Dyson profit exceeds £1bn

Announces HQ move to Singapore.

Dyson has confirmed 33% growth in global profit for 2018, topping £1 billion for the first time, with global turnover increasing 28% to £4.4 billion.

Commenting on the results, Dyson CEO, Jim Rowan said the company made its largest investment in the UK in 2018, while driving its technology investments around the world, particularly in Singapore, responding to demand for Dyson products across Asia.

“Globally, enthusiastic owners are demanding high-performance products so we are deepening our operations and technology investments to meet their needs.

“Unusually for a business like ours, around half of our people are engineers and scientists; in 2019, they will continue to develop the core technologies which will enable future products. Alongside this, our automotive business is rapidly progressing and Dyson is investing in the technologies that will define our future.”

The company confirmed that an increasing proportion of its executive team is going to be based in Singapore but assured no changes to investment and recruitment plans were going to be made. However, the corporate head office will relocate to Singapore “to reflect the increasing importance of Asia to Dyson’s business”.

The statement said, “An increasing majority of Dyson’s customers and manufacturing operations are now in Asia. This shift has been occurring for some time and will quicken as Dyson brings its electric vehicle to market.”

Dyson Automotive continues to gather momentum as the Hullavington Technology Campus in the UK opened, offering state-of-the-art automotive spaces. Dyson’s existing footprint and team in Singapore, combined with the nation’s significant advanced manufacturing expertise, made it the ideal location to manufacture the Dyson car.

In April, Roland Krueger will join Dyson, based in Singapore, to oversee all aspects of the automotive project as it approaches launch. He was formerly president of Infiniti Motor Company, and senior vice president of Nissan Motor since January 2015.

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