LONDON minicab firm Addison Lee motored to a large rise in revenues and profits last year, fuelled by a near doubling of its returns on investment, annual accounts show.
The group, which was snapped up by private equity firm Carlyle Group in April 2013, said turnover rose 7.6 per cent for the year ending August 2013 to £171.7m up from £159.5m.
Pre-tax profits were substantially higher, rising from £6.7m in 2012 to £20.9m last year, although this was flattered by lower administrative expenses.
Addison Lee, which was founded in Battersea in 1975 by its now-chairman John Griffin, is currently exploring plans to push beyond its London heartland into other UK regions.
“The company will continue to focus on growth in its current market through acquiring new customers, exploring opportunities to encourage existing customers to spend more and minimising customers who churn,” the firm said.
Return on investment, a key metric used to judge how well a company is utilising its assets, rose from 16.5 per cent last year to 32.7 per cent in 2013.