Profits rose to £805.8 million last year at JCB, according to the latest figures from the farm machinery and construction equipment manufacturer.
Global sales turnover grew to £6.5 billion – with the group maintaining a strong balance sheet with no net borrowings throughout the year.
Market share
JCB chief executive Graeme Macdonald said: “Despite a global market for construction and agricultural machinery which shrank by 4.3% in 2023, JCB’s sales increased by 14% to £6.5 billion.”
While UK sales remained largely flat in 2023, JCB increased its share of the market. The full year market outlook for 2024 is less positive, with challenging prospects in the UK for house-building.
Earlier this summer, the company marked the 20th birthday of its JCB Power Systems plant in Foston, Derbyshire. The facility has gone from producing three engines a day to making almost 300.
The company says the factory has become a world leader in the design, development and manufacture of diesel engines and is now leading the way with the pioneering development of hydrogen engines.
The business initially employed 20 people but has expanded its workforce to more than 400. To mark the anniversary,10 employees with a combined 200 years’ service, planted an oak tree in the grounds at Foston.
A team of more than 150 engineers at Foston are engaged in developing hi-tech hydrogen combustion engines for use in JCB machines. More than 120 engines have come off the production line so far – with more machines undergoing evaluation.
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