Dyson’s profits have been nearly halfway through a challenging year, during which the home appliance company, established by billionaire Sir James Dyson, reduced over a quarter of its UK workforce.
Since relocating to Singapore in 2019, Dyson has reported selling over 20 million products, emphasizing its shift towards being “proof of the future.”
Nonetheless, filings in Singapore reveal a revenue drop of more than £500 million, bringing it down to £6.5 billion.
The slowing economic growth and reduced consumer confidence have been intensified by one-off challenges, including the pound’s strength against the Asian currencies where many of its products are sold.
The bagless vacuum cleaner and hand dryer segments also faced one-off expenses related to global restructuring, leading to about 1,000 job cuts in the UK.
Consequently, pre-tax profits dipped 47% to £561 million in 2024.
Hanno Kirner, the company’s CEO, described 2024 as a “tough but essential year” for Dyson. The annual dividends paid to the family holding entity have seen significant reductions.
Distributions to Weybourne Holdings, which includes the Dyson family’s rapidly expanding investment in farmland and agriculture, fell from £700 million to £200 million in 2024.
A memo attached to the accounts indicated that Dyson finalized payments with a dividend of £225 million in January and February this year.
Founded in Malmesbury, Wiltshire, in 1991, most Dyson products are manufactured abroad; however, the majority of research, development, and design occur at the UK facility.
Despite criticism over moving the company to Singapore, particularly given his support for Brexit, Dyson stated that the UK would remain the primary hub for research and development.
The 78-year-old entrepreneur is among the largest landowners in the UK, having heavily invested in agriculture and advanced food production; two of his children, Jacob and Sam, are executives at Dyson Holdings. All three are categorized as “permanent residents” of Singapore in corporate filings.
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The entrepreneur and his family ranked fourth on the 2025 Sunday Times Rich List, with a wealth estimated at £20.8 billion.
In the results statement, Dyson highlighted a new product launched in 2024, featuring a “complete reinvention of hair dryers” along with hair care products using chitosan, a plant-derived polymer from oyster mushrooms.
He remarked: “We are incredibly excited for the launch after 2025. This will introduce significant innovation into homes, including a total redesign of hair dryers and vacuum cleaner models, with new wet and dry cleaning technologies, robotics, and purification systems.”
This year saw the release of the “world’s slimmest vacuum,” boasting a diameter of 38mm.
In 2019, the company abandoned its plans to create an electric vehicle.
Source: www.theguardian.com
