Aurrigo is experiencing an upsurge in demand for its autonomous vehicles, signaling a promising future for the company.
- The company’s autonomous vehicle division projects a 450% increase in revenue to £3m by year-end.
- Aurrigo’s expansion plans include scaling its UK manufacturing and exploring outsourcing options in the US and Asia.
- The firm’s overseas growth efforts are marked by the opening of a new office in Cincinnati.
- Aurrigo’s technology promises substantial ROI and reduced emissions for global airport operations.
Aurrigo, an AIM-listed company, is gearing up for a significant increase in demand for its autonomous vehicle technology, particularly in the baggage handling sector. The firm anticipates a 450% rise in revenue from this division, aiming to achieve £3m by the year’s end. This optimistic forecast is supported by a healthy pipeline of customer inquiries, as noted by CEO David Keene.
To accommodate this anticipated growth, Aurrigo is expanding its manufacturing capacity in the UK and exploring outsourcing options in key markets such as the US and Asia. Keene remarked on the importance of a ‘made in America’ strategy to effectively penetrate the American market, indicating potential plans to establish manufacturing facilities within the region.
The company’s financial performance in the first half of the year showed a 26% increase in overall revenue to £3.9m, despite a decrease in pre-tax losses to £1.6m. The autonomous division, in particular, saw a 60% revenue increase to £0.8m, while the automotive division experienced an 11% rise to £3.1m.
International expansion is a key component of Aurrigo’s strategy, highlighted by the recent inauguration of an office in Cincinnati. This move aims to bolster its position in the American market, a critical area for growth. Additionally, Aurrigo is exploring opportunities to establish a presence in Singapore, capitalising on significant interest from potential partners.
Aurrigo’s autonomous solutions offer a compelling business case for airports worldwide, with modelling suggesting a return on investment within three years for airports handling over 40 million passengers annually. The technology is also environmentally beneficial, potentially reducing tug-related carbon emissions by approximately 72%.
Aurrigo’s strategic initiatives and market-ready technology position it strongly in the growing autonomous vehicle industry.
