JCB announce record results

Staffordshire digger maker JCB has announced earning for 2012 have reached a new record.

Last year they rose to £365 million, while turnover remained virtually unchanged at £2.7 billion.

Sales of machines was also up slightly to 69,250 from 69,100 in 2011.

That's despite the global market contracting by 10%.

The continued growth in business allowed the company to take on 500 new workers last year, and they still have vacancies in Staffordshire for highly skilled engineering roles.

JCB Chairman Sir Anthony Bamford said: "In view of the continued fragility of the global economy, which has led to the renewed slowdowns in emerging and developed markets, JCB's results in 2012 are extremely encouraging. They not only demonstrate the resilience of our business, but highlight the importance of continued investment in products, facilities and customer service.

"While construction equipment markets in many parts of the world remained weak, that has been more than offset by strong growth for our agricultural products, particularly in materials handling. 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."

Today's financial result announcement comes as an independent report, commissioned by JCB, has concluded that the company contributes £545m to the Exchequer and generates £1.4b of GDP through its operations in the UK, as well as its indirect impact on the supply chain and spending by employees.

The study by Oxford Economics suggests that JCB spends £105m on goods and services in Staffordshire.

Sam Moore, director of consulting at Oxford Economics, said: "JCB's focus on manufacturing high value-added products in the UK and exporting to overseas markets makes a huge contribution to the economy, particularly in terms of jobs and tax receipts for the Exchequer. Our analysis shows how JCB's commitment to manufacturing in the UK makes a real difference to the lives of British people."

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