The Accounts · daily brief
3 July 2026
Margin pressure at F5, CEVA doubles UK headcount
The takeaways
- CEVA Logistics doubles its UK headcount to 6,457, with total staff costs rising 56% to £217m
- Lancashire Insurance Holdings sees operating profit fall 40% to £241m despite a 5% rise in turnover
- F5 Networks books a 16% drop in operating profit to £93m as administrative expenses climb to £197m
Hiring signals · who grew, who shrank
Hiring
- Ceva Logistics Limited 3,211 → 6,457 staff ▲ +101% staff cost +56%
- Edc Automotive Limited 133 → 178 staff ▲ +34% staff cost +48%
Cutting
- Agenda Resource Management Limited 172 → 124 staff ▼ −28% staff cost −16%
- Profast Group Limited 77 → 57 staff ▼ −26% 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
Seven Capital (Crocus) Ltd
Operating as part of the SevenCapital property group, the company acts as a real estate investment and development vehicle jointly owned by Seven Capital (M25) Ltd and Al Jubran Contract & Trading Co Limited.
Filed on a break-up (non-going-concern) basis.
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £37.6m | £10.5m | ▲ +258% |
| Gross profit | −£4.5m | −£10.1m | ▲ +56% |
| Admin expenses | £31,023 | £20,593 | ▲ +51% |
| Profit before tax | −£4.5m | −£10.2m | ▲ +56% |
| Net profit | −£4.5m | −£10.2m | ▲ +56% |
| Cash & balance sheet | |||
| Cash | £239 | £27,156 | ▼ −99% |
| Net assets | −£14.7m | −£10.2m | ▼ −44% |
| Dividends paid | £0 | £0 | |
| People & pay | |||
| Avg. headcount | 0 | 0 | |
| Staff cost | £0 | £0 | |
| Director pay | £7,000 | £5,250 | ▲ +33% |
A notable filing comes from this real estate vehicle, which has prepared its accounts on a break-up basis. Turnover more than tripled to £37.5m, but the company still booked a £4.4m gross loss, deepening its net liabilities to £14.6m. With zero employees and increasing deficits, the entity relies entirely on shareholder support to wind down its position.
Wmg Global Ventures Limited [1]
Formerly known as Chrysalis Records International Limited, the company operates as an artistic creation and music industry subsidiary within the global entertainment conglomerate Warner Music Group.
Steady profit
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £6.7bn | £6.4bn | ▲ +4% |
| Gross profit | £3.1bn | £2.8bn | ▲ +10% |
| Admin expenses | £1.1bn | — | |
| Operating profit | £823m | — | |
| Finance costs | £161m | — | |
| Profit before tax | £561m | £478m | ▲ +17% |
| Net profit | £441m | £355m | ▲ +24% |
| Cash & balance sheet | |||
| Cash | £532m | £694m | ▼ −23% |
| Net assets | £282m | £228m | ▲ +24% |
| Dividends paid | −£383m | −£361m | ▼ −6% |
Top-line revenue held steady at £6.7bn, while wider margins saw profit before tax rise by 17% to £561m. The entity, a subsidiary of the global entertainment conglomerate, maintained a steady flow of cash to its parent, paying out a £383m dividend during the year.
Wmg Finance Limited [2]
Originally incorporated to facilitate the acquisition of Parlophone Label Group, the entity operates as a UK financial and holding vehicle for the global music entertainment conglomerate Warner Music Group.
Loss-making holdco
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £5.4bn | — | |
| Gross profit | £2.6bn | £2.8bn | ▼ −8% |
| Admin expenses | £112m | £123m | ▼ −9% |
| Operating profit | £118m | £117m | ▲ +1% |
| Finance costs | £162m | £161m | ▲ +1% |
| Profit before tax | −£2.3m | −£6.3m | ▲ +64% |
| Net profit | −£2.6m | −£5.6m | ▲ +54% |
| Cash & balance sheet | |||
| Cash | £83.1m | £115.8m | ▼ −28% |
| Net assets | £88.8m | £91.5m | ▼ −3% |
| Dividends paid | −£383m | −£361m | ▼ −6% |
| People & pay | |||
| Director pay | £0 | £0 | |
This holding vehicle for the Warner Music Group booked £5.4bn in turnover for the year. It remains loss-making at the pre-tax level, narrowing slightly to a £2.2m deficit, while matching its sister company's £383m dividend payout.
Lancashire Insurance Holdings (Uk) Limited [3]
The company serves as the UK holding entity for the London-based operations of Lancashire Holdings Limited, a Bermuda-headquartered and LSE-listed specialty insurance and reinsurance group focusing on property, energy, marine, and aviation risks.
Squeezed margins
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.9bn | £1.8bn | ▲ +5% |
| Gross profit | £408.8m | £579m | ▼ −29% |
| Admin expenses | £167m | £179m | ▼ −7% |
| Operating profit | £241.3m | £400m | ▼ −40% |
| Finance costs | £16.6m | £15.9m | ▲ +4% |
| Profit before tax | £239m | £471.4m | ▼ −49% |
| Net profit | £236.7m | £449.1m | ▼ −47% |
| Cash & balance sheet | |||
| Cash | £561.4m | £684.3m | ▼ −18% |
| Net assets | £1.5bn | £1.5bn | ▲ +1% |
| Dividends paid | −£295.3m | — | |
| People & pay | |||
| Staff cost | £169.3m | — | |
| Director pay | £2.6m | £2m | ▲ +27% |
| Highest-paid director | £800k | £670k | ▲ +19% |
Top-line growth did not translate to the bottom line in these consolidated accounts for the specialty insurance group. Gross profit contracted by 29% to £408m, narrowing margins across the board. During the same period, total directors' remuneration rose 26% to £2.6m.
F5 Networks Limited [4]
F5 Networks Limited is the UK subsidiary of F5, Inc., a Nasdaq-listed American technology group specialising in application security, multi-cloud management, and network services.
Rising overheads
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £603.1m | £549.9m | ▲ +10% |
| Gross profit | £290.8m | £289.6m | ▲ +0% |
| Admin expenses | £197.3m | £178m | ▲ +11% |
| Operating profit | £93.5m | £111.6m | ▼ −16% |
| Finance costs | £147k | £149k | ▼ −1% |
| Profit before tax | £103.9m | £120.4m | ▼ −14% |
| Net profit | £78.5m | £89.9m | ▼ −13% |
| Cash & balance sheet | |||
| Cash | £249.8m | £197.8m | ▲ +26% |
| Net assets | £102.7m | £128.2m | ▼ −20% |
| Dividends paid | £75.1m | £75.1m | ▲ −0% |
| People & pay | |||
| Avg. headcount | 413 | 405 | ▲ +2% |
| Staff cost | £66.8m | £67.3m | ▼ −1% |
| Director pay | £297k | £240k | ▲ +23% |
| Highest-paid director | £297k | £240k | ▲ +23% |
Margin pressure unfolds similarly at the UK arm of the American technology group. Turnover rose 10% to £603m, but rising overheads saw the bottom line fall. Cash generation remains robust regardless, with the balance increasing 26% to £249m by year-end.
Ceva Logistics Limited [5]
The company acts as the UK operating arm of the global freight management and contract logistics provider, which is a wholly owned subsidiary of the French shipping group CMA CGM.
Expansion costs
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £508.5m | £418.9m | ▲ +21% |
| Gross profit | £40.6m | £39.2m | ▲ +4% |
| Admin expenses | −£42.6m | −£34.2m | ▼ −25% |
| Operating profit | −£2m | £5.1m | ▼ −139% |
| Finance costs | −£18.8m | −£3.3m | ▼ −476% |
| Profit before tax | −£11m | £2.7m | ▼ −505% |
| Net profit | −£6.4m | −£2.7m | ▼ −133% |
| Cash & balance sheet | |||
| Cash | £145.9m | £100.4m | ▲ +45% |
| Net assets | £40.5m | £52.7m | ▼ −23% |
| People & pay | |||
| Avg. headcount | 6,457 | 3,211 | ▲ +101% |
| Staff cost | £217.1m | £138.7m | ▲ +56% |
| Director pay | £792k | £644k | ▲ +23% |
| Highest-paid director | £275k | £247k | ▲ +11% |
A year of significant headcount expansion for the UK operating arm of the French logistics provider. The heavier wage bill coincided with the operating line moving to a £1.9m loss, despite turnover climbing 21% to £508m. Below the line, a sharp rise in finance costs to £18.8m deepened the pre-tax deficit to £10.9m.
Whether moving freight or securing applications, rising administrative costs were a consistent theme across this set.
Sources
- Wmg Global Ventures Limited
- Wmg Finance Limited
- Lancashire Insurance Holdings (Uk) Limited
- F5 Networks Limited
- Ceva Logistics Limited