JCB, the renowned Staffordshire-based manufacturer of heavy machinery, has reported a significant surge in profits despite a global slowdown in the machinery sector.
Graeme Macdonald, JCB's CEO, acknowledged challenging conditions in the UK and Europe, particularly in Germany, where economic activity had sharply declined.
While the global construction and agricultural machinery market contracted by 4.3%, JCB defied the trend and remained debt-free, marking it as one of the UK's top-performing manufacturers.
The company's growth was particularly strong in North America and India, while it gained market share in the UK despite a flat performance domestically.
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