Addison Lee said it cut losses for the first time since the pandemic thanks to a lifting of restrictions increasing demand.
The rideshare and taxi service, which operates in the UK and predominantly in London cut pre-tax losses from £38.9mln in 2020 to £23.1mln last year.
As well as that, the company reported an underlying profit of £7.9mln, with turnover increasing threefold to £164mln from £52mln.
Uber Technologies Inc (NYSE:UBER) will be watching with interest, with the US company set to release its first-quarter results next Wednesday.
Rideshare services were hit hard by lockdowns as people were forced to stay at home, so positive results for Addison Lee should spell the same for the US company.
Where it may fall short in its results, however, is its food delivery service.
Analysts at UBS have argued that food delivery is much more susceptible to macro-conditions and inflationary issues.
Uber will be hoping gains in its rideshare arm will offset any potential losses in the food delivery business.