Cabcharge to hit back

CABCHARGE has vowed to “out-Uber Uber” by investing in technology after mounting competition from the ridesharing giant helped drag it to a $91 million full-year loss.

Revenue for the year to June fell 10 per cent to $151.9 million as a drop in the number of taxi trips taken cut $9.7 million from its takings.

But Cabcharge chief Andrew Skelton yesterday said the group’s investments in new technology and fleet upgrades is setting it up to “out-Uber Uber”, with passengers ultimately seeking professional drivers and a high-quality fleet.

Cabcharge said it planned to pour an extra $8 million into a marketing and technology war chest.

Shares in the company closed up 4.5 per cent at $2.11.