Don’t tell the black cabs: Brits can’t get enough of Uber as UK profits and revenues double in 2015
Uber drivers in the UK raked in more than £100m in fares last year, doubling revenues and profits at the disruptive transport app.
The taxi service's holding company in Britain, Uber London, recorded a 105 per cent uplift in turnover to £23.3m in 2015, according to records filed on Companies House.
This was up from sales of £11.3m in 2014 and reflects only Uber's share of the fares for journeys booked on its app.
Read more: Uber shows why markets regulate better than the state
Uber has never disclosed how much of a share it gives its drivers, though it is believed to be up to 80 per cent per fare, meaning the group could have sold more than £110m worth of business in the UK last year overall.
Profit before tax also more than doubled, growing 106 per cent to £888,436, which the group said was "due solely to an increase in turnover".
Meanwhile, the app's UK employee base increased 156 per cent over 2015 from 41 to 105, due mostly to increased an increased demand for its services.
Read more: Don't fall for the Uber hype – London needs a common sense approach to taxis
Most of Uber's turnover last year likely came from the capital (regional breakdowns were not included in the accounts).
Despite only launching in London in June 2012, the company's reach now extended to regions such as South Coast, South West, Merseyside and cities such as Nottingham, Birmingham and Manchester.
At the beginning of the summer, it launched food delivery service Uber Eats in London which now covers Zones 1 and 2.
Read more: Uber accuses Sadiq Khan of favouring London's black cabs
As its popularity has skyrocketed over the last couple of years, the app has been embroiled in fierce battles with London taxi drivers and the mayor's office.
An Uber spokesperson said:
This has been a period of rapid investment for Uber in the UK, expanding from just three cities at the start of last year to more than 20 today. While we recorded a profit here last year, globally we make a loss as we are a young company that is still expanding and investing heavily.
Uber is also creating thousands of economic opportunities in every city we operate in. The vast majority of the revenue generated by our technology goes straight into the pockets of drivers who use our app and so stays in the local economy. We look forward to expanding to more cities and creating more economic opportunities in the months to come.