2018: No.2 - £3.6bn
2017: No.2 - £3.5bn
Lord Bamford's JCB is seeing annual revenue on the rise, despite challenges in the global construction equipment market.
The Rocester-headquartered business reported a jump of 12 per cent in revenue to £2.62bn in the year to December 2016. Pre-tax profits rose to £164.7 billion from £103 billion. The number of machines sold worldwide increased from 59,844 to 66,011. The company said the strong performance was achieved in the face of strong economic headwinds.
The swings have a marginally out-performed the roundabouts in JCB's world markets. While Brazil has seen a 42 per cent contraction in the market, India has grown by a similar proportion, and while UK sales were down, mainland Europe recovered after a few lean years and improved by 10 per cent.
Despite challenges JCB continues to invest, and has sunk £41 million into the development of a new engine and associated components. The fuel efficient three-litre engine will build on the success of the JCB Power Systems business. It uses eight per cent less fuel than the existing 4.4 litre unit and is 30 per cent lighter. The company is also investing £10 million in its Power Systems factory in Derbyshire to produce cylinder heads and blocks for the new unit.
JCB continues to invest in other production facilities in the UK and overseas. Plants in Jaipur, India have involved investment of more than £60 million, and a new £18 million headquarters has been built for JCB Germany. JCB Cab Systems in Uttoxeter has also benefited from new investment.
Early in 2017 JCB announced one of its biggest ever orders in its 71 year history - a £115 million deal with the US Army. JCB is supplying more than 1,600 rough terrain forklifts for deployment around the world including loading and uploading aircraft.
Lord Bamford has the formal title of Baron Bamford of Daylesford in the County of Gloucestershire and Wootton in the County of Staffordshire. In 2013 he was given one of UK engineering’s highest honours when he was made an honorary fellow of the Royal Academy of Engineering for his contribution to industry. He has spent more than 50 years at JCB and more than 40 as chairman.
With more than 12,000 employees in 22 factories around the world, exporting more than three-quarters of its UK production, JCB generates export revenues above £1.3 billion. The business won three Queens Awards in 2016 for international trade, innovation and production.
As well as their huge 4,000 acre Wootton estate in Staffordshire, Lord Bamford, 70, and his wife Lady Carole Bamford have homes in Chelsea, Barbados and France and the 2000 acre Daylesford estate near Stow-on-the Wold where Lady Bamford also runs the award-winning Daylesford Organics.
She founded the company 15 years ago and it is now one of the country’s largest working organic farms, with an organic farm school and a long list of celebrity customers. It is one of the most sustainable farms in the UK. The company, which has a vineyard in Provence, also has a store, bakery and café in Tokyo. She has organic cafes in Pimlico, Notting Hill, and Gloucestershire.
The Bamfords’ road to riches began in 1945 when Lord Bamford’s father, Joseph Cyril Bamford – inventor of the iconic backhoe loader - built his first farm trailer in a small garage in Rocester. Lord Bamford has donated more than £4 million to the Conservative party since 2010.