UK-based equipment manufacturer JCB has recorded revenues of £2.34 billion for 2015, representing a year-on-year decrease of 7%.

The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) were down 27% to £214 million for 2015.

The company said it experienced difficult market conditions in most developing markets around the world, as well as slower-than-expected growth in North America and European markets.

It said the global market for construction equipment dropped by 14% during 2015.

It added that market conditions in the first half of 2016 remained fragile, with the exception of India, where there had been a return to growth after four successive years of market contraction.

JCB’s total machine sales during 2015 numbered 59,844 – a decrease of 6.5% on 2014.

Graeme Macdonald, CEO, said, “JCB’s trading performance during 2015 was resilient in the face of a further deterioration in market conditions around the world, particularly in the economies of Brazil, Russia and China.

“The global market is still uncertain and fragile during this year.”

Meanwhile, Lord Bamford, JCB chairman, said, “In spite of difficult market conditions, we remain positive about the future.

“Recent product launches are proving to be very successful, particularly the revolutionary new JCB Hydradig, designed and engineered specifically for use in congested urban environments.”

JCB launched Hydradig – its new compact wheeled excavator – in March this year.

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