Higher costs dent profits at Dyson

SIR James Dyson’s appliance empire suffered a drop in profits despite record sales.

Dyson, which makes upmarket 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. It was helped by customers turning to pricier products, which include 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 ‘exceptional efforts’ from staff helped and it expects a bumper 2023.

The Singapore-based business is to spend £500m bolstering its technology and launching 20 beauty products in the next four years. Dyson has a big operation in Malmesbury in Wiltshire, and most of the £500m will be spent in the UK.