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Profits grow at JCB but outlook challenging
23 September 2024
UK-based OEM JCB has announced that its sales turnover grew by 14% to 拢6.5 billion (US$8.65 billion) in 2023 and profits before tax increased to 拢805.8 million (US$1.07 billion).
JCB鈥檚 370X - the company saw sales increase in 2023. Image: JCB
鈥淒espite a global market for construction and agricultural machinery which shrank by 4.3% in 2023, JCB鈥檚 sales increased by 14% to 拢6.5 billion,鈥� said JCB CEO Graeme Macdonald.
鈥淣orth America remains the world鈥檚 largest market for construction equipment and JCB鈥檚 sales there grew strongly during 2023.
鈥淛CB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.鈥�
Macdonald added that the market outlook for 2024 is not as positive with challenging conditions in the UK and Europe 鈥� 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鈥檚 investment in new production capacity and product innovation, such the OEM鈥檚 new factory in San Antonio, Texas and its continued focus on the development of hydrogen combustion engines.
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