A JCB926 rough-terrain forklift.

JCB has reported profits for 2008 despite the sharp decline in the global construction equipment industry.

JCB chairman Sir Anthony Bamford says 2008 was "very challenging" for the construction equipment industry but the company responded quickly to the downturn by "taking difficult decisions" to ensure production was aligned to demand.

"These actions ensured we remained profitable and the ongoing cost reduction program at JCB means the company [will] emerge from the downturn stronger, leaner, fitter and more successful than before," Bamford says.

According to JCB, the global construction equipment market shrank by 15% in 2008.

The UK construction equipment maker recorded pre-tax, pre-exceptional profits for 2008 of GBP39 million (USD64 million) on the back of a GBP2 billion (USD3.3 billion) turnover. It claims that its total sales of 57,000 machines and global marketshare of 10.8% makes it the world's third-largest construction equipment brand, and the world's number one manufacturer of backhoe loaders, with over a third of the market.

A top performer in 2008 was JCB Agriculture which achieved a sixth successive year of growth. Its sales grew by over 14% on the back of an agricultural sector that held up better than the global construction equipment market.

Bamford explains that world markets continue to decline this year but JCB's sales have not fallen at the same rate. "We are continuing to gain market share in some key markets, including UK and Ireland, Germany, Brazil and Russia and the CIS."

In 2007, JCB reported profits of GBP187 million (USD307 million) on a turnover of GBP2.25 billion (USD3.69 billion) and sales of 72,000 machines.