Home Business NewsBusinessAutomotive News Addison Lee more than doubles their profit in 2022

Addison Lee more than doubles their profit in 2022

by LLB Finance Reporter
3rd May 23 10:06 am

Addison Lee – London’s largest premium private hire, courier, and black taxi provider – has today announced its financial results, achieving an Adjusted EBITDA of £19.1 million for the year ended 31 August 2022 on a turnover of £218.5 million.

With a clear focus on its product, Addison Lee has become the capital business’ choice for an all-in-one ground transportation solution. The company’s acquisition of ComCab in July 2021, alongside its industry-leading commitment to transition its standard fleet to fully electric, has bolstered Addison Lee’s suite of services.

With private hire, EVs, courier, and taxi all available digitally and on one platform, the operator has seen unprecedented demand for its services, with a 33% year-on-year growth in passenger revenue.

Addison Lee’s CEO, Liam Griffin said, “We’ve had a strong year, borne out by these financial results. The addition of black taxi and the growth of our EV fleet means that the company is thriving. As the only large operator trusted to hold a full 5-year licence from our industry regulator, we continue to be the clear partner of choice for passengers and London businesses looking for a premium, safe experience. We’re confident we’re perfectly positioned for continued strong growth.”

In a challenging labour market, Addison Lee has also enhanced its driver offer to create the most competitive package in the industry with drivers now earning on average 30% more than pre-pandemic earning levels. On top of an industry-leading driver package – including sick pay, life cover, and an attractive driver pension scheme – the firm introduced AL Rewards in partnership with Collective Benefits to support drivers’ financial, physical, and mental wellbeing.

Griffin continued: “Our recruitment efforts have paid off and we’ve over-delivered on our target of recruiting 1,000 new drivers, adding over 1,500 more since the beginning of 2022. With over 5,000 vehicles on our fleet, we’re in a good position to offer our customers the best service in the industry.

“Drivers have always been at the heart of everything we do. With our commitment to electric and the renewal of our full accredited 5-year TfL operating licence, drivers who work with us not only have access to the safest and most sustainable vehicles in the city, but the most secure career path ahead of them.”

With over 1,000 Volkswagen ID.4s already in service and a new Fleet Hub in West London – complete with ultra-rapid charge points – Addison Lee has formed strategic partnerships with bp pulse, ChargePoint and Bonnet to ensure drivers have access to reliable charging infrastructure.

Beyond the standard fleet, the firm is also introducing 400 Audi A6 zero-emission capable vehicles to its executive fleet, which will further enhance its credentials as London’s leader in sustainable ground transport services.

Investing significantly in market-leading technology, the firm is also taking a digital-first approach to further improve the efficiency of its operations. To deliver against the evolving needs of London’s corporates – with 80% of the FTSE250 Addison Lee customers – the firm is now rolling out Prism, a digital solution that enables and empowers Travel Managers to better manage their passenger car and courier programmes.

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