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Vacuum cleaner tycoon Sir James Dyson took a massive pay cut last year as profits at his technology empire slipped in the recession.
The multi-millionaire inventor, best known as the pioneer of the bagless vacuum cleaner, pocketed just £457,000 in 2008, having taken home £12.5 million the previous year. A further £570,000 was set aside for his pension.
Pre-tax profits at his company, Dyson James, dipped 4% to £85.3 million in the period as margins were squeezed in the recession. Turnover rose 2.8% to £628.3 million.
In response to the downturn, the company has cut its expenditure on research by 6%, but still splashed out £49.1 million on new product development.
Last month, Sir James' team of engineers in the company's Wiltshire design headquarters added a desk fan without external blades to their list of inventions. It is hoped companies will buy the fan, which is the shape of a magnifying glass, as a greener alternative to office air conditioning.
Sir James, who was named as the Tory's new technology guru, has also transformed public loos with an Airblade hand-dryer which expels air at 400 miles an hour through a small slit.
He has come under fire for using manufacturing facilities in Malaysia, but says it still operates as a British company.
Reader views (8)
Caught up in a vacuum
welcome to the real world
I hate dysons.
Get out the dust-pan and brush and save the planet.
- John L., Scarborough N.YKS. England. U.K., 06/11/2009 16:41
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Yes! Lets all knock Mr Dyson for actually doing the decent thing and taking a pay cut in the middle of a recssion.....whereas the MPs paid by the taxpayer (unlike Dyson) are clamouring for a pay increase!!
Thank you for your brilliant British inventions Mr Dyson....keep up the good work!
- Brian Lofts, budleigh salterton, 06/11/2009 16:04
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The most successful marketing campaign in the last 10 years. I like millions of others bought into The Dyson myth....Bagless cleaning? Yeah. Pick up fluff Nah.
Give me a Henry anytime. Honest, Small, Cheap and above all Cleans THOROUGHLY
- Reay, London, 06/11/2009 15:39
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Squiz - you obviously don't know that Dyson employs more qualified engineers in the UK than it ever did factory workers.
- Peter Bench, London, 06/11/2009 13:10
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Dyson gets no sympathy from me after ridding himself of the UK and heading to Malaysia.
- Anthony, Esher, Surrey, 06/11/2009 13:01
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boo hoo how sad. He bleated for years about a lack of investment in the UK then as soon as he'd flogged a few 'housewifes friends' he shipped his manufacturing abroad to cut costs. I hope he stews.
- Squiz, Islington, 06/11/2009 10:50
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"Sir James, who was named as the Tory's new technology guru"
Which particular Tory does he belong to? And what precisely are the Tories going to do for technology as a result? Make it even easier for companies to shift all their production overseas like Sir James has done?
- Robert C, London UK, 06/11/2009 10:30
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Poor chap,I do hope he manages to scrape by.
- Colin, Bristol, 06/11/2009 10:23
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