JCB achieved underlying earnings of £214m (€253m) in 2015, despite difficult market conditions in most developing markets around the world.

Sales turnover at JCB was £2.34bn (€2.77bn) against £2.51bn (€2.97bn) the previous year. The company sold 59,844 new machines in 2015, down from 64,028 in 2014.

The British-based construction machinery company also reported slower than expected growth in North American and European markets.

JCB has reported that the global market for construction equipment dropped by 14% in 2015.

Market conditions in the first half of 2016 remained fragile with the exception of India.

JCB CEO Graeme MacDonald said: “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.”

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