Dyson profits are sucked by higher shipping and logistics costs as the company posts record sales
Sir James Dyson’s home appliance empire has suffered a drop in profits despite record sales.
Dyson, which makes high-end vacuum cleaners and hair dryers, said 2022 was “one of the toughest years” it has faced.
Despite lockdowns in Asia and the closure of its Russian business, sales hit £6.5bn in the year to October, up from £6bn a year earlier.
Dyson, which makes high-end vacuum cleaners and hair dryers, said 2022 was “one of the toughest years” it has faced
This has been helped by customers switching to more expensive products, including the £360 Dyson Supersonic hair dryer.
But higher shipping and logistics costs hit profits, which fell to £1.3bn from £1.5bn.
Dyson boss Roland Krueger said the “exceptional efforts” of staff have helped and he expects a bumper 2023.
The Singapore-based company is to spend £500m to bolster its technology and launch 20 beauty products over the next four years.
Dyson has a large operation in Malmesbury in Wiltshire, and most of the £500million will be spent in the UK.