DRIVEN BY GROWTH: Addison Lee reports 41% increase in adjusted EBITDA for 2023

Image credit: Addison Lee

Addison Lee has declared a remarkable 41% increase in its Adjusted EBITDA, reaching £27.4 million for the financial year ending on 31 August 2023.

This growth highlights the company's continued growth in the London ground transport market, with a turnover reported at £224.8 million for the same period.

The company's strategic acquisitions, including Green Tomato Cars in June 2023 and ComCab in July 2021, have helped expand its service offerings and increased its driver network to over 7,500. These moves have further solidified Addison Lee's position in London's transport sector, particularly highlighting its commitment to sustainability.

With the largest sustainable vehicle fleet in London, Addison Lee has made notable investments exceeding £80 million over the past three years to upgrade its fleet. This includes the introduction of 600 plug-in hybrid electric VW Multivans, and luxury Audi A6s and A8s, enhancing its executive service range. Furthermore, the company plans to transition its entire standard passenger fleet to zero-emission vehicles by Spring 2024, already boasting 1,000 fully electric VW ID.4s.

Addison Lee’s CEO, Liam Griffin, said: “It’s been another positive year of growth, success, and expansion at Addison Lee. Through our integration of Green Tomato Cars and ComCab, we have grown our premium services and been able to take on higher value journeys while reducing our on-demand time to less than 10 minutes for journeys across the capital. 

“By scaling our operating platform in this way, we have delivered another impressive set of financial results. Demand for premium transport only continues to grow and we’re now poised to take the business to the next level, with a focus on further expansion and growth.

“The power of the Addison Lee brand and technology combined with our state-of-the-art, sustainable fleet means we are perfectly positioned to capitalise on the growing demand for quality, professional services like ours.”  

Griffin added: “With a superb set of FY23 results under our belt, coupled with strong performance in the first quarter of FY24, we are confident that the business will continue to outperform, and we’re excited about the year ahead. 

“When I look back on the past four years, I’m delighted to see how far we’ve come. The commitment from the team has been unrelenting, despite the challenges we have faced since we took the reins in March 2020. I couldn’t be prouder of the incredible job that they have done in getting us to where we are today. I can’t wait to see what the year ahead has in store.”