JCB has defied a slowdown in the global machinery market to deliver an increase in its profits.

The Staffordshire-based maker of excavators, earthmovers and farming equipment reported a 44 per cent rise in its pre-tax profit to £806 million last year, from £558 million in 2022. Its revenue increased by 14 per cent to £6.5 billion, from £5.7 billion, as machine sales hit 123,228, up from 105,148 a year earlier.

The company, one of Britain’s biggest manufacturers, outperformed the wider construction and agricultural machinery market, which shrank by 4.3 per cent last year. It remained debt-free after accounting for cash.

Graeme Macdonald, the chief executive of JCB, said that its sales had grown strongly in North America, which remains the largest market for construction equipment, while the Indian business also had performed well. While Britain was fairly flat, JCB grew its market share.

However, Macdonald, 56, said there had been challenging conditions in the UK and Europe this year, particularly in Germany, where economic activity had declined sharply. In Britain, housebuilding activity had contracted, which was having a negative impact on machine utilisation, he said.

JCB, which was founded in 1945, is one of Britain’s largest private companies. It is chaired by Lord Bamford, 78, son of the founder, and employs 15,000 people globally, with manufacturing operations on four continents.

Bamford said: “The company’s investment in innovative new machines, such as the recently launched JCB Pothole Pro designed to tackle the global scourge of potholes, together with our continued focus on the development of hydrogen combustion engines for our equipment in the future, has put JCB in a strong position for further long-term growth.”