Last year, the taxi-booking application, FreeNow, saw a 20% increase in revenue, although most of this additional income was offset by heightened administrative expenses, according to the company’s most recent financial accounts. FreeNow Ireland recorded an annual turnover of €46.1 million for the year ending on December 31st, 2023, an improvement from €38.4 million in 2022. This surge was attributed to the company’s focus on restructuring its internal costs and streamlining the cost allocation mechanism for using the app.
However, administrative costs also increased throughout the year, rising from €27.4 million to €33.6 million, and the cost of sales climbed from €6.1 million to €7.3 million. This resulted in a modest 9% increase in profit for the year, from €4.3 million to €4.7 million. Notably, in 2023, a cash dividend of €7 million was paid from the capital contribution account, in contrast to 2022 when no dividend was distributed. The directors stated that they believed this sum “represented a tangible profit of the company which could be distributed as a cash dividend.”
Additionally, the company shared plans to render the business resilient to future challenges, particularly in the context of moving towards decarbonisation. The plan includes ongoing investment in mobility partners, promoting the use of electric vehicles with their drivers in coming years, and a commitment to make all FreeNow services carbon neutral by 2030.
The directors have expressed confidence in the ability of the company to remain profitable whilst continuing to invest in its existing business models to expand its Irish operations. The company has set budgets and business plans that align with the wider scope of the group’s activities throughout Europe. FreeNow also increased its spending on staff and personnel from €2.4 million to €2.6 million in 2023, despite a decrease in employee numbers from 34 to 31.