Addison Lee revenue has risen nearly 50% in the last 12 months in London as demand for private hire and taxi services spike post-covid lockdowns.
Addison Lee announced today its financial results, achieving an 'Adjusted EBITDA' of £7.9 million for the year ended 31 August 2021 on a turnover of £164 million.
The positive results come just 2 years following the takeover of the business, with the change in ownership finalised on the same day that the first UK national lockdown was announced on 23 March 2020.
Now, with London opening up this year, the firm has already achieved a significant uplift in business, showing a 47% year-on-year growth in passenger revenue and a 53% year-on-year growth in EBITDA between February 2021 and February 2022.
Addison Lee’s CEO, Liam Griffin, said: “As London returns to business as usual, we know that this is just the beginning for us. By focussing on our core strengths, our expert management team have successfully managed to offset the difficult financial situation that we inherited in 2020, all while launching new initiatives to support Londoners and keep the capital moving during the pandemic. And with travel now returning to levels seen in 2019, we are confident that this is the start of a return to significant growth for the business.”
Following its consolidation, in July last year the firm acquired ComCab London, becoming the capital’s largest taxi and private hire operator. The deal gives its customers access to all premium London ground transport services they require under one platform, while also increasing the firm’s number of professional partner drivers and upping its supply of vehicles to over 6,500.
Alongside its acquisition of ComCab London, last year the firm also announced its plans for a rapid transition to electric vehicles for its core London fleet, to be completed by the end of 2023. Addison Lee has already invested £18 million to roll out its first 450 Volkswagen ID.4s.
Griffin added: “Sitting here today, we’re extremely optimistic about the future of our business. Since we’ve come back into the business, we’ve doubled down on our commitment to our drivers, and with the continuing support from our investors and several new ventures underway, there’s much more to come.
“We know first-hand the role that the transport sector must play in tackling climate change, and we’re extremely proud of the work we’ve done to become an industry leader in the transition. With the electrification of our fleet moving at pace and our ongoing push to meet London’s demand for safe, quality, and reliable travel, we are confident that as London gets back on its feet, we’ll continue to grow and be here to support the city that we love and have called home for over 45 years.”