JCB, the Staffordshire-based heavy machinery manufacturer, has reported a sharp rise in profits despite a global downturn in the machinery sector.
The company posted a 44% increase in pre-tax profits, reaching £806 million last year, up from £558 million in 2022. Revenue also saw an impressive increase of 14%, totaling £6.5 billion, as equipment sales rose to 123,228 units, compared to 105,148 last year.
While the global market for construction and agricultural machinery contracted by 4.3%, JCB bucked the trend and remained debt-free, marking it as one of the UK’s best-performing manufacturers. The company’s growth was particularly strong in North America, its largest market, and in India, while it gained market share in the UK despite weak domestic performance.
Graeme Macdonald, CEO of JCB, acknowledged the challenging conditions in the UK and Europe, particularly in Germany, where economic activity has slowed significantly. The slowdown in house building in the UK has also affected equipment consumption levels. However, the company’s focus on innovation, including its new JCB Pothole Pro and continued development of hydrogen combustion engines, has positioned it for future growth.
Founded in 1945, JCB is chaired by Lord Bamford and employs 15,000 people worldwide, with manufacturing operations on all four continents.
