Dyson has reported a 47% plunge in pre-tax profit to £561m for 2024, down from over £1bn the previous year, as revenues fell by more than £500m to £6.5bn. The home appliances company, founded by Sir James Dyson, described the year as a 'difficult but necessary year of transformation'.
Despite selling a record 20 million products, the company faced sluggish economic growth, flagging consumer confidence, and currency headwinds from the strength of the pound against Asian currencies. One-off costs from a global reorganisation, which included cutting about 1,000 jobs in the UK—more than a quarter of its UK workforce—also weighed on results.
CEO Hanno Kirner said 2024 was a year of transformation. The company slashed its annual dividend to the family's holding company, Weybourne Holdings, from £700m to £200m, though it later paid an additional £225m in dividends in early 2025.
Dyson, which moved its headquarters to Singapore in 2019, continues to conduct most of its research and development in Malmesbury, Wiltshire. The company highlighted new product launches, including a reinvented hairdryer and a haircare range using chitosan from oyster mushrooms, as well as plans for robotic and purification technology.
Sir James Dyson, 78, and his family rank fourth on the 2025 Sunday Times Rich List with an estimated fortune of £20.8bn. The company abandoned plans to build an electric car in 2019.
