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About P2P Transport

P2P Transport is an Australian fleet management and transport company with a range of diversified businesses. The company's fleet of cars includes traditional taxis as well as standard and luxury cars rented for use on ridesharing apps such as Uber.

P2P Transport Headquarters Location

1313 – 1315 North Rd

Melbourne, Victoria, 3166,


+613 9543 8700

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Latest P2P Transport News

CEO calls bottom after P2P $120m crash

Sep 10, 2019

Share The interim chief executive of P2P Transport, which leases out 2650  vehicles to taxi companies and Uber drivers, says a horror stretch which wiped $120 million from the group's market value is over. Greg Webb, brought in as a fix-it person in April for the company which listed on the ASX in late 2017 in a float with an issue price of $1.32, said the group's problems were all ''fixable'' and he is methodically working on them. P2P also operates the Black & White Cabs taxi network and runs a business called Adflow displaying digital ads through special taxi-top units. Mr Webb said technical problems and flat batteries which had beset some of the 300 units in operation months ago were now no longer an issue. The group's share price is languishing at 12.5¢. The company tumbled to a bottomline loss of $19.8 million in the 12 months ended June 30, 2019, amid  heavy impairments of $8.5 million relating to goodwill and the value of the Adflow taxi top units. P2P Transport, which leases out vehicles to taxi drivers and Uber drivers, has shredded $120m in market value but the interim CEO says the bottom has been reached. Ryan Stuart Mr Webb said on Tuesday that P2P had a long way to go to restore credibility with investors and rebuild confidence, but the bottom had already been reached. Related Quotes "In terms of the time clock, we are at the bottom,'' Mr Webb said. He said P2P was taking a disciplined approach to making improvements, but the underlying business model of leasing out vehicles to both taxi drivers and drivers of vehicles working for ride-sharing companies like Uber, Ola and Taxify was fundamentally sound. The personal transport market was expanding, particularly in larger cities, and those with scale were best able to harness that growth. "There's been a lack of execution in the business. This is nothing more than that,'' Mr Webb said. He was managing director of Black & White Cabs and its largest shareholder before that business was acquired by P2P last year. The slide in the share price had been bruising for investors. Whether it was overdone was largely irrelevant because the sharemarket formed its own views and companies that failed to deliver on expectations were punished hard. "That's for other investors to judge,'' he said. Mr Webb has his sleeves rolled up and said hard work and smart execution was the answer. "I just tell it like it is,'' he said. "I'm a turnaround guy''. Advertisement Chairman Matthew Reynolds and inaugural P2P chief executive Tom Varga left the company in early 2019. Mr Webb, who became a director of P2P last September, stepped in from the boardroom to become interim chief executive. P2P Transport, which also runs the Australia Wide Chauffeur Cars brand, has been cutting costs hard to help in the recovery. An agreement has been struck with banker Westpac that bank covenant testing will begin once the December half-year financial statements are available in early 2020. Mr Webb said taxi drivers and those working for ride-sharing firms increasingly looked for an efficient fleet manager to provide vehicles and be across the best insurance deals. "We understand what drivers need,'' he said. Personal transport is a growing market, through population growth and changing consumer behaviour. The ride-sharing market is also expanding because of looser regulations in some states and is fiercely competitive as Uber is tackled by rivals including European firm Taxify, Indian giant Ola and Chinese ride-share company Didi. Share

  • Where is P2P Transport's headquarters?

    P2P Transport's headquarters is located at 1313 – 1315 North Rd, Melbourne.

  • What is P2P Transport's latest funding round?

    P2P Transport's latest funding round is IPO.

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