Dyson Ireland revenue soars by 56% to €44m
Despite increase, pre-tax profits down 18% for firm known for vacuums and hair dryers
Dyson founder and chief engineer Sir James Dyson. Photograph: Jason Kempin/Getty Images for Dyson
New accounts filed by Dyson Ireland Ltd show that in spite of the €15.8 million increase in revenues, pre-tax profits at the business owned by Brexit supporter James Dyson decreased by 18 per cent to €721,330 in 2017.
The new accounts for Dyson’s Ireland operation reveal large sales increases in some of the firm’s best-known products including cordless Dyson vacuums and the Supersonic hair dryer.
According to the directors’ report, the company recorded continued growth on the floor-care category driven by cord-free machines with this category growing volume by 27 per cent offsetting a decline in the corded full-size category of 13 per cent.
The business recorded the drop in profits as cost of sales increased from €23.3 million to €38.5 million and administrative expenses went up from €3.3 million to €4 million.
The company paid a dividend of €950,000 in 2017 compared to €500,000 the previous year.
Numbers employed by the Irish business in 2017 increased from 44 to 63 with staff costs increasing from €1.4 million to €2.05 million. Directors’ remuneration totalled €165,939 with the highest director salary being €124,343.
The bumper performance by Dyson Ireland in 2017 was part of a very strong performance by the business globally. Separate accounts filed by Dyson Ireland’s controlling party, the UK-based Weybourne Group show that it recorded pre-tax profits of £680 million (€776 million) in 2017 as revenues soared by 40 per cent from £2.53 billion to £3.53 billion.