According to RTE.ie on November 28, the directors’ report of British American Tobacco Ireland (PJ Carroll & Company) pointed out that in 2023, the company’s net income increased from 28.48 million euros to 30.53 million euros, an increase of 7%. The increase in sales of vape products helped the company’s pre-tax profit increase by 23% to 6.18 million euros.
The highlights of the report are as follows:
· The VELO nicotine pouch was launched in 2023, marking the company’s entry into the “modern oral nicotine pouch” market. 3% of total revenue within 6 months of its launch;
· Vape products accounted for 22% of total revenue in 2023;
· Combustible cigarette sales fell 13% in 2023, but the manufacturer’s price increase in March drove the overall growth of combustible cigarette revenue, accounting for 75% of total revenue;
· After deducting 973,000 euros in corporate tax, the profit after tax was 5.2 million euros, and the accumulated profit at the end of the year reached 42.85 million euros;
· Total revenue for the year was 181.32 million euros, including 150.79 million euros in excise and other taxes.
The directors said that the illegal vape trade and the government’s poor enforcement of illegal product sales and sales of vapes to teenagers under the age of 18 were the main challenges facing the company.
· The total share of illegal trade and taxable products (NIDP) in the combustible market is 34%, of which illegal cigarettes account for 19% of the market and NIDP accounts for 15%;
· From the second half of 2025, the Irish government will impose a consumption tax of 0.5 euros per milliliter on vape oil, which will increase the price of all brands and may prompt consumers to turn to illegal products or even return to traditional tobacco.
As a member of the vape market, Veehoo is paying close attention to this trend. As the share of vape products in the market gradually increases, Veehoo is expected to further expand its market share through continuous innovation and improved product quality.
It is worth noting that the report mentioned that illegal vape trade and the government’s poor enforcement of illegal sales are one of the main challenges facing the company. For Veehoo, compliance and compliance will be crucial to avoid unnecessary risks and legal issues.
In addition, the Irish government will impose consumption taxes on vape oils from 2025, which may affect the price competitiveness of the vape market. Veehoo needs to pay close attention to this policy change, adjust its pricing strategy and look for other market opportunities to remain competitive in the changing market.
In general, the report of British American Tobacco Ireland reveals the development trends and challenges of the vape market and provides some inspiration for Veehoo vapes. As a developing brand, Veehoo needs to constantly adapt to market changes, improve product quality, focus on compliance, and actively seek development opportunities to ensure that it maintains a leading position in the highly competitive market.
Tags: British American Tobacco Ireland Company Report，Irish vape market trends，veehoo vape
