Oracle: Tech giant passes UK milestone as profit jumps
US technology giant Oracle has reported sales in the UK of more than £2bn for the first time as its profit jumped by over 20 per cent.
Oracle, which in 2023 was the third largest technology company in the world by revenue behind Microsoft and Google, is the title sponsor of the Red Bull F1 team.
New accounts filed with Companies House have revealed that the group’s UK turnover increased from £1.9bn to £2.2bn in the 12 months to 31 May, 2024.
The latest total continues a run of consecutive years of turnover increases for Oracle which dates back to 2018 when its UK sales stood at just under £1.6bn.
The results also show that Oracle’s pre-tax profit surged from £62.6m to £87.9m over the same period.
Oracle said that its total UK revenue increasing by 12 per cent was largely because of higher sales in its cloud business.
Despite its profit rose, the group’s cost of sales did increase in the year as well as its administrative expenses.
During the financial year, Oracle acquired Cerner Ireland for £7.5m and Next Technic for £23,090.
Despite the increase in revenue and profit for the 12 months, the average number of people employed by Oracle in the UK decreased in the year from 2,666 to 2,529.
The UK results have been revealed after Oracle released its full-year results to the New York Stock Exchange.
The accounts, which did not include a UK breakdown, showed the group’s total revenue increased in the year by six per cent to $53bn (£41bn).