Uber Eats has reported a sharp rise in UK profits, driven by strong demand for takeaways despite the ongoing cost of living crisis.
The food delivery platform saw pre-tax profits jump by 74% to £18.4 million for the year ending December 2023, up from £10.5 million the previous year. The growth comes as more customers continue to order food from small and independent restaurants, with dishes such as Pad Thai, Chicken Gyro, and Shack Burgers among the most popular choices.
The company has expanded its network of restaurants, increasing the number of small and medium-sized businesses (SMBs) on its platform to offer customers a greater selection of local options.
Pandemic frontline to profit surge
Since its UK launch in 2016, Uber Eats has grown significantly, with its couriers playing a crucial role as frontline workers during the COVID-19 pandemic. The firm has since sought to improve working conditions, extending its partnership with the GMB union in August 2024 to ensure couriers have representation.
The agreement, first signed in 2021, allows couriers to negotiate better terms and protections, reflecting Uber Eats’ wider commitment to improving worker relations and setting industry standards.
Takeaway culture thrives despite financial pressures
Despite the rising cost of living, demand for takeaways has remained strong, with customers continuing to spend on food deliveries. Uber Eats is now looking to sustain its momentum in the coming months, betting on its subscription service, Uber One, which has reached 30 million members globally.
In addition, the company has launched the Black Business Fund to support Black entrepreneurs who face challenges in securing investment opportunities.
Uber Eats has now completed one billion orders worldwide in just nine years.
