LONDON private hire, courier, and black taxi provider Addison Lee financial results show an adjusted EBITDA of £7.9m for 2021 — two years after the takeover of the business.
The change in ownership was finalised on the day of the first UK national lockdown: March 23, 2020.
Over the past two years, the leadership team has been forced to make some tough decisions to ensure the future of the business. It exited loss-making international operations to focus on the key market in London. It also provided support to staff during the pandemic.
The firm has seen 47 percent year-on-year growth in passenger revenue and a 53 percent year-on-year growth in EBITDA between February 2021 and February 2022.
CEO Liam Griffin said the management team successfully offset the difficult financial situation — while launching new initiatives to keep the capital moving during the pandemic. And with travel now returning to levels seen in 2019, we are confident that this is the start of a return to significant growth for the business.”
In July last year, the firm acquired ComCab London. The deal gives access to London ground transport services on one platform and increases the firm’s number of drivers and vehicles.
The firm plans a transition to electric vehicles for its core London fleet, to be completed by the end of 2023. It has invested £18m in an electric fleet. This bolsters the Greener Future Programme offsetting greenhouse gases.
Addison Lee guarantees its drivers the London Living Wage, offers holiday pay, sick pay, life cover, and pension scheme. For new drivers, it guarantees £5,000 gross for the first month of work.