Dyson Makes Record £350m Profit Thanks To China

British technology company Dyson has made a record profit of more than £350m thanks to China's burgeoning middle class.

The firm's revenue was up 10% to £1.3bn in 2014, as sales of its new products such as bladeless fans, air heaters and purifiers rose.

The firm was founded by Sir James Dyson in 1993, and is best-known for its yellow and grey bagless vacuum cleaners.

But many of its newer products are proving popular with increasingly affluent customers in Asia.

Chief executive Max Conze said: "We are growing rapidly (in China) and expect it to be one of our biggest markets in years to come.

"It’s important to recognise that in floorcare China is very undeveloped, with household penetration of only 12%."

As a result of the surge, Dyson's earnings before interest, tax and depreciation climbed 13% to £367m.

Mr Conze was asked whether the firm is interested in developing self-driving cars - a current Silicon Valley obsession.

He said he would "rule nothing out".

The company - which now spends around £2m each week on research and development - is currently looking to hire 300 engineers in the UK.

Sir James has bemoaned a skills shortage, saying: "Our technology and ambition continually races ahead of what we are able to recruit. Britain is short on engineers and it will need up to 200,000 more."