DYSON PROFITS PLUNGE – Pre-Tax profit halves to £561M
Dyson, the home appliance giant, has reported a challenging year, with pre-tax profits nearly halving in 2024.
According to accounts filed in Singapore, the firm saw profits plunge by 47% to £561 million, with revenues falling by more than £500 million to £6.5 billion.
The slump comes despite the company, founded by Sir James Dyson, selling a record 20 million products.
Dyson blamed the “difficult” results on several factors, including sluggish consumer confidence, global economic slowdown, and the strength of the pound against Asian currencies.
Crucially, the challenging year led to significant restructuring. Dyson cut over a quarter of its UK workforce, amounting to around 1,000 job losses, as part of a global reorganisation.
CEO Hanno Kirner called 2024 a “difficult but necessary year of transformation.”
The profit drop also led to a sharp cut in the annual dividend paid to the Dyson family’s holding company, Weybourne Holdings, which was reduced from £700 million to £200 million.
Despite criticism over its 2019 move to Singapore, Dyson insists its UK facility in Malmesbury will remain a major hub for research, development, and design.
