The Accounts daily brief — 13 June 2026

The Accounts · daily brief

Board pay outpaces sales, and a $7.46bn goodbye dividend

  • John Lewis filed a 371-day period against a one-day prior stub, breaking YoY comparisons
  • Waitrose saw margins contract as staff costs rose nearly 10% despite a shrinking workforce
  • A Walgreens holdco distributed its reserves via a $7.46bn dividend ahead of strike-off

Hiring

Cutting

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

Walgreens Boots Alliance Uk 4 Limited

11521855 · Parent-only

Filed on a break-up (non-going-concern) basis.

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

Filed on a break-up basis ahead of a voluntary strike-off, this zero-headcount holdco distributed its reserves. It paid out a dividend that shrank net assets from $6.69bn to just $8.8m, while passing $318.8m of turnover straight through to operating profit. A final piece of corporate housekeeping.

Srilankan Airlines Limited [1]

00218128 · Group

Board pay outpaced sales

Line FY25 FY24 YoY
Profit & loss
Turnover LKR 303.1bn LKR 339.6bn ▼ −11%
Gross profit LKR 211.4bn LKR 224.5bn ▼ −6%
Admin expenses LKR 46.6bn LKR 49.5bn ▼ −6%
Operating profit LKR 166.1bn LKR 176.4bn ▼ −6%
Finance costs LKR 36.3bn LKR 36.4bn ▼ −0%
Profit before tax LKR 130.8bn LKR 138.9bn ▼ −6%
Net profit LKR 129.9bn LKR 138.3bn ▼ −6%
Cash & balance sheet
Cash LKR 5.2bn LKR 8.4bn ▼ −38%
Net assets LKR 208.6bn LKR 202.4bn ▲ +3%
People & pay
Avg. headcount 6,786 6,648 ▲ +2%
Staff cost LKR 60.0bn LKR 65.8bn ▼ −9%
Director pay LKR 202.6m LKR 172m ▲ +18%

While turnover fell 10.7% to LKR 303.1bn and operating profit slipped 5.8% to LKR 166.1bn, the period also saw an increase in board pay. Total staff costs shrank 8.9% to LKR 60.0bn, but directors' remuneration moved in the opposite direction, climbing 17.8% to LKR 202.6m.

Thai Airways International Public Company Limited [2]

BR 000333 · Group

Swing to profit

Line FY24 FY23 YoY
Profit & loss
Turnover THB 183.4bn THB 187.2bn ▼ −2%
Net profit THB 22.5bn −THB 26.9bn ▲ +184%
Cash & balance sheet
Cash THB 78.6bn THB 84.3bn ▼ −7%

A swing to profit for the Thai flag carrier, posting a net profit of THB 22.5bn against a prior THB 26.9bn loss. This bottom-line recovery was recorded despite a slight 2.0% softening in turnover to THB 183.4bn.

Rtx Corporation [3]

001-00812 · Group

Massive headcount jump

Line FY25 FY24 YoY
Profit & loss
Turnover USD 88.6bn USD 80.7bn ▲ +10%
Gross profit USD 34.8bn USD 30.2bn ▲ +15%
Admin expenses USD 5.3bn USD 5.0bn ▲ +6%
Operating profit USD 9.3bn USD 6.5bn ▲ +42%
Finance costs USD 1.7bn USD 1.9bn ▼ −6%
Profit before tax USD 8.7bn USD 6.7bn ▲ +30%
Net profit USD 7.1bn USD 5.0bn ▲ +41%
Cash & balance sheet
Cash USD 7.4bn USD 5.6bn ▲ +33%
Net assets USD 67.2bn USD 61.9bn ▲ +9%
Dividends paid −USD 3.6bn −USD 3.6bn ▲ +0%
People & pay
Avg. headcount 180,000 54,000 ▲ +233%

The US aerospace conglomerate recorded a 42.2% leap in operating profit to $9.3bn on turnover of $88.6bn. The standout figure is the headcount, which more than tripled from 54,000 to 180,000, pointing to a major consolidation in these group accounts.

John Lewis Plc [4]

00233462 · Group

Incompatible prior stub

Line FY26 FY25 YoY
Profit & loss
Turnover £11.7bn £11.1bn ▲ +5%
Gross profit £3.7bn £3.6bn ▲ +5%
Admin expenses £3.8bn £3.5bn ▲ +8%

The department store parent filed a 371-day set against a one-day prior stub, rendering year-on-year percentage comparisons structurally incompatible. For the record, the group booked £11.7bn in turnover and £3.73bn in gross profit for the period, alongside £128m in exceptional items.

Waitrose Limited [5]

00099405 · Parent-only

Margin contraction

Line FY26 FY25 YoY
Profit & loss
Turnover £7.8bn £7.3bn ▲ +7%
Gross profit £2.3bn £2.2bn ▲ +7%
Admin expenses £2.2bn £2.0bn ▲ +7%
Operating profit £178m £200m ▼ −11%
Finance costs £83m £77m ▲ +8%
Profit before tax £111m £138m ▼ −20%
Net profit £73m £114m ▼ −36%
Cash & balance sheet
Cash £71m £67m ▲ +6%
Net assets £718m £645m ▲ +11%
People & pay
Avg. headcount 44,900 46,700 ▼ −4%
Staff cost £1.2bn £1.0bn ▲ +10%

Top-line growth did not prevent a margin contraction at the supermarket arm, with operating profit slipping 11.0% to £178m despite a 6.9% rise in turnover to £7.77bn. Total staff costs climbed 9.9% to £1.15bn, even as the average number of partners servicing the business fell 3.9% to 44,900.

A one-day prior period certainly complicates the year-on-year comparisons. Until tomorrow.

  1. Srilankan Airlines Limited (00218128)
  2. Thai Airways International Public Company Limited (BR 000333)
  3. Rtx Corporation (001-00812)
  4. John Lewis Plc (00233462)
  5. Waitrose Limited (00099405)