Apple has posted revenues of $51.5bn ($33.7bn) and profits of 31 per cent for Q4 2015, closing the companys financial year.

Year-on-year, revenues increased by 22 per cent and profits by 31 per cent, driven by record fourth quarter sales of iPhone, the expanded availability of Apple Watch, and all-time records for Mac sales and revenue from services, according to Apple.

The company sold 48m iPhones during the quarter, a 22 per cent increase year-on-year globally – on the earnings call, CFO Luca Maestri singled out mainland China, where iPhone sales rose by 120 per cent – and 9.9m iPads, down 20 per cent. Despite pointing to the Watch as one of the quarters big successes, Apple declined to reveal exact sales figures for the device.

“Fiscal 2015 was Apple’s most successful year ever, with revenue growing 28 per cent to nearly $234bn. This continued success is the result of our commitment to making the best, most innovative products on earth, and it’s a testament to the tremendous execution by our teams,” said Apple CEO Tim Cook. “We are heading into the holidays with our strongest product lineup yet, including iPhone 6s and iPhone 6s Plus, Apple Watch with an expanded lineup of cases and bands, the new iPad Pro and the all-new Apple TV which begins shipping this week.”