Equipment giant JCB saw a 28% rise in turnover for 2017, touching a record of $4.36bn, on the back of a growing global market.

Announcing its full-year financial results for last year, the UK-based company added that equipment sales also grew to 75,693 in 2017, from 66,011 the previous year. JCB’s EBITDA (earnings before interest, taxes, depreciation and amortization) were recorded at $443.6m, a 19% rise over $373.3m recorded in 2016.

Graeme Macdonald, JCB’s CEO, said: “2017 was a very strong year for JCB during which we outpaced the market and set new sales records. While the global market grew by over 21% last year, JCB’s sales increased by almost 28%. This growth drove demand across all of JCB’s product ranges, in particular for Loadall telescopic handlers, where we are now investing in increased global production capacity.”

JCB added that the rally in the market is continuing in 2018, which has raised the company’s daily global production to a record of 500 machines. The company added that its average return on investment since 1975 has been over 30%.

JCB chairman Lord Bamford said: “The continued growth in global markets in 2018 has seen JCB production rates reach their highest in our history. Employment levels across our plants are also at record highs and we now employ more than 15,000 people.”