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Quarterly Cashflow Statement and Company Update

ASX Announcement: P2P

31 July 2019

QUARTERLY CASHFLOW STATEMENT AND COMPANY UPDATE

P2P Transport Limited (ASX: P2P) (P2P or the Company) provides a brief update on the Company plus the Cash Flow Statement (Appendix 4C) for the quarter ended 30 June 2019 noting that the 4E and audited financial results for FY19 are expected to be announced in 1 month.

HIGHLIGHTS 

  • Q4FY19 revenue of $19.75m is up 22% compared to $16.1m on previous quarter
  • Q4FY19 net operating cashflow of $2.0m versus ($1.1m) on previous quarter;
  • $1.8m in cash and cash equivalents as at 30 June 2019
  • Underlying revenue [1] (unaudited) for FY19 of $78.1m is consistent with prior guidance of $77m to $80m as advised to the market on 24 June 2019
  • FY19 pro forma underlying EBITDA [2] (unaudited) of $5.63m is consistent with prior guidance of $5.6m to $5.7m as advised to the market on 24 June 2019
  • The Company continues to assess profitability and its impact on the carrying value of the Group’s assets.

STRATEGIC REVIEW

A strategic review of the Company lead by the interim CEO Greg Webb is well advanced. Mr Webb noted that “All aspects of the business are being scrutinised. The review, although not yet finalised has already identified a number of initiatives that will strengthen the capital position of P2P.”

FINANCIERS

The Company continues to have a good working relationship with all its financiers. P2P is pleased to report a continuation of our finance facility with Westpac Bank and an agreement that covenant testing will commence once the 31 December 2019 half year audited financial statements are available.

OPERATIONS  

The operations of the Company continue to focus on delivering efficiencies, improvements in execution and cost savings following a period of acquisitions and growth by P2P. Mr Webb said that “it is pleasing to see an improvement in the cash position of P2P and it is expected that there will be further improvements from the strategic review, increased operational efficiencies and business integration.”


[1] Combined P2P divisional underlying revenues, before intercompany eliminations (incorporating adjustments for acquisitions made during the
period as though contributing for the full year).

[2] Underlying results incorporate adjustments for acquisitions made during the period as though contributing for the full year, one off acquisition costs on a pro rata basis for items that will be accounted for in the full year results. This includes early adoption of AASB16 – Leases in relation to real estate, taxi licenses and other one-off expenses.

– END –

 

For further information, contact:

Greg Webb

Interim CEO
P2P Transport Limited
[email protected]
+61 418 721 265

About P2P Transport Limited

P2P Transport is one of Australia’s largest fleet management businesses focussed on the point-to-point passenger transport industry, with 2600 vehicles across Australia.

P2P Transport’s fleet includes a range of taxis, corporate and ride-share vehicles servicing each segment of the point-to-point passenger transport industry.

Zevra, Black & White Cabs, Adflow, and Australia Wide Chauffeur Cars are amongst some of the brands managed by P2P Transport.

P2P Transport’s business model is premised on the control of all key stages of the fleet management lifecycle, from vehicle acquisition, in-house customization and vehicle servicing, driver support, and fleet management and administration.

www.p2ptransport.com.au

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