Despite turnover increasing to £249.4m, the company cited high interest rates and inflation as factors impacting customer investment and contributing to a “tougher than expected” year. Net assets were up slightly to £39.2m.

The firm, which supplies JCB equipment to the construction and agriculture sectors, highlighted the lack of major infrastructure projects and housebuilding activity in Scotland, compounded by poor weather affecting the agricultural industry.

While expecting to remain profitable in the current year, SCOT JCB anticipates turnover to fall back to 2022 levels (around £200m).  The company remains optimistic about the future, particularly within the agricultural sector, and continues to invest in apprenticeships to address skills shortages.

SCOT JCB’s managing directors, Robin and Iain Bryant, have called for UK and Scottish Government support to encourage business investment and ease construction industry challenges.