The company that owns London’s private hire cab firm Addison Lee has broken into profits as passenger revenue surged by a third.
Accounts filed at Companies House this week show that parent company Atlas Topco made an operating profit of £12.4 million in the year to end August, compared with an £8.9 million loss in the previous year.
However after financing costs are taken into account the company remained £2.3 million in the red compared with a loss of £23.2 million previously.
Revenues soared from £164 million to £218.5 million.
Addison Lee said it has recruited more than 1500 extra drivers since the start of 2022 and now has more than 5000 vehicles in its fleet, including 1,000 electric cars and vans.
CEO Liam Griffin, said: “We’ve had a strong year, borne out by these financial results. The addition of black taxi and the growth of our EV fleet means that the company is thriving.
“As the only large operator trusted to hold a full 5-year licence from our industry regulator, we continue to be the clear partner of choice for passengers and London businesses looking for a premium, safe experience. We’re confident we’re perfectly positioned for continued strong growth.”
Addison Lee was founded in 1975 but bought in 2020 by a consortium led by Griffin and Cheyne Capital’s Strategic Value Credit business i
In 2021 it bought black cab operator ComCab.
