Cabcharge CEO, Andrew Skelton, says that “Cabcharge is now a reset business. 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." In an interview with Livewire, Skelton says the Uber-effect is being over emphasised by investors and there’s room for multiple players as the market for personal transport evolves. In terms of servicing demand, Skelton believes the medium term battleground is the recruitment of drivers and supporting them to deliver better services. Cabcharge declared total dividends of $1.00 per share in FY17. View Skelton’s results commentary in the video below.
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Management appears to have done a good job repositioning the business, Very encouraging to hear the emphasis on investment in technology.