CAB revenue cracks $1bn
Taxi payments empire Cabcharge has been invigorated by the defection of its former long time CEO, Ewaz Barukh, to Macquarie Bank's taxi venture Lime according to Cabcharge chairman Reg Kermode.Kermode, who described the acrimonious departure of Barukh six months ago as a "restructure" delivered an upbeat chairman's report with the group's impressive annual results yesterday. Kermode wrote that Cabcharge is currently experiencing "almost an electric charge within the group as our new ideas and plans are being bedded down." Cabcharge turnover topped one billion dollars for the first time, up 16 per cent.EBITDA increased 20 per cent to $71.5 million.Net profit increased 36 per cent to $51.8 million. The franked dividend increased seven cents to 30 cents, with half paid at the half.Cabcharge own brand cards doubled their share of taxi payments to 6.4 per cent from 3.0 per cent. Bank issued cards are also increasing at the expense of American Express and Diners Club.