JCB lifted by record annual sales but warns of falling global demand

Digger manufacturer JCB has posted record annual sales, breaking though the £4bn barrier, but warned of lower global demand in the year ahead.

The Staffordshire-based manufacturer saw turnover reached £4.1bn in 2018, up from £3.4bn the previous year, while profits increased from £341m to £447m.

JCB, which will move its cab construction to a new £50m plant near its Rocester headquarters this summer and recently sealed a £75m deal for its forklifts, sold 96,246 machines last year, compared with 75,693 in 2017.

However, the company warned 2019 was proving tougher because of falling demand globally for construction equipment.

Chief executive Graeme Macdonald said: “2018 was a very strong year for JCB during which the global construction equipment market grew by 18 per cent to an all-time high of one million machines.

“JCB outpaced this. However, this growth has stalled, with many markets softening this year.”