Shares in Agco, the manufacturer of Massey Ferguson and Fendt machinery, fell by as much 12% this week after the group reported a 23% decline in sales to $7.5bn for 2015.

Operating profits for the year were just over $383m, a whopping 45% decline year-on-year, with margins tightening 200 basis points to a little over 5%.

Agco chief executive Martin Richenhagen was bearish in his outlook for the coming year, telling shareholders to expect the difficult global industry conditions to persist through 2016.