Global ground transportation provider Addison Lee Group experienced a record year of revenue growth in 2016/2017 to £345.8 million.
The company’s revenue increased by 31 per cent year-on-year to 31 August 2017. Addison Lee says this represents a “step change in scale” as acquisitions contributed to financial performance and increased sales in its core London market.
Adjusted net earnings were also up 3.2 per cent to £57.8 million, while the company recorded a pre-tax loss of £20.8 million following investments in group technology, customer management and operations capabilities. Addison Lee says this was in line with forecasts and includes £18.6 million of ‘exceptional costs’.
The results include the first full year of contributions from Addison Lee’s acquisition of Tristar, as well as part-year contributions from Flyte Tyme. The start of the financial year saw the group rebrand for its UK market.
Andy Boland, CEO of Addison Lee Group (pictured), commented: “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.
“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.”