Lord Bamford: positive about the future

British equipment maker JCB remains 'positive' despite falls in sales and profits last year.

JCB has reported underlying earnings (EBITDA) of GBP214 million (USD280 million) during 2015, despite difficult market conditions in most developing markets around the world and slower than expected growth in North American and European markets. Last year's earnings were GBP294 million (USD385 million).

Overall, the global market for construction equipment dropped by 14% during 2015. Market conditions in the first half of 2016 remain fragile with the exception of India, where there has been a return to growth after four successive years of market contraction, according to the company.

Sales turnover for 2015 was GBP2.34 billion (USD3.07 billion) against GBP2.51 billion (USD3.29 billion) the previous year, and total machine sales during 2015 were 59,844 units, down from 64,028 in 2014.

JCB CEO Graeme Macdonald says JCB's trading performance during 2015 was "resilient in the face of a further deterioration in market conditions around the world, particularly in the economies of Brazil, Russia and China".

"The global market is still uncertain and fragile during this year," he adds.

JCB chairman Lord Bamford says: "In spite of difficult market conditions, we remain positive about the future. Recent product launches are proving to be very successful, particularly the revolutionary new JCB Hydradig, designed and engineered specifically for use in congested urban environments."