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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.
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
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
Squiz - you obviously don't know that Dyson employs more qualified engineers in the UK than it ever did factory workers.
- Peter Bench, London
Dyson gets no sympathy from me after ridding himself of the UK and heading to Malaysia.
- Anthony, Esher, Surrey
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
"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
Poor chap,I do hope he manages to scrape by.
- Colin, Bristol
