JCB faces a struggle to avoid its first annual loss this year, its chief executive warned, as he cautioned that he saw no recovery in demand for construction equipment outside of China next year.
Matthew Taylor, chief executive of the UK’s largest maker of earth-moving machines, said that JCB’s revenues could drop between 35 to 40 per cent this year, which would make it one of the biggest year-on-year falls in the company’s 64-year history. He declined to give an outlook on JCB’s profits for 2009 but indicated that it faced a tough struggle to avoid losing money.
