The Accounts · daily brief
19 June 2026
easyJet holidays soar, Volvo staff costs rise as heads fall
The takeaways
- The easyJet holidays division posted the sharpest top-line growth of the group's filings
- Volvo Car UK saw total staff costs rise by 15% despite a reduction in average headcount
- A Thermo Fisher finance vehicle sits on a cash pile that dwarfs its operational turnover
Hiring signals · who grew, who shrank
Hiring
- W.B. Griffiths & Son Limited 94 → 140 staff ▲ +49% staff cost +39%
- Exact Cnc (Ni) Ltd 64 → 81 staff ▲ +27% staff cost +43%
Cutting
- Oakwood Leisure Limited 74 → 22 staff ▼ −70% staff cost −59% accounts on a break-up basis
- Kyowa Kirin International Uk Newco Limited 53 → 35 staff ▼ −34% staff cost −31%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Erie Finance 2 Limited
Holds £75.3m of cash on £882k of turnover.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | USD 882k | USD 270k | ▲ +227% |
| Operating profit | USD 882k | USD 270k | ▲ +227% |
| Finance costs | −USD 12,000 | USD 0 | |
| Profit before tax | USD 78m | USD 55.1m | ▲ +42% |
| Net profit | USD 78m | USD 55.1m | ▲ +42% |
| Cash & balance sheet | |||
| Cash | USD 75.3m | USD 71.7m | ▲ +5% |
| Net assets | USD 1.5bn | USD 1.5bn | ▲ +5% |
The finance vehicle holds $75.3m of cash against $882k of operational turnover. The majority of the activity sits below the line, with $77.1m in finance income accompanying a $78.0m net profit. A letter of support from parent Thermo Fisher Scientific underpins the going-concern basis.
Easyjet Airline Company Limited [1]
The company serves as the principal operating subsidiary of London-listed easyJet plc, providing scheduled low-cost passenger air transport services across Europe.
Flat operating profit
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £9.9bn | £9.4bn | ▲ +5% |
| Operating profit | £340m | £341m | ▼ −0% |
| Profit before tax | £147m | £182m | ▼ −19% |
| Net profit | £292m | £40m | ▲ +630% |
| Cash & balance sheet | |||
| Cash | £1.4bn | £1.3bn | ▲ +12% |
| Net assets | £98m | −£343m | ▲ +129% |
| Dividends paid | £0 | £0 | |
| People & pay | |||
| Avg. headcount | 15,903 | 15,267 | ▲ +4% |
| Staff cost | — | £1.1bn | |
| Director pay | £6m | £6m | ▲ −0% |
Turnover climbed 5% to £9,939m, while operating profit remained broadly flat at £340m. Profit before tax fell 19% to £147m, with the subsequent increase in net profit to £292m coinciding with below-the-line tax effects. The principal operating subsidiary recorded an increase in average headcount of over 600 during the year.
Volvo Car Uk Limited [2]
Operating as the national sales company for the UK market, the business distributes passenger vehicles for the Swedish manufacturer Volvo Cars, a Nasdaq Stockholm-listed entity majority-owned by China's Zhejiang Geely Holding.
Rising staff costs
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.4bn | £2.3bn | ▲ +3% |
| Gross profit | £123.8m | £127.8m | ▼ −3% |
| Admin expenses | −£101.2m | −£102.4m | ▲ +1% |
| Operating profit | £32.3m | £34.1m | ▼ −5% |
| Finance costs | −£20m | −£15m | ▼ −34% |
| Profit before tax | £14.5m | £21.8m | ▼ −33% |
| Net profit | £9.1m | £14m | ▼ −35% |
| Cash & balance sheet | |||
| Cash | £427k | £2.9m | ▼ −85% |
| Net assets | £43.1m | £34.3m | ▲ +26% |
| Dividends paid | −£123k | −£5.4m | ▲ +98% |
| People & pay | |||
| Avg. headcount | 368 | 421 | ▼ −13% |
| Staff cost | £22.6m | £19.6m | ▲ +15% |
| Director pay | £263k | £359k | ▼ −27% |
Turnover at the national sales company ticked up to £2,405.8m, while operating profit slipped to £32.3m. Average headcount fell by 12%, though total staff costs rose 15% to £22.6m over the same period. Dividends were trimmed to £123k alongside the narrowing bottom line.
Easyjet Holidays Limited [3]
The company operates as the tour operator and package holiday division of the London-listed low-cost airline group easyJet plc, providing ATOL-protected travel packages across Europe and North Africa.
Rapid expansion
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.9bn | £1.5bn | ▲ +26% |
| Gross profit | £260m | £221m | ▲ +18% |
| Admin expenses | £40m | £57m | ▼ −30% |
| Finance costs | £1m | £1m | ▲ −0% |
| Profit before tax | £250m | £190m | ▲ +32% |
| Net profit | £187m | £189m | ▼ −1% |
| Cash & balance sheet | |||
| Cash | £31m | £33m | ▼ −6% |
| Net assets | £481m | £275m | ▲ +75% |
| Dividends paid | — | £60m | |
| People & pay | |||
| Avg. headcount | 408 | 334 | ▲ +22% |
| Staff cost | £33m | £26m | ▲ +27% |
| Director pay | £4m | £3m | ▲ +33% |
| Highest-paid director | £2.2m | £1.6m | ▲ +38% |
The tour operator division delivered the sharpest growth of the group's filings, with turnover rising 26% to £1,917m. Profit before tax followed suit, climbing 31% to £250m. The period also saw an increase in board pay, with the highest-paid director's compensation rising 37% to £2.2m.
Easyjet Uk Limited [4]
Operating under the easyJet brand, the company functions as a British low-cost airline and a principal operating subsidiary of the London Stock Exchange-listed easyJet plc.
Steady growth
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £929.7m | £859.6m | ▲ +8% |
| Operating profit | £23.4m | £21.2m | ▲ +10% |
| Finance costs | −£2m | −£808k | ▼ −143% |
| Profit before tax | £21.4m | £22.1m | ▼ −3% |
| Net profit | £16m | £22.1m | ▼ −27% |
| Cash & balance sheet | |||
| Cash | £25.6m | £19.9m | ▲ +28% |
| Net assets | £18.5m | £24.1m | ▼ −23% |
| Dividends paid | −£21.7m | −£18.2m | ▼ −19% |
| People & pay | |||
| Avg. headcount | 1,054 | 932 | ▲ +13% |
| Staff cost | £87m | £74.6m | ▲ +17% |
Trading under the core brand, turnover rose 8% to £929.7m, alongside a 10% increase in operating profit to £23.4m. The workforce expanded by 13% to 1,054 employees, with total staff costs rising 17% to £87.0m. A clean audit opinion accompanies the steady expansion.
Vivo Defence Services Limited [5]
Operating as an equal joint venture between outsourcing groups Serco and Equans, the business provides facilities management and construction services to the UK defence sector.
Profit swept
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £822.8m | £916.4m | ▼ −10% |
| Gross profit | £58.4m | £56.6m | ▲ +3% |
| Admin expenses | £17.2m | £12.9m | ▲ +33% |
| Operating profit | £41.2m | £43.7m | ▼ −6% |
| Finance costs | £523k | £928k | ▼ −44% |
| Profit before tax | £42.9m | £44.4m | ▼ −3% |
| Net profit | £32.1m | £33.5m | ▼ −4% |
| Cash & balance sheet | |||
| Cash | £61.3m | £46.9m | ▲ +31% |
| Net assets | £32.1m | £33.5m | ▼ −4% |
| Dividends paid | £33.5m | £36.2m | ▼ −7% |
| People & pay | |||
| Avg. headcount | 1,549 | 1,560 | ▼ −1% |
| Staff cost | £85.3m | £83.5m | ▲ +2% |
Turnover at the defence facilities joint venture contracted 10% to £822.8m, while operating profit fell to £41.2m. Alongside the contraction in the top line, the company paid a £33.5m dividend, a figure closely matching the year's £32.1m net profit.
A reminder that a falling headcount does not always guarantee a lighter payroll.
Sources
- Easyjet Airline Company Limited
- Volvo Car Uk Limited
- Easyjet Holidays Limited
- Easyjet Uk Limited
- Vivo Defence Services Limited