British billionaire James Dyson saw sales of his premium household goods group fall by 20 per cent in Ireland in 2023, according to accounts just filed with the Companies Registration Office.
Dyson Ireland, which sells products such as high-end vacuum cleaners bearing the businessman’s name, also includes a commercial hand-dryer operation, and covers the wider group’s business north and south of the Border.
The results for the company show it generated turnover of €36.1 million in 2023, down 20 per cent from 2022. The directors said they were “satisfied with the results of the business, given the market conditions experienced in the financial year”.
Owned by businessman James Dyson through an entity registered in Singapore, the company, which is based in Leopardstown, Dublin 18, also has a branch in Northern Ireland, according to the filings.
The group made a profit of €705,538 for the year, which was down from €969,719 in 2022. Cost of sales were down from €33.7 million in 2022 to €25 million. The directors did not recommend any dividend payment in respect of the year.
Dyson announced plans in July to cut 1,000 jobs in the UK, more than a quarter of its workforce there, as part of a wider move to reduce its 15,000-strong global workforce.
“Dyson operates in increasingly fierce and competitive global markets, in which the pace of innovation and change is only accelerating,” said Hanno Kirner, chief executive of Dyson at the time. “We know we always need to be entrepreneurial and agile.
“We have grown quickly and, like all companies, we review our global structures from time to time to ensure we are prepared for the future,” he said, before adding that cutting jobs was “always incredibly painful”.
In its latest accounts, the group said it was currently in the early stages of the required consultation process to cut jobs.
The average monthly number of employees at the Irish arm of the company in 2023 was 67, down from 71 the year before. That followed a period of having ramped up hiring after the Covid-19 pandemic. Staff costs in 2023 were €2,527,906, down from €3,023,225.
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