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- P2P Transport has suspended its 300 Digital Taxi Tops under its Adflow brand
- The company said it has identified further technical issues with Digital Tops
- P2P believes it will not have any material effect on the financial performance as previous revenues have been very minimal
- P2P is down 9.09 per cent on the market this morning, trading at 6¢ per share
P2P Transport (P2P) has suspended its 300 Digital Taxi Tops under its Adflow brand.
With 2600 vehicles across Australia, P2P is one of Australia’s largest fleet management businesses focussed on the point-to-point passenger transport industry.
Its fleet includes a range of taxis, corporate and ride-share vehicles.
The company said it has identified further technical issues with Digital Tops, making it suspend operations as the problems are investigated.
P2P is currently in discussions with the supplier of Digital Tops to resolve the technical issues and associated brand damage to Adflow.
Past revenues from Digital Tops have been low, so the company believes it will not have any material effect on the financial performance. However, P2P had expectations of ongoing revenue levels from Digital Tops.
“The company now expects no revenue from Digital Tops during the suspension period,” P2P told the market this morning.
There will be no revenue made from Digital Tops during the suspension period. Royalty payments with Digital Tops have also been suspended.
“P2P looks forward to recommencing operations of Digital Tops once the supplier rectifies the technical issues being experienced,” the company added.
P2P is down 9.09 per cent on the market this morning, trading at 6¢ per share at 11:14 am AEDT.
