Profits at construction equipment manufacturer JCB rose to £805.8 million in 2023, the company have announced.

Sales turnover grew to £6.5 billion and machine sales increased to 123,228. The group maintained a strong balance sheet with no net borrowings throughout 2023.

JCB CEO Graeme Macdonald said: “Despite a global market for construction and agricultural machinery which shrank by 4.3% in 2023, JCB's sales increased by 14% to £6.5 billion.

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“North America remains the world’s largest market for construction equipment and JCB’s sales there grew strongly during 2023. JCB’s 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. The full year market outlook for 2024 is less positive, with challenging conditions in the UK and Europe, particularly in Germany where economic activity has declined sharply during 2024. In the UK, housebuilding activity has contracted, which is having a negative impact on machine utilisation.”

JCB Chairman Anthony Bamford said: “Our 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’s 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.”