Aurrigo, a leader in autonomous vehicle technology, anticipates a 450% revenue increase.
- The Coventry-based firm is scaling up its manufacturing capabilities locally and exploring overseas ventures.
- Aurrigo’s CEO reveals a global market opportunity across over 600 airports.
- Aurrigo reports significant financial growth despite a reduction in pre-tax losses.
- The company is expanding globally with a new office in Cincinnati and potential ventures in Singapore.
Aurrigo, a prominent player in autonomous vehicle solutions, is preparing for a remarkable 450% rise in revenues within its autonomous vehicle division, expecting to reach £3 million by year-end. This comes as the Coventry-based company enhances its manufacturing capacity in the UK and evaluates outsourcing production to the US and Asia, highlighting a forward-thinking approach to operational expansion.
CEO David Keene, in an insightful discussion, shared that Aurrigo’s products are currently deployed with numerous customers across various regions, reflecting a strong market validation of their technology. “We have a very healthy enquiry pipeline that’s coming through. So we’re not chasing any business and the market is really proving that the business case is there,” he stated, reinforcing the robust demand for their offerings.
Aurrigo identifies a vast global market potential, noting that their technology could impact operations significantly in over 600 airports worldwide, underlining the extensive reach and applicability of their solutions.
Financially, Aurrigo reported a 26% increase in revenues, reaching £3.9 million in the first half of the year. Despite a reduction in pre-tax losses by one-fifth to £1.6 million, the company’s turnover benefited from a 60% boost in its autonomous division to £0.8 million, complementing an 11% rise in its automotive division to £3.1 million. This financial growth underscores Aurrigo’s effective strategic positioning in the market.
Aurrigo’s international ambitions include a new operational office in Cincinnati, aimed at penetrating the American market. “If you want to really crack the American market, you have to really have ‘made in America’ as part of your strategy,” Keene noted. Additionally, discussions are underway to explore expansion into Singapore, suggesting a methodical approach to capturing market opportunities in different regions. Aurrigo’s modeling indicates that their solutions can provide customers with a return on investment in under three years, alongside enhanced efficiency and a notable reduction in carbon emissions.
Aurrigo is strategically positioning itself for substantial growth in the global market, propelled by innovation and a commitment to sustainable practices.
