JCB, the renowned Staffordshire-based heavy machinery manufacturer, has reported a significant increase in profits despite a global slowdown in the machinery sector.
The company posted a 44% increase in pre-tax profits to £806 million last year, compared to £558 million in 2022. Turnover also saw an impressive 14% increase, to a total of £6.5 billion, while machine sales rose to 123,228 units. compared to 105,148 the previous year.
As the global market for construction and agricultural machinery shrank by 4.3%, JCB defied the trend and remained debt-free, becoming one of Britain’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 Britain despite flat performance at home.
JCB CEO Graeme Macdonald acknowledged challenging conditions in Britain and Europe, especially in Germany, where economic activity had fallen sharply. The slowdown in British housing construction also had an impact on machine utilization rates. However, the company’s focus on innovation, including the new JCB Pothole Pro and the continued development of hydrogen combustion engines, has positioned the company for future growth.
Founded in 1945, JCB is chaired by Lord Bamford and employs 15,000 people worldwide, with manufacturing facilities on four continents.