Cabcharge has gone into the red as the value of taxi licence plates falls

A 2015 file photo of taxis in Melbourne protesting against rideshare services. Robert Prezioso/Getty Images

Cabcharge Australia Limited posted a loss of $5.1 million for the first half after an impairment charge of $12.3 million on taxi licence plates.

Revenue was up 13.8% to $90 million for the six months to December.

The taxi payment company has been restructuring to meet industry disruption from nimble technology-led players including rid share services such Uber.

“Focus, energy and investment are paying off at Cabcharge,” says Andrew Skelton, Cabcharge Managing Director and CEO.

“With recent strong gains in payment turnover and the expansion of our fleet, the company is positioned for growth.”

Over the six months, $515 million in total fares were processed.

The company declared a fully franked dividend of four cents a share.

The first half numbers at a glance:

Source: Cabcharge

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