Belfast Telegraph

Uber's UK revenues and profits soar

Ride-sharing app Uber has more than doubled its UK revenues and profits after snapping up a bigger slice of the taxi market.

The firm booked £23.3 million in turnover in the year to December 2015, up from £11.3 million in 2014, according to accounts filed by its UK holding company Uber London.

Profits also rocketed 106% to £1.83 million, compared with £888,436 in 2014, with the company paying £410,851 in corporation tax.

An Uber spokesman 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 announced in August that it had struck an agreement to merge its Chinese business with rival Didi Chuxing in a 35 billion US dollar (£26 billion) deal.

As part of the tie-up, investors in loss-making Uber China will pick a 20% stake in Didi Chuxing, while the deal marks an end to a bitter two-year rivalry in the country.