People power our financial performance – and there’s more to come in ’23
Our financial results for ‘21/’22 have just been published, and I am delighted to say it’s more good news on the back of our success last year. We achieved revenue growth of over 30% to £218.5 million and our profitability more than doubled to an Adjusted EBITDA of £19.1m. There’s plenty of information in our press release, but I wanted to take a look at the story behind the numbers, and in particular the role of our people and drivers.
It goes without saying that we’re nothing without trained, professional drivers and in ’22, we added more than 1,000 of them. With our commitment to electric, our acquisition of ComCab and the renewal of our full accredited 5-year TfL operating licence (the only major operator to have this length of licence), drivers who work with us not only have access to the safest and most sustainable vehicles in the city, but the most secure career path ahead of them, with the opportunity to move between courier, private hire and black taxi. Our new Driver Deal ensured they earned 30% more than pre-pandemic levels and gives them access to a range of benefits.
Also key to our growth are our fantastic people who are dedicated to guaranteeing we provide a quality service for our customers. Not only do they make this company a success, but a great place to work. This positive culture speaks volumes, and it has helped us welcome over 120 new staff members in ‘21/’22.
As well as our people, our unique offer is what drives the business forward. Sustainability continues to be at the core of our mission – we now have over 1000 Volkswagen ID.4s in our standard fleet, installed rapid chargers at our new West London fleet hub and have signed a range of charging partnerships including BP Pulse and ChargePoint. Enhancements to our Executive fleet are next, with the addition of 400 Audi A6 Zero-emission capable vehicles this year.
Technology will be key in driving growth in ’23, particularly around customer experience, and to this end we’re launching PRISM – our proprietary digital account management tool – in the summer. Our customer-facing digital channels will get a facelift, and we continue to invest in innovative solutions to support drivers in our transition to electric.
Again, a huge thankyou to our customers and people from me and the management team as we look to keep London moving in ‘22/’23 and further cement our position as the capital’s leader in quality ground transport, courier, and black taxi services.