Board pay outpaced sales, and a break-up at BAT

The takeaways

Two of today's filers recorded substantial non-core income alongside operating results
Expansion in the prison healthcare sector coincided with Practice Plus headcount rising
The London Metal Exchange paid a £78.9m dividend alongside softening operating margins

Hiring signals · who grew, who shrank

Hiring

Earnz Plc 400 → 1,147 staff ▲ +187% staff cost +261%
Autumn Foods Holdings Limited 38 → 62 staff ▲ +63% staff cost +43%

Cutting

Practice Plus Group Primary Care Limited 72 → 52 staff ▼ −28% staff cost −18%
Zones (Uk) Limited 67 → 55 staff ▼ −18% staff cost +12%

Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.

Filing of note

British American Tobacco (South America) Limited

02495427 · Scope n/a

Filed on a break-up basis — the business is being wound up.

Line	FY25	FY24	YoY
Profit & loss
Profit before tax	£152k	£169k	▼ −10%
Net profit	£154k	£182k	▼ −15%
Cash & balance sheet
Net assets	£4m	£3.8m	▲ +4%
People & pay
Avg. headcount	0	0

Filed on a break-up basis, as the business is being wound up. This is a dormant holding shell for British American Tobacco, carrying zero staff and zero turnover. The entity is being liquidated to settle its final £4.0m in net assets.

Tradex Insurance Company Plc [1]

02983873 · Parent-only

Board pay rises

Line	FY25	FY24	YoY
Profit & loss
Turnover	£609.6m	£617.1m	▼ −1%
Admin expenses	£20.5m	£16.2m	▲ +27%
Finance costs	£5.3m	£3.3m	▲ +61%
Profit before tax	£11.6m	£13.3m	▼ −13%
Net profit	£9.7m	£20.9m	▼ −54%
Cash & balance sheet
Cash	£122.8m	£182.6m	▼ −33%
People & pay
Avg. headcount	62	46	▲ +35%
Staff cost	£11m	£7m	▲ +57%
Director pay	£1.5m	£1.2m	▲ +25%
Highest-paid director	£1m	£400k	▲ +150%

Turnover was broadly flat at £609.6m, while compensation for the highest-paid director rose 150% to £1.0m. Profit before tax fell 12.8% to £11.6m, a period that also recorded £17.8m in finance income. The notes detail a series of intercompany loans with parent Saturn, bearing interest rates of up to 20%.

Securitas Security Services (Uk) Limited [2]

01146486 · Parent-only

Steady margins

Line	FY25	FY24	YoY
Profit & loss
Turnover	£344.7m	£330.5m	▲ +4%
Gross profit	£66.5m	£60.5m	▲ +10%
Admin expenses	£46.3m	£41.2m	▲ +12%
Operating profit	£20.2m	£19.2m	▲ +5%
Finance costs	£441k	£237k	▲ +86%
Profit before tax	£22m	£20.9m	▲ +5%
Net profit	£16.4m	£16.1m	▲ +2%
Cash & balance sheet
Cash	£43,377	£30,914	▲ +40%
Net assets	£57.2m	£40.8m	▲ +40%
People & pay
Avg. headcount	6,349	6,405	▼ −1%
Staff cost	£254m	£238.4m	▲ +7%
Director pay	£1.5m	£1.7m	▼ −12%
Highest-paid director	£835k	£696k	▲ +20%

A picture of stability at the UK guarding arm. Turnover rose 4.3% to £344.7m, with operating profit moving in step to reach £20.2m. Headcount was effectively flat, while the wages and salaries bill increased 4.6% to £221.9m, pointing to modest per-head pay increases. A remarkably steady, low-margin operation.

Kronospan Limited [3]

00981905 · Parent-only

Swings to loss

Line	FY25	FY24	YoY
Profit & loss
Turnover	£318.6m	£309.2m	▲ +3%
Gross profit	£138.1m	£141.1m	▼ −2%
Admin expenses	£62.5m	£60.1m	▲ +4%
Operating profit	−£8.2m	£4.7m	▼ −274%
Finance costs	£5.1m	£5.6m	▼ −9%
Profit before tax	−£12.2m	£489k	▼ −2592%
Net profit	−£9.9m	£134k	▼ −7470%
Cash & balance sheet
Cash	£7m	£11.5m	▼ −39%
Net assets	£167.9m	£154m	▲ +9%
Dividends paid	£0	£29m	▼ −100%
People & pay
Avg. headcount	695	677	▲ +3%
Staff cost	£37.4m	£35.1m	▲ +7%
Director pay	£462k	£541k	▼ −15%
Highest-paid director	£180k	£227k	▼ −21%

A challenging year for the wood-panel maker. Turnover rose slightly to £318.6m, but operating profit swung to an £8.2m loss from a £4.7m profit last year. That headline loss was recorded alongside £31.1m in other operating income. No dividend was declared for the period, following a £29.0m payout in the prior year.

The London Metal Exchange [4]

2128666 · Parent-only

Strong reserves

Line	FY25	FY24	YoY
Profit & loss
Turnover	USD 293.3m	USD 255.9m	▲ +15%
Operating profit	USD 117.9m	USD 124.7m	▼ −5%
Profit before tax	USD 128.6m	USD 134.6m	▼ −4%
Net profit	USD 94.2m	USD 99.4m	▼ −5%
Cash & balance sheet
Cash	USD 212.5m	USD 198.6m	▲ +7%
Net assets	USD 426m	USD 405.3m	▲ +5%
Dividends paid	−USD 78.9m	USD 0
People & pay
Avg. headcount	362	356	▲ +2%
Staff cost	USD 80.9m	USD 72.1m	▲ +12%

The metals marketplace remains highly profitable, though margins softened slightly. Turnover climbed 14.6% to £293.3m, while operating profit slipped 5.5% to £117.9m and total staff costs expanded 12.3% to £80.9m. The balance sheet ended the year with £212.5m in cash, alongside a £78.9m dividend payment.

Practice Plus Group Health And Rehabilitation Services Limited [5]

10498997 · Parent-only

Solid expansion

Line	FY25	FY24	YoY
Profit & loss
Turnover	£292.9m	£247.5m	▲ +18%
Gross profit	£73.7m	£60.6m	▲ +22%
Admin expenses	£53.1m	£42.4m	▲ +25%
Operating profit	£20.5m	£18.2m	▲ +13%
Finance costs	£98,000	£378k	▼ −74%
Profit before tax	£26.8m	£22.5m	▲ +19%
Net profit	£24.1m	£21.3m	▲ +13%
Cash & balance sheet
Cash	£11m	£9.6m	▲ +14%
Net assets	£55.3m	£31.2m	▲ +77%
Dividends paid	—	£14.3m
People & pay
Avg. headcount	3,518	3,039	▲ +16%
Staff cost	£135.2m	£104.4m	▲ +30%

Clear expansion for the prison healthcare provider. Turnover rose 18.3% to £292.9m, while operating profit increased 12.6% to £20.5m. The period saw average headcount expand by 479 to 3,518, as total staff costs climbed 29.6% to £135.2m.

Whether you're trading metals or guarding doors, the real margins are always in the intercompany loans.

Sources

Tradex Insurance Company Plc (02983873)
Securitas Security Services (Uk) Limited (01146486)
Kronospan Limited (00981905)
The London Metal Exchange (2128666)
Practice Plus Group Health And Rehabilitation Services Limited (10498997)