Electric bike firm continues to make losses

The company which runs Plymouth’s rentable electric bicycles made a loss of more than £4 million again last year – but London-based Smidsy Ltd, which runs the Beryl Bikes scheme, did see its revenue more than double and it is expanding the scheme in the city this year.

- HERALD REPORTER

Smidsy Ltd’s annual report and financial statements for the year to the end of March 2023 show total revenue jumped to £11,332,287 from £5,183,017, mainly from its bike-share scheme, which is now running in Plymouth and 14 other locations. Although the pre-tax loss fell by almost £1m, it made an after-tax loss for the financial year of £4,270,245, slightly up from the 2022 loss of £4,262,442, and no dividends were paid.

Total assets of £16,831,845 were up from £13,156,421, but net liabilities had grown too, to £1,483,845 from £683,873. The company, which introduced Beryl Bikes to Plymouth in March 2023, relies on bank loans and convertible loan notes which can be turned into shares.