Lime bikes: UK sales spike as expansion continues
Turnover at the UK arm of shared bikes provider Lime has spiked as its expansion across London continues, it has been revealed.
Lime Technology has reported a turnover of £111.3m for 2024, according to new accounts filed with Companies House.
The total is up significantly from the £63.5m it achieved in 2023.
However, the latest accounts also show the firm’s pre-tax profit dipped from £2.1m to £1.7m over the same period.
As well as London, Lime bikes are available in Manchester, Bristol, Nottingham, Oxford and Milton Keynes.
Last month, Lime’s boss Wayne Ting addressed concerns whether the company’s boom in London has outpaced the safeguards needed to support it.
Also in September, Lime called on UK businesses to help tackle 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 founded in 2017 by Brad Bao and Toby Sun and counts Uber as a significant shareholder.
The UK results come after the wider US-headquartered group announced in February 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.
Speaking at the time, group CEO Wayne Ting said: “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.”