The Accounts · daily brief
30 June 2026
A £1.3bn dividend follows a 91% profit drop at PPD
The takeaways
- PPD Global paid a £1.34bn dividend as operating profit contracted 91% to £26.3m
- China Merchants Securities UK filed on a break-up basis after turnover fell to £26k
- Stockport temp agency Sapphire DNP reported £436.8m in turnover alongside a 1.6% gross margin
Hiring signals · who grew, who shrank
Hiring
- Wisdomtree Uk Limited 54 → 68 staff ▲ +26% staff cost +30%
- Irma Management Limited 67 → 81 staff ▲ +21% staff cost +17%
Cutting
- Taher Limited 360 → 195 staff ▼ −46% staff cost −33%
- Coyle Personnel Limited 172 → 128 staff ▼ −26% staff cost −9%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
China Merchants Securities (Uk) Limited
Operating as the London-based, FCA-regulated subsidiary of China Merchants Securities International Company Limited, the business provides institutional clients with stock and bond brokerage, research advisory services, and fund management.
Filed on a break-up (non-going-concern) basis.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £26,451 | £127k | ▼ −79% |
| Gross profit | £26,451 | £127k | ▼ −79% |
| Finance costs | £0 | £0 | |
| Profit before tax | −£371k | −£458k | ▲ +19% |
| Net profit | −£371k | −£458k | ▲ +19% |
| Cash & balance sheet | |||
| Cash | £3.2m | £7.7m | ▼ −59% |
| Net assets | £16.4m | £16.7m | ▼ −2% |
| People & pay | |||
| Avg. headcount | 6 | 7 | ▼ −14% |
| Staff cost | £741k | £812k | ▼ −9% |
| Director pay | £372k | £378k | ▼ −2% |
| Highest-paid director | £283k | £293k | ▼ −4% |
A structural shift at the London arm of the Chinese brokerage, which has prepared its accounts on a break-up basis after directors concluded it is no longer a going concern. Core trading has contracted, with turnover dropping to £26k. The entity booked a £371k pre-tax loss, supported primarily by £641k in finance income during the wind-down.
Ppd Global Ltd [1]
PPD Global Ltd operates as a contract research organisation providing clinical trial management, biostatistical analysis, and product registration support services to the pharmaceutical industry.
Dividend dwarfs profit
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.6bn | £2.6bn | ▲ +2% |
| Gross profit | £79.4m | £348.9m | ▼ −77% |
| Admin expenses | £179.7m | £128.5m | ▲ +40% |
| Operating profit | £26.3m | £299.5m | ▼ −91% |
| Finance costs | £623k | £87,000 | ▲ +616% |
| Profit before tax | £35.4m | £369.6m | ▼ −90% |
| Net profit | −£2.4m | £345.8m | ▼ −101% |
| Cash & balance sheet | |||
| Cash | £14.2m | £338.1m | ▼ −96% |
| Net assets | £292.7m | £289.3m | ▲ +1% |
| Dividends paid | £1.3bn | £1.3bn | ▲ −0% |
| People & pay | |||
| Avg. headcount | 2,146 | 2,186 | ▼ −2% |
| Staff cost | £224.8m | £216.4m | ▲ +4% |
| Director pay | £579k | £1.6m | ▼ −63% |
| Highest-paid director | £340k | £1.1m | ▼ −68% |
The pharmaceutical research group booked a £1.34bn dividend for the second year running, while operating profit contracted 91% to £26.3m. The bottom line swung to a £2.4m net loss, alongside a £179.7m administrative bill and a 77% drop in gross profit. A notable capital distribution during a period that ended in the red.
Sapphire Dnp Limited [2]
Sapphire DNP Limited operates as a temporary employment agency based in Stockport.
Thin margins
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £436.8m | £400.2m | ▲ +9% |
| Gross profit | £7.1m | £6.8m | ▲ +5% |
| Admin expenses | £6.1m | £6.4m | ▼ −5% |
| Operating profit | £998k | £364k | ▲ +174% |
| Profit before tax | £1.1m | £364k | ▲ +192% |
| Net profit | £908k | £273k | ▲ +232% |
| Cash & balance sheet | |||
| Cash | £3.7m | £2.2m | ▲ +66% |
| Net assets | £1.7m | £1.1m | ▲ +55% |
| Dividends paid | £320k | £320k | ▲ −0% |
A classic high-volume, low-margin passthrough operation. The Stockport temp agency recorded £436.8m across the top line but retained £7.1m in gross profit — a thin 1.6% margin. That was enough to nearly triple operating profit to £1.0m, though it remains a fractional figure against the sheer scale of the revenue.
Sdta Productions Limited [3]
SDTA Productions Limited is a television programme production company operating as a subsidiary of SD Production Services Limited.
Rising pay, fewer staff
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £280.5m | £314.7m | ▼ −11% |
| Gross profit | £57.6m | £54.1m | ▲ +6% |
| Admin expenses | £766k | £1.3m | ▼ −42% |
| Profit before tax | £0 | −£33m | ▲ +100% |
| Net profit | £0 | −£33m | ▲ +100% |
| Cash & balance sheet | |||
| Cash | £29.5m | £21.4m | ▲ +38% |
| Net assets | £100 | −£3.6m | ▲ +100% |
| People & pay | |||
| Avg. headcount | 347 | 387 | ▼ −10% |
| Staff cost | £18.5m | £15.5m | ▲ +19% |
The TV production subsidiary broke even at the pre-tax level, following a £33.0m prior-year loss, supported by £58.3m in other operating income. Underlying turnover slipped 11% to £280.5m. Meanwhile, average headcount fell by 10% to 347, yet the total wages and salaries bill climbed 18% to £16.3m.
Exponential-E Limited [4]
Exponential-e is a privately held British technology provider that delivers enterprise connectivity, cloud infrastructure, unified communications, and IT security services through its own proprietary network.
Steady cloud growth
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £260.6m | £246.1m | ▲ +6% |
| Gross profit | £138.6m | £127.2m | ▲ +9% |
| Admin expenses | £107m | £100.2m | ▲ +7% |
| Operating profit | £31.6m | £27.2m | ▲ +16% |
| Finance costs | £5.4m | £4.5m | ▲ +21% |
| Profit before tax | £27.1m | £23.3m | ▲ +16% |
| Net profit | £20.1m | £17.3m | ▲ +16% |
| Cash & balance sheet | |||
| Cash | £46m | £28.9m | ▲ +59% |
| Net assets | £87.5m | £72.4m | ▲ +21% |
| Dividends paid | £5.4m | £5.2m | ▲ +4% |
| People & pay | |||
| Avg. headcount | 822 | 835 | ▼ −2% |
| Staff cost | £64.2m | £61.7m | ▲ +4% |
| Director pay | £3m | £2.4m | ▲ +28% |
| Highest-paid director | £690k | £556k | ▲ +24% |
Steady top-line growth at the enterprise cloud provider translated neatly down the P&L, with operating profit up 16% to £31.6m on £260.6m of turnover. The period also saw an increase in board pay, as total directors' remuneration climbed 28% to £3.0m. The group finishes the year entirely debt-free with £46.0m in the bank.
Dingbro Limited [5]
Operating from Aberdeen, the independent, family-owned company is engaged in the sale and distribution of motor vehicles.
Strong cash position
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £241.7m | £239.5m | ▲ +1% |
| Gross profit | £112.1m | £108.3m | ▲ +3% |
| Admin expenses | £21.1m | £20.7m | ▲ +2% |
| Operating profit | £22.6m | £23.8m | ▼ −5% |
| Finance costs | £158 | £0 | |
| Profit before tax | £24.3m | £25.5m | ▼ −5% |
| Net profit | £18.1m | £18.9m | ▼ −4% |
| Cash & balance sheet | |||
| Cash | £76m | £63.2m | ▲ +20% |
| Net assets | £133.8m | £120.4m | ▲ +11% |
| Dividends paid | £4.7m | £4.7m | ▲ −0% |
| People & pay | |||
| Avg. headcount | 1,703 | 1,669 | ▲ +2% |
| Staff cost | £65.5m | £62.1m | ▲ +6% |
| Director pay | £1.3m | £1.3m | ▲ +1% |
| Highest-paid director | £420k | £451k | ▼ −7% |
The Aberdeen motor distributor traded broadly flat, with turnover holding at £241.7m and operating profit dipping slightly to £22.6m. The balance sheet holds £76.0m in cash, providing a strong liquidity position. The notes reveal an ongoing £8.2m loan extended to a company controlled by certain directors.
A billion-pound dividend alongside a two-million-pound loss certainly makes for an interesting read of the reserves note.
Sources
- Ppd Global Ltd
- Sapphire Dnp Limited
- Sdta Productions Limited
- Exponential-E Limited
- Dingbro Limited