PJ Carroll revenue hits €33.75m as sales of Velo nicotine pouches reach 29 million
Sales of Velo pouches increased from six million in 2023 to 29 million last year, while revenues from Velo were up by 442% on 2023.
PJ Carroll & Co, the Irish arm of global tobacco giant British American Tobacco, is reporting sales of its nicotine pouches soared in Ireland last year, with sales increasing almost five fold to 29 million pouches.
Sales of its Velo pouches increased from six million in 2023 to 29 million last year, while revenues from Velo were up by 442% on 2023.
The firm only launched its Velo brand in June 2023 and it contributed 3% of overall revenues that year. Velo achieved a 45.9% market share in 2024.
PJ Carroll and Co's overall net revenues increased by 11%, from €30.53m to €33.75m. The directors say the revenues performance “was driven by strong growth in Velo and continued vaper momentum offsetting the decline in combustible volumes”.
The firm achieved gross revenues of €179.43m in 2024, that included €145.67m in excise duties and other taxes.
Pre-tax profits at PJ Carroll & Company Ltd last year declined by 8% to €5.69m.
The sharp increase in sales of Velo comes against the background of Cabinet here giving approval to health minister Jennifer Carroll MacNeill to develop law to prohibit the sale to minors of nicotine products such as pouches.
The new law is to also prohibit the advertising of these products in all retail outlets and their display in mixed retail outlets.
Nicotine pouches are typically placed between a person’s lip and gum and slowly release nicotine into the bloodstream.
This year’s Health Ireland survey found 1% of the population use nicotine pouches, with this rising to 3% in the 15- to 24-year-old cohort. Men are more likely than women to use them, the survey said.
Numbers employed at PJ Carroll & Co Ltd totalled 22, and staff costs totalled €1.3m. Directors’ remuneration totalled €204,000.
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