The Accounts · daily brief
5 June 2026
Auditor disclaimer at Sekura, margin squeeze at WH Smith
The takeaways
- WH Smith Travel paid a £100m parent dividend despite a 39% drop in operating profit
- Amazon's UK data arm recorded a £62.7m net loss after a heavy tax charge offset gains
- Renault's UK sales arm cut its total staff costs even as average headcount expanded 31%
Hiring signals · who grew, who shrank
Hiring
- Expac (Preston) Limited 89 → 142 staff ▲ +60% staff cost +70%
- Bridgestone Construction Limited 27 → 39 staff ▲ +44% staff cost +54%
Cutting
- Eims Global Limited 244 → 164 staff ▼ −33% staff cost −26%
- Bango Plc 233 → 200 staff ▼ −14% staff cost −9%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Sekura Global Holdings Ltd
Auditor disclaimed an opinion.
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £16.9m | £15.5m | ▲ +9% |
| Gross profit | £5.8m | £5.6m | ▲ +5% |
| Admin expenses | £5.9m | £5.2m | ▲ +13% |
| Profit before tax | £369k | £780k | ▼ −53% |
| Net profit | £55,693 | £600k | ▼ −91% |
| Cash & balance sheet | |||
| Cash | £1.8m | £465k | ▲ +294% |
| Net assets | £1.3m | £1.1m | ▲ +15% |
| People & pay | |||
| Avg. headcount | 5 | 6 | ▼ −17% |
| Staff cost | £784k | £781k | ▲ +0% |
The day's most unusual filing comes from this consolidated group, where the auditor disclaimed an opinion on the accounts. In the reported figures, turnover rose 9% to £16.9m, but an increase in administrative expenses halved profit before tax to £369k.
Amazon Digital Uk Limited [1]
Flat revenue
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £3.5bn | £3.5bn | ▼ −0% |
| Gross profit | £391.2m | £453.7m | ▼ −14% |
| Admin expenses | £362.5m | £426m | ▼ −15% |
| Operating profit | £28.7m | £27.7m | ▲ +4% |
| Finance costs | £4.1m | £11.3m | ▼ −64% |
| Profit before tax | £36.4m | £38.6m | ▼ −6% |
| Net profit | £148k | £4.9m | ▼ −97% |
| Cash & balance sheet | |||
| Cash | £1.1m | £343k | ▲ +219% |
| Net assets | £711.7m | £587.6m | ▲ +21% |
| People & pay | |||
| Avg. headcount | 525 | 498 | ▲ +5% |
| Staff cost | £91.5m | £85.8m | ▲ +7% |
| Director pay | £524k | £508k | ▲ +3% |
| Highest-paid director | £191k | £191k | ▲ −0% |
Gross profit fell 14% to £391.2m against broadly flat turnover of £3.5bn, but a matching reduction in administrative expenses kept operating profit steady at £28.7m. Further down the P&L, a £36.3m tax charge and lower finance income reduced the net profit to £148k.
Renault U.K. Limited [2]
Leaner payroll
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.5bn | £2.3bn | ▲ +7% |
| Gross profit | £100.9m | £101.3m | ▼ −0% |
| Admin expenses | £21.7m | £22.4m | ▼ −3% |
| Operating profit | £26.3m | £28m | ▼ −6% |
| Finance costs | £1.3m | £1.6m | ▼ −21% |
| Profit before tax | £34m | £40.5m | ▼ −16% |
| Net profit | £25.6m | £31.4m | ▼ −18% |
| Cash & balance sheet | |||
| Cash | £0 | £0 | |
| Net assets | £55.9m | £124.1m | ▼ −55% |
| Dividends paid | £97.7m | £97.7m | ▲ −0% |
| People & pay | |||
| Avg. headcount | 206 | 157 | ▲ +31% |
| Staff cost | £12.6m | £12.9m | ▼ −3% |
| Director pay | £1.3m | £1.6m | ▼ −19% |
| Highest-paid director | £381k | £563k | ▼ −32% |
Turnover rose 7% to £2.5bn for the French carmaker's local subsidiary, though operating profit declined slightly to £26.3m. The payroll metrics are the standout: average employee numbers rose to 206, yet the total staff cost line decreased to £12.6m.
Amazon Data Services Uk Limited [3]
Tax-heavy loss
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £944.9m | £782.1m | ▲ +21% |
| Gross profit | £49.7m | £35.2m | ▲ +41% |
| Admin expenses | £895.2m | £746.9m | ▲ +20% |
| Operating profit | £49.7m | £35.2m | ▲ +41% |
| Finance costs | £40.6m | £41.9m | ▼ −3% |
| Profit before tax | £12.5m | −£1.3m | ▲ +1067% |
| Net profit | −£62.7m | −£76.5m | ▲ +18% |
| Cash & balance sheet | |||
| Net assets | £1.4bn | £1.1bn | ▲ +27% |
| People & pay | |||
| Avg. headcount | 660 | 632 | ▲ +4% |
| Staff cost | £85m | £75.4m | ▲ +13% |
| Director pay | £37,000 | — | |
The cloud giant's local data entity grew turnover by 21% to £944.9m, lifting operating profit to £49.7m. The £75.2m tax charge pushed the final result into a net loss, though the balance sheet remains robust with net assets compounding to £1.4bn.
Basf Plc [4]
Core trading loss
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £726.2m | £829.3m | ▼ −12% |
| Gross profit | £74m | £84.5m | ▼ −12% |
| Admin expenses | £32.3m | £30.5m | ▲ +6% |
| Operating profit | £15.3m | £21.7m | ▼ −30% |
| Finance costs | £749k | £1.1m | ▼ −35% |
| Profit before tax | £22m | £27.4m | ▼ −20% |
| Net profit | £16.1m | £20.1m | ▼ −20% |
| Cash & balance sheet | |||
| Net assets | £134.5m | £131.7m | ▲ +2% |
| Dividends paid | £20.1m | £22.3m | ▼ −10% |
| People & pay | |||
| Avg. headcount | 387 | 442 | ▼ −12% |
| Staff cost | £42.5m | £40m | ▲ +6% |
| Director pay | £804k | £739k | ▲ +9% |
| Highest-paid director | £427k | £541k | ▼ −21% |
A challenging year for the German chemical giant's UK subsidiary, with turnover down 12% to £726.2m. Average headcount fell by 12% to 387, yet the total staff cost line rose 6% to £42.5m. The £15.3m operating profit relies entirely on £22.4m of other operating income; without it, core trading was loss-making.
Wh Smith Travel Limited [5]
Margin squeeze
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £719m | £689.4m | ▲ +4% |
| Gross profit | £403.9m | £395.9m | ▲ +2% |
| Admin expenses | £62.4m | £47.1m | ▲ +32% |
| Operating profit | £63m | £103.4m | ▼ −39% |
| Finance costs | £3.2m | £1.8m | ▲ +72% |
| Profit before tax | £61.7m | £103.3m | ▼ −40% |
| Net profit | £44.4m | £73.1m | ▼ −39% |
| Cash & balance sheet | |||
| Cash | £13.2m | £11m | ▲ +21% |
| Net assets | £449.5m | £405.9m | ▲ +11% |
| Dividends paid | −£100m | −£100m | ▲ −0% |
| People & pay | |||
| Avg. headcount | 3,938 | 3,742 | ▲ +5% |
| Staff cost | £94.5m | £97.3m | ▼ −3% |
Revenue at the travel retail arm rose 4% to £719.0m, but the bottom line declined as administrative expenses increased 32% to £62.4m. That cost pressure narrowed the operating margin, though a dividend was still paid upward to the parent company.
Sometimes the most interesting line in the accounts is the one the auditor disclaims.
Sources
- Amazon Digital Uk Limited
- Renault U.K. Limited
- Amazon Data Services Uk Limited
- Basf Plc
- Wh Smith Travel Limited