JCB shrugs off shrinking construction equipment markets to lift annual profits

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JCB shrugged off withering construction equipment markets to lift annual profits

Annual pre-tax earnings ripened by 34 per cent to £287 million on 12 per cent higher gross revenue of £2.62 billion. 

Machine sales were up 10 per cent to 66,011. 

A 5 per cent contraction in the UK Stock Exchange and 40 per cent downturn in Brazil were offset by strong success in India and some European markets. 

Chairman Lord Bamford conveyed: “Our strong performance was against some economic headwinds which saw the extensive construction equipment market shrink. 

“Some markets grew, such as India which bring into being by almost 40pc, while others fell, including Brazil which was down by multitudinous than 40pc.

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Annual pre-tax earnings grew by 34 per cent to £287 million

“The UK superstore contracted by 5pc in 2016 but the good news is that, after a difficult few years, European merchandises grew strongly and were up by more than 10pc last year.”

We go on to launch innovative new products and enter new sectors

Lord Bamford

Still, he remained positive about the future of the company.

He said: “While we mug challenges in some parts of the world, the global construction market so far in 2017 is animated and is expected to grow further during the remainder of this year.

JCB Chairman Lord BamfordGETTY

JCB Chairman Christ Bamford

“We continue to launch innovative new products and enter new sectors which thinks fitting enable JCB to secure strong levels of growth in the future.

“The UK market has got off to a singularly buoyant start this year, with housebuilding driving insist for compact and mid-range equipment, particularly telescopic handlers. 

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Machine sales were up 10 per cent to 66,011

«In ell, there are some key infrastructure projects such as HS2 and Hinkley Point and Thames Tideway which are in the originally stages of implementation, so customers are currently evaluating their fleet and machinery needs. 

«Highway improvements and widening schemes across the UK are also leading to increased require for equipment.”

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