Cabcharge posted a full year loss of $90.55 million as the taxi payment company restructures to meet industry disruption from nimble technology-led players.
Revenue was down 10% to $151.9 million and underlying net profit after tax from continuing operations was $21.3 million.
“Cabcharge is now a reset business,” says CEO Andrew Skelton.
“We have improved our service offering, expanded our fleet, upgraded our infrastructure, divested non-core assets and strengthened our balance sheet.
“We are now ready to invest in additional marketing and technology to promote and advance the benefits of our improved services.”
The sale of non-core assets and property generated $200 million. Cabcharge announced a fully franked special dividend of $0.80 a share, bringing the total payout for the year to $1.
Cabcharge last month bought Yellow Cabs Queensland for $19.5 million, expanding Cabcharge’s affiliated fleet past 8,500 vehicles.
The company also launched handheld payment terminals, Spotto and Giraffe, in Sydney and Melbourne. Cabcharge says early results are encouraging, with handheld terminal fares processed in August 2017 reaching an annualised run rate of $100 million.
The 2017 results at a glance: