Gett reports solid profitable performance amid 2023 challenges

Taxi booking app Gett has released its Full Year 2023 performance figures, demonstrating solid operational and financial outcomes. The company achieved positive EBITDA, maintaining profitability for the sixth consecutive quarter.

The year's results, however, were not without their challenges, particularly due to the conflict in Israel. This led to a temporary dip in ridership, though by year-end, performance had recovered to over 80% of its prior rate. The increase in travel following the pandemic contributed to higher ride volumes in both the B2B and B2C segments, with a notable rise in driver hours on the Gett app in both markets.

Gett also undertook various cost optimisation and operational efficiency measures throughout 2022-2023, including exiting from markets that were not core to its strategy. These steps helped the company maintain positive financial results despite the challenges encountered towards the year's end.

In the UK, Gett saw improvements in its B2B services, including an expanded variety of ride options and enhanced reliability. This, along with securing new large clients, led to increased ride volumes and revenues. Gett also reopened a London office to support drivers, offering drop-in sessions and training for aspiring black cab drivers.

In Israel, prior to the conflict, Gett reported significant growth in both the B2B and B2C segments, thanks to strong brand recognition. During the conflict, the company provided charitable rides in collaboration with local businesses to support humanitarian efforts. A significant development was the awarding of a contract by the Israel Airports Authority for Gett to provide taxi services at Ben Gurion Airport. This new service, expected to fully roll out in Q2 2024, introduces a tech platform for booking and managing airport taxi rides.

Matteo De Renzi, Gett CEO, said: “2023 has been truly transformational for Gett. We completed our restructuring, making the business leaner than ever and enabling us to deliver more growth in our core markets. Strong unit economics emphasise the resilience and scalability of our business and we are confident of our ability to continue to grow profitably in the years ahead.”