JCB, the British heavy machinery manufacturer based in Staffordshire, has reported a significant rise in profits despite a global slowdown in the machinery sector.
The company reported a 44% increase in pre-tax profits, to £806m last year, up from £558m in 2022. Revenues also saw an impressive 14% rise, to £6.5bn, as machine sales rose to 123,228 units, compared to 105,148 the previous year.
While the global construction and agricultural machinery market contracted by 4.3%, JCB defied the trend and remained debt-free, making it one of the UK’s best performing manufacturers. The company’s growth was particularly strong in North America, its largest market, and India, while it gained market share in the UK despite flat performance domestically.
Graeme MacDonald, chief executive of JCB, acknowledged the challenging conditions in the UK and Europe, particularly in Germany, where economic activity has fallen sharply. The slowdown in UK housebuilding has also impacted on machine usage rates. However, the company’s focus on innovation, including the new JCB Pothole Pro and the continued development of hydrogen combustion engines, has positioned it for future growth.
Founded in 1945 and chaired by Lord Bamford, JCB employs 15,000 people worldwide, with manufacturing operations across four continents.
Comments are closed, but trackbacks and pingbacks are open.