P2P Transport had high hopes when it listed on the ASX in late 2017
Both the CEO and chairman have departed after a big profit downgrade.
It had a foot in both camps as a supplier of vehicles to taxi and ride-sharing firms.
The chairman and chief executive of P2P Transport have left abruptly after a hefty profit downgrade at a company that had positioned itself as a beneficiary of rapid growth in ride-sharing services by industry giants such as Uber.
P2P listed on the Australian Securities Exchange in late 2017 with an issue price of $1.32, but has been a big disappointment, with the stock now 72 per cent below that level at 37¢.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
