Uber motors into profit as it keeps growing

Uber has posted a pre-tax profit in the UK
Uber has posted a pre-tax profit in the UK
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TECHNOLOGY start-up Uber, which describes itself as “everyone’s private driver”, has moved into the black in the UK for the first time.

Uber posted a pre-tax profit of nearly £900,000 last year, compared with a loss of £337,000 in 2013, according to accounts filed at Companies House.

It paid £22,000 in corporation tax, according to the report. The company’s British turnover increased more than tenfold last year to £11.3m.

The $50bn Silicon Valley company is one of the fastest growing, most valuable and most controversial technology start-ups.

Uber works by connecting licensed drivers with passengers at the touch of a button via a smartphone app, cutting out traditional private hire firms.

It launched in Yorkshire last year and operates services in Leeds, Wakefield, Bradford and Sheffield.

Commenting on the financial results, Gareth Mead, an Uber spokesman, said: “We’re a young company - only three years’ old in the UK – that’s investing heavily to expand to new cities, most recently in Glasgow.

“We’re a significant net contributor to the local economy everywhere we go, creating new opportunities for thousands of professional drivers.

“The lion’s share of every fare stays local, as it remains with the drivers who use Uber.

“And unlike the cash-in-hand past of this industry, we only take card payments so every fare is traceable and transparent.” -