Hailo losses deepen as app is rescued by German car giant Daimler

Jan 9, 2017 · telegraph.co.uk

Screen shot 2017 01 08 at 21.24.51

Troubled taxi app Hailo has fallen deeper into the red despite a rise in annual sales.

The company, which allows customers to order a taxi directly from their smartphone, made a pre-tax loss of £14.1m in the year to December 2015, from a £10.3m loss a year earlier, after a £5.6m jump in costs and higher interest repayments on its debt pile ate into profits.

The British tech start-up also burned through its funds, with cash reserves halving from £5.9m to £2.6m and net debt rising to £5.1m, from a cash position the year before, according to the accounts filed with Companies House.

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