Home
Company
Product
Regulation
China
Data
Exhibition
Interview
中文版
Home
Company
Product
Regulation
China
Data
Exhibition
Interview
中文版
Search

British American Tobacco’s Irish unit says VELO pouch sales hit 29m, net revenue climbs to €33.75m

Dec.01.2025
British American Tobacco’s Irish unit says VELO pouch sales hit 29m, net revenue climbs to €33.75m
British American Tobacco’s Irish subsidiary PJ Carroll & Co Ltd reported that sales of its Velo nicotine pouches nearly quintupled in 2024 to 29 million units, driving an 11% year-on-year increase in net revenue to €33.75 million. However, amid a heavy tax burden and declining traditional cigarette volumes, the company’s pre-tax profit fell 8% to €5.69 million.

Key Points at a Glance

 

  • Sales of Velo nicotine pouches surged from 6 million units in 2023 to 29 million units in 2024, with related revenue up 442% year-on-year;
  • PJ Carroll’s net revenue rose from €30.53 million to €33.75 million, an 11% increase;
  • The company reported gross income of €179.43 million in 2024, of which about €145.67 million consisted of excise duties and other taxes;
  • Pre-tax profit fell 8% to €5.69 million, as declining cigarette volumes were only partially offset by new products and e-cigarettes;
  • Ireland plans to ban sales of nicotine pouches to minors and to restrict retail advertising and display of such products.

 

 

2Firsts, December 1, 2025 — According to the Irish Examiner,British American Tobacco’s Irish subsidiary PJ Carroll & Co Ltd said its nicotine pouch portfolio recorded strong growth last year in the Irish market, helping lift the company’s overall revenue.

 

Citing company filings, the report said sales of the Velo nicotine pouch brand rose to 29 million units in 2024, nearly a fivefold increase from 6 million units in 2023. The company noted that revenue from Velo jumped 442% year-on-year. The brand was only launched in Ireland in June 2023, contributing just 3% of total revenue that year, but it had already captured a 45.9% market share in 2024.

 

Driven by new products, PJ Carroll & Co Ltd’s net revenue increased to €33.75 million in 2024 from €30.53 million in 2023, up around 11%. The board said in its report that the performance “was primarily powered by the strong growth of Velo and continued momentum in the vaping category, partially offsetting the decline in combustible cigarette volumes.”

 

On a gross-income basis, the company recorded €179.43 million in total revenue for 2024, which included €145.67 million in excise duties and other taxes — underscoring the heavy tax environment for tobacco and nicotine products in Ireland.

 

Despite revenue growth, PJ Carroll & Co Ltd’s pre-tax profit fell 8% year-on-year to €5.69 million. The company did not disclose detailed cost breakdowns for the decline, noting only that tax burdens and market dynamics had placed pressure on profitability.

 

The rapid rise in Velo sales comes as the Irish government moves to tighten regulations. The Cabinet has authorised Health Minister Jennifer Carroll MacNeill to draft legislation that would prohibit sales of nicotine products — including nicotine pouches — to minors. The new bill would also ban advertising for such products across all retail channels and prohibit open display in mixed retail environments.

 

According to this year’s Healthy Ireland survey, around 1% of the Irish population report using nicotine pouches, with usage rising to 3% among those aged 15 to 24 and higher prevalence among men than women.

 

In terms of staffing, PJ Carroll & Co Ltd reported employing 22 people in 2024, with total staff remuneration at €1.3 million. Directors’ remuneration totalled €204,000.

 

 

Cover image: Irish Examiner

References:
[1] PJ Carroll revenue hits €33.75m as sales of Velo nicotine pouches reach 29 million
Also Read:
[1] 2Firsts Observation｜VELO at Stockholm Arlanda: Travel-Centric Messaging and Full-Line Flavour Presentation
[2] 2Firsts Observations | Two Months After Launch, BAT’s VELO Shift Draws Attention for Non-Traditional Design as Some Users Call for Higher Nicotine Strength
[3] British American Tobacco’s VELO Launches Limited McLaren F1 Edition: US Price Only 60% of EU/UK
[4] BAT's H1 2025 Financial Report: Vuse Sales Down Nearly 13%, Velo Revenue up Over 40%

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn

Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

China Tobacco Regulation Shift：Policy Updates and Market Impact
China Tobacco Regulation Shift：Policy Updates and Market Impact
Australia Adds 6-Methylnicotine to Schedule 9 Prohibited Substances, Effective October 1
Australia Adds 6-Methylnicotine to Schedule 9 Prohibited Substances, Effective October 1
Australia's Therapeutic Goods Administration published a final decision on September 25 to classify 6-methylnicotine as a Schedule 9 prohibited substance under the Poisons Standard, effective October 1, 2026. TGA said the chemical has been reported in e-cigarette liquids sold in Australia and marketed as nicotine-free or nicotine alternatives, while evidence also indicates its use in preparations such as oral pouches. The government originally proposed a Schedule 7 classification but ultimately adopted the stricter Schedule 9 designation, citing acute toxicity, dependence risk, use in unapproved consumer products and misleading marketing.
News
Sep.29 by 2Firsts Perspectives
Zhang Xiaotang Appointed Deputy Director of China’s Tobacco Regulator, Adding Another Finance-Background Official to Top Leadership
Zhang Xiaotang Appointed Deputy Director of China’s Tobacco Regulator, Adding Another Finance-Background Official to Top Leadership
China’s State Council has appointed Zhang Xiaotang as deputy director of the State Tobacco Monopoly Administration, with the regulator’s official website now listing him as a Party leadership group member and deputy director. Zhang previously led Hebei China Tobacco and earlier headed the STMA’s finance and audit department. His appointment follows the elevation earlier this year of former tax official Yao Laiying to head the STMA, adding another senior official with a strong fiscal or financial-management background to China Tobacco’s top leadership in 2026.
News
Sep.20
Special Report | How Capital Is Reassessing the Global Tobacco and Modern Nicotine Industry: Lessons from a New York Forum
Special Report | How Capital Is Reassessing the Global Tobacco and Modern Nicotine Industry: Lessons from a New York Forum
Capital is reassessing the global tobacco and modern nicotine industry as heated tobacco, vaping and nicotine pouches reshape demand, profitability and regulation. At the 2026 New Approaches Summit in New York, investors and analysts examined whether smoke-free growth can sustain earnings, how regulation shapes startup value, and whether shareholder engagement can be more effective than divestment. The debate points to a broader shift: tobacco transition is increasingly becoming a capital-allocation, governance and valuation question.
Capital Markets
Oct.05
Huabao International Buys Indonesian HNB Manufacturer for RMB 90 Million, Adding OEM/ODM Capacity
Huabao International Buys Indonesian HNB Manufacturer for RMB 90 Million, Adding OEM/ODM Capacity
Huabao International Holdings Limited will acquire 100% of PT Broad Far Indonesia through two wholly owned subsidiaries for approximately RMB 90 million. The Indonesian company manufactures and sells heat-not-burn tobacco sticks and provides OEM/ODM services. The sellers are part of a related-party group controlled by Huabao International Chair and controlling shareholder Zhu Linyao. PT Broad Far Indonesia generated $4.37 million in revenue and $177,000 in profit after tax in the first half of 2026, while net assets stood at about $326,000 at June-end. An independent valuer assessed the company’s equity at approximately RMB 93.06 million. Following completion, the HNB manufacturing operation will be consolidated into Huabao International.
News
Sep.29 by 2Firsts Perspectives
U.S. Health Groups Seek to Overturn FDA Enforcement Discretion for Pending PMTAs as Altria's Helix, NJOY and AVM Move to Intervene
U.S. Health Groups Seek to Overturn FDA Enforcement Discretion for Pending PMTAs as Altria's Helix, NJOY and AVM Move to Intervene
American Vapor Manufacturers (AVM) and Altria subsidiaries Helix Innovations and NJOY filed separate motions on October 7, 2026, seeking to intervene on the FDA's side in a lawsuit challenging its enforcement guidance for certain e-cigarette and nicotine pouch products with pending premarket tobacco product applications (PMTAs). Seven public health and tobacco-control organizations, including the Campaign for Tobacco-Free Kids, sued the agency in July to overturn the policy. AVM argues that vacating the guidance could disrupt orders, inventory, retail distribution and investments in regulatory submissions.
Regulations
Oct.09
Pennsylvania Vape Directory Enforcement Starts Oct. 19, Barring Retail Sales of Unlisted Products
Pennsylvania Vape Directory Enforcement Starts Oct. 19, Barring Retail Sales of Unlisted Products
Pennsylvania's Act 57 vape directory regime will reach the end of its 120-day inventory transition period on Oct. 19. Nicotine-containing e-cigarettes intended for retail sale in the state that are not listed on the Attorney General's ENDS directory will then be barred from retail sale and treated as contraband subject to seizure, forfeiture and destruction. Manufacturers face annual product certification, brand- and style-based fees and a minimum $50,000 surety bond, while retailers and wholesalers must source through licensed channels and monitor the directory.
Regulations
Oct.08
Related Topics
News Company
Related Read
Australia Adds 6-Methylnicotine to Schedule 9 Prohibited Substances, Effective October 1
Australia Adds 6-Methylnicotine to Schedule 9 Prohibited Substances, Effective October 1
2Firsts Perspectives
Zhang Xiaotang Appointed Deputy Director of China’s Tobacco Regulator, Adding Another Finance-Background Official to Top Leadership
Zhang Xiaotang Appointed Deputy Director of China’s Tobacco Regulator, Adding Another Finance-Background Official to Top Leadership
Special Report | How Capital Is Reassessing the Global Tobacco and Modern Nicotine Industry: Lessons from a New York Forum
Special Report | How Capital Is Reassessing the Global Tobacco and Modern Nicotine Industry: Lessons from a New York Forum
Huabao International Buys Indonesian HNB Manufacturer for RMB 90 Million, Adding OEM/ODM Capacity
Huabao International Buys Indonesian HNB Manufacturer for RMB 90 Million, Adding OEM/ODM Capacity
2Firsts Perspectives
U.S. Health Groups Seek to Overturn FDA Enforcement Discretion for Pending PMTAs as Altria's Helix, NJOY and AVM Move to Intervene
U.S. Health Groups Seek to Overturn FDA Enforcement Discretion for Pending PMTAs as Altria's Helix, NJOY and AVM Move to Intervene
Pennsylvania Vape Directory Enforcement Starts Oct. 19, Barring Retail Sales of Unlisted Products
Pennsylvania Vape Directory Enforcement Starts Oct. 19, Barring Retail Sales of Unlisted Products
FOLLOW US ON SOCIAL MEDIA
Contact: info@2firsts.com
Stay up to date.
Submit your email to receive weekly newsletter on the most relevant news of the e-cigarette industry.
© 2026 2FIRSTS. All Right Reserved.
2FIRSTS is only accessible to industry practitioners, researchers, media and other professionals. Access by minors is prohibited.
This website provides services to users outside the Chinese mainland.
English
English
中文