JCB says 2012 was the best year in its 67-year history, with earnings reaching a new record.

The equipment manufacturer posted earnings of GBP365 million (USD556 million) - up from GBP355 million(USD541 million) in 2011- on a turnover which remained virtually unchanged at GBP2.5 billion (USD3.8 billion). Although the global construction equipment market contracted by 10%, JCB's sales rose from 69,100 units in 2011 to 69,250 in 2012.

JCB chairman Sir Anthony Bamford says the company's results are "extremely encouraging", especially in view of the slowdowns in emerging and developed markets resulting from a fragile global economy,

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

Bamford adds that strong growth for JCB agricultural products, especially in materials handling, helped offset weak demand for construction equipment in many parts of the world.

"Despite continued uncertainty, particularly in European economies, 2013 has started satisfactorily. We are expecting some growth this year but how much will depend on the pace of the global recovery."

JCB's business in Africa doubled last year and increased by 20% in the Americas. JCB also saw growth of 12% in the Middle East. In 2012, JCB retained its position as the number one construction equipment manufacturer in the UK, Europe and India and it remains the number one manufacturer of backhoe loaders and telescopic handlers.

In 2012, JCB opened a new factory in Sao Paulo, Brazil and announced plans for a new GBP62 million (USD94.5 million) facility in Jaipur, JCB's fourth Indian manufacturing plant, which is due to open in 2014 (Forkliftaction.com News #589).