As of its financial reporting in 2019, DriveTribe had a net worth of £292,000. This figure represents a significant improvement from its financial position in 2017.
Understanding DriveTribe's Financial Snapshot
DriveTribe, known as a prominent digital automotive content platform, experienced notable changes in its financial health between 2017 and 2019. Net worth, a crucial indicator of a company's financial standing, is calculated by subtracting total liabilities from total assets.
The provided financial data highlights key aspects of DriveTribe's performance:
Key Financial Indicators for DriveTribe Limited
The following table outlines DriveTribe's key financial figures from 2017 and 2019:
| Financial Metric | 2017 | 2019 |
|---|---|---|
| Cash | £98,000 | £276,000 |
| Net Worth | -£4,583,000 | £292,000 |
| Total Current Assets | £443,000 | £773,000 |
| Total Current Liabilities | £5,071,000 | £534,000 |
Financial Evolution
- Positive Turnaround: In 2017, DriveTribe recorded a substantial negative net worth of -£4,583,000. This indicates that its liabilities significantly exceeded its assets at that time.
- Significant Growth: By 2019, the company demonstrated a remarkable recovery, achieving a positive net worth of £292,000. This turnaround was supported by an increase in cash reserves, which rose from £98,000 in 2017 to £276,000 in 2019, and a substantial reduction in total current liabilities from over £5 million to £534,000.
- Asset Management: Total current assets also saw growth, increasing from £443,000 in 2017 to £773,000 in 2019, further contributing to the improved financial health.
These figures illustrate a period of financial stabilization and growth for DriveTribe, leading to a positive valuation of its net assets by 2019.
