Newsletter #364 (View other news stories)
JCB announces record 2007 profits
ROCESTER, United Kingdom
Wednesday, 11 Jun 2008
Emerging markets, especially India, Poland, Russia, Bulgaria, Romania and South America, provided the main source of business growth for JCB in 2007.
JCB announced its 2007 pre-tax profits of GBP187 million (USD369 million),the highest in its 62-year history. Machine sales last year rose from 55,000 units in 2006 to 72,000 units, while turnover rose by about 30% from GBP1.75 billion (USD3.46 billion) to GBP2.25 billion (USD4.45 billion). New products accounted for 50% of the growth.
Company chairman Anthony Bamford says while 2007 was JCB’s best-ever year, the "outlook for the rest of 2008 does look challenging".
JCB CEO Mathew Taylor says trading conditions will be difficult because of the looming credit crunch.
"There are signs that the downturn in the North American market is now spreading into some western European markets. The recent high growth rates in some of the emerging markets are also now showing signs of slowing," he says.
JCB claims to be the world’s third-largest construction equipment manufacturer by volume. In 2007, its share of the world construction equipment market rose to 12% from 10.4% in 2006.
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