HP sees sales increases across businesses

HP has posted a 5% increase in sales for the third quarter and increased its net profits to £833m from the stagnant profits in the same quarter last year.

HP has posted a 5% increase in sales for the third quarter and increased its net profits to £833m from the stagnant...

profits in the same quarter last year.

In the three months to 31 July, HP saw sales climb to £11.5bn, which was ahead of many market expectations.

The company said its ongoing restructuring was continuing to deliver top and bottom-level results in most business areas.

HP is in the middle of a headcount reduction programme, which has seen thousands of jobs going at the firm.

"HP delivered another solid quarter with strong revenue growth, improved margins and healthy cashflow," said Mark Hurd, HP chief executive officer and president.

"We gained share without sacrificing margins and continue to execute well against our long-term plan. This is visible in our third quarter results and improved fourth quarter outlook,” said Hurd.

In the company’s Personal Systems Group (PSG), revenue grew 8% year-on-year to £3.6bn, with unit shipments up 14%.

On a year-on-year basis, desktop revenue increased 5% and notebook revenue grew 14%. Commercial client revenue grew 4% year-on-year, while consumer client revenue increased 17%.

In the Imaging and Printing Group (IPG) revenue grew 5% year-on-year to £3.3bn. On a year-on-year basis, supplies revenue grew 9%, commercial hardware revenue grew 3%, but consumer hardware revenue declined 3%.

At the Enterprise Storage and Servers (ESS) unit, there was revenue of £2.2bn, up 3% over the prior year period.

The HP Services (HPS) group only saw a 1% revenue increase, to £2.1bn. The company’s software business saw a 30% sales increase to £168m.

HP Financial Services (HPFS) reported revenue of £274m, an increase of 6% year-on-year.

HP estimates fourth-quarter total group revenue will be around £12.7bn.


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