 6,007
--------- ----------------- ---------
Amortisation and impairment
At 1 January 2022 6 - 6
Amortisation charged for the
period 2 24 26
At 30 June 2022 8 24 32
--------- ----------------- ---------
Amortisation charged for the
period 3 144 147
At 31 December 2022 11 168 179
--------- ----------------- ---------
Amortisation charged for the
period 3 144 147
At 30 June 2023 14 312 326
--------- ----------------- ---------
Carrying amount
At 30 June 2023 (unaudited) 112 5,569 5,681
--------- ----------------- ---------
At 31 December 2022 (audited) 85 5,318 5,403
--------- ----------------- ---------
At 30 June 2022 (unaudited) 69 5,289 5,358
--------- ----------------- ---------
7. Business combinations
On 31 May 2023, Aurrigo International Plc acquired 100% of the
ordinary share capital of GB Wiring Systems Limited. In accordance
with IFRS 3 Business Combinations, goodwill of GBP122k arising from
the acquisition has been provisionally recognised, subject to final
completion accounts being provided. The Group expects to provide a
finalised business combinations calculation in the financial
statements for the year ended 31 December 2023.
The following amounts of assets, liabilities and contingent
liabilities have been provisionally recognised at the date of
acquisition, based on book value:
Provisional
Book value
GBP'000
Assets and liabilities acquired:
Inventory 11
Trade and other receivables 159
Cash and cash equivalents 81
Trade and other payables (104)
Provisional identifiable assets 147
------------
Goodwill 122
Total provisional purchase consideration 269
------------
Provisional
GBP'000
Consideration:
Cash 219
Deferred consideration 50
269
------------
The deferred consideration is payable by 31 May 2024 and
included within current liabilities. There is no contingent element
pertaining to the deferred consideration.
Additional cash payments may be due upon receipt of the
completion accounts, although the impact of this is not expected to
be material to the financial statements.
The June 2023 results for GB Wiring Systems Limited have been
consolidated with those of the pre-existing Group members in these
financial statements from the date of acquisition.
8. Property, plant and equipment
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Property, plant and equipment 165 59 101
Right of use assets 556 96 205
721 155 306
---------- ---------- -------------
The Group has lease contracts for buildings and vehicles used in
its operations.
During the period, property leases were renewed at three
locations each for a duration of 3 years. As a result, additions
amounting to GBP455k (year ended 31 December 2022: GBP215k; 6
months period ended 30 June 2021: GBP8k) have been recorded within
right of use assets. The depreciation charge relating to right of
use assets for the period was GBP102k (year ended 31 December 2022:
GBP176k; 6 months period ended 30 June 2021: GBP78k).
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END
IR USOVROUUKUAR
(END) Dow Jones Newswires
September 25, 2023 02:00 ET (06:00 GMT)
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