BAT lrish subsidiary, Velo, saw itsnicotine pouch sales surge fivefold to 29 million pouches.

Recently, PJ Carroll & Co Ltd, the Irish subsidiary of global tobacco giant BAT , stated that its nicotine pouch sales in Ireland surged nearly fivefold last year, reaching 29 million pouches.

Sales of its Velo nicotine pouches increased from 6 million pouches in 2023 to 29 million pouches last year, while Velo's revenue grew by 442% compared to 2023. The company launched the Velo brand only in June 2023, which contributed 3% of total revenue that year and achieved a 45.9% market share in 2024.

PJ Carroll & Co Ltd's net revenue increased by approximately 11% in 2024 to €33.75 million from €30.53 million in 2023. The board stated that the revenue growth was "primarily driven by strong growth in Velo and the continued growth momentum in e-cigarettes, offsetting the decline in combustible cigarette sales. "

On a gross revenue basis, the company’s total revenue in 2024 was €179.43 million, including €145.67 million in consumption tax and other taxes.

PJ Carroll & Company Ltd's pre-tax profit fell 8% last year to €5.69 million.

Velo's dramatic sales surge comes as the cabinet approves legislation drafted by Health Secretary Jennifer Carole McNeil to ban the sale of nicotine products, including nicotine pouches, to minors. The new legislation also plans to ban advertising such products in all retail channels and prohibit their open display in general retail stores.

According to the Healthy Ireland survey released this year, 1% of the Irish population uses nicotine bags, rising to 3% in the 15-24 age group. The survey also showed that men are more likely than women to use nicotine bags.

PJ Carroll & Co Ltd employed 22 staff members in 2024 , with total staff salaries amounting to €1.3 million and directors' salaries totaling €204,000.

Source: Irish Examiner

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