The Accounts · daily brief
22 June 2026
Barclays unit breaks up, Toolstation doubles profit
The takeaways
- Clydesdale files on a break-up basis, posting a £413m pre-tax loss despite positive operating profit
- E D & F Man Sugar's 457-day extended period masks a drop in annualised sales, though it swung to a profit
- Toolstation doubled its operating profit to £44.4m as administrative expenses fell against rising revenue
Hiring signals · who grew, who shrank
Hiring
- Hedin Automotive Ltd 564 → 781 staff ▲ +38% staff cost +80%
- Exedy Clutch Europe Limited 43 → 52 staff ▲ +21% staff cost +35%
Cutting
- Tymit Ltd 134 → 102 staff ▼ −24% staff cost −6% material-uncertainty note
- Ballymore Construction Services Limited 99 → 76 staff ▼ −23% staff cost −16%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Clydesdale Financial Services Limited
Operating from the Barclays group headquarters in London, the company is a banking and business support services entity controlled by Barclays Principal Investments Limited.
Filed on a break-up (non-going-concern) basis.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £63.9m | £54.7m | ▲ +17% |
| Admin expenses | £117.6m | £115.3m | ▲ +2% |
| Operating profit | £43.8m | £41.5m | ▲ +6% |
| Finance costs | £51.7m | £90m | ▼ −43% |
| Profit before tax | −£413.3m | −£162.2m | ▼ −155% |
| Net profit | −£311.5m | −£123.5m | ▼ −152% |
| Cash & balance sheet | |||
| Cash | £298.4m | £72.8m | ▲ +310% |
| Net assets | £25.9m | £137.4m | ▼ −81% |
| People & pay | |||
| Director pay | £301k | £541k | ▼ −44% |
| Highest-paid director | £301k | — | |
A notable filing comes from this Barclays entity, which has drawn up its accounts on a break-up basis reflecting a planned run-down of operations. The P&L shows a sharp divergence: a £43.8m operating profit is offset by a £413.3m pre-tax loss. With finance income outweighing finance costs, a below-the-line charge bridges the gap as the entity proceeds with its planned closure.
The Walt Disney Company Limited [1]
Operating as the principal UK and EMEA subsidiary of the US-listed Walt Disney Company, the business manages television broadcasting, film distribution, character merchandising, and the regional operation of the Disney+ streaming service.
Margin expansion
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £4.4bn | £4.0bn | ▲ +11% |
| Gross profit | £1.4bn | £1.4bn | ▲ +5% |
| Admin expenses | £641.4m | £727.3m | ▼ −12% |
| Operating profit | £792.6m | £638.8m | ▲ +24% |
| Finance costs | £12m | £109.7m | ▼ −89% |
| Profit before tax | £920.3m | £766.6m | ▲ +20% |
| Net profit | £810.9m | £588.9m | ▲ +38% |
The UK and EMEA arm of the entertainment giant booked a 24% rise in operating profit to £792.6m. Turnover climbed 11% to £4.41bn, while administrative expenses fell by 12% to £641.4m. A robust set of figures for the period under review.
Howden Group Holdings Limited [2]
Formerly known as Hyperion Insurance Group, this privately held, employee-backed entity serves as the parent company for a global insurance intermediary providing retail broking, reinsurance, and underwriting services under brands including DUAL.
Heavy operating loss
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £4.2bn | £2.9bn | ▲ +48% |
| Admin expenses | £398.3m | £2.5bn | ▼ −84% |
| Operating profit | −£578.5m | £66.6m | ▼ −969% |
| Finance costs | −£780.9m | −£605.9m | ▼ −29% |
| Profit before tax | −£1.2bn | −£569.2m | ▼ −104% |
| Net profit | −£1.2bn | −£522.4m | ▼ −125% |
| Cash & balance sheet | |||
| Cash | £721.6m | £509.3m | ▲ +42% |
| Net assets | −£845.4m | £265.4m | ▼ −419% |
| Dividends paid | −£1.2m | — | |
| People & pay | |||
| Avg. headcount | 24,027 | 17,616 | ▲ +36% |
| Staff cost | £2.9bn | £1.8bn | ▲ +57% |
| Director pay | £13.4m | £7.2m | ▲ +86% |
With period lengths unstated, year-on-year percentages are strictly off the table for this insurance parent. The absolute numbers show a £578.5m operating loss on £4.23bn of turnover. Headcount averaged 24,027 employees, recording £2.87bn in total staff costs, while the wider group affirmed its going-concern status.
E D & F Man Sugar Limited [3]
Recently acquired by Hartree Partners, the company serves as the global sugar trading arm and parent entity for the wider group's sugar operations, sourcing and distributing raw, white, and speciality sugars worldwide.
Extended period
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.6bn | £2.5bn | ▲ +1% |
| Gross profit | £58.4m | £24.7m | ▲ +137% |
| Operating profit | £13.2m | −£5.9m | ▲ +324% |
| Profit before tax | £5.9m | −£13.1m | ▲ +145% |
| Net profit | £4.9m | −£10.1m | ▲ +149% |
| Cash & balance sheet | |||
| Cash | £40m | £52.6m | ▼ −24% |
| Net assets | £70.4m | £65.5m | ▲ +8% |
| Dividends paid | — | £2.1m | |
| People & pay | |||
| Avg. headcount | 51 | 54 | ▼ −6% |
| Staff cost | £18.5m | £15m | ▲ +23% |
| Director pay | £5.1m | £9.8m | ▼ −47% |
| Highest-paid director | £2.2m | £5.7m | ▼ −62% |
The sugar trader reported an extended 457-day period for its latest financial year, rendering unadjusted comparisons to the prior 12 months complex. Across those 15 months, it booked £2.55bn in turnover—virtually identical to the £2.54bn recorded in the previous 366 days, reflecting a drop in the annualised run rate. Despite the lower annualised revenue, the entity moved out of the red to post a £13.2m operating profit.
Warburtons Limited [4]
Operating as the principal trading entity of the family-owned Warburtons Holdings Limited, the business is a major British baking firm that manufactures and distributes bread, crumpets, and other bakery products nationwide.
Steady riser
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £769.9m | £741.1m | ▲ +4% |
| Operating profit | £43.2m | £33.3m | ▲ +30% |
| Finance costs | £1.2m | £1.8m | ▼ −32% |
| Profit before tax | £42m | £31.5m | ▲ +33% |
| Net profit | £22.2m | £16m | ▲ +39% |
| Cash & balance sheet | |||
| Cash | £16.8m | £49m | ▼ −66% |
| Net assets | £514.2m | £488.1m | ▲ +5% |
| Dividends paid | £32.5m | £21.2m | ▲ +54% |
| People & pay | |||
| Avg. headcount | 5,004 | 4,959 | ▲ +1% |
| Staff cost | £267m | £253.7m | ▲ +5% |
| Director pay | £5m | £5m | ▲ +0% |
| Highest-paid director | £1.7m | £1.7m | ▲ +2% |
The family-owned baker widened its margins, with operating profit rising 30% to £43.2m on a 4% uptick in turnover. The improved yield supported a £32.5m dividend up to the parent company. The sort of steady, cash-generative compounding you can set your watch by.
Toolstation Limited [5]
Toolstation Limited is a multi-channel retailer of tools, hardware, and building materials operating as a subsidiary of the listed builders' merchant group Travis Perkins plc.
Admin savings
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £744.6m | £720.1m | ▲ +3% |
| Gross profit | £259.8m | £249.7m | ▲ +4% |
| Admin expenses | £55.9m | £63.8m | ▼ −12% |
| Operating profit | £44.4m | £19.8m | ▲ +124% |
| Profit before tax | £36.6m | £19.8m | ▲ +85% |
| Net profit | £25.7m | £13.9m | ▲ +85% |
| Cash & balance sheet | |||
| Cash | £3.2m | £3.2m | ▲ −0% |
| Net assets | £147.3m | £147.6m | ▼ −0% |
| Dividends paid | £20.6m | — | |
| People & pay | |||
| Avg. headcount | 5,274 | 5,243 | ▲ +1% |
| Staff cost | £142.4m | £135.2m | ▲ +5% |
| Director pay | £1m | £800k | ▲ +25% |
| Highest-paid director | £600k | £600k | ▲ −0% |
The Travis Perkins subsidiary more than doubled its operating profit to £44.4m. Turnover ticked up 3% to £744.6m, while administrative expenses fell by 12% to £55.9m. That reduction in administrative costs accompanied bottom-line expansion, a shift that occurred even as total staff costs crept higher.
A steady day for baking bread or selling spanners; a transitional one for a Barclays support entity on the wind-down. I'm off to find a 457-day nap.
Sources
- The Walt Disney Company Limited
- Howden Group Holdings Limited
- E D & F Man Sugar Limited
- Warburtons Limited
- Toolstation Limited