Apple reportedly set a new record for sales revenue in the United Kingdom last year after a notable slump due to COVID-19 and subsequent lockdowns. Strong demand for the company’s lineup of Pro iPhone models was vital in achieving the new record, according to a recent report by The Telegraph.
Apple UK generated sales revenue of £1.5 billion between September 2021 and September 2022, which is a 61% increase compared to the revenue generated in 2021, adds the report. The figure is being described as a “sharp recovery” compared to 2021, where revenue dropped to £971 million on the back of faltering sales during the COVID-19 pandemic. According to the report, the last time Apple’s revenue approached the figure set in 2022 was two years prior in 2019 with £1.4 billion.
The quoted revenue number does not include sales figures from the iPhone 14 lineup, as Apple’s most recent iPhone models went on sale in September of last year. The company also expanded its retail presence in the UK by inaugurating a new Apple Store location on Brompton Road in London in July 2022.
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The Telegraph owes Apple’s strong numbers to several factors. Consumers flocked to get their hands on the most expensive iPhone Pro models as Apple benefited from a “wave of consumer spending” post-lockdowns while interest rates were still low. The addition of 5G to the iPhone beginning with the iPhone 12 lineup in 2020 has also attracted consumers, as the report claims the iPhone to be the UK’s top-selling 5G-ready smartphone.
The report also references the higher-than-average income of typical Apple customers, allowing them to spend lavishly on the company’s products despite record inflation rates in the UK and a weaker currency at the time. Apple decided to increase the starting price of the iPhone 14 Pro in the UK compared to the iPhone 13 Pro, with the former starting at £1,099 compared to the latter’s price of £999 when it was released nearly two years ago.
During the same period, Apple also achieved notable financial success across its British services business and Apple Europe division which is also headquartered in the UK. During 2022, the company generated revenues amounting to £3.1 billion, accompanied by an operating profit of £756 million, with Apple Europe paying out a £544 million dividend to its parent company. Corporation tax payments expectedly saw a slight increase, reaching £115.9 million.
