JCB shovelling up bigger sales and profits
Sales and profits have surged for Staffordshire digger group JCB as it shovelled up an even bigger share of the world market for construction equipment.
Strong growth in most of its markets, particularly in China, saw the company sell 20 per cent more machines in 2017 – nearly 80,000 worldwide.
Latest figures for parent company JCB Service, just filed with Companies House, show that pre-tax profits for the business last year soared more than 20 per cent to £2013 million.
At the same time JCB's turnover rose by 28 per cent to £3.35 billion, at a time when the global market was growing by 21 per cent.
The privately-owned company, based in Staffordshire, has factories and sites around the world and its global workforce grew by 1,000 people, to nearly 10,400 strong.
Looking ahead in a strategic report for the year, signed off by company chairman Lord Bamford, JCB said: "Results in the early part of 2018 are in line with expectations.
"The global construction market is expected to grow in 2018, and the group's share of this market is also expected to grow.
"The group remains confident about its longer term prospects and will continue to invests in its manufacturing and distribution base, and in new product development, throughout 2018 and beyond."
JCB, which was founded by Lord Bamford's father Joseph Cyril Bamford in 1945, launched 46 new machines for the construction and agricultural markets last year and another 40 are due out this year.
Earlier this year the growth in demand for its machines saw JCB add another 600 to its UK workforce, including 50 more at its specialist factory at Rugeley where 400 workers make the cabs for most of its distinctive yellow machines.
But this is due to be replaced by a new 350,000 sq ft factory currently under construction 15 miles away at Beamhurst on the A50, near Uttoxeter.
Representing a £50m investment, the hi-tech factory will have the capacity to produce around 100,000 cabs a year and will create more than 200 new jobs by 2022.
