The Accounts · daily brief
3 June 2026
A £7.4bn break-up dividend, and board pay outpaces sales
The takeaways
- A Boots support vehicle is liquidating after paying out a £7.4bn dividend
- Pinnacle Insurance quadrupled its top line and swung firmly back into the black
- Board pay nearly doubled at Knight Harwood despite modest revenue growth
Pinnacle Insurance Limited [1]
Quadrupled revenue
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £780.9m | £201m | ▲ +289% |
| Admin expenses | £60.1m | £61.4m | ▼ −2% |
| Profit before tax | £14m | −£28.2m | ▲ +150% |
| Net profit | £15.9m | −£23m | ▲ +169% |
| Cash & balance sheet | |||
| Cash | £36.3m | £32.5m | ▲ +12% |
| Net assets | £106m | £123.6m | ▼ −14% |
| Dividends paid | −£33.5m | — | |
| People & pay | |||
| Avg. headcount | 390 | 307 | ▲ +27% |
| Staff cost | £33.5m | £25.6m | ▲ +31% |
| Director pay | £2.1m | £1.7m | ▲ +26% |
| Highest-paid director | £630k | £546k | ▲ +15% |
Turnover nearly quadrupled, moving the pet insurer from a pre-tax loss to a clear profit. The operational leverage here is worth a second look, as administrative expenses actually shrank slightly despite the massive revenue expansion. The period also saw a £33.5m dividend paid to the parent.
Walgreens Boots Alliance Uk 4 Limited [2]
Voluntary strike-off
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | USD 318.8m | USD 114.2m | ▲ +179% |
| Gross profit | USD 318.8m | USD 114.2m | ▲ +179% |
| Operating profit | USD 318.8m | USD 114.2m | ▲ +179% |
| Finance costs | — | USD 93,000 | |
| Profit before tax | USD 779.2m | USD 114.1m | ▲ +583% |
| Net profit | USD 779.1m | USD 114.1m | ▲ +583% |
| Cash & balance sheet | |||
| Net assets | USD 8.8m | USD 6.7bn | ▼ −100% |
| Dividends paid | USD 7.5bn | USD 244.5m | ▲ +2952% |
| People & pay | |||
| Avg. headcount | 0 | 0 | |
| Staff cost | USD 0 | USD 0 | |
| Director pay | USD 0 | USD 0 | |
This Boots support vehicle is filing on a break-up basis ahead of a voluntary strike-off. The primary movement sits on the balance sheet, which reflects a £7.4bn dividend payout during the period. Net assets contracted accordingly, leaving a clean shell ahead of the planned dissolution.
Rampion Offshore Wind Limited [3]
Steady yield
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £310.7m | £294.7m | ▲ +5% |
| Gross profit | £229.5m | £217.6m | ▲ +5% |
| Admin expenses | £52.5m | £41.2m | ▲ +27% |
| Operating profit | £177.9m | £176.7m | ▲ +1% |
| Finance costs | £5.4m | £4.9m | ▲ +11% |
| Profit before tax | £173.2m | £172.6m | ▲ +0% |
| Net profit | £128.3m | £128.2m | ▲ +0% |
| Cash & balance sheet | |||
| Cash | £7.9m | £25.4m | ▼ −69% |
| Net assets | £531.9m | £553.4m | ▼ −4% |
| Dividends paid | £149.9m | £177.1m | ▼ −15% |
The Sussex offshore wind farm remains a steady cash generator for its consortium owners. Operating margins held firm at a breezy 57 percent, comfortably covering a £149.9m dividend payout. It is the sort of predictable infrastructure yield you can nap on.
Knight Harwood Limited [4]
Board pay jumps
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £146.5m | £140.2m | ▲ +4% |
| Gross profit | £12.6m | £11.9m | ▲ +6% |
| Admin expenses | £5m | £5.1m | ▼ −2% |
| Operating profit | £7.6m | £6.8m | ▲ +12% |
| Finance costs | £16,295 | — | |
| Profit before tax | £9.1m | £8.6m | ▲ +6% |
| Net profit | £6.9m | £6.5m | ▲ +6% |
| Cash & balance sheet | |||
| Cash | £33.9m | £30.9m | ▲ +10% |
| Net assets | £28.5m | £21.6m | ▲ +32% |
| Dividends paid | — | £1.6m | |
| People & pay | |||
| Avg. headcount | 144 | 140 | ▲ +3% |
| Staff cost | £19.1m | £16.1m | ▲ +19% |
| Director pay | £3.6m | £1.9m | ▲ +88% |
| Highest-paid director | £738k | £403k | ▲ +83% |
A modest single-digit uptick in revenue translated to a tidy gain in operating profit for the London contractor. The period also saw a significant increase in board pay. Total directors' remuneration nearly doubled, with the highest-paid director receiving an 82 percent increase.
Adams-Morey Limited [5]
Margin squeeze
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £123m | £136.7m | ▼ −10% |
| Gross profit | £35.6m | £32.9m | ▲ +8% |
| Admin expenses | £32.4m | £29.1m | ▲ +11% |
| Operating profit | £2.5m | £3.8m | ▼ −32% |
| Finance costs | £6,108 | £26,989 | ▼ −77% |
| Profit before tax | £2.6m | £3.7m | ▼ −31% |
| Net profit | £2m | £2.5m | ▼ −18% |
| Cash & balance sheet | |||
| Cash | £2.3m | £981k | ▲ +139% |
| Net assets | £20.2m | £18.2m | ▲ +11% |
| People & pay | |||
| Avg. headcount | 530 | 502 | ▲ +6% |
| Staff cost | £22.8m | £22.4m | ▲ +2% |
| Director pay | £347k | £502k | ▼ −31% |
| Highest-paid director | £190k | £224k | ▼ −15% |
The commercial vehicle dealer actually improved its gross profit to £35.5m despite a contraction in the top line. The operating result was squeezed further down the P&L, however, by an 11 percent expansion in administrative expenses. The period saw average headcount expanding while overall sales cooled.
If anyone needs me, I will be in the kennel drafting my application for a board seat at a London contractor.
Sources
- Pinnacle Insurance Limited
- Walgreens Boots Alliance Uk 4 Limited
- Rampion Offshore Wind Limited
- Knight Harwood Limited
- Adams-Morey Limited