British athletes will enjoy their most successful Olympics since the 1920 Games in Antwerp, according to forecasts published today. UK Sport, who invest an annual £100million of public money into elite sport, reckon Team GB will collect 35 medals, including 12 golds, in Beijing.

Such a haul would earn them eighth place in the table.

UK Sport remain upbeat despite the recent withdrawals of heptathlete Jessica Ennis and horsewoman Zara Phillips, and doubts over Paula Radcliffe.

But success depends largely on four sports living up to expectations, according to the projections in UK Sport's "Mission 2012" forecasts.

British cyclists, who dominated this year's world championships, are expected to bag six medals, with five coming from athletics and four each from sailing and rowing. In total, 17 sports travel to Beijing with realistic dreams of reaching the podium. Hopes are also high among the eight-strong boxing squad, including Frankie Gavin, the world amateur lightweight champion.

British canoeing also has world champion Tim Brabants and Olympic silver medallist Campbell Walsh to rely upon.

An eighth-place finish in the medals' table would represent gradual progression for Team GB following 10th in Athens and Sydney and 37th place in the 1996 Atlanta Games - a low point which triggered increased investment in elite sport mainly through the national lottery.

John Steele, chief executive of UK Sport, said: "After four years hard work, Beijing has the potential to be a memorable Games for Team GB.

"While recent injuries and withdrawals have highlighted just how risky and uncertain top-level sport can be, we believe there is every reason to be confident that medal success will be achieved.

"They will show whether we are on track towards our ultimate goals for London 2012."