JCB posts third-best profits ever

 Construction equipment major JCB has achieved its third most profitable year in its 68-year history in 2013 despite a fall sales.
The company’s earnings stood at £313 million on an EBITDA basis (2012: £365 million) on turnover of £2.68 billion (2012: £2.70 billion). JCB’s machine sales stood at 66,227 compared to 69,250 in 2012.
Lord Bamford, Chairman, JCB said, “The global market for construction equipment was more challenging throughout 2013 but I am delighted that, despite difficult market conditions, JCB delivered a strong performance and achieved the third highest profit in its history.”
He added, “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.”
Turnover growth in the UK, Middle East and Africa during 2013 helped JCB to offset reductions in India, Europe and the Far East.He also said, “2014 has got off to a mixed start. 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.”

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