Dyson’s profits rise by £50m as demand for air purifiers and robot vacuum cleaners rockets
- Dyson’s profits rose by £51million to £750million last year
- A 26% increase in sales meant Dyson’s companies paid £99m tax in the UK
Sir James Dyson’s move into making air purifiers and robot vacuum cleaners helped lift his empire’s profits by £51million to £750million last year.
A 26 per cent increase in sales – which hit £4.4billion – meant Dyson’s companies paid £99million tax in the UK last year. That represented a rise of £8million on the amount his firms contributed to the Exchequer in 2017.
The billionaire inventor announced in January that he was moving the company’s head office to low-tax Singapore.
Cleaning up: James Dyson, pictured at his technology centre, has seen sales soar to £4.4bn
But in a boost for Britain, the firm said last night that its Wiltshire-based company Dyson James Group Limited (DJGL), which channels a significant proportion of the firm’s global profits, would remain in Britain and pay taxes here.
A Dyson spokesman said: ‘Dyson James Group remains, and will remain, a British company.’ He added that the move to Singapore ‘will not impact the level of tax paid in the UK’.
Last year, DJGL received £80million of tax breaks from the Government for research and development. In Britain, it is investing in new laboratories and a robotics programme.
However, more than 90 per cent of the firm’s sales come from outside the UK. Asia is Dyson’s largest and fastest-growing market and its manufacturing base.
Dyson said in January that he was moving the company’s head office to low-tax Singapore
Dyson has been scaling up recruitment in Singapore and he has also bought two multi-million-pound properties, including the city state’s most expensive penthouse.
The tycoon, who has a net worth of £4.6billion according to Forbes magazine, is thought to be the UK’s third-biggest taxpayer after JD Sports owner Stephen Rubin and the Coates family, who own gambling firm Bet365.
The company has insisted its move to Singapore was aimed at tapping into the Asian market and was not a response to Brexit or the prospect of a Jeremy Corbyn administration.