The company said that in 2015 it achieved a profit of £214 million, which is 27 per cent down on 2014 when it made £294m. Sales for 2015 stood at £2.34 billion, down on the £2.51bn achieved the previous year. And the total number of machines the company sold fell from 64,028 to 59,844.

Earnings for full-year 2015 on an EBITDA basis were down a more significant 29 per cent to £214m (2014: £294m) excluding one-off restructuring costs of £10m (2014: £11m).

Growth in North American and European markets was slower than expected, the company said, and conditions in most developing markets around the world remain difficult. Market conditions in the first half of 2016 remain fragile with the exception of India, where there has been a return to growth after four successive years of market contraction.

JCB CEO Graeme Macdonald 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.”

Chairman Lord Bamford added: “In spite of difficult market conditions, we remain positive about the future.”