Lime Reports Mixed 2024 Results, UK Turnover Soars Amidst London Congestion Concerns
Lime, the global leader in shared electric vehicles, has reported a mixed bag of financial results for 2024. While profits dipped slightly, the company's global net revenue and adjusted EBITDA soared, indicating strong growth. Meanwhile, Lime's UK arm has seen a significant turnover increase, and the company has taken steps to address e-bike congestion in London.
Lime's pre-tax profit slipped from £2.1m in 2023 to £1.7m in 2024. However, the company's global net revenue surged by 32% to $686m during the same period. This impressive growth was mirrored in the UK, where Lime's turnover jumped to £111.3m in 2024, up from £63.5m in 2023.
Lime's global gross bookings also increased by 31% to $810m in 2024. The company served over 24 million riders in hundreds of communities worldwide, operating in several UK cities including London, Manchester, Bristol, Nottingham, Oxford, and Milton Keynes. Lime's global adjusted EBITDA also climbed by 49% to over $140m in 2024.
In a bid to manage e-bike congestion in London, Lime called on local businesses to provide dedicated parking bays in September 2024. Lime's boss Wayne Ting addressed concerns about the company's expansion in the city around the same time.
Despite a slight dip in pre-tax profit, Lime's strong financial performance in 2024, particularly in the UK, signals continued growth and investment in the shared electric vehicle sector. The company's efforts to tackle e-bike congestion in London demonstrate a commitment to sustainable urban mobility.
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