Newspaper article The Evening Standard (London, England)

Addison Lee Steps Up a Gear as Deals Drive Sales Rise

Newspaper article The Evening Standard (London, England)

Addison Lee Steps Up a Gear as Deals Drive Sales Rise

Article excerpt

Byline: Alex Lawson

A MOVE upmarket and an expansion into America has helped cab firm Addison Lee to fight off the rise of Uber and post a bounce in sales, it said today.

Just-filed accounts show that fares received in the year to last August fell 7.5% to PS259.5 million with profits at PS53.9 million.

But the company said that revenues will be "around a third" higher this year and profits will grow, without giving specific figures. It was acquired for PS300 million by US private-equity group Carlyle in 2013 . Chief executive Andy Boland said that the growth came in the wake of a PS70 million investment drive in new technology, better-equipped cars and acquisitions in the US.

Last year the London firm bought executive car service Tristar, which operates in 83 countries, and in January snapped up Flyte Tyme, giving Lee a presence on America's East Coast. It now has 1000 Mercedes in London with in-car wi-fi and phone charging.

On Uber's growth in London, Boland said: "We have reshaped the business to differentiate ourselves. …

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