Profits at UK-headquartered construction and agricultural equipment manufacturer JCB rose to a staggering £805.8m in 2023, up 44.48% from £557.7m in 2022.

Sales turnover grew from £5.7bn to £6.5bn, while machine sales increased by 17.19%, from 105,148 to 123,228 units in the 12-month period.

The manufacturer said that the group maintained a strong balance sheet with no net borrowings throughout 2023.

JCB CEO Graeme Macdonald said: “Despite a global market for construction and agricultural machinery which shrank by 4.3% in 2023, JCB’s sales increased by 14% to £6.5bn.

North America remains the world’s largest market for construction equipment and JCB’s sales there grew strongly during 2023.

JCB’s business in India also performed well in a growing market and while the UK market remained largely flat in 2023, JCB increased its share of the market.

The full year market outlook for 2024 is less positive, with challenging conditions in the UK and Europe, particularly in Germany where economic activity has declined sharply during 2024.

In the UK, house-building activity has contracted, which is having a negative impact on machine utilisation.”