Tobacco firm PJ Carroll saw sales of its nicotine pouches soar in Ireland last year almost five fold to 29 million pouches.
PJ Carroll & Co Ltd, the Irish arm of global tobacco giant British American Tobacco, is the market leader here for nicotine pouches. Its directors said sales of Velo pouches increased from 6 million in 2023 to 29 million last year.
The directors for the firm said sales of Velo “delivered exceptional growth in 2024″ where revenues from Velo increased by 442 per cent on 2023.
The Velo brand achieved a 45.9 per cent market share in 2024, the added.
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PJ Carroll and Co Ltd’s overall net revenues increased by 11 per cent from €30.53 million to €33.75 million.
The directors state that the revenues performance “was driven by strong growth in Velo and continued Vapour momentum offsetting the decline in combustible volumes”.
Combustibles are traditional smoking products such as cigarettes, cigars or tobacco for pipes.
The directors state that although combustible volumes declined by 11 per cent on 2023 to 200 million sticks, “the business delivered strong value extraction through manufacturers price increase in April 2024″.
Combustibles revenue totalled 71 per cent of total business in 2024 compared to 75 per cent of revenues in 2023. Revenues from the sale of ‘vapes’ increased by 2 per cent last year.
The firm achieved gross revenues of €179.43 million in 2024 that included €145.67 million in excise duties and other taxes.
Pretax profits at PJ Carroll & Company Ltd last year declined by 8 per cent to €5.69 million.
The sharp increase in sales of Velo comes against the background of Cabinet here giving approval to the Minister for Health, Jennifer Carroll MacNeill to develop law to prohibit the sale to minors of nicotine products such as pouches.
The new law is to also prohibit the advertising of these products in all retail outlets and their display in mixed retail outlets.
Numbers employed at PJ Carroll & Co Ltd totalled 22 and staff costs totalled €1.3 million.
A note states that the company is undergoing an audit of its tax affairs in the Republic of Ireland.
The note states that the company “has paid €1.2 million to Irish Revenue subsequent to year end and which is provided for in these financial statements in relation to the tax audit”.
The directors state that illicit and duty-free purchasing was a combined 37 per cent of the market in 2024, according to Revenue Commissioner’s own figures.
Accumulated profits stood at €40.8 million.
