JCB has announced pre-tax profits of £39 million last year and a turnover of £2 billion in very difficult market conditions.
As a result, the firm remains the worlds third largest construction equipment brand, as it has secured 10.8 per cent of global market share with total sales of 57,000 machines.
Profits of £187 million and turnover of £2.25 billion were reported in 2007 with machine sales of 72,000.
JCB chairman Sir Anthony Bamford said: After several years of growth, 2008 was very challenging for the construction equipment industry. JCB responded quickly to the downturn by taking difficult decisions to ensure production remained aligned to demand. These actions ensured we remained profitable and the ongoing cost reduction programme at JCB means the company is set to emerge from the downturn stronger, leaner, fitter and more successful than before.
To ensure it remained profitable JCB cut costs across the business and had to make 1,600 employees redundant.
JCB Agriculture further boosted figures, achieving a sixth successive year of growth, with sales up by more than 14 per cent in 2008.
Plans to expand its global excavator production capacity were confirmed when a new assembly plant opened in Brazil on 27 October.