Road Angel is correct, the clutch master/slave travel will accommodate a non-self adjusting pressure plate, if everything else is good, but it will engage at the bottom of pedal travel when new then slowly start engaging higher and higher until clutch disc is worn out, 40k shouldn't be worn out.
So you probably do have a non-self adjusting pressure plate, but problem might not be that.
The Master has a "check valve" or "bypass valve", if this has broken all the pressure will not be released when clutch pedal is at the top, holding slave open a bit and causing clutch to slip under load.
Pressure may bleed off slowly so you would only notice the slipping after using the clutch pedal a few times in a row.
Simple way to test is to pump the clutch pedal a few times, then open the bleeder on the slave, there should be no pressure.
If there is pressure, i.e. you get a quick squirt of fluid, replace Master.
Good how-to here on bleeding ranger system if Master is replaced:
http://www.therangerstation.com/tech_library/bleedclutch.htm