Acquisition RisksThe synergies from the recent acquisitions will take longer to materialise, and Singapore will be the weakest geography due to the drop in the taxi fleet and the loss of key bus packages.
Macroeconomic ChallengesMost divisions were performing weaker than expected due to soft macro conditions in the UK, driver shortages in Australia, and a sharper contraction in the Singapore taxi fleet.
Profitability DeclineGrowth will be offset by a decline in taxi and bus profitability in Singapore.