Profits down at JCB

DIGGER giant JCB has seen profits drop by almost £150 million after the global construction market endured a torrid 12 months.

The Rocester-based firm has announced pre-tax profits of £39 million for 2008, down from a record £187 million the year before.

Sales dropped from £2.25 billion to £2 billion.

JCB, which employs around 4,000 people in Staffordshire, has axed around 1,600 jobs in the last 18 months after seeing a sharp fall in demand, but bosses say such "tough decisions" have allowed it to remain profitable despite challenging conditions.

It remains the world's third-biggest construction equipment brand, and the number one manufacturer of backhoe loaders.

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