The Recycler
  • https://www.ecs-uk-ltd.co.uk/partner-us?utm_source=tr-636x124-8&utm_medium=didiad
  • Katun March Web Advert 2021
  • Static Control June 2022 Masthead Ad
  • Biuromax Web banner June 2022
  • Ninestar Masthead Banner Inkjet

HP’s UK profits fall

HP’s UK profits fall

July 19, 2018

The OEM’s British arm saw a rise in sales, but less positive news elsewhere.

Sales for the year until October 31st 2017 reached £1.4 billion ($1.81 billion/€2.01 billion), a year-on-year rise of 13.7 percent, reports The Register.

However, the cost of those sales, largely due to rising prices of components, increased by 17.8 percent. Administration expenses also rose, by 60.4 percent, meaning operating profit for the company stood at £12.67 million ($16.45 million/€14.18 million), a decrease from £29.36 million ($38.1 million/€32.87 million) the year before.

The Register adds that “accounting for interest income, interest payable and tax, HP banked £2.86 million ($3.71 million/€3.2 million) in net profit” – a fall of 84.6 percent from the previous figure of £18.67 million ($24.22 million/€20.9 million).

HP said the results were “in line with company expectations” and added: The gross profit margin decreased from 7.9 percent in the previous year to 6.2 percent in the current year on account of an increase in the cost of purchases for reselling. The profit before tax margin decreased from 1.9 percent in the previous year to 0.7 percent in the current year due to the strengthening of GBP in 2017 by 8.7 percent against USD, resulting in an exchange loss of £7.34 million ($9.52 million/€8.21 million).”

The value of GBP had previously sunk against the USD following 2016’s European Union membership referendum, although HP UK raised prices several times to offset this, with estimates from September suggesting its prices went up by 30 percent since June 2016.

Categories : City News

Tags : Financials HP OEM United Kingdom

  • GM Technology August 2022 Web Ad
  • IR Italiana Web ad January 2021
  • GPI Web advert August 2022
  • Apex UStation web banner
  • Static Control June 2022 Big & Bold Ad
  • Mito July 2022 Web banner
  • Ink Tank web banner new
  • Aster July 2022 Web banner
  • CTS New Ad March 2022
  • ITP Web ad January 2021
  • PCL Web ad January 2021
  • Zhono August 2022 Web ad
  • HYB Web banner
  • CET June 2022 Web ad
  • CET June 2022 Web ad
  • PCL Web ad January 2021
  • HYB Web banner
  • CTS New Ad March 2022
  • Zhono August 2022 Web ad
  • ITP Web ad January 2021
  • CTS New Ad March 2022
  • PCL Web ad January 2021
  • CET June 2022 Web ad
  • ITP Web ad January 2021
  • Zhono August 2022 Web ad
  • HYB Web banner

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2021 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark