P2P Transport Limited updated earnings guidance for the fiscal 2018. The company provided an update ahead of its 2018 full year results. The company has experienced strong revenue and business growth throughout fiscal 2018 with a total fleet size of 1,134 vehicles (current fleet of 1,246) which is ahead of prospectus forecast. However additional costs incurred by the business coupled with weaker trading conditions in the last two months of the year have impacted underlying EBITDA margins. Factors that have had a key influence on the 30 June 2018 results are: Rapid growth of fleet to 1,134 vehicles, slightly in advance of prospectus forecast, with significant acquisition of vehicles in January and February coupled with the higher than expected refurbishment and repairs costs that have been expensed rather than capitalised. Successful acquisition of Black & White Cabs and the R&D costs to accelerate the launch of Adflow Digital (taxi top advertising) by 12 months. Revenue across all markets was below expectations in May and June, which in turn has impacted underlying EBITDA margin. Cost saving initiative to extract synergy savings across sites having fallen behind schedule due to resources constraints and competing priorities. Short term rental cost increase due to additional site requirements in the Sydney market as a result of the faster than expected growth. As a result, the company updates its guidance pro forma underlying EBITDA for fiscal 2018 to a range of between $10.1 and $11.1 million. Fiscal 2019 EBITDA guidance is between $16.1 and $16.8 million following the completion of Black & White Cabs, deployment of the Adflow Digital solution in the second quarter of fiscal 2019 and the growth of Fare Media. The company’s current expectations for the 2019 financial year remains positive with solid revenue growth expected from the acquisitions completed and the initiatives currently being deployed in the market.