Profits and revenues down at Dyson Ireland in contrast to company's global performance

Dyson owner James Dyson.

Pre-tax profits at the Irish unit of Dyson declined by 25%, to €855,106, in 2023.

A maker of products in floor care, hair care, air treatment, lighting and headphones, sales at Dyson Ireland Ltd declined by 20%, from €45.4m to €36.09m, in 2023.

In the business owned by James Dyson, the directors for the Irish unit say they are satisfied with the results of the business, given the market conditions experienced in 2023.

In a post-balance sheet event, the directors say on July 9, 2024, “the Dyson Group announced a global review of its structure which puts certain jobs at risk of redundancy and will affect those employed by the company”.

They “the company is currently in the early stages of the required consultation process”.

The downturn in the company’s Irish business in 2023 is in contrast to Dyson’s global performance that year, when revenues increased by 9%, to £7.1bn.

The global company — with a 6,500-strong engineering team — spends more than £9m a week on research and development. New award-winning products launched in 2023 include the Dyson Airstrait straightener, its robot vacuum the 360 Vis Nav, and the Dyson Zone headphones, which marked its entry into audio and wearables 

The directors for the Irish business say the company “has considerable financial resources at their disposal”.

A note attached to the accounts says “contracts with key customers and suppliers are expected to remain in place and the company expects to remain profitable for the foreseeable future”.

The note says “as a consequence, the directors believe the company is well placed to continue to manage its business risks successfully”.

The company recorded post-tax profits in 2023 of €705,538 after paying corporation tax of €149,568.

Numbers employed by the business here fell from 71 to 67, with staff costs decreasing from €3m to €2.5m.

Pay to directors declined marginally from €254,146 to €249,008.

The profit in 2023 takes account of non-cash depreciation and impairment costs of €69,042 and operating lease rental of motor vehicles of €550,307 Shareholder funds at the end of 2023 stood at €7.55m and included accumulated profits of €6.1m.

Ahead of Brexit, Mr Dyson relocated the firm’s global corporate HQ from England to Singapore.