Dyson’s earnings fall by practically 50% in ‘tough’ yr | Dyson Ltd

[ad_1] Income at Dyson practically halved throughout a “tough” yr by which the house home equipment enterprise, based by the billionaire Sir James Dyson, reduce greater than 1 / 4 of its UK workforce.

Dyson, which has been primarily based in Singapore since 2019 in a transfer to “future proof” the corporate, mentioned it had offered 20m merchandise through the yr, greater than ever earlier than.

However it nonetheless reported a fall in revenues of greater than £500m to £6.5bn, in accordance with accounts filed in Singapore.

Sluggish financial progress and flagging client confidence have been compounded by one-off points, the corporate mentioned, together with the energy of the pound in opposition to the currencies of economies in Asia, the place it sells a lot of its merchandise.

The bagless vacuum cleaner and hand dryer firm additionally incurred one-off prices related to a worldwide reorganisation that included about 1,000 job cuts within the UK.

The consequence was a 47% plunge in pre-tax revenue to £561m for 2024.

The corporate’s chief government, Hanno Kirner, mentioned 2024 had been a “tough however essential yr of transformation” for the corporate. In addition to axing workers, Dyson additionally slashed the annual dividend it pays to the household’s holding firm.

The payout to Weybourne Holdings, which additionally homes the Dyson household’s fast-growing investments in agricultural land and farming, declined from £700m to £200m in 2024.

Nevertheless, notes hooked up to the accounts reveal that Dyson has since topped up the funds with £225m of dividends unfold over January and February of the present monetary yr.

Dyson based the corporate in Malmesbury, Wiltshire, in 1991. Whereas it makes most of its merchandise abroad, it does most of its analysis, improvement and design of merchandise within the UK, on the firm’s facility within the city.

Amid criticism of his determination to maneuver the corporate to Singapore, significantly within the gentle of his vocal assist for Brexit, Dyson has beforehand mentioned that the UK will stay a serious analysis and improvement hub for the corporate.

The 78-year-old entrepreneur, is among the many largest landowners within the UK after investing closely in farming and cutting-edge meals manufacturing, whereas two of his kids, Jacob and Sam, are on the board of Dyson Holdings. All three are described as “everlasting residents” of Singapore in company filings.

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The entrepreneur and his household got here fourth within the 2025 Sunday Instances Wealthy Listing, with an estimated fortune of £20.8bn.

In an announcement accompanying the outcomes, Dyson pointed to new merchandise launched in 2024, which embrace a “full reinvention of the hairdryer” and a haircare-meets-styling vary that makes use of chitosan, a plant-based polymer from oyster mushrooms.

He mentioned: “We're vastly enthusiastic about our launches in 2025 and past, which deliver important improvements into folks’s houses together with new moist and dry floor-cleaning expertise, robotic expertise and purification expertise, in addition to full reinventions of our hairdryer and vacuum cleaner codecs.”