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Profits plunge at north’s main John Deere dealer

The company is the main John Deere dealer in the north and north-east of Scotland.
The company is the main John Deere dealer in the north and north-east of Scotland.

Profits plunged at the main John Deere dealer in the north last year.

Accounts filed with Companies House reveal HRN Tractors posted pre-tax profits of £32,555 for the year ended September 30 2018.

This is down 96% on the year before when pre-tax profits stood at £835,336.

Turnover at the Insch-headquartered company was up 9% to £34.047 million, from £31.273m the year before.

Managing director Neil Barclay said: “The company’s trading performance during the year was consistent with the directors’ expectations given the difficult trading conditions in the industry.

“Turnover has increased by 8.9% to £34m. However gross margin has decreased compared to the prior year due to the sales mix achieved this year.”

Mr Barclay said the company’s balance sheet remained strong and plans were in place to reduce stock levels and improve working capital.

Looking to the future, he added: “The continued investment in cost management and efficiencies should ensure that the company maintains and continues to improve its performance and customer service levels going forward.”

He said that the risk of stock unavailability or currency fluctuations as a result of Brexit was unlikely to affect the firm as the majority of its supplies come from the John Deere UK subsidiary.

However the company’s customers would be impacted by changes to farm subsidy support.

“The company continues to assess the potential impact of Brexit as and when any information is released by the UK and European governments,” added Mr Barclay.

As well as its base in Insch, the company has depots in Turriff, Kinloss, Muir of Ord, Wick, and Balbeggie in Perthshire.

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