Published: 7 March 2023

Dyson's 2022 Financial Results in brief:

• Dyson navigated a tough year with strong revenue growth and a 63% increase in investment, focusing especially on R&D, technology, and staff expansion.
• 2022 saw the launch of new cutting-edge products, such as the Dyson Zone headphones, Gen5detect vacuum, and advancements in beauty technology.
• Exceptional staff efforts were acknowledged with extra financial support and pay increases, reflecting Dyson’s commitment to its global workforce.

The year 2022 was marked by unprecedented challenges including: chip shortages; the extended Covid lockdown in China; rising commodity, shipping and logistics costs; materials and labour shortages; as well as the war in Ukraine and the closure of Dyson’s Russia business. Despite these challenges, Dyson was able to grow its revenue to £6.5bn (vs. £6.0bn in 2021) through exceptional efforts during the year. Dyson also continued to invest into new technologies and new products – increasing its CAPEX from £284m to £463m – and increased the number of engineers, scientists and software experts by more than 1,000 worldwide.

In light of the headwinds, global performance was impacted. In the absence of a performance bonus, a one-off “extra-ordinary payment” will be made to 90% of global staff in recognition of their “exceptional efforts”. In addition, a country specific salary increase will be made, and a one-time payment will be made to those most affected by the rise in cost of living.

• In 2022 Dyson grew revenue to £6.5bn (2021: £6bn), 
• EBITDA of £1.3bn (2021: £1.5bn) 
• Cost Impacts vs. 2021: £120m impact of inflation on product, manufacturing and logistics costs; £80m of additional resources focused primarily on Research, Design and Development (RDD) 
• CAPEX of £463m (2021: £284m)

• Dyson continued to invest as per the five-year £2.75bn plan it has committed to the research and development of new technology in the fields of energy storage, AI, robotics, software, connectivity and in 2022 announced a £500m investment in Haircare. This resulted in growth of 63% of CAPEX during the year, from £284m to £463m. 
• Dyson recruited more than 1,000 additional engineers and scientists and celebrated the graduation of the second cohort of engineers from the Dyson Institute of Engineering and Technology. 
• Dyson opened new spaces around the world including its new global headquarters at St James Power Station, Singapore, its EMEA Regional Headquarters in Amsterdam, and new robotics, software and connectivity centres in London and Hullavington. 

• Dyson launched its first audio product in 2022, with the Dyson Zone: high fidelity, active noise cancelling headphones with built-in air purification. The Dyson Zone headphones represent Dyson’s first wearable technology. The first products go on sale in April, taking Dyson technology to new audiences around the world. 
• Dyson launched the Gen5 detect, the most powerful cordless vacuum it has ever made. Powered by the proprietary Dyson digital motor, which spins at 135,000rpm, the gen5 can trap 99.99 per cent of particles as small as 0.1 microns, capturing particles and even viruses around the home. 
• Dyson continue to introduce new beauty technology with the Flyaway Smoother, reinventing the Dyson Supersonic hair dryer once again. The Flyaway Smoother harnesses the Coanda effect, replicating the techniques used by professionals in salons at home.

1. How did Dyson perform financially in 2022 despite global challenges?

Despite significant headwinds such as chip shortages, inflation, and supply chain issues, Dyson grew its revenue to £6.5bn (up from £6bn in 2021) and made substantial investments in R&D, technology, and expanding its engineering workforce.

2. What major new products and technologies did Dyson introduce in 2022?
Key launches included the Dyson Zone headphones (Dyson’s first wearable tech with air purification), the Gen5 Detect cordless vacuum (the most powerful Dyson cordless vacuum yet), and the Flyaway Smoother attachment for the Supersonic hair dryer using Coanda effect technology.

3. How did Dyson support its staff during a challenging year?
Dyson recognised staff efforts with a one-off “extra-ordinary payment” to 90% of global staff, country-specific pay increases, and special payments to those most affected by rising living costs, especially as there was no performance bonus in 2022.