Lime has just published its financial reports for 2024, revealing a surge in revenue as its ebike rentals continue to grow.
The Uber-backed company’s latest accounts reveal its revenue in the UK jumped by 75 per cent last year, to £111.3m. In 2023, its revenue was £63.5m, and in 2021 it was just under £9m.
The accounts also show the company’s pre-tax profit dropped from £2.1m in 2023 to £1.7m in 2024.
The financial records cover all of Lime’s activities in the UK, including ebike and e-scooter rentals across Manchester, Bristol, Nottingham, Oxford and Milton Keynes. But it’s in London that the company has seen particularly large growth.
Londoners made 16 million journeys by Lime during commuting hours in 2024, while the company saw an 85 per cent increase in total journeys.
This summer, there was also a spike in the usage of Lime ebikes, which was partly caused by tube strikes. Lime saw a 50 per cent increase in rentals on Tuesday 9 September compared to the same day in 2024 due to the strikes, according to the Financial Times.
London saw 1.33 million daily cycling journeys in 2024, which is a 5 per cent increase over 2023, according to Transport for London. Cycling in the City of London has increased by more than 50 per cent in the last two years, according to the City of London Corporation, which said dockless rental bikes, such as Lime bikes, “have quadrupled since 2022 and now account for one-in-six bikes on City streets”.
Lime’s growth in the capital also means it has a larger presence than Transport for London’s Santander Cycles rental scheme. It is predicted that Lime has at least 20,000 bikes on London streets (the figure could be much higher), while Santander has 12,000.
But the presence of Lime’s electric bikes in the capital has led the company to face growing scrutiny. Trauma surgeons have reported an increase in injuries linked to the heavy ebikes, including fractures that have been called ‘Lime bike leg’.
Elsewhere, boroughs have begun to address the growth and use of Lime bikes. In August, Hounslow council ended its two-year trial allowing the bikes in the borough, after they were claimed to be parked in dangerous places.
Hackney council also capped Lime ebike fares at £1.75, making them the same price as a bus, in September.
Lime’s UK results come after the US group announced in February that its gross bookings were $810m (£602.7m) and its revenue rose by 32 per cent to $686m.
