JCB delivers third highest profit in tough market

Earnings stood at £313 million (compared with: £365m in 2012) on turnover of £2.68 billion (£2.7bn in 2012). JCB's machine sales stood at 66,227 (69,250 in 2012). JCB chairman Lord Bamford said: "The global market for construction equipment was more challenging throughout 2013... "Turnover remained virtually unchanged year-on-year, but volume and earnings were adversely affected by a slowdown in emerging markets, notably India, where JCB has a strong presence. This was further compounded by adverse currency movements in some economies." He said 2014 has got off to a mixed start, adding: "Some markets are showing improvement, with stronger demand in the more developed markets of the UK and North America, which is offsetting weaker demand in the more fragile economies of Asia, Latin America and Russia. Political uncertainty created by elections in India and Brazil is also having an impact on markets." JCB confirmed it was pressing ahead with a £150m plan to expand operations in Staffordshire, creating an additional 2,500 jobs by 2018, with work due to start later this year on a new 350,000sq ft plant for JCB Cab Systems in Uttoxeter. A new factory will also be built in Cheadle, Staffordshire.