Uber generates profit from UK ride hailing

October 12, 2016

Uber London, the UK arm of the global ride-hailing firm, doubled turnover and profit last year on the back of rising demand. The firm, which takes a share of fares earned by drivers, increased turnover and profits to £23.3m (€25.6) and just under £1m (€1.1m) respectively last year, City AM reports. Uber is thought to take a 20% share of fares, with drivers retaining the remaining 80%. UK passengers spent an estimated £110m on journeys made via Uber in 2015 as the ride-hailing app expanded from three cities to 20. Although it made a profit in the UK, Uber amassed losses of more than €1 billion in the first half of this year as it invested heavily in global expansion, including subsidising services in new markets.

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March 31, 2017

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