JCB reports increased profits despite ‘market softening’
JCB, manufacturer of equipment for construction, agriculture, waste handling, and demolition have posted its full-year results for 2022.
These results show a rise in both profit and revenue, however, the company has acknowledged the possibility of a more uncertain outlook for the upcoming year.
The Derbyshire-based firm has reported in 2022 sales turnover grew from £4.4bn to £5.7bn, while pre-tax profit is up from £501.6m to £557.7m.
Machine sales went from 95,650 to 105,148, also they maintained a strong balance sheet with no net borrowings throughout 2022 it has been revealed.
JCB CEO Graeme Macdonald said: “The group delivered a strong set of results in 2022 against a backdrop of supply chain disruption, high energy prices and rising levels of inflation. The situation for the remainder of this year and into 2024 remains uncertain as some markets and certain sectors are showing early signs of softening.”
