Big Blue looks back at 2022 in Britain, one of the world's economies 'hit hardest' by pandemic
Products and services price hikes were initiated by IBM UK in 2022 to offset rising labor and component costs, the company has said in its latest set of profit and loss accounts.
Turnover for the tech biz in the calendar year rose 14.5 percent to £3.123 billion , according to a filing with Companies House. This included marginal increases in the hardware and software operating divisions and a 17 percent jump in services. This was a decent showing for Big Blue in what it described as a local marketplace still dealing with the fallout from Covid-19."The UK's economy was one of the hardest hit by the pandemic however the overall demand for services, software and systems continues to remain strong."One of the challenges facing IBM was a spike in the cost of bringing new workers on board.
"Throughout 2022, the company experienced escalating labor and component costs. Across all of the product-based businesses, the company has now executed price increases above the historial level of increases to be more reflective of the labour and component costs that the company is incurring due to the inflationary environment.
"This includes price increases in maintenance and support agreements for the hardware and software portfolios," IBM's report added.
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