Despite an increase in turnover, losses at Beryl, a bike-sharing firm backed by two of Sir Richard Branson's children, have more than doubled.
The company's accounts, filed nearly four months late with Companies House, reveal a pre-tax loss of £7.5m for the year ending 31 March, 2024. This is a significant increase compared to the pre-tax loss of £3.8m reported in the previous financial year, as reported by .
Beryl is expected to file its accounts for the most recent financial year with Companies House by the end of 2025.
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However, the results also indicate that the company's turnover has risen from £11.3m to £12.6m.
Beryl operates bike share schemes in numerous locations across the 海角视频, including Bournemouth, Brighton, Cornwall, Hereford, Leeds, Norwich, Plymouth, Greater Manchester, London, the Isle of Wight, Portsmouth, Southampton, Worcester and Belfast. The company also runs eBike operations in the West Midlands, Hampshire, Guildford, Stevenage and Bradford.
'We remain optimistic about the future'
In a statement approved by Beryl's board, they expressed optimism about the future: "We continued to see robust growth across all areas of our business."
They added: "Our revenues, EBITDA [earnings before interest, taxes, depreciation and amortisation], total assets and net assets all improved, reinforcing the strength of our business model and the value we bring to communities and cities worldwide."
"Cumulatively, we've facilitated nearly 10 million journeys across our platform, planning our own run schemes, SaaS [Software as a Service] contracts and managed service contracts."
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Beryl's achievement is a testament to the increasing demand for innovative, eco-friendly and user-centric transportation solutions.
Regarding its future, Beryl expressed its optimism: "We remain optimistic about the future. Our commitment to innovation, sustainability and community-focused urban mobility continues to drive us forward."
The company also highlighted its advantageous position in the market: "We are well-positioned to capitalise on the growth of micromobility, the increasing demand for sustainable transport and the ongoing evolution of urban infrastructure."
Branson children among Beryl backers
Beryl's notable shareholders include Holly Branson, Sir Richard Branson's daughter and chief purpose and vision officer at Virgin, and her brother Sam, founder of HiddenLight Productions, a venture he co-founded with Hillary and Chelsea Clinton.
Other notable investors include Simon Champ, Beryl's chairman, Peter Dubens, Oakley Capital's founder and Conservative Party donor, and the Greater Manchester Combined Authority led by Andy Burnham.
Additionally, funds managed by Index Ventures, which has invested in prominent startups like Patreon, Revolut, Robinhood, Discord, Deliveroo, Dropbox, Etsy, and Slack, hold stakes in Beryl.
Founder Emily Brooke's family members, Lady Paula MacLaurin and Lord Ian MacLaurin, a former Vodafone chairman and Tesco CEO, are also among the company's shareholders.
Beryl's investors and shareholders reflect a mix of experienced entrepreneurs, business leaders, and influential figures, indicating the company's strong potential for growth and success.