Difficult' year for Dyson sees profits down nearly 50%

"Profits at Dyson nearly halved during a difficult year in which the home appliances business, founded by the billionaire Sir James Dyson, cut more than a quarter of its UK workforce. Dyson, which has been based in Singapore since 2019 in a move to future proof the company, said it had sold 20m products during the year, more than ever before. But it still reported a fall in revenues of more than 500m to 6.5bn, according to accounts filed in Singapore."

"The result was a 47% plunge in pre-tax profit to 561m for 2024. The company's chief executive, Hanno Kirner, said 2024 had been a difficult but necessary year of transformation for the company. As well as axing staff, Dyson also slashed the annual dividend it pays to the family's holding company. The payout to Weybourne Holdings, which also houses the Dyson family's fast-growing investments in agricultural land and farming, declined from 700m to 200m in 2024."

"Dyson founded the company in Malmesbury, Wiltshire, in 1991. While it makes most of its products overseas, it does most of its research, development and design of products in the UK, at the company's facility in the town. Amid criticism of his decision to move the company to Singapore, particularly in the light of his vocal support for Brexit, Dyson has previously said that the UK will remain a major research and development hub for the company."

Dyson's pre-tax profit plunged 47% to 561m for 2024, with revenues down by more than 500m to 6.5bn despite a record 20m products sold. The company undertook a global reorganisation that cut more than a quarter of its UK workforce, including about 1,000 job losses, and generated one-off costs. Sluggish economic growth, weak consumer confidence and a strong pound against Asian currencies reduced sales. Annual dividend payments to Weybourne Holdings fell from 700m to 200m and were later partially topped up by 225m spread across January and February. Research, development and design remain based in Malmesbury, UK, while the business is based in Singapore.

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