HP New Zealand reports steady performance in 2019

HP New Zealand reports steady performance in 2019

Local employee related expenses fall by around $1.3 million

Credit: Rob O'Neill

HP New Zealand recorded a small increase in sales for the year ended 31 October, 2019, but a lower net profit.

HP is the personal and small and medium business technology division of the former Hewlett-Packard company, which was split from Hewlett Packard Enterprise in 2015.

It sells a wide range of desktops, laptops, printers and software through retail resellers and other partners.

The company, which had been under threat of a takeover by Xerox for months up until yesterday, recorded sales of $378.7 million for the year, up from $376 million while net profit fell from $6.3 million to $5.2 million.

Local employee-related expenses fell from $14.1 million year-on-year to $12.8 million.

"Subsequent to the end of the financial year, the Covid-19 outbreak was declared a pandemic by the World Health Organization in March 2020," a note in the accounts said. 

"The actions by governments and communities in response to the pandemic have impacted the operations of our business as a result of quarantines, facility closures, and travel and logistics restrictions in connection with the pandemic. 

"While we expect this to be temporary, there is uncertainty around its duration and its broader impact. 

"It is not possible to estimate the impact of the pandemic’s effect on our business at this time and no adjustments have been made to the financial statements as of 31 October 2019 for the impacts of Covid-19."

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