Dyson spent a record £9 million a week in 2023 researching and developing products in areas such as robotics, AI and battery technology.
Revenues rose 9% year-on-year to £7.1 billion, with profits up by a similar percentage at £1.4 billion, the electrical product manufacturer revealed.
Research and development spending increased by 40% to £468 million during the year, taking total investment to over £2 billion since the start of 2021.
Dyson has research centres in Britain, Singapore, the Philippines and Malaysia, where it developed products such as the Dyson Airstrait hair straightener, a robot vacuum and noise-cancelling headphones.
Dyson's noise-cancelling air-purifying headphones Source:Dezeen
Hundreds of engineers have been employed to work at Dyson’s R&D centre in Wiltshire, while plans are underway to build a new £100 million technology centre in Bristol.
The new site is being developed to house “hundreds of software and AI engineers working on a pipeline of products that stretches ten years into the future, as well as the global technology company’s commercial and e-commerce teams for Great Britain and Ireland.”
James Dyson, the company’s founder, said: “2023 was a very good year, in which we made record investments in our technology, in new products and in the global resilience of the company.”
Earlier this year, Dyson appointed car industry veteran Hanno Kirner as chief executive, emphasising the company’s focus on battery cell development.