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HP almost doubles full-year operating profits

HP has almost doubled its full year operating profits, following a major restructuring of the business.

For the 12 months ending 31 October, HP made an operating profit of $6.56bn (£3.54bn). The previous year, HP managed to post a $3.47bn profit. The full year this time also saw a 6% increase in group sales to $91.7bn (£49.56bn)

The impressive figures come after HP spent $579m on restructuring costs during the year, mainly related to paying off thousands of HP employees made redundant as part of HP’s ongoing process of reducing headcount.

Mark Hurd, HP chief executive officer, said, “We closed a strong year with solid revenue growth, margin expansion across our key businesses and excellent cash flow from operations.

“We are well on our way to building a more competitive HP that creates further value for our shareholders,” he said.

 

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