The UK arm of ride-hailing company Bolt has reported that its profits were almost completely wiped out in 2024, as the business poured millions into ongoing legal disputes and regulatory challenges.
According to new accounts filed with Companies House, Bolt UK recorded a pre-tax profit of just £133,355 for the year — a sharp fall from the £8.2 million profit posted in 2023.
Rising turnover but mounting costs
Bolt revealed that while turnover before incentives and VAT rose by £50.8 million, the company’s headline turnover dropped by £31.8 million to £488.1 million. The decline was attributed to higher levels of passenger demand incentives and a one-off VAT credit adjustment.
The company admitted that a “significant portion” of its UK resources were directed towards legal proceedings, which have had “a potential impact on future strategic direction and business decisions.”
Employment tribunal ruling on driver status
One of the most significant cases for Bolt came in September 2024, when an Employment Tribunal heard arguments over the worker status of its drivers. In November, the tribunal ruled that Bolt drivers should be recognised as workers, rather than self-employed contractors.
Bolt confirmed that “significant time was spent on the worker status hearing,” which it said limited the number of new initiatives the company could roll out in its UK operations.
The company has since filed an appeal against the ruling and is currently waiting to hear if it can proceed. A remedy hearing to determine financial liability is scheduled for Q2 2026.
HMRC tax battles
Bolt is also continuing its dispute with HMRC over the use of the Tour Operators’ Margin Scheme (TOMS). Despite winning at the Upper Tax Tribunal in March 2025, Bolt previously warned that uncertainty over the so-called “taxi tax” had led it to withhold £200 million of UK investment over the past three years.
Rival Uber also feeling the squeeze
The financial strain is not unique to Bolt. Rival Uber has also reported declining UK profitability. According to City AM, Uber’s UK revenue surged by more than £1 billion, but its pre-tax profit slipped from £29.3 million to £21.6 million. The company has warned that it may struggle to “maintain or increase profitability” in the UK despite rising demand.
With both major ride-hailing platforms under pressure from regulatory battles and rising operational costs, the future profitability of the UK’s gig-economy transport sector remains uncertain.
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