Sir James Dyson’s family to pocket £700m in dividends after job cuts announced

The group was founded by Sir James Dyson. 9% increase Meanwhile, it reaffirmed its commitment to spend £9m a week on research and development in areas such as AI and robotics.

But the electronics giant is also trying to cut costs while bringing more expensive products like straighteners and headphones to market.

In July, Dyson announced plans to make 1,000 workers redundant, nearly a third of its 3,500-strong workforce in the UK.

CEO Hanno Kilner said at the time that Dyson needed to remain “entrepreneurial and agile” in an “increasingly intense and competitive global market”.

“Decisions that affect close talented colleagues are always incredibly painful,” he said.

The company released its results this week, announcing the latest big dividend for owners, but also reportedly revealing a sudden wave of job cuts in Singapore.

local media reported Unionized Singapore employees said they were blindsided by unexpected job cuts, the number of which was not disclosed.

Representatives for Dyson did not respond to requests for comment.

Despite the size of this year’s dividend to the Dyson family’s Weybourne Group, which owns the company, it shows that the Dyson family is making sacrifices in its own way.

Revenue last year was £700m, down £500m compared to £1.2bn in 2022. In 2021, the family-run business earned £1 billion in dividends.

Since 2018, Weybourne Group has collected £5bn in dividends. telegraph I will report it.

Mr Dyson is Britain’s fifth-richest person, with a net worth of £23bn, according to the Sunday Times Rich List. His fortune decreased by £2.2 billion in 2023.

The company he founded in the UK in 1991 became famous for its range of bagless vacuum cleaners, but also expanded into hair care products, lighting products and even headphones.

Billionaire Mr Dyson was criticized for publicly supporting Brexit, before moving his headquarters to Singapore in the wake of the 2019 referendum.

The company had an incentive to switch to a location closer to its manufacturing and supply chain hubs, as well as its large customer base in Asia. The free trade agreement between Singapore and the EU is also likely to have had an effect.

Mr Dyson has been an outspoken critic of the UK economy, last year calling policies including high corporation tax “terrible”. commit to investment The future is “somewhere in a modern, advanced economy.”

Dyson himself moved back to the UK in 2021.