Transaction capital says SA Taxi will be heavily restructured over the current financial year.
The taxi financer said that the poor performance of SA Taxi heavily affected its unaudited interim results for the half-year ended 31 March.
Transaction Capital said that its other operations, WeBuyCar and Nutun, continued to have robust balance sheets, with both organisations isolated from SA Taxi’s restructuring. The group’s management said that a more appropriate metric to measure performance was core earnings per share, which dropped 48% from 90 cents to 46.5 cents.In terms of SA Taxi’s finances, core earnings dropped by 77%.Transaction Capital’s management has decided to accelerate the restructuring of SA Taxi’s business model, with the environment unlikely to rebound in line with original expectations.
Resizing the cost base as future loan origination levels and refurbishment are materially less than the last three years; and“We believe it is prudent to acknowledge and decisively tackle the issues facing SA Taxi.
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