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The Leicestershire-based division of Caterpillar, the world’s largest construction equipment manufacturer, has reported a significant increase in pre-tax profit, reaching £102.2 million for 2023, up from £74.4 million in 2022. The rise was driven by strong international sales and a stabilised supply chain, as revealed in the company’s latest accounts filed with Companies House.
Turnover also saw a substantial increase, growing from £1.33 billion to £1.59 billion. The company attributed this growth to strong demand for its products and strategic price actions taken to offset rising commodity costs. Caterpillar’s UK operations are based in Desford and Peterlee, where the company noted a smoother production process due to fewer supply chain disruptions compared to previous years.
Sales within the UK climbed from £684,000 to £4 million, while European sales grew to £898.5 million from £800.6 million, and global sales rose from £533.4 million to £696.2 million.
Despite the strong performance, Caterpillar expressed concerns about a potential “softening of demand” in the future, but remains optimistic about maintaining stable production and supply chains. The company also reported a slight increase in its workforce, from 2,308 to 2,439 employees.
