RC Infra doubles revenue as headcount shrinks

The primary UK entity for the London Stock Exchange saw revenue rise 5% to £495m. The filing provides limited detail on the profit and expense lines, but a £27.9m addition from other operating income bolstered the top half of the ledger. A steady year for the main market operator.

A significant shift for this UK acquisition vehicle, which reversed a £236.7m negative turnover in the prior year to post £468.4m in top-line revenue. The entity was established to integrate the Olink Holding acquisition, aligning with the £708m net profit turnaround and the £554m balance sheet improvement. Parent company support remains in place, though the current period saw a return to profitability.

A classic cost-plus intercompany service model in action. Turnover rose 29% to £246.3m, offset by a parallel rise in administrative expenses to £230.7m. The period was marked by expansion: headcount increased by a third to 819, while total staff costs rose 36% to £148.2m as the branch offices scaled their support for the wider Visa group.

Activity in the physical gold market remains brisk. Turnover at the Degussa subsidiary rose 27% to £215.8m, though margins in precious metals remain characteristically thin. Gross profit increased to £6.5m, absorbing a £4.8m administrative bill and a minor exceptional charge to leave the balance sheet in a stable position.

Notable revenue per head from a very small footprint. The civil engineering contractor more than doubled its turnover to £169.8m and nearly tripled operating profit to £13.6m. This occurred alongside a reduction in headcount from 12 to 10, equating to almost £17m in revenue per head. A £3m dividend was also distributed during the period.