Addison Lee ‘returns to growth’ even though losses widen amid bruising competition from Uber
Taxi firm Addison Lee said it has ‘returned to growth’ even though losses have widened amid bruising competition from Uber.
In accounts just filed, Addison Lee reported it was back on track in spite of ‘significant and new competition in the London market’.
Addison Lee reported it was back on track in spite of ‘significant and new competition in the London market’
Figures for the year ending August 31, 2018, show that turnover increased 13 per cent from £346 million to £390 million, with the bulk of the growth coming from its US arm.
However, pre-tax losses widened from £20.8 million to £38.9 million due to the cost of attracting US customers, coupled with the expense of a rebranding and restructuring programme in the UK.
Chief executive Andy Boland credited a 47 per cent increase in revenues in three years to ‘international expansion and a focus on service supported by technology and efficiencies from investment in infrastructure’.
Ride-hailing app Uber floated on the New York Stock Exchange last month. Shares quickly fell from the $45 (£35) launch price but have recovered, valuing Uber at $79 billion (£62 billion).