The UK branch of shared bikes provider Lime has seen a surge in turnover as it continues to expand across London.
Lime Technology reported a turnover of £111.3m for 2024, according to newly filed accounts at Companies House, as reported by City AM.
This figure marks a significant increase from the £63.5m achieved in 2023.
However, the latest accounts also reveal that the company’s pre-tax profit fell from £2.1m to £1.7m during the same period.
In addition to London, Lime bikes are available in Manchester, Bristol, Nottingham, Oxford and Milton Keynes.
Last month, Lime’s CEO Wayne Ting addressed concerns about whether the company’s growth in London has outpaced the necessary safeguards.
Also in September, Lime urged UK businesses to assist in addressing London’s e-bike congestion and the patchwork of borough regulations by providing dedicated parking bays for riders.
Lime’s turnover and profit jump
Lime was established in 2017 by Brad Bao and Toby Sun, with Uber being a significant shareholder.
These UK results follow the announcement in February by the wider US-based group that its gross bookings for 2024 increased by 31 per cent to $810m (£602.7m).
Its net revenue also rose by 32 per cent to $686m while its adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) jumped by 49 per cent to over $140m.
At the time, group CEO Wayne Ting commented: “2024 was an exceptional year for Lime and our global leadership is evident both operationally and financially with strong results across all of our key metrics.
“We grew profits faster than revenue in 2024, posting another record year of results through serving more than 24m riders in hundreds of communities around the world and bringing Lime to more cities globally.
“As we continue to expand our fleet, our permit win and retention rates demonstrate that Lime remains the clear choice for cities seeking to reduce traffic congestion and meet carbon emission goals.
“While we saw record demand in 2024, we’re just scratching the surface of micromobility’s potential to transform cities and better connect people.
“Our proven execution, combined with these global tailwinds, position Lime for durable growth for years to come.”
