Uber rival Bolt’s UK wing turned a £47 million pre-tax loss in 2022 on its head with nearly £8.3 million in pre-tax profit penned in 2023, according to accounts filed with Companies House on the weekend.
Bolt’s profitable year stemmed from an £80 million-plus tax credit, which also served to increase net assets to £45 million from more than £22 million in liabilities in the prior year.
Revenue improved from £238 million to £520 million, though this too was the product of accounting changes.
Prior to August 2022, Bolt UK’s revenues were recognised in accordance with agreements signed with its Estonian parent company.
Following a change to the business model, Bolt UK now recognises revenues on a gross basis once an end user’s trip is complete.
Bolk UK’s cash flow saw minimal changes, with cash and cash equivalents improving from £25.8 million to £26.5 million.
Bolt had 132 employees on average in 2023, down from 141 in 2022.