The Accounts · daily brief
13 June 2026
Board pay outpaces sales, and a $7.46bn goodbye dividend
The takeaways
- 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 signals · who grew, who shrank
Hiring
- Dalkia Facilities Limited 944 → 3,042 staff ▲ +222% staff cost +61%
- Statom Group Limited 53 → 114 staff ▲ +115% staff cost +175%
Cutting
- Tesco Personal Finance Limited 2,632 → 986 staff ▼ −63% staff cost −13%
- Skyscanner Limited 981 → 603 staff ▼ −39% staff cost −37%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Walgreens Boots Alliance Uk 4 Limited
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]
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]
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]
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]
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]
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.
Sources
- Srilankan Airlines Limited
- Thai Airways International Public Company Limited
- Rtx Corporation
- John Lewis Plc
- Waitrose Limited