- Profitable growth delivered over six consecutive quarters
- Strong unit economics despite challenging Q4
- ESG framework developed, commenced CDP reporting
Gett, a leading taxi platform operating in Israel and the UK, announces an update on its performance for the Full Year 2023. The company delivered solid operational and financial results, finishing the year with positive EBITDA after six consecutive quarters of profitability.
After a record performance in the first three quarters, full year results were affected by the conflict in Israel, where despite a short-term drop in ridership, performance rebounded to over 80% of the previous run-rate by the end of the year. The post-pandemic travel recovery resulted in an increase in volume of rides across B2B and B2C segments in Israel and the UK. Both markets achieved an all-time high in the amount of hours spent by drivers on the Gett app.
The Group completed a number of cost optimisation and operational efficiency improvements in the course of 2022-2023, including the exit from non-core and non-profitable markets, which allowed it to deliver strong unit economics and positive financial results despite the temporary challenges in the final months of the year.
Building on strong brand awareness in the country, Israel delivered robust growth in B2B and B2C segments prior to the outbreak of war. During the conflict, the company acted as a coordinator of charitable rides donated by a variety of local businesses to deliver humanitarian aid and transportation services in the affected areas.
In Q4 2023, Gett was awarded a contract by the Israel Airports Authority (IAA) to provide taxi services from Ben Gurion Airport. Gett developed a tech platform that offers booking, queuing and customer service for all taxi trips from the airport and will also manage registrations for eligible drivers through its existing platform and app. The test phase of the one-of-a-kind service commenced in Q1 2024, with full roll out expected in Q2 2024. The product is one of Gett’s recent launches with potential for global adoption in key travel hubs.
In the UK, Gett delivered a strong improvement in the B2B offering both in terms of variety of ride classes and reliability. Coupled with a number of large client sign ups, this translated into increased volumes of rides and revenues.
Building on its well established ties in the black cab trade in London, Gett re-opened an office dedicated to drivers using the app in London. The office now hosts drop-in sessions and a free knowledge school for aspiring black cab drivers.
In 2023, Gett completed its first materiality assessment to scope out the impact of specific ESG issues on the organisation and help shape its policies.
In 2023, Gett UK completed its first CDP report, providing a baseline for reduction targets in the future.
We were pleased to deliver a number of initiatives allowing Gett to reduce the environmental impact of its operations. These included a 2p donation per ride to the UK charity Trees for Cities, carbon offsetting for all UK rides until 2025, a partnership with a leading electric taxi provider adding hundreds of electric taxis to our app (Gett now has more than 4,000 electric taxis in its network), and the provision of discounted EV charging for drivers on the app.
The Social workstream focused on broadening entry routes into the business for prospective employees, which included a full review of our hiring process to remove bias. Gett is proud to provide two volunteering days per year for every employee, which have been used for a variety of community-focused projects.
Cybersecurity is one of our material ESG issues. During the year we continued to build on the culture of security awareness, enforcing robust security policies and new tools, ensuring compliance with industry standards and promoting resilience and trust in our digital ecosystem.
Matteo De Renzi, Gett CEO commented: “2023 has been truly transformational for Gett. We completed our restructuring, making the business leaner than ever and enabling us to deliver more growth in our core markets. Strong unit economics emphasise the resilience and scalability of our business and we are confident of our ability to continue to grow profitably in the years ahead”.