Uber-owned Manchester tech company, Autocab, has reported losses of £6.5m, after a year of investment.
The company stated in its recently filed Annual Report that the losses were as a result of investing in its Saas services; acquisitions; increasing headcount; and its new multi-million pound office at Circle Square.
| 2022 | 2021 | |
| Revenue | £8.5m | £8.6m |
| Gross Profit | £6.2m | £6.8m |
| Adjusted EBITDA loss before exceptional costs and share-based payment charges | £(6.5m) | £(1.1m) |
Autocab is the trading name for GPC Computer Software Ltd and in the director’s report it stated that the loss for the year after taxation amounted to £7.2m (2021: £1.68m).
It’s the second year in a row that the company didn’t pay shareholders a dividend.
However, directors said that the company was “trading ahead of the most severe forecasts.”
“The Company believes that with the continued investment received and confirmed future financial support if required from its parent company, the cost savings proactively enacted and the potential for further savings, should trading performance be impacted more significantly than our most pessimistic view, the Company has sufficient headroom to continue to operate within available group facilities.”
In January 2022, the company moved from its Stockport HQ into a new 20,000sq ft office space at the Circle Square development in central Manchester.
At the time it also announced plans to recruit 200 new staff by 2025, having seen its revenue grow by 400% over the previous 5 years.
The acquisition by US tech giant, Uber, went through the year before, after getting cleared by the Competition and Markets Authority.
Looking forward it stated:
“The Company intends to attract new clients and repeat sales from the existing client base. The Company will continue operating in its principal activities by continuing to innovate and develop additional features and enhancements for its cloud-based taxi dispatch, business intelligence and management systems, passenger and driver apps and bespoke phone systems to enable growth domestically and internationally.
“The Company intends to continue to grow the established iGo platform in the UK and globally through strategic partnerships, and continued expansion into new verticals.”
