The trading of Dyson products here during the Covid-19 pandemic has held up strongly.
New accounts for Dyson Ireland Ltd show that pretax profits at the company increased by 37 per cent from €1 million in 2018 to €1.48 million in 2019.
The company owned by Sir James Dyson recorded the rise in pretax profits after revenues increased by 17 per cent from €37.35m to €43.77 million.
The accounts were only were signed off last week, with the directors stating that as the Covid-19 situation continues to evolve with a level of uncertainty, Dyson is unable to reasonably estimate the full financial impact of the Covid-19 outbreak.
The directors believe that the company has access to sufficient liquidity to be able to continue trading in the foreseeable worst case scenario. The main activity of the business is the sale and service of domestic appliances and commercial hand dryers.
The directors state: “The commercial and marketing policy of the company led to the increase in turnover by 17 per cent. Dyson’s sales continue to rise year after year and the directors are satisfied with the results for the business.”
The company recorded post-tax profits in 2019 of €1.19 million after paying corporation tax of €282,093.
Numbers employed by the business here increased from 73 to 83 with staff costs increasing from €2.25 million to €2.59 million.
The remuneration for the highest paid director at the firm declined from €160,680 to €128,676.
The profit in 2019 takes account of non-cash depreciation and impairment costs of €66,990 and operating lease rental of motor vehicles of €282,187.
Accumulated profits
Shareholder funds at the end of 2019 stood at €4.24 million and included accumulated profits of €2.78 million.
The company’s cash decreased sharply from €1.52 million to €185,995.
Ahead of Brexit, Mr Dyson relocated the firm’s global corporate HQ from England to Singapore and the immediate parent of the Irish entity is Dyson Home Technologies Pte Ltd.
The process to relocate from the UK involved the voluntary winding up of the Dyson-owned Weybourne Group which had assets of £4.53 billion at the time in May 2019.
