Thursday 16 February 2017 4:45 pm

Addison Lee's tech push pays off as car firm says revenues are on track to rise 40 per cent

Addison Lee expects revenues to rise 40 per cent this year, following the firm’s £100m investment in technology, including developing an app.

The tech push has been part of the private car hire firm's efforts to bolster its position against the rise of the likes of Uber.

Addison Lee said its executive car bookings are up 20 per cent overall and Addison Lee has 20,000 business customers across the capital – including 80 per cent of FTSE firms.

Read more: Watch out Uber? Addison Lee's investing £17m in new cars

The company, which has been trying to position itself as an upmarket alternative to the rise of private hire apps, is also investing considerably in driver training. In November, Addison Lee announced it was plugging £7.5m into an in-house driver training programme.

It has more investments lined up too. In March, the firm will open a new £5bn centre to service its 5,000 vehicles and support its 4,500 drivers, as it bids to ramp up both the level of service it offers, and the level of safety.

Read more: Addison Lee pumps £7.5m in to training after splashing out on new cars

Chief executive Andy Boland said: “It has been an amazing twelve months for Addison Lee. Our vision of creating the world’s first truly global ground transportation service is coming to fruition and we are providing all our customers with a premium offer backed by a truly extraordinary level of service.”

In 2016, Addison Lee reported full year pre-tax profit of £11.6m in the year to August – a drop of nearly two-thirds from £32.9m.