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06
Feb
Major Ripon employer reports ‘significantly more challenging’ year
Ripon Farm Services increased its revenue last year but made an operating loss, according to its latest annual accounts.
The company, which was established in 1982 and now employs 340 staff, supplies agricultural and ground care machinery. Its major partner is John Deere.
Ripon Farm Services' accounts for the year ended 31 January 2024, reveal revenue rose by 15% from £161.1 million to £184.7 million.
But it went from recording an operating profit of £3.1 million to a loss of £0.7 million.
The highest paid director received £198,887, compared with £214,169 the previous year.
The annual report and group financial statement, published last week, said:
Following several years of good results, this year has proved to be significantly more challenging due to the macro- economic climate in agriculture as a whole and in particular the arable sector. However, despite these challenges the company has, purposefully, continued to invest in the long-term strategic plan.
Turnover has continued to grow, the company has met its market goals and the acquisition of FG Adamson & Son has performed better than expected.
However, demand in the used machinery market declined significantly in the second-half of the financial year. This has resulted in reduced margins and an increase in stock at the year-end.
The report added the directors made a “strategic decision” to reduce the firm’s stock of new and used equipment, which “resulted in some write downs which can be seen in these results”.
Ripon Farm Services is based on Dallamires Lane in Ripon. It has 12 other branches in northern England and Lincolnshire.
Besides John Deere, its portfolio of products includes Kuhn, Bailey Trailers, Kramer, Stihl and Husqvarna.
In March last year, the company announced Richard Simpson had succeeded co-founder Geoff Brown as chief executive. Mr Brown continued as chairman.
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