JCB reports record sales and profits

 

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The Independent Online

Machinery giant JCB hailed its ongoing investment in factories in the UK and overseas today as it revealed record annual sales and profits.

The Staffordshire-based firm reported a 37% surge in turnover to £2.75 billion in 2011 while underlying earnings hit £355 million, up from £235 million in 2010.

The company said machine sales rose to 69,100 units last year, from 51,600 in the previous year as it continued to pump cash into its 22 factories worldwide.

JCB, which was started 65 years ago in a garage in Uttoxeter, Staffordshire, by Joseph Cyril Bamford, whose initials the company bears, employs more than 10,000 staff.

Chairman Sir Anthony Bamford said: "This record financial performance has been delivered on the back of very strong growth in both traditional markets and the emerging economies."

Sir Anthony said heavy investment coupled with the "biggest product launch programme in our history" put the firm in a strong position for further growth in 2012. JCB said it will unveil a total of 66 new products for global markets in 2012.

A new 350,000 sq ft factory will start producing backhoe loaders and excavators in Sao Paulo, Brazil, JCB revealed, while it will continue to invest in its UK sites.

The family-owned firm has factories in China, India, the US, Germany and Brazil, but most of its staff work in the UK in plants in Cheadle near Stoke-on-Trent, Rugeley in Staffordshire, Wrexham and at Foston near Derby.

PA

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