Japanese auto manufacturer Mazda hit a new record in its 94-year history by registering a global operating profit of ¥182.1bn (£1.06bn) for the fiscal year ending 31 March 2014, a 12% increase on the previous record of ¥162 billion set in 2008.

The company saw its operating profit grow by 238% year-on-year, with its fourth quarter return on sales reaching 7.6% compared to 6.8% for the full year and 2.4% in 2013.

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Mazda quadrupled earnings for the 2012-2013 fiscal year in 2013-2014 to ¥135.7bn on total revenue levels of ¥2,690bn, also up 22%.

According to the company, its buoyant financial results were sustained by an 8% increase in global sales to 1.33 million units, as well as by ongoing structural reforms within the organisation aimed at improving costs and establishing global production.

In Europe annual unit sales grew 25% to 163,000, with the UK outpacing other markets to register 35,000 units sold, a 35% growth on the previous year.

German sales also grew 20% to 47,000, and overall revenue in the European region rose 28% to €3.5bn (£2.88bn).

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Continuing on its plans to expand global capacity, Mazda has said it is increasing production in its new plant in Mexico, as well as in Malaysia, Russia and Thailand, and expects its top and bottom lines to post further growth in the coming fiscal year.

On the strength of its planned development, the company has also released its forecast for the coming year, and predicts a profit increase of ¥28bn to ¥210bn, a growth in net income of ¥24bn to ¥160bn, and a total ¥2,900bn in revenue, up almost 8% year-on-year.