Dyson reports record profits driven by Asia

James Dyson

Engineering group Dyson has reported record profits in 2014, driven by demand in Asia and a strong performance of its new technology.

The company, which made its name manufacturing distinctive bag-less vacuum cleaners, said profits were up 13% to £367m.

It now sells 90% of its products outside the UK with a turnover rising to nearly £1.4b.

Dyson said it had doubled the size of its business in China.

It has a strong presence in other Asian markets, such as Japan and also showed strong sales in Europe.

It has focused research on cordless technology, sales of which grew by 68% last year.

Half the 2,500 workforce at its Wiltshire headquarters work in research and development, helping to produce new technology such as bladeless fans, purifiers and humidifiers.

Sir James said "We spent an additional 40% on research and development last year and now spend £3m a week as we develop expertise in entirely new areas."

Previously he has said the government should do more to encourage engineers to stay in Britain so they can produce hi-tech exports.

In 2014 the company invested £1.5bn in its global technology programme