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Addison Lee revenues grow as it continues with expansion plans

City A.M. Monday, 5 March 2018
Addison Lee revenues grow as it continues with expansion plansAddison Lee Group unveiled increased revenue and earnings for the year to 31 August, and said it is aiming to double in size over the next three years.

*The figures*

Revenue rose *31 per cent *to *£345.8m* from £263.9m, while gross profits went up *6.4 per cent *from £94.8m to *£100.9m*. 

Adjusted earnings before interest, taxation, depreciation and amortisation rose* 3.2 per cent* to *£57.8m* from £56m. 

However, the private-hire group reported a pre-tax loss of *£20.8m*, compared with a £10.5m profit in the previous year. 

*Why it's interesting*

The taxi group is currently pushing an aggressive growth strategy, with plans to double the size of the business by revenues within the next three years. The firm said meeting these targets was the main reason for its recorded loss, due to "a period of intense long-term investment, acquisition integration and reorganisation".

Addison Lee said today that it now runs a US operation with annual revenues of more than $100m (£72.5m), after launching an expansion Stateside last year. 

*What Addison Lee 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," said Andy Boland, Addison Lee Group’s chief executive.

"We’ve made a strong start to the new financial year, with Q1 revenues up 23 per cent and set to top £400m 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."

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