7th May 2019

Global growth drives Addison Lee revenues up 13%

Multi-million investment programme provides platform for greater share of $30 billion global premium car mobility market

Full Year Results for Addison Lee Group for the year to 31 August 2018:

 2018

(£m)

2017

(£m)

Change

%

Revenue390.3345.712.9%
Gross Profit109.3100.98.3%
Adjusted EBITDA53.357.8(7.8%)
Exceptional items18.018.6(3.2%)
Pre-tax (loss)/ profit(38.9)(20.8)87.0%

 

  • Group revenue increased 13% to £390.3m ($506m);
  • US revenue growth of 20%;
  • Solid performance in the competitive UK market, with local revenues up 5%;
  • Adjusted EBITDA of £53.3m ($69m) delivered after significant investment in Addison Lee Group’s platform and technology

LONDON, 30 April 2019 – Addison Lee Group’s (‘ALG’ or ‘the group’) revenue grew 12.9% to £390.3m ($506m) in the year to 31 August 2018, with a 5% increase in revenue in its core UK market and a 20% increase in the US. Growth in both markets was driven by £60m ($77.7m) of investment over the last two years in technology, fleet, new platforms and sales capability, which saw the company’s transformation and integration programme completed.

Adjusted EBITDA decreased 7.8% to £53.3 m ($69m), and after factoring in depreciation, amortisation, and debt servicing (including non-cash interest on shareholder loans), the group recorded a pre-tax loss of £38.9m ($50.4m), reflecting a period of significant investment, which include £18.0m ($23.3m) of exceptional costs incurred in the year.

Andy Boland, Addison Lee Group’s Chief Executive, said:

“In the last three years, in an incredibly competitive market, Addison Lee Group has grown revenues by 47%, driven by international expansion, and a focus on service supported by technology and efficiencies from investment in infrastructure, all while maintaining core profitability.

Our focus is on capturing a greater share of the $30 billion annual global premium car mobility market, while embracing new technology which allows us to better serve our customers and cement our place as a key player in the mobility sector, as evidenced by our recent success in winning UK government funding for autonomous vehicle projects.”

Highlights for Addison Lee Group in the financial year include:

  • Further investment into global tech platform, including cloud technologies, data, analytics and new customer-focussed services
  • Launch of the Addison Lee Global Traveller product, allowing customers to book travel through the Addison Lee app in over 100 cities
  • The announcement of a move to a new global HQ in London Paddington, completing the re-organisation of its property portfolio to better support its business
  • As part of the MERGE consortium, along with partners such as Ford, Immense Simulation and DG Cities, publication of a report into use cases for the introduction of autonomous vehicles into the Royal London Borough of Greenwich

Ends

Enquiries:

Damian Peachey
Addison Lee Group
T: +44 (0) 7469 56 70 44 E: damian.peachey@addisonlee.com

ABOUT ADDISON LEE GROUP:

Addison Lee Group is the world’s largest managed premium car service and counts more than 80 percent of the FTSE 100 as customers. It was the first UK ground transport business to launch a booking app, and the company operates 5,000 of its own vehicles and provides up to 25,000 rides a day in London alone. Owned by The Carlyle Group, Addison Lee provides exceptional customer service 24/7 through innovative technology combined with experienced driver and customer service teams supporting car, chauffeur and courier needs. As well as journeys in London, Addison Lee customers can book international travel via web and app in 100 countries, and following the company’s acquisition of Tristar, Flyte Tyme and Tandem, has launched a branded service in New York.  Addison Lee Group’s passenger journeys are carbon-neutral, and the company is committed to a zero-emissions fleet in the future to help with cleaner air in the cities in which it operates. The company wants to provide its customers with a range of transport options, which could include autonomous vehicles, and Addison Lee won funding in 2018 from the UK government under the CCAV banner as part of two consortia to roll-out two autonomous vehicle pilots in the UK.

 

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