Lenovo UK sales near £1bn amid Huawei retreat
Sales at the UK arm of Chinese technology giant Lenovo jumped closer to the £1bn mark during its latest financial year.
The division has reported a turnover of £982.8m for the 12 months to 31 March, 2024, up from the £969.3m it generated in the prior year.
Newly-filed accounts with Companies House also show that the firm’s pre-tax profit increased from £13.3m to £14m over the same period.
Lenovo said its sales of desktop and laptop computers increased in the year “due to commercial buyers refreshing the PCs that were purchased during the pandemic”.
A statement signed off by the board said: “The group retained the world’s number one spot in PCs during the fiscal year while maintaining its industry-leading margin.
“The company will continue to target premium-to-market revenue growth through further expansion in the high growth and premium segments.
“Product innovation remains critical to long term growth and the group is forging a customer-centric business model to further accelerate growth.”
On a group-wide basis, Lenovo achieved a $15.4bn turnover in the first quarter of its new financial year, up 20 per cent, and sales of $17.4bn in its second quarter, a 24 per cent rise.
The results for Lenovo come after City PM reported in September that turnover at the UK arm of Chinese telecommunications giant Huawei had been slashed by more than £1bn since 2019 as the impact of UK and US restrictions bite.
The London-headquartered business reported a turnover of £229.56m for 2023, down from the £359m it posted in 2022.
The latest figure came after Huawei’s turnover totalled £481m in 2021, £931.2m in 2020 and £1.26bn in 2019.
In October 2022, the UK government announced that Huawei technology must be removed from the UK’s 5G public networks by the end of 2027.