The Accounts daily brief — 3 June 2026

The Accounts · daily brief

A £7.4bn break-up dividend, and board pay outpaces sales

  • 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]

01007798 · Parent-only

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]

11521855 · Parent-only

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]

07199847 · Parent-only

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]

05633442 · Parent-only

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]

00506189 · Parent-only

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.

  1. Pinnacle Insurance Limited (01007798)
  2. Walgreens Boots Alliance Uk 4 Limited (11521855)
  3. Rampion Offshore Wind Limited (07199847)
  4. Knight Harwood Limited (05633442)
  5. Adams-Morey Limited (00506189)