The UK arm of ride-hailing company Bolt, saw its profit nearly wiped out in 2024, as the company poured significant resources into ongoing legal disputes.
New accounts filed with Companies House show a pre-tax profit of just £133,355 for the year, a drastic drop from the £8.2 million recorded in 2023.
The financial results reveal that while turnover before incentives and VAT saw an increase of £50.8 million, the headline turnover fell by £31.8 million to £488.1 million due to a higher level of "demand incentives" and a one-off VAT credit.
A "significant portion" of Bolt's focus in 2024 was dedicated to legal proceedings, which the company noted have a "potential impact on future strategic direction and business decisions.”
A key case concerning the worker status of Bolt's drivers went before an Employment Tribunal in September 2024, which ruled in November that drivers should be recognised as workers.
"Significant time was spent on the worker status hearing," Bolt stated, adding that the time invested in court preparations "reduced the amount of initiatives possible across the UK operations business."
Bolt has since filed an appeal against the ruling and is awaiting a decision on whether it can proceed. A remedy hearing to determine the financial liability is scheduled for the second quarter of 2026.
The company's financial report also highlights ongoing battles with HMRC over the use of the Tour Operators' Margin Scheme (TOMS).
Despite the Upper Tax Tribunal rejecting HMRC's appeal in March of this year, a prior warning was sent to the Chancellor, Rachel Reeves, stating that Bolt had "withheld £200m of investment in the UK over the last three years as ministers dither over the so-called 'taxi tax'."
The financial struggles at Bolt come as rival Uber also reported declining profitability in its UK operations.
According to a report by City AM, Uber's UK revenue surged by over £1 billion, but its pre-tax profit fell from £29.3 million to £21.6 million, and the company warned it may not be able to "maintain or increase profitability" in the UK despite rising revenue.
Uber is in discussions with North Lincolnshire Council about launching its ride-sharing service in the area, a move that could see the local authority update its taxi licensing rules.
Under the draft plans, the fee for luggage would rise from £5 to £10.
Mohammad Razak had his hackney cab licence stripped in October 2024 after he locked a lone female passenger inside his vehicle, refusing to let her out until she paid a higher fare.
Cristina-Georgiana Ioanitescu, President of ADCU, comments: “The submission is a one-way street, controlled by Uber, with no space on the road for the PHV drivers that are the industry’s lifeblood.
The proposed changes, which were brought to the council's taxi and regulatory committee, aim to align with updated national standards from the Department of Transport.
Cllr Simon Bennett, leader of Wolverhampton's Conservative opposition group, claims that the city is paying the price for a 'national free for all' when it came to issuing taxi licences.
A man was found "covered in blood" and unconscious on the floor in Warrington after a serious assault on Friday, September 12.
The terrifying incident took place on September 9 of last year, when Mark Doyle, 36, and Jamie Lee Black, 29, booked a taxi shortly after 1am.
The council has voted to write to the Government to express its concerns and demand regulatory reform in a move it said would protect passengers.
The proposal, which calls for eight or nine taxi bays at The Approach Car Park, was part of a discussion during a Rochford Council meeting regarding a £96,000 car park revamp.
The discussion was prompted by The Casey Report, which audited practices for preventing child sexual exploitation and suggested making CCTV compulsory in all taxis.
The criminal damage and public order offence took place on Monday, September 8, at approximately 1:30pm, at the taxi rank in Duncombe Place.
Local drivers report months of loitering and illegal parking by Uber vehicles—waiting for work, occupying the rank and with TfL?licensed Uber vehicles parked inside the car parks.
The successful provider has been promised a 'premium taxi office location' close to the terminal. The airport has also offered advertising support for the winning bid.
The decision, which will allow Uber to operate directly in the south Cumbria area, has been met with anger from independent operators.
The Bournemouth Taxi Rank Association, representing around 100 hackney drivers, has launched a petition against South Western Railway in response to the reported plan.
The 12-week consultation was approved by the city council's licensing committee following pushback from private hire drivers over a "too strict" new policy.
The committee was presented with a history of misconduct, including a recent assault charge involving the driver’s daughter.
The girl, Lottie Turner, was a passenger in an A1 Cars taxi on Wednesday, September 10, when the driver made an unauthorised stop to pick up a second, "vulnerable" man.
The issue was brought to a head during a September 15 meeting of Kirklees Council’s Licensing and Safety Committee, which was set to vote on a fee increase for hackney and private hire licences.