Strong bounce back for JCB
JCB has posted its full year results for the calendar year 2022, which show a strong growth in revenue and improving profitability.
The company accounts have not yet been posted by Companies House, but the company issued a press statement confirming total revenues of £5.76 billion, almost 30 percent higher than in 2021. Pre-tax profit for the year improved by 11.5 percent to £557.7 million.
Chief executive Graeme Macdonald said: “The group delivered a strong set of results in 2022 against a backdrop of supply chain disruption, high energy prices and rising levels of inflation. The situation for the remainder of this year and into 2024 remains uncertain as some markets and certain sectors are showing early signs of softening.”
JCB Access’ accounts are also not yet posted and were not mentioned in the press statement, but in 2021 revenues jumped from £5.75 million to £36.2 million, while pre-tax profits went from a loss of £2.6 million in 2020 to a profit of £356,000 in 2021. We will of course post the 2022 results when we have access to them, but as far as we understand they are not consolidated into the numbers above.
This is an excellent result from JCB which says it shipped 105,148 units in 2022 up roughly 10 percent on 2021, indicating that much of the revenue growth came from price increases, positive currency factors and possibly higher parts and service sales.
A positive start to the week.