JCB Digs Big Profit In Africa And Middle East

Digger manufacturer JCB has defied a slump in the global construction market to record the highest-ever profit in its 67-year history.

The family-owned company saw its 2012 earnings rise to £365m on a turnover which remained virtually unchanged from the previous year at £2.7bn.

Although the Staffordshire-based manufacturer experienced weak construction equipment sales in some areas of the world, it saw business in Africa double and registered growth of 12% in the Middle East.

Announcing the results, JCB chairman Sir Anthony Bamford said: "In view of the continued fragility of the global economy, which has led to renewed slowdowns in emerging and developed markets, JCB's results in 2012 are extremely encouraging.

"They not only demonstrate the resilience of our business, but highlight the importance of continued investment in products, facilities and customer service.

"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 continuing uncertainty, particularly in European economies, 2013 had started satisfactorily, JCB said.

Sir Anthony added: "We are expecting some growth this year but how much will depend on the pace of the global recovery."

Last year's record results followed profits of £355m in 2011.

Figures for machine sales also rose slightly to 69,250, from 69,100 in 2011, in a global market which contracted by an estimated 10%.

During 2012 JCB opened a new factory in Sao Paulo, Brazil and announced plans for a new £62m plant in Jaipur, India, which is due to open next year.

JCB's future potential benefits from growing demand in Africa received a boost on Monday.

Increased investment, high commodity prices and a pick-up in the global economy should help accelerate sub-Saharan Africa's growth to more than 5% on average over 2013-2015, according to the World Bank.

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