JCB has seen profits rise after taking a big hit during lockdown, though management are warning of possible problems ahead as the economy tightens.
The UK digger manufacturer which employs more than 7,500 people at 11 factories in Staffordshire, Derbyshire and Wrexham, said its profits had recovered after tailing off significantly during the pandemic – but warned of an uncertain outlook with general business confidence down, and inflation, interest rates and energy bills on the up.
During the 2021 calendar year the group saw sales of £4.4 billion compared to £3.1 billion in 2020. By comparison, it had global sales of £4.2 billion in 2019, prior to the pandemic. The business said it lost £1 billion of sales “overnight” when the pandemic first hit in March 2020, and it was forced to close its 21 manufacturing plants around the world for two months. It reopened most of its factories in May 2020.
