Thank you for your interest in this story
To continue reading this article, subscribe to the Stray Ferret for as little as £1 a week
Already a subscriber? Log in here.
03
Nov
Ripon firm suffers from agricultural downturn but eyes future growth
One of the biggest employers in the Ripon area has had a tough year but is well placed for future growth, according to its latest annual report and accounts.
Ripon Farm Services, which employs around 350 people across its sites, saw a 21% decrease in turnover to £136 million as a result of reduced demand for agricultural products and a reduced level of used equipment sales following a stock reduction programme.
But this programme, which shed more than £5 million of stock, also led to a significant reduction in interest costs, and allowed the company to reduce overall debt levels by £4.6 million.
In the business review section of its annual report, which was published on Thursday (October 29), the company states:
The year to 31 January 2026 has been conducted against a backdrop of continued challenging market conditions, with the agricultural machinery market contracting further. Industry-wide demand remained relatively subdued, with UK tractor sales reaching historically low levels.
Despite this, the group has responded decisively and continued to execute its strategy of strengthening commercial and operational performance, supported by a clear financial focus on cost control, cash generation and market share growth.
While overall market volumes declined during the year, the group has successfully increased market share despite the contraction in demand, placing it in a strong position for future growth.
Ripon Farm Services on Dallamires Lane in Ripon.
Operating profit before exceptional costs, interest, depreciation and amortisation (EBITDA) increased by 16.6% to £1.6 million, and loss before tax improved by £1.4 million to £3.3 million.
The company added:
Looking forward, the group will maintain its course as it evolves operational and commercial performance and efficiencies, along with the continued benefit of lower stock levels and reduced interest costs.
There is improving market sentiment and a stronger forward order book which will benefit future years. This will help to underpin future sustainable revenue and profit growth.
Ripon Farm Services traces its origins back almost 100 years, when Glovers of Ripon was selling cars in the 1930s. In 1961, Geoff Brown, who is now the company chairman, started an apprenticeship with Glovers, and 21 years later he formed Ripon Farm Services with Maurice Hymas, Bill Houseman and two other directors.
Mr Brown is listed as one of four directors, alongside Stewart Hymas, Christopher Northway and Richard Simpson. Mr Northway and Mr Simpson were appointed directors in January this year.
Ripon Farm Services has branches across Yorkshire, as far north as Stockton-on-Tees and as far south as Lincoln.
0