Apple's UK tax contribution nearly doubled to £304 million as operating profits surpassed £1 billion, fueled by a 35% revenue increase to £4.7 billion. Major contributors to this growth included the release of the iPhone 16 and the expansion of services like Apple Music and Apple TV. Apple operates 40 retail stores in the UK, employing over 7,700 people. The company faces competitive pressures and ongoing scrutiny regarding its tax dealings while reporting global revenues exceeding expectations despite geopolitical and manufacturing challenges.
Apple's corporation tax contribution surged by nearly 62 percent to £304 million for the year ending September 28, 2024, driven by operating profits exceeding £1 billion.
The company's UK operating profit increased from £822 million to £1.2 billion, with revenues rising by 35 percent to £4.7 billion, largely stemming from the release of the iPhone 16.
Apple operates 40 retail stores in the UK and employs over 7,700 people, with significant operations in London and production facilities in Buckinghamshire and Hertfordshire.
Despite competitive pressures and scrutiny over its tax affairs, Apple reported global second-quarter revenue of $95.4 billion, surpassing analysts' forecasts.
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