Rugs to riches: Dyson announces record profits of £367m

Sales of cordless vacuum cleaners and humidifiers drive sales at British group, which spends 3m on research and development each week

Dyson, the privately owned British engineering group famous for its vacuum cleaners and bladeless fans, has announced record-breaking profits of 367m, up 13% on the year, despite spending 3m a week on research and development.

Max Conze, the company's German-born chief executive, said Dyson's ownership structure had helped it keep its investment in new technology at high levels. "We're playing a long game for the future. One needs to have some appetite for risk," said Conze.