The Accounts · daily brief
1 July 2026
A £29.5m dividend on zero headcount
The takeaways
- Queen Productions paid a £29.5m dividend out of a zero-employee entity on just £24.9m in turnover
- Board pay at THG surged to £3.7m even as the e-commerce group saw its average headcount fall by 35%
- Hippo Vehicle Solutions filed an 18-month set, making its £260.4m top line tricky to compare cleanly
Hiring signals · who grew, who shrank
Hiring
- Scottsdale Golf (U.K.) Limited 53 → 74 staff ▲ +40% staff cost +49%
- Spillard Safety Systems Limited 61 → 82 staff ▲ +34% staff cost +13%
Cutting
- Breezemount Services Ltd 366 → 175 staff ▼ −52% staff cost −59% accounts on a break-up basis
- Egain Communications Ltd 72 → 46 staff ▼ −36% staff cost −11%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Queen Productions Limited
The company serves as the principal artistic creation and rights management vehicle for the British rock band Queen, historically owned by band members including Roger Taylor and Brian May, with significant control recently passing to Rock Bidco Limited.
Paid a £29.5m dividend on £1.4m of equity.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £24.9m | £24.3m | ▲ +3% |
| Gross profit | £23.7m | £22.7m | ▲ +4% |
| Admin expenses | £6.9m | £8.1m | ▼ −15% |
| Operating profit | £16.8m | £14.7m | ▲ +15% |
| Finance costs | £1,653 | £1,271 | ▲ +30% |
| Profit before tax | £22m | £16.4m | ▲ +34% |
| Net profit | £17.6m | £12.7m | ▲ +39% |
| Cash & balance sheet | |||
| Cash | £3.9m | £1.8m | ▲ +117% |
| Net assets | £1.4m | £13.3m | ▼ −89% |
| Dividends paid | £29.5m | £3.7m | ▲ +705% |
| People & pay | |||
| Avg. headcount | 0 | 0 | |
Today's most unusual filing sees a substantial £29.5m dividend paid out of an entity with just £1.4m in net assets. The rights management vehicle for the rock band Queen is the ultimate capital-light passthrough, generating £24.9m in turnover without a single employee on the books. Operating profit climbed to £16.8m, but the significant payout drew down heavily on reserves, reducing net assets by £12m.
Thg Plc [1]
Formerly known as The Hut Group, this LSE-listed e-commerce retailer and brand owner operates predominantly in the beauty and sports nutrition sectors through major online platforms such as Lookfantastic, Cult Beauty, Dermstore, and Myprotein.
Board pay rose
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.7bn | £1.8bn | ▼ −2% |
| Gross profit | £687m | £693.5m | ▼ −1% |
| Admin expenses | £218.9m | £230.6m | ▼ −5% |
| Operating profit | £54.1m | £54.1m | ▲ −0% |
| Finance costs | £80.1m | £63.6m | ▲ +26% |
| Profit before tax | −£25.1m | −£20.4m | ▼ −23% |
| Net profit | −£30.8m | −£26.1m | ▼ −18% |
| Cash & balance sheet | |||
| Cash | £801k | £727k | ▲ +10% |
| Net assets | £1.7bn | £1.6bn | ▲ +5% |
| Dividends paid | −£21,000 | — | |
| People & pay | |||
| Avg. headcount | 759 | 1,182 | ▼ −36% |
| Staff cost | £150.2m | £335m | ▼ −55% |
| Director pay | £3.7m | £453k | ▲ +717% |
Operating profit held perfectly flat at £54.1m as revenue slipped 2%, but the period saw contrasting movements in staff and board costs. Average headcount fell by 35% to 759, more than halving the total staff cost bill. Meanwhile, total directors' remuneration rose from £453k to £3.7m. Despite the reduction in payroll expenses, the listed e-commerce group still booked a £25.1m pre-tax loss.
Phoenix Me Limited [2]
The company operates as a mechanical and electrical contractor providing electrical and general construction installation services.
Margin expansion
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £319.1m | £295.3m | ▲ +8% |
| Gross profit | £39.7m | £30.8m | ▲ +29% |
| Admin expenses | £23.8m | £21.7m | ▲ +10% |
| Operating profit | £15.9m | £10.3m | ▲ +54% |
| Profit before tax | £16.6m | £10.7m | ▲ +55% |
| Net profit | £13.5m | £7.8m | ▲ +73% |
| Cash & balance sheet | |||
| Cash | £37.6m | £22.4m | ▲ +68% |
| Net assets | £51.9m | £44.9m | ▲ +16% |
| Dividends paid | £6.5m | — | |
| People & pay | |||
| Avg. headcount | 469 | 420 | ▲ +12% |
| Staff cost | £57.4m | £51.7m | ▲ +11% |
| Director pay | £6.2m | £6.5m | ▼ −6% |
| Highest-paid director | £1.3m | £2.5m | ▼ −50% |
A steady margin expansion for the mechanical and electrical contractor. Turnover climbed 8% to £319.1m, but operating profit outpaced it with a 54% jump to £15.8m. That operational performance flowed through to the balance sheet, increasing the cash balance from £22.3m to £37.5m. A robust set of figures.
Lough Erne Investments Limited [3]
Operating from a farm in County Fermanagh, the business acts as a family-owned agricultural holding company primarily engaged in livestock rearing.
Stub period prior
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £302.4m | £201m | ▲ +50% |
| Gross profit | £43.1m | £31.9m | ▲ +35% |
| Admin expenses | £14.5m | £12.5m | ▲ +16% |
| Operating profit | £22.9m | £15.4m | ▲ +49% |
| Finance costs | £349k | £609k | ▼ −43% |
| Profit before tax | £22.8m | £15.1m | ▲ +51% |
| Net profit | £16.8m | £11.2m | ▲ +50% |
| Cash & balance sheet | |||
| Cash | £18m | £15.1m | ▲ +19% |
| Net assets | £97m | £83.4m | ▲ +16% |
| Dividends paid | £95,000 | £95,000 | ▲ −0% |
| People & pay | |||
| Avg. headcount | 337 | 309 | ▲ +9% |
| Staff cost | £12.5m | £8.3m | ▲ +50% |
| Director pay | £865k | £805k | ▲ +7% |
The raw year-on-year comparisons are skewed for the agricultural holding company, as the latest 365-day period is measured against a 280-day stub. Annualising that prior period suggests revenue grew at a steadier pace than the headline 50% increase to £302.3m implies. Still, recording a £22.8m operating profit remains a notable figure for the period.
Hippo Vehicle Solutions Limited [4]
Trading as Hippo Leasing and forming part of the Hippo Motor Group, the company provides personal and business vehicle leasing, finance, and sales, operating as a wholly owned subsidiary of Hippo Vehicle Holdings Limited.
Extended 18-month period
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £260.4m | £142.6m | ▲ +83% |
| Gross profit | £36.8m | £23.4m | ▲ +57% |
| Admin expenses | £43.3m | £26.1m | ▲ +66% |
Another skewed comparison, this time driven by an extended 548-day reporting period. The £260.4m turnover figure looks substantial next to the prior £142.6m, but annualised, the growth is far less pronounced. Over the 18 months, administrative expenses of £43.3m exceeded the £36.8m gross profit, leaving the motor dealer reliant on exceptional items to support the bottom line.
Cars 2 Limited [5]
Operating primarily in West Yorkshire, the company is an independent regional motor dealership group engaged in the retail of new and used vehicles alongside associated maintenance, repair, and parts services.
EOT buyout
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £220.2m | £207.6m | ▲ +6% |
| Gross profit | £14m | £12.8m | ▲ +9% |
| Admin expenses | £8.4m | £7.4m | ▲ +15% |
| Operating profit | £5.8m | £5.8m | ▲ +1% |
| Finance costs | £2.2m | £2.2m | ▼ −3% |
| Profit before tax | £3.8m | £4m | ▼ −6% |
| Net profit | £3m | £3m | ▼ −0% |
| Cash & balance sheet | |||
| Cash | £6.7m | £12.5m | ▼ −47% |
| Net assets | £8m | £27.2m | ▼ −71% |
| Dividends paid | £500k | £500k | ▲ −0% |
| People & pay | |||
| Avg. headcount | 280 | 266 | ▲ +5% |
| Staff cost | £11.7m | £10.2m | ▲ +15% |
| Director pay | £882k | £928k | ▼ −5% |
| Highest-paid director | £267k | £281k | ▼ −5% |
A broadly static year for the Yorkshire motor dealer. Revenue edged up 6% to £220.2m, but operating profit barely moved, settling at £5.8m. The most notable development occurred just after the year-end, with the notes revealing the company's share capital was acquired by an Employee Ownership Trust in January 2025.
Proof that you don't need a payroll to write a massive dividend cheque, provided you wrote Bohemian Rhapsody first.
Sources
- Thg Plc
- Phoenix Me Limited
- Lough Erne Investments Limited
- Hippo Vehicle Solutions Limited
- Cars 2 Limited