London, UK – Uber has warned that maintaining profitability in the UK is becoming increasingly challenging despite a significant revenue increase, according to recently filed financial accounts.
The technology firm reported a revenue surge of over £1 billion in its latest financial year, climbing from £5.2 billion to £6.5 billion. However, Uber cautioned that it must “generate and sustain higher revenue levels whilst reducing proportionate expenditure in forthcoming years” to achieve profitability in key markets like the UK.
The company’s 2024 financial statements, lodged with Companies House, explicitly state that even with triumphant cost-cutting measures, “we may not be able to maintain or increase profitability.”
While revenue grew substantially, Uber’s pre-tax profit in the UK actually decreased from £29.3 million to £21.6 million during the same period – a 26% decline. This drop is primarily attributed to increased administrative expenses within its Delivery UK operations.
The revenue growth was driven by a 24% increase in turnover, fuelled by a rise in both taxi journeys and orders placed through Uber Eats. Revenue from the mobility division rose from £4.1 billion to £5.1 billion,while Uber Eats sales expanded from £1.1 billion to £1.3 billion.
Simultaneously, the company’s cost of sales also increased, rising from £4.1 billion to £5.1 billion. Uber’s warning signals ongoing financial pressures despite strong top-line growth in the UK market.
