The UK arm of John Deere tractors has almost tripled its profit as demand soared for its iconic green farm machinery, according to newly-filed documents.
The division, which is headquartered in Edinburgh, said the year ended October 29, 2023, had yielded “strong” financial results, with its pre-tax profit almost tripling to £11.5m, up from £3.9m in the 12 months before.
Its turnover also increased, hitting just over £758m, up from almost £659.6m in the year before.
John Deere said strong sales had been boosted by increased demand for its products across the board, helping to offset higher import duty costs and inflation.
In a statement published to Companies House John Deere said: “During the year we have continued to see strong demand for equipment – both Agricultural and turf machines as well as parts.
“We have seen a strong increase in our turnover for the year – £758.4m vs £659.6m in 2022, this was an increase of 14.97 per cent.
“On the agricultural side of the business improved profitability from 2023 has carried over into investment in new equipment during the year, the outlook for 2024 is however, less certain, given the fundamental, climatic conditions and the general economy.
https://www.cityam.com/john-deeres-uk-profit-triples-as-sales-soar-by-almost-100m/