Profits grow at JCB but outlook challenging

UK-based OEM JCB has announced that its sales turnover grew by 14% to £6.5 billion (US$8.65 billion) in 2023 and profits before tax increased to £805.8 million (US$1.07 billion).

JCB’s 370X - the company saw sales increase in 2023. Image: JCB

“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,” said JCB CEO Graeme Macdonald.

“North America remains the world’s largest market for construction equipment and JCB’s sales there grew strongly during 2023.

“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 share of the market.”

Macdonald added that the market outlook for 2024 is not as positive with challenging conditions in the UK and Europe – he pinpointed Germany where economic activity has declined sharply during 2024 and the UK where housebuilding activity has contracted.

JCB Chairman Anthony Bamford highlighted the company’s investment in new production capacity and product innovation, such the OEM’s new factory in San Antonio, Texas and its continued focus on the development of hydrogen combustion engines.