Credit: Rob O'Neill
HP New Zealand has posted strong financial results for its year to 31 October 2022, recovering ground lost during the pandemic.
Revenue at the PC and printer giant's local business increased from $358.1 million in 2021 to $385.3 million, while net profit surged from $2.5 million to $10.1 million.
Revenue in 2020 peaked at $399.2 million before what country manager Oliver Hill described as "ongoing supply chain constraints" put a straightjacket on sales in 2021.
Unfavourable currency movements of $12.4 million in 2021 created a double-whammy for HP, but this too has been reversed with gains of $25.3 million reported in 2022.
Wage and salary costs increased from $9.9 million to $10.7 million while general expenses declined from $22.6 million to $18.9 milllion.
HP New Zealand has been asked for comment.
Credit: Reseller News Rival Lenovo's local PC and device business has doubled revenue since 2019, from $91.4 million to $183.4 million in the year to 31 March 2022. Profits in 2022 fell to $250,017 from $321,932 in 2021.
