A report in This Is Money has revealed that private hire company Addison Lee have returned to growth in spite of fierce competition from ride-hailing giant Uber.
Addison Lee reported that figures for the year ending 31 August 2018, indicate that their turnover has increased from £346 million to £390 million, representing a 13 per cent increase.
Although the majority of their growth has come from the US arm, the company's pre-tax losses have increased from £20.8 million to £38.9 million. The increase in losses is, in-part, due to the cost of attracting customers in the US.
Another factor which has been attributed to Addison Lee's losses is the expense of its rebranding and restructuring programme in the UK.
Addison Lee Chief Executive, Andy Boland, attributed the 47 per cent increase in revenues in three years to the company's international expansion program as well as a focused approach on service.
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