The Accounts · daily brief
17 June 2026
Break-up basis at Boots, board pay outpaces sales
The takeaways
- Two national flag carriers filed accounts showing contrasting fortunes on the bottom line
- RTX Corporation reported a substantial headcount expansion as operating profits rose 42%
- John Lewis plc presents a comparative challenge with a one-day prior accounting period
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
The company is a UK-based business support and administrative entity, originally part of the publicly listed Walgreens Boots Alliance group prior to its acquisition and restructuring by private equity firm Sycamore Partners.
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, this administrative entity is preparing for a voluntary strike-off. The accounts show the mechanics of the wind-down, with the company paying out a substantial $7.46bn dividend in the year to August 2025. That large distribution significantly reduced the overall balance sheet, leaving net assets at just $8.7m compared to $6.69bn previously.
Srilankan Airlines Limited [1]
SriLankan Airlines Limited is the national flag carrier of Sri Lanka and a member of the Oneworld alliance, majority-owned by the Sri Lankan government, providing international passenger aviation, cargo transport, and ground handling services.
Board pay jumps
| 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% |
The national flag carrier saw turnover fall 10.7% to 303.1bn LKR for the year to March 2025. Operating profit followed the top line down, dropping 5.8% to 166.1bn LKR. The period also saw an increase in board pay, as total directors' remuneration rose 17.8% to 202.6m LKR.
Thai Airways International Public Company Limited [2]
Operating as the national flag carrier of Thailand, the business is a publicly listed airline backed by the Thai Ministry of Finance that provides global passenger and cargo air transportation services.
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% |
The Thai national carrier reported a slight 2% dip in turnover to 183.4bn THB for the year to December 2024. Despite the softer top line, the bottom line saw a notable shift. The airline moved from a 26.9bn THB net loss in the prior year to a 22.5bn THB net profit.
Rtx Corporation [3]
Formerly known as Raytheon Technologies, RTX Corporation is an American multinational aerospace and defence conglomerate listed on the New York Stock Exchange that provides advanced systems to commercial and government customers through its Collins Aerospace, Pratt & Whitney, and Raytheon divisions.
Massive expansion
| 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 and defence conglomerate filed a substantial expansion for the year to December 2025. Average headcount more than tripled, rising from 54,000 to 180,000 employees. The wider footprint accompanied a 9.7% rise in turnover to $88.6bn, while operating profits climbed a steeper 42.2% to $9.3bn.
John Lewis Plc [4]
Operating as the principal trading subsidiary of the employee-owned John Lewis Partnership plc, the company runs the Waitrose supermarket chain and John Lewis department stores, alongside financial services and manufacturing operations, and maintains a corporate bond listed on the London Stock Exchange.
Stub comparison
| 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 parent company of the Waitrose and John Lewis brands presents a comparative challenge in its latest accounts. The 371-day period to January 2026 recorded turnover of £11.7bn, but the prior period was a single one-day stub. With such a structural mismatch in duration, an unadjusted year-on-year comparison is limited.
Waitrose Limited [5]
Trading as Waitrose & Partners, the company operates a major British supermarket chain and functions as a wholly owned subsidiary of the employee-owned John Lewis Partnership.
Margin squeeze
| 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% |
The supermarket chain generated a 6.9% rise in turnover to £7.76bn for the year to January 2026. Profitability did not follow suit, with operating profit falling 11% to £178m. Upward pressure was evident in the wage bill, as total staff costs rose 9.9% to £1.15bn even while average headcount fell by 1,800.
The accounts demonstrate the volume of capital an administrative subsidiary can transfer just prior to a formal winding up.
Sources
- Srilankan Airlines Limited
- Thai Airways International Public Company Limited
- Rtx Corporation
- John Lewis Plc
- Waitrose Limited