London-based Addison Lee has posted strong results with a significant uplift of 41 per cent on the previous year with an adjusted EBITDA of £27.4 million for the year ended 31 August 2023.
FY23 also saw the firm in robust health with a turnover of £224.8 million.
Over the last three years Addison Lee has invested more than £80 million
to upgrade its fleet with £30 million spent over the last year on more
premium and sustainable options.
The acquisition of Green Tomato Cars last year, and the earlier acquisition of black taxi firm ComCab in 2021, has also enabled the private hire, black cab and courier company to offer a broader range of services.
The company, which operates with a pool of more than 7,500 drivers in the capital, said “profitability has surged with an increased fleet able to meet customer demand for high-quality work.”
Addison Lee’s CEO, Liam Griffin said: “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."
Alongside 1,000 fully electric VWs, Addison Lee's fleet also has 620 VW multivans, and 400 Audi A6s, which are Zero Emission Capable (ZEC) vehicles.
ZEC vehicles are those which emit no more than 50g/km CO2 and are capable of being operated with
no (zero) exhaust emissions for a minimum range of 10 miles;
or emit no more than 75g/km CO2 exhaust emissions and be capable of
being operated with no (zero) emissions for a minimum range of 20 miles.
The company says its entire standard passenger fleet is set to be ZEC by spring 2024.