Dyson has reported a significant decrease in profits, nearly halving during a challenging year, which included a reduction of over 25% of its UK workforce. The company, established by Sir James Dyson, has been based in Singapore since 2019, a move intended to secure its future. Despite selling a record 20 million products, Dyson experienced a revenue decline of more than £500 million, bringing total revenues to £6.5 billion, as indicated by financial statements filed in Singapore.
The company cited sluggish economic growth and decreased consumer confidence as contributing factors to its financial performance. Additional challenges included one-time issues related to currency fluctuations, particularly the strong performance of the pound against Asian currencies where many products are sold. A global reorganization also incurred substantial costs, resulting in approximately 1,000 job reductions in the UK, leading to a pre-tax profit drop of 47% to £561 million for the fiscal year 2024.
Dyson’s CEO, Hanno Kirner, described the year as one of “transformation,” highlighting the necessity of the changes made. During this time, the annual dividend paid to the family’s holding company, Weybourne Holdings, was also reduced from £700 million to £200 million. However, subsequent to these cuts, Dyson paid an additional £225 million in dividends early in the current financial year.
Dyson maintains its primary research and development operations in the UK, despite manufacturing most of its products overseas. Sir James Dyson, currently among the largest landholders in the UK, remains committed to technological innovation, stating that the company is excited about upcoming product launches, which include developments in hair care, cleaning technology, and robotic systems.
Source: https://www.theguardian.com/technology/2025/sep/29/difficult-year-for-dyson-sees-profits-down-nearly-50