Leaving Britain, but not because of Brexit AFP/File |
British electric appliance pioneer Dyson will switch headquarters to Singapore this year due to booming Asian demand but not because of Brexit, the company said Tuesday.
The group,
founded and owned by serial entrepreneur and vocal Brexit supporter James Dyson,
last year announced it would produce electric cars in Singapore.
The firm
stressed that Brexit was not a factor behind the decision to ditch its
corporate base in Malmesbury in Wiltshire, western England, in favour of
Singapore.
Dyson,
famed for its cordless vacuum cleaners, hand dryers and fans, now has its
sights set on electric vehicles -- particularly in Asia.
"An
increasing majority of Dyson's customers and all of our manufacturing
operations are now in Asia; this shift has been occurring for some time and
will quicken as Dyson brings its electrical vehicle to market," it said in
an earnings statement.
"As a
result, an increasing proportion of Dyson's executive team is going to be based
in Singapore; positioning them to make the right decisions for Dyson in a quick
and efficient way.
"This
does not change any of our investment and recruitment plans; however we are now
at a point where Dyson's corporate head office will relocate there to reflect
the increasing importance of Asia to Dyson's business."
A prototype
Dyson electric vehicle is in the works for 2020, followed by a product launch
in 2021.
'Not
related to Brexit'
The
Singapore move "is not related to Brexit", chief executive Jim Rowan
told reporters on a conference call, noting there was only a
"negligible" tax benefit.
"We
don't see any issues regarding Brexit," he said, adding that Dyson's
manufacturing capacity, as well as the majority of its supply base, is in south
east Asia.
"We
are a global technology company," Rowan insisted, adding that it would
continue to invest in home market Britain.
Dyson had
already announced last October that it had picked Singapore for its first
electric car plant, sparking criticism from some quarters that its
Brexit-backing billionaire founder had not invested more in the UK.
But the
group also said in March that it would open a second research and development
centre in a former Royal Air Force airfield in Hullavington, southwest England.
Meanwhile
on Tuesday, Dyson said that 2018 underlying profit -- as measured by earnings
before interest, taxes, depreciation and amortisation (EBITDA) -- surged one
third to £1.1 billion (1.2 billion euros, $1.4 billion).
Turnover,
or sales, rose by 28 percent to stand at £4.4 billion on growing global
appetite for cutting-edge technology.
"Globally,
enthusiastic owners are demanding high-performance products so we are deepening
out operations and technology investments to meet their needs," added
Rowan.
James
Dyson, who owns 100 percent of the company he founded in the 1970s, has
revolutionised household appliances with his bagless vacuum cleaners, bladeless
fans and air purifiers.
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