Olivetti UK Ltd doubled pre-tax profit for the year to December 31 and more, boosting it 124% to ?2m on turnover flat at ?212m, but the improvement is less dramatic than it might seem, since a large proportion of the increase was accounted for by a tax credit. Nevertheless, the London-based company’s pre-tax profit rose by a healthy 39% over last year. The improvement was largely driven by a 40% increase in personal computer sales over the period, along with control of operating costs. Other key areas, says Olivetti, were the company’s systems and services business and the retail sector generally. The company hasn’t yet released full first-quarter results, but claims revenues are up 15% for the quarter over the same period last year.
