By Jonathan Davies

Dyson has reported its highest ever profits, despite spending £3 million a week on research and development.

The British engineering firm famed for bagless vacuum cleaners, posted profits of £367 million, up 13% on the previous year.

Max Conze, the company’s German-born chief executive, said the new range of Dyson cordless vacuum cleaners helped to boost profits over the past year. Sales were up 64% in 2014 and the cordless models now outsell their corded brothers three-to-one in Japan and four-to-one in China.

“I see China as being one of our largest markets,” he said. “The recent stock market movements haven’t affected consumer attitudes yet.”

Conze also claims that Dyson is now also the market leader in Germany.

The chief executive praised the structure of the company's ownership as a key reason for its success. Dyson is full owned by founder Sir James Dyson and his family.

Mr Conze said: “We’re playing a long game for the future. One needs to have some appetite for risk.

“James took a punt on the bagless vacuum cleaner about 18 years ago, without a team, without a hell of a lot of money. You’re better off being in a family-driven setup, where the family is the guardian of that technology and engineering focus.”