Coventry autonomous vehicle specialist Aurrigo International lays foundations for growth with encouraging post IPO results
Coventry-based Aurrigo International, the company behind the driverless Auto-Pod and a new autonomous luggage/cargo dolly for aviation, has posted a promising first set of results since it listed on AIM.
Aurrigo International plc saw revenues reach £5.3m for the year ending December 31st and has immediately set out ambitious expansion plans to maximise new contracts in its automotive division and an exciting multi-year partnering agreement with Changi Airport Group (CAG) in Singapore.
The company, which was founded by brothers David and Graham Keene thirty years ago, successfully raised £8m in the IPO last September and will be using the financial backing to roll-out its industry-leading transport technology in the UK, Europe, North America and Asia.
More than 30 jobs have already been created since the listing, with a fresh recruitment drive just beginning to take the workforce at its Coventry Advanced Engineering Centre and international offices past 100 for the first time in its history.
David Keene, CEO of Aurrigo, commented: “We delivered an exciting year of progress in 2022 with the IPO, fundraising and partnership agreement with Changi Airport Group laying the foundations for future growth.
Read more: Aurrigo International celebrates 30th birthday with major recruitment drive
“Since joining AIM, we have scaled our team, developed new vehicles and are now rapidly building a leadership position in autonomous aviation solutions.
“The momentum of 2022 has continued into 2023. We are now demonstrating and proving our autonomous aviation products on the ground, which we believe will translate into new long-term partnerships.”
There has been significant progress in all areas of the business since the IPO, with continued investment in R&D helping to bring to market the eagerly anticipated Auto-Dolly Mk3 and Auto-Dolly Tug Mk3 - the latter focusing on delivering an electric-powered tug that can be converted to autonomous in the future.
Both are currently being tested airside at Changi Airport as the aviation sector explores new ways in which it can become more efficient and, importantly, meet global commitments to improve environmental performance by reducing emissions.
Aurrigo’s autonomous technology offers solutions in both areas with the two vehicles designed to reduce baggage and cargo loading and unloading times, improve movement efficiencies around the airport and boost health and safety by eliminating a lot of the manual operations.
The fact that both are electric powered is a big ‘green’ positive, especially when you consider that they will increasingly replace old fleets of tugs that are diesel fuelled.
David added: “Agreeing the Changi Airport partnership is a real gamechanger. It gives us the chance to showcase our technology at one of the busiest airports in the world, proving its effectiveness to CAG and other visiting global airport groups and stakeholders.”
He concluded: “This is an international opportunity, but it is also very important news for the West Midlands. We have created nearly 30 new jobs since the IPO, with a large proportion of them at our Advanced Engineering Centre in Coventry.
“Over 125 years on from when the first British motorcar was built in Coventry, Aurrigo International plc is in a perfect position to put the city on the global map again, this time when it comes to autonomous vehicles and their increasingly varied application.”
