Machinery manufacturer JCB recorded pre-tax profits of over £805m on a turnover of £6.5bn for the year ending 31 December 2023.
Despite the good results, the British multinational firm warned that the full year market outlook for 2024 was 'less positive'.
Its financial results for 2023, posted today (23 September), shows that pre-tax profits rose by 14 percent.
Sales turnover grew to £6.5 billion and machine sales increased to 123,228.
This is despite a decline in the global market for construction and agricultural machinery, which shrank by 4.3% in 2023.
North America remains the world’s largest market for construction equipment and sales there grew strongly during the year.
JCB’s business in India also performed well in a growing market and while the UK market remained largely flat in 2023, the firm increased its share of the market.
JCB CEO Graeme Macdonald said, however, that the full year market outlook for 2024 was 'less positive' due to 'challenging conditions' in the UK and Europe.
This was particularly the case in Germany, he noted, where economic activity has declined sharply during 2024.
Mr Macdonald said: "In the UK, housebuilding activity has contracted, which is having a negative impact on machine utilisation.”
JCB Chairman Anthony Bamford added: “Our family company, JCB, continues to invest both in new production capacity and in product innovation.
"The company’s ongoing investment in innovative new machines... together with our continued focus on the development of hydrogen combustion engines for our equipment in the future, puts JCB in a strong position for further long-term growth.”
