Directors at the Irish unit of Dyson mainly blame an increase in market competition for revenues sliding by 30% to €25.1m last year.
New accounts by the maker of products in floorcare, hair-care, air treatment, lighting and headphones show that sales here plunged by €10.9m from €36.09m to €25.11m in 2024.
As a result of revenues decreasing sharply on the island of Ireland at Dyson Ireland Ltd, pre-tax profits reduced by 21% from €855,106 to €675,328.
Dyson is owned by billionaire James Dyson and is best known for the invention of the bag-less vacuum cleaner.
The directors for the Irish unit state that “the reduction in turnover and profit before tax is primarily due to increase in market competition”.
The reduction in revenues at the Irish unit in 2024 followed a 20% decline in revenues from €45.4m to €36.09m in 2023.
Numbers employed at the Irish arm decreased by 25 or 37% from 67 to 42 in 2024 and the profits take account of restructuring costs of €163,488.
Numbers in selling and distribution reduced from 59 to 37 while numbers in administration went down from eight to five.
Staff costs reduced from €2.52m to €2m.
The directors state that “a reorganisation that occurred in the later part of the financial year led to the reduction in average headcount”.
They state that this “did not have a significant financial impact to the full year performance of the company”.
The job losses at the company arose from the Dyson Group announcing a global review on July 9, 2024 of its structure which put certain jobs at risk of redundancy.
In the UK alone, Dyson planned to cut up to a third of its workforce there and the proposals would ensure it was “prepared for the future” amid what it called “increasingly fierce and competitive global markets”.
The Irish company recorded post tax profits in 2024 of €508,781 after incurring a corporation tax charge of €166,547.
Pay to directors declined sharply from €249,008 to €142,736.
The profit in 2024 takes account of non-cash depreciation costs of €88,253 while operating lease rentals reduced from €550,307 to €150,203.
Shareholder funds at the end of 2024 stood at €8.06m and included accumulated profits of €6.6m.
Ahead of Brexit, Mr Dyson relocated the firm’s global corporate headquarers from England to Singapore and the immediate parent of the Irish entity is Dyson Home Technologies Pte Ltd.
The process to relocate from the UK involved the voluntary winding up of the Dyson Weybourne Group which had assets of £4.53 billion at the time in May 2019.
Reporting by Gordon Deegan
