Sir James Dyson saw profits surge by almost a fifth last year as launch of new hair straightener helped tycoon ride out his ‘most difficult year in memory’
Inventor Sir James Dyson saw profits surge by almost a fifth last year as the launch of a revolutionary new hair straightener helped the vacuums tycoon ride out his ‘most difficult year in memory’.
Underlying profits rose 18 per cent to £1.3billion in 2020 as revenues grew 6 per cent on the previous year to £5.7billion, new accounts show.
The rise in profits came amid growing global demand for Dyson products, including the newly launched £400 Corrale straightener, and the roll-out of its Dyson Demo stores.
Boost: Dyson’s £400 Corrale hair straightener helped its profits rise by a fifth
The manufacturer is increasingly selling products direct to consumers online and in its 340 shops – predominantly in Asia.
The group – which has bases in Singapore, Mexico and the Philippines – battled Covid disruption to its supply chain and operations. Sir James hit headlines last year after it emerged he had exchanged personal texts with Boris Johnson over the tax status of his employees.
He said: ‘Quite simply, 2020 was the most difficult year I can remember, and Dyson faced up to very significant challenges. Early in the year we had to completely change all our plans and fundamentally reshape the business.’
The company last year unveiled an ambitious five-year plan to invest £2.75billion in researching and developing products in multiple fields including motor technology and machine learning.