By Jonathan Davies

The world's second largest telecoms manufacturer has reported a 33% rise in annual profits for 2014.

Chinese tech giant Huawei Technologies posted profits of 27.9bn yuan ($4.5bn; £3bn), up from 21by yuan in 2013.

It said revenues were up 21% in the year after Huawei reported a strong performance in all areas of its business.

"Our cash flow, revenue, and profit all grew over the previous year," said chief financial officer Meng Wanzhou in a statement. "Moreover, our debt and financing structures have continuously improved."

The strong results come despite Huawei effectively receiving a black flag in the US and Australia. It was described as a national security threat in the US due to its close ties with the Chinese government. And Huawei has been banned from broadband projects in Australia over espionage fears.