Heavy machinery manufacturer JCB reported record annual results today which show revenues up 37% in 2012 compared to 2011.
The results mean that JCB saw £2.75bn in revenue in 2012 while profits before tax rose from £235m in 2011 to £355m in 2012.
The strong 2012 performance brings JCB its best ever financial results in it 66 year history. Government issued a note to congratulate the company on its capacity for wealth creation and JCB’s founder and chairman Sir Anthony Bamford said the company was enjoying “very strong growth in both traditional markets and the emerging economies”.
JCB sold 69,100 machines last year, including its iconic yellow digger. This represents a sharp increase on the 51,600 sold in 2010 and was achieved despite a 10% contraction in JCB’s global market.
Sir Anthony said that company is expects more, if possibly more modest, growth in 2013 despite the “continued fragility of the global economy, which has led to renewed slowdowns in emerging and developed markets.”
Explaining his positive outlook, Sir Anthony said: ““While construction equipment markets in many parts of the world remained weak, that has been more than offset by strong growth for our agricultural products, particularly in materials handling. Despite continued uncertainty, particularly in European economies, 2013 has started satisfactorily.”
JCB employs 6,000 people in the UK and over 10,000 worldwide.