JCB鈥檚 sales turnover for 2023 reached 拢6.5bn, up from 拢5.7bn in 2022, while machine sales increased from 105,148 to 123,228.
Pre-tax profit increased to 拢805.8m (2022: 拢557.7m).
JCB chief executive Graeme Macdonald said: 鈥淒espite a global market for construction and agricultural machinery which shrank by 4.3% in 2023, JCB's sales increased by 14% to 拢6.5bn.
鈥淣orth America remains the world鈥檚 largest market for construction equipment and JCB鈥檚 sales there grew strongly during 2023. JCB鈥檚 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.
And while JCB鈥檚 balance sheet remains strong, with no net borrowings throughout 2023, such buoyant numbers might not be repeated this year, he warned.
鈥淭he full year market outlook for 2024 is less positive,鈥� Macdonald said, 鈥渨ith challenging conditions in the UK and Europe, particularly in Germany where economic activity has declined sharply during 2024. In the UK, house-building activity has contracted, which is having a negative impact on machine utilisation.鈥�
Chairman and owner Anthony Bamford said: 鈥淥ur family company, 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鈥檚 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.鈥�
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