Construction equipment manufacturer JCB reported a 3% fall in EBITDA to £303m last year, while turnover was down 6.3% at £2.51bn.
The company’s chief executive, Graeme Macdonald, noted that the Russian market had fared the worst, and that conditions there and in Brazil were set to remain tough. In contrast, the UK construction equipment market recorded a 30% increase, while North America was up 13%.
On the subject of the EU referendum, Macdonald said the country should vote in favour of leaving the EU if there is no commitment to reducing bureaucracy.
JCB is in the process of building two new UK plants, and extending its headquarters in Staffordshire.
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The Guardian, p. 1
