Annual profits rose for JCB in 2022
Construction and agricultural machinery maker JCB has announced that its profits and turnover rose in 2022, but is warning of a less certain outlook for the coming year.
Sales turnover grew to £5.7 billion from £4.4bn in 2021 and pre-tax profit was upo from £501.6m to £557.7m.
Machine sales increased to 105,148 from 95,650 a year earlier and the Staffordshire-based group maintained a strong balance sheet with no net borrowings throughout 2022.
JCB chief executive 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.”