In the face of intense competition from Uber and app-based fare payment intermediaries, Cabcharge chief executive Andrew Skelton takes umbrage at suggestions the taxi industry has been caught napping.

“I don’t think that is a fair suggestion,’’ says the corporate lawyer, who first got his taste of the industry by cleaning cabs as a student. “We can’t just turn our back on regulation and structure and immediately go to where the grass is greener.’’

Skelton notes individual taxi companies developed booking apps as far back as 2009, when uber was a measure of extremity rather than a ride-sharing app.

“Cabcharge is not in rapid decline,’’ he says. “We are only halfway through our transformation and when it’s complete you will see us returning to a growth stock.’’