Strong performance has continued into Q1 with revenues expected to top £400m this year
Addison Lee Group’s transformation from a London private hire business to a global premium ground transport provider has fuelled a year of record revenue growth and robust underlying profitability.
The company’s revenue increased by 31 per cent to £345.8m ($484m) in the year ended 31st August 2017, representing a step change in scale as recent acquisitions contributed to the business’ financial performance as well as increased sales in its core London market.
Adjusted EBITDA was up by 3.2 per cent to £57.8 m ($81m), following a year of investment in group technology, customer management and operations capabilities.
After factoring in depreciation, amortisation, and debt servicing, the company recorded a pre-tax loss of £20.8m ($27.9m), in line with budgeted forecasts and reflecting a period of intense long-term investment, acquisition integration and reorganisation, which include £18.6m ($25.6m) of exceptional costs incurred in the year.
Andy Boland, Addison Lee Group’s Chief Executive, said: “For Addison Lee Group, 2017 was the year our London business returned decisively to growth and our focus became investing in and building the world’s leading managed ground transportation business.”
He added: “We’ve made a strong start to the new financial year, with Q1 revenues up 23 per cent and set to top £400 million for the current financial year. At the current rate of growth, we expect to double the size of Addison Lee Group in the next three years.”