Dyson grew profits by 40 per cent to £631 million in 2016 as sales in Asia took off.

The firm, which also grew turnover by 45 per cent to £2.5 billion, launched 12 new products during the year including the Dyson Supersonic hairdryer.

There was more than 200 per cent sales growth in China, Indonesia and the Philippines, with its flagship vacuum cleaners particularly popular.

The company’s UK business also grew by a third, helped by the opening of its first European store on Oxford Street, Dyson Demo.

"Software is propelling hardware companies at a faster rate than software is propelling software companies,” said Sir James Dyson.

“The power comes from the two working together.

“That is precisely what we are developing, in Dyson's new technology campuses in Malmesbury and Hullavington and at our centre in Singapore."

Chief executive Max Conze added: "2016 was one of our best years yet, driven by new technology and international growth.

“Our future is best understood by looking at the new Dyson Demo stores. They get people hands-on with Dyson machines to understand the intelligent technology inside.

“We will have 25 flagship Demo stores by the end of the year including Fifth Avenue in New York."

The company is looking to build a 517-acre R&D centre close to its Malmesbury HQ as it plans to invest £2.5bn into future technologies and double its workforce to 7,000 over the next six years.