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Dyson has posted record profits

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British engineering champion Dyson has posted record profits for 2017, thanks to fast growth in Asia.

The figures

Turnover rose to £3.5bn in 2017, up 40 per cent from the previous year's £2.5bn.

That pushed profits up 27 per cent to £801m, up from £631m in 2016.

Dyson said 73 per cent of growth came from Asia, while growth in Europe hit 21 per cent and in the Americas, it was at 19 per cent.

Meanwhile, it produced its 100 millionth machine during the year, after its manufacturing volume rose to 80,000 machines a day.

Why it's interesting

Dyson may be one of the UK's best-known engineering companies, but for several years it has focused on Asia as the source of most of its growth. Today James Dyson said people in Asia have "an extraordinary enthusiasm for technology that works".

However, the company is still working towards increasing the number of engineers in the UK. Last year it launched a new Google-style campus in Malmesbury, as well as its Dyson Institute of Engineering and Technology. It also confirmed rumours it was working on an electric car.

That's not to say it hasn't had its fair share of challenges: in December the company said it had dropped a lawsuit against former chief executive Max Conze, who stepped down suddenly in October after six years in the role.

What Dyson said

James Dyson said:

Dyson is run by engineers and our technology pervades everything we manufacture. It means we take a rather different approach; we have an unflinching focus on the performance of our products. To stay ahead we reinvent and disrupt ourselves constantly; not just in our relationship with Dyson owners, but how we develop and manufacture our own technology too.

Read more: Dyson sues US rival Shark over who sucks the most

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