Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Airport transfer company, Jayride Group (JAY) has put in cost-saving measures to save the business over the next 12 months
  • Jayride has stood down 34 team members and has made 77 staff part-time, with the ability to scale this number up
  • The Chairman and Directors of the company will also go without a cash remuneration until June 30
  • Managing Director, Rod Bishop, will also take a 40 per cent salary cut
  • Jayride says it will advise the market on how its revenue has been impacted by COVID-19 by the end of the third quarter of 2020
  • On market close, Jayride is down 11.1 per cent and is selling shares for 8 cents apiece

Airport transfer company, Jayride Group (JAY) has put in cost-saving measures to save the business over the next 12 months.

The company, like the majority of the travel industry, is feeling the effect of the coronavirus and has had to put cost reduction methods in place.

Jayride has stood down 34 team member ers and has made 77 staff part-time, with the ability to scale this number up.

The Chairman and Directors of the company will go without a cash remuneration until June 30. The Managing Director, Rod Bishop, will also take a 40 per cent salary cut.

In early March, Jayride said “COVID-19 is expected to also have an impact on
March trading”.

Since mid-March, the company has experienced a reduction in passenger trips
booked inline with government-imposed restrictions on travel.

Jayride says its $7 million cash will support the business for the next twelve months without the need for additional capital.

It says it has full support from its major shareholders and debt funders. The company also has a $1 million of undrawn loan funds under its debt facility.

Jayride says it will advise the market on its revenue impacted by COVID-19 by the end of the third quarter of 2020.

“The Board thanks our team, transport companies, and travel partners around the world for their contribution to the company through this challenging period and wishes them and their families good health and wellbeing during the COVID-19 crisis,” the company said.

On market close, Jayride is down 11.1 per cent and is selling shares for 8¢ apiece.

JAY by the numbers
More From The Market Herald

" Vmoto’s (ASX:VMT) profit takes off in HY report

Vmoto’s (VMT) profit has taken off in the last six months, increasing 119 per cent to total $4 million at the end of

" Air New Zealand (ASX:AIZ) defers capital raise to 2022

Air New Zealand (AIZ) will defer its capital raise plans until 2022, as COVID-19 continues to hamper the tourism sector.

" Regional Express (ASX:REX) flags bigger loss due to lockdowns

Regional Express (REX) is expecting an even bigger loss due to the current lockdowns in the east coast.
EROAD (ASX:ERD) - Chair Graham Stuart

" EROAD (ASX:ERD) raises $19m in oversubscribed share purchase plan

EROAD (ERD) has closed its NZ$16.1 million (A$15.3 million) share purchase plan (SPP) following strong shareholder support, with applications totalling almost NZ$43 millio…