Jayride Reports Q2 FY24 Growth and 44% Fixed Cost Reduction

Jayride Group Limited (ASX: JAY) reports positive performance in Q2 FY24, with a 3% increase in passenger trips and a 7% rise in net revenue compared to the same period last year. The company implemented two cost-saving activities, one in October and another in January, resulting in a 44% reduction in fixed costs, totaling AU$3.75 million per year. Executive Chairman Rod Cuthbert emphasizes the commitment to achieving cash flow positivity and the ongoing strategic review.

Despite slow growth during the European winter low season, Jayride remains focused on its objectives. The latest cost-saving initiative incurs a AU$150k cost in Q3 FY24. Additionally, the company highlights its existing AU$1 million accounts receivable lending facility with TP24, set for review by January 31, 2024. The Q2 FY24 Quarterly Business Review and Appendix 4C will provide further details on January 30, 2024.

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