Uber drives up profits in Ireland to €600,000

Pre-tax profits at the Irish arm of Uber last year increased by 28pc to €607,203.

The San Francisco-headquartered taxi firm set up here in 2015 when it opened a centre of excellence at Thomas Street in Limerick city.

Accounts filed by Uber Centre of Excellence Ltd last year show that the company‘s revenues last year totalled €13.3m. That represents a 30pc increase on the revenues of €10.4m generated over 17 months from July 30 2015 to the end of December 2016.

The centre is a major hub of Uber‘s support organisation across Europe, the Middle East and Africa, driving innovation and service excellence for the community of users in the region. When setting up here, Uber signed a 10-year lease for its Thomas Street HQ.

Last year saw a rapid rise in numbers employed at the Uber unit with 288 employed at the end of the year – a 148pc increase on the 116 employed at the end of 2016.

The directors state that the company‘s operations will continue to expand its presence in the market with its product portfolio and generate revenue from the exploitation of its products and related service needs.

The rapid rise in numbers employed resulted in staff costs increasing from €5.6m in 2016 to €9.14m.

The profit takes account of non-cash depreciation costs of €1m. The company‘s bill for lease of buildings totalled €423,987.

Irish Independent