Profit at the UK arm of audiobook and podcast giant Audible, which is owned by Amazon, doubled during its latest financial year, it has been revealed.
The London-headquartered division has posted a pre-tax profit of £29m for 2023, up from the £14.7m it achieved in 2022.
Newly-filed accounts with Companies House also show that Audible’s UK turnover increased from £225.9m to £241.8m over the same period.
In the accounts, Audible said the rise in its turnover was due to an increase in listeners.
It added that its gross margin grew from 58.7 per cent to 59.6 per cent because of an increase consumption of original content.
Amazon pays up as Twitch profit jumps
Fellow Amazon-owned company, streaming giant Twitch, reported a UK turnover of £35m for 2023 in separately-filed accounts, down from £37.3m.
However, its pre-tax profit increased from £3.6m to £6.1m over the same period.
The results come after it was revealed last week that Amazon’s main UK division paid corporation tax for the first time since 2020 during its latest financial year.
Amazon UK Services paid £18.7m in 2023 in what it described as ‘current tax’ which The Guardian reported was largely made up of corporation tax.
The division employs more than half of the group’s UK workers.
Amazon operates more than 25 warehouses in the UK and has corporate offices in six cities.
Its British businesses reported sales of £27bn for 2023, up from the £24bn they posted in 2022.
In total, Amazon’s full UK operation paid £932m in tax last year, up from £781m in the year before.