Uber profits soared before London ban

UBER’S profits in London had soared by 65pc before the taxi app firm was threatened with a ban in the capital.

The company’s profits rose from £1.8m in 2015 to £3m last year after turnover rocketed from £23m to £37m. Uber’s board members signed off the accounts on September 28 – a week after its London subsidiary was handed a shock notice from Transport for London announcing it was set to lose its operator’s licence.

The directors said: ‘The company intends to appeal the decision and meanwhile TfL has confirmed it can continue to operate as usual.’

Uber paid £551,174 in tax and its staff headcount rose from 105 to 199, according to its filings.

About 40,000 drivers work for it in London but the company says they are ‘independent contractors’ – a classification that is the subject of an ongoing legal battle.

Its global chief executive, Dara Khosrowshahi, jetted in to London on Tuesday to hold crisis talks with authorities. Afterwards, both sides said the discussions had been constructive and they are expected to continue.