Home Business NewsBusinessAutomotive News Addison Lee accelerates its profits with strong growth in 2023 

Addison Lee accelerates its profits with strong growth in 2023 

by LLB Finance Reporter
4th Mar 24 10:36 am

Addison Lee – London’s largest premium private hire, courier, and black taxi provider – has today announced another strong set of financial results, achieving an Adjusted EBITDA of £27.4 million for the year ended 31 August 2023, marking a significant uplift of 41% from FY22.

As London’s premium ground transport provider, the company’s unique position in the market has seen business go from strength to strength over the last three years, with FY23 seeing the firm in robust health with a turnover of £224.8 million.

The acquisition of Green Tomato Cars in June 2023, and the earlier acquisition of black taxi firm ComCab in July 2021, has also enhanced the suite of services available on the Addison Lee platform and significantly bolstered its supply of drivers to over 7,500.

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.”

Now operating the largest sustainable fleet of vehicles in London, Addison Lee offers zero emissions capable vehicles including executive, premium cars, and black taxis – investing significantly to meet growing demand from customers who value a quality and sustainable service.

Over the last three years, the firm has spent over £80 million to upgrade its fleet. This includes bringing 600 PHEV VW multivans on board to replace its signature people carrier vehicles and Audi A6s and A8s to grow its executive fleet. This comes in addition to the 1,000 fully electric fleet of VW ID.4s and Addison Lee’s entire standard passenger fleet is set to be zero emission capable by Spring 2024.

Griffin added, “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.”

During FY23, Addison Lee strengthened its pool of professional private hire and taxi drivers, offering the most lucrative earnings opportunity for drivers in the capital and extending its education initiatives.

Griffin concluded: “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.”

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