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
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