In 2023, Ripon Farm Services Limited revenue rose to £161.1 million, up 22% from the previous year. Now in their 2024 financial report, they said demand has “a significant drop.”
Revenues rose another 15% to £184.7 million, but their total profit fell by 3%.
“Revenue continued to grow, the company achieved market targets and the acquisition of FG Adamson & Son performed better than expected,” the financial report said.
“However, in the second half of the fiscal year, demand in the used machinery market dropped significantly, which resulted in a decline in margins and increased inventory at the end of the year.”
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Employing approximately 340 staff, Ripon Farm Services is one of North Yorkshire's largest and most successful companies, including John Deere, Coon, Bailey and Kramer, Yorkshire, Teesside, Lincolnshire and Nottinghamshire. There are famous brands spanning 15 branches of the company.
According to the report, “Our market demand is influenced by certain economic cycles and sector factors, such as farmers' commodity prices. By operating in a diverse agricultural segment or diverse company, we will either The risk of a severe drop in demand in segments can be reduced or the market.
“We are also looking to take a long-term view by maintaining a strong balance sheet and building customer-supplier relationships. Both can address short-term challenges.”
At the end of 2023, the company registered a profit of £2.7 million in its account. By the end of 2024, that figure was a deficit of £2.4 million.
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