JCB sounds cautionary note

25 September 2023

JCB has announced that profits and turnover rose in 2022 but is warning of a less certain outlook for the coming year.

Sales turnover in 2022 grew to £5.7 billion (2021: £4.4 billion) and profit before tax grew to £557.7 million (2021: £501.6 million). Machine sales increased to 105,148 (2021: 95,650). The group says it maintained a strong balance sheet with no net borrowings throughout 2022. 

CEO 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.”

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