Cabcharge cuts loss

CABCHARGE has narrowed its first-half loss and lifted revenue as it invests in marketing and technology to combat competition from chauffeur services such as Uber.

The taxi and payments system operator yesterday posted a net loss of $5.1 million — a dramatic improvement on its $106.8 million loss a year earlier. It came as the group took a $12.3 million hit related largely to falls in the value of its taxi licenses, compounded by a buyback scheme in Victoria.