HTC has unveiled the latest version of its flagship One mobile phone, hoping to revive its fortunes as the company struggles to compete in the smartphone market.

The Taiwan-based company said the new HTC One M8 would include a five-inch full HD screen, a Snapdragon 801 processor and an improved camera that allows the recording of video in 1080p resolution.

The phone will also enable the use of gesture controls for answering calls, turning on the screen or activating the lock screen.

The improved camera features on the phone also include slow motion mode for video, a five megapixel front facing camera and advanced editing tools.

The M8 model also improves on the battery saving technology built into the phone, with an “Extreme” power saving mode that will eke out the battery by another 60 hours of standby time when power is at 20 per cent, and 30 hours at 10 per cent power. However, users can still receive calls and texts.

The phone ships with Android 4.4 Kikat, and will go on sale next week from Irish mobile networks.

The new One device was unveiled by HTC chief executive Peter Chou today, who described the M8 as the most "stunning, intuitive and advanced handset" on the market.

Like many phone launches before it though, the new HTC One was leaked online in the run up to its unveiling, including details on the technical specifications of the phone and the new camera functions.

HTC is hoping that the M8 model will prop up its flagging sales, which have fallen for nine quarters. The latest update to the smartphone range comes just over a year after the M7, which was hampered by productions delays and component shortages that held up the wider release of the phone by several weeks.

The company is also turning to wearable devices to help reverse its decline, and is among the 10 firms partnering with Google on Android smartwatches.