Taxi and minicab firms failed to increase their turnover for the first time since 2011-12 Daniel LEAL-OLIVAS/afp/Getty ImagesTraditional taxi companies are increasingly losing to ride-hailing apps from the US, a study has found. Research by Moore Stephens, the accountancy firm, found that turnover dropped to £479 million in 2015-16 from £495 million the previous year. It was the first time since 2011-12 that companies had failed to increase turnover. The study found that the number of old-fashioned private hire companies had dropped by 4.8 per cent to 3,000 in 2015. Philip Bird, of Moore Stephens, said: “Uber has offered value and convenience to the customer, so traditional taxi companies in cities need…

Source: The Times July 23, 2017 23:01 UTC