Profits rise at JCB despite recession in construction

JCB has said it maintained profitability in 2009 "despite the deepest ever recession in the global construction equipment industry".

The company saw sales drop by a third to £1.35bn but was able to increase profit before tax marginally from £28m in 2008 to £29m. The global market fell by 46 per cent in 2009 but JCB increased its market share to an all-time high of 12.2 per cent.

JCB is the world's third largest construction equipment manufacturer. Backhoe loaders took more than 40 per cent of the global market and the Loadall telescopic handler range had a 28 per cent share.

Chairman Sir Anthony Bamford said: "The organisation pulled together magnificently to respond to the downturn. Tough action was taken to adjust our cost base to align it to a much reduced level of demand and this resulted in an improving profit trend as the year progressed."

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