The Accounts · daily brief
25 June 2026
Santander unwinds cards unit as Smith & Nephew roles drop
The takeaways
- Santander Cards UK files on a break-up basis as the entity winds down operations
- Smith & Nephew posts a £794m operating profit as headcount falls by 530 roles
- Tullow Oil swings to a £197m pre-tax loss as turnover nearly halves to £7.03bn
Hiring signals · who grew, who shrank
Hiring
- Pure Pet Food Ltd 96 → 146 staff ▲ +52% staff cost +83%
- Allianz Management Services Limited 4,259 → 6,436 staff ▲ +51% staff cost +46%
Cutting
- Entertainment One Uk Limited 170 → 24 staff ▼ −86% staff cost −117%
- Fire Protection Limited 73 → 39 staff ▼ −47% staff cost −33%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Santander Cards Uk Limited
Operating as a subsidiary of Santander UK, which is ultimately owned by the Spanish banking group Banco Santander, the company provides financial intermediation and credit card services.
Filed on a break-up basis — the business is being wound up.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Profit before tax | £2.8m | −£24.6m | ▲ +112% |
| Net profit | £1.7m | −£25.7m | ▲ +107% |
| Cash & balance sheet | |||
| Cash | £50.5m | £57.2m | ▼ −12% |
| Net assets | £114m | £112.3m | ▲ +2% |
The desk singled this filing out as the day's most unusual, with the Santander subsidiary winding down operations and filing on a break-up basis. The accounts confirm the company no longer trades and is writing down assets to net realisable value. Despite the wind-down, the entity still holds a tidy bowl of cash at £50.5m.
Tullow Oil Plc [1]
Tullow Oil is a London-listed multinational oil and gas exploration and production group whose core producing assets are focused in Ghana.
Swung to loss
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £7.0bn | £12.9bn | ▼ −45% |
| Gross profit | £4.1bn | £6.3bn | ▼ −35% |
| Admin expenses | £522m | £392m | ▲ +33% |
| Finance costs | £326m | £344.2m | ▼ −5% |
| Profit before tax | −£197m | £546m | ▼ −136% |
| Net profit | −£262m | £317.3m | ▼ −183% |
| Cash & balance sheet | |||
| Cash | £332.2m | £555.1m | ▼ −40% |
| Net assets | −£252.9m | £748.5m | ▼ −134% |
| Dividends paid | £0 | £0 | |
| People & pay | |||
| Avg. headcount | 346 | 402 | ▼ −14% |
| Staff cost | £75.7m | £85.7m | ▼ −12% |
The top line contracted sharply at the London-listed oil and gas producer, with turnover falling 45% to £7.03bn. The group moved to a £197m pre-tax loss, reversing the £546m profit booked a year prior. Administrative expenses rose 33% to £522m during the period, while average headcount shrank to 346.
Smith & Nephew Plc [2]
Trading as Smith+Nephew, the company is a British multinational medical technology manufacturer specialising in advanced wound management, sports medicine, and orthopaedics, and is a FTSE 100 constituent dual-listed in London and New York.
Headcount falls
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £6.2bn | £5.8bn | ▲ +6% |
| Operating profit | £794m | £557m | ▲ +43% |
| Profit before tax | £779m | £498m | ▲ +56% |
| Net profit | £625m | £412m | ▲ +52% |
| Cash & balance sheet | |||
| Cash | £557m | £619m | ▼ −10% |
| Net assets | £5.0bn | £5.3bn | ▼ −6% |
| Dividends paid | £330m | £327m | ▲ +1% |
| People & pay | |||
| Avg. headcount | 17,530 | 18,060 | ▼ −3% |
| Staff cost | £1.4bn | £1.4bn | ▲ +4% |
| Director pay | £26m | — | |
Operating profit at the medical technology group rose to £794m, up from £557m previously. Turnover reached £6.16bn against a prior £5.81bn, while average headcount across the business fell by 530 roles. The period also saw an increase in board pay, with total directors' remuneration checking in at £26m.
Ecom Agrotrade Limited [3]
Formerly known as Armajaro Trading, the company operates as the UK commodity brokerage and wholesale arm of the Ecom Trading group, specialising in coffee, tea, cocoa, and spices.
Board pay jumps
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.3bn | £2.4bn | ▼ −4% |
| Gross profit | £114.5m | £94.2m | ▲ +22% |
| Admin expenses | £28.5m | £47.8m | ▼ −40% |
| Operating profit | £87.7m | £43.7m | ▲ +100% |
| Finance costs | £78.9m | £78.9m | ▲ +0% |
| Profit before tax | £30.9m | −£28.4m | ▲ +209% |
| Net profit | £23.5m | −£25.9m | ▲ +191% |
| Cash & balance sheet | |||
| Cash | £2,275 | £10,617 | ▼ −79% |
| Net assets | £115.9m | £92.4m | ▲ +25% |
| People & pay | |||
| Avg. headcount | 85 | 78 | ▲ +9% |
| Staff cost | £19.9m | £19.9m | ▼ −0% |
| Director pay | £4.5m | £2.3m | ▲ +92% |
| Highest-paid director | £3.3m | £1.3m | ▲ +162% |
Turnover at the UK commodity brokerage slipped to £2.27bn from £2.36bn, while operating profit more than doubled to £87.7m. The margin widened alongside a drop in administrative expenses, which fell by 40% to £28.5m. Total directors' remuneration also increased during the year, jumping 92% to £4.46m.
Ms Amlin Corporate Member Limited [4]
The company operates as a non-life insurer and Lloyd's corporate member providing commercial insurance and reinsurance cover, functioning as a subsidiary of the Japanese financial services firm Mitsui Sumitomo Insurance Group.
Steady growth
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.8bn | £1.6bn | ▲ +14% |
| Admin expenses | £174.2m | £174.6m | ▼ −0% |
| Profit before tax | £347.8m | £210m | ▲ +66% |
| Net profit | £255.1m | £137.6m | ▲ +85% |
| Cash & balance sheet | |||
| Cash | £95.5m | £92.2m | ▲ +4% |
| People & pay | |||
| Avg. headcount | 486 | 453 | ▲ +7% |
| Staff cost | £63.7m | £57.5m | ▲ +11% |
| Director pay | £201k | £162k | ▲ +24% |
| Highest-paid director | £65,000 | £60,000 | ▲ +8% |
The Lloyd's corporate member recorded a steady year, with profit before tax climbing 66% to £347.8m. Turnover rose 14% to £1.76bn, outpacing a modest rise in staff costs during the period. The balance sheet remains heavily collateralised, as detailed in a note outlining its reinsurance arrangements.
Cloud Sg Uk Ltd [5]
Operating previously as Citrix Systems UK Limited, the entity serves as the British subsidiary of Cloud Software Group, providing enterprise software and cloud computing services.
Overheads fall
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.2bn | £1.1bn | ▲ +12% |
| Gross profit | £171.9m | £232m | ▼ −26% |
| Admin expenses | −£130.4m | −£196.9m | ▲ +34% |
| Operating profit | £41.5m | £35.1m | ▲ +18% |
| Finance costs | −£18,958 | −£157k | ▲ +88% |
| Profit before tax | £68.4m | £73.6m | ▼ −7% |
| Net profit | £51.1m | £58m | ▼ −12% |
| Cash & balance sheet | |||
| Cash | £34.3m | £115.6m | ▼ −70% |
| Net assets | £153.2m | £140m | ▲ +9% |
| Dividends paid | −£37.9m | — | |
| People & pay | |||
| Avg. headcount | 246 | 327 | ▼ −25% |
| Staff cost | £60m | £74.6m | ▼ −20% |
The software group formerly known as Citrix grew turnover by 12% to £1.17bn, though gross profit contracted 26% to £171.8m. Operating profit rose 18% to £41.4m alongside a reduction in overheads, with administrative expenses dropping 34% to £130.4m. Average headcount at the business fell by a quarter.
Nothing like a break-up basis to remind you that even the most stubborn balance sheets eventually roll over.
Sources
- Tullow Oil Plc
- Smith & Nephew Plc
- Ecom Agrotrade Limited
- Ms Amlin Corporate Member Limited
- Cloud Sg Uk Ltd