1 minute read - 23rd September 2024
Profits rose at JCB in 2023 but challenging conditions expected
Profits at construction equipment manufacturer JCB rose to £805.8m in 2023, the company has announced. Sales turnover grew to £6.5bn and machine sales increased to 123,228. The company said the Group maintained a strong balance sheet with no net borrowings throughout 2023.
Graeme Macdonald, CEO of JCB, said: “Despite a global market for construction and agricultural machinery which shrank by 4.3% in 2023, JCB’s sales increased by 14% to £6.5bn. North America remains the world’s largest market for construction equipment and JCB’s sales there grew strongly. JCB’s business in India also performed well in a growing market and while the UK market remained largely flat in 2023, JCB increased its market share.
“The full year market outlook for 2024 is less positive, with challenging conditions in the UK and Europe, particularly in Germany where economic activity has declined sharply during 2024. In the UK, housebuilding activity has contracted, which is having a negative impact on machine utilisation.”
JCB has announced profits, turnover and machine sales all increased in 2023 but it cautions that the market outlook for 2024 is less positive / Picture: JCB
JCB chairman, Anthony Bamford, said: “JCB continues to invest both in new production capacity and in product innovation. Earlier this year, we broke ground on our new factory in San Antonio, Texas. The company’s ongoing investment in innovative new machines, such as the recently launched JCB Pothole Pro designed to tackle the global scourge of potholes, 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.”
