Adverse audit, break-up basis, and a £45m cash outflow

The takeaways

Peninsula Uranium accounts are prepared on a break-up basis with an adverse audit opinion as revenue rose
Lyreco's operating profit fell 78% to £1.8m, a figure that includes £9.2m of one-off other operating income
ISS Mediclean cash reserves fell from £98.2m to £298k alongside a £45m dividend payment during the period

Hiring signals · who grew, who shrank

Hiring

Lumon Pay Ltd 153 → 177 staff ▲ +16% staff cost +29%
Ardent Limited 95 → 109 staff ▲ +15% staff cost +22%

Cutting

Apex Corporate And Business Services Uk Limited 69 → 55 staff ▼ −20% staff cost −6%
Na Curtain Walling Limited 38 → 32 staff ▼ −16% staff cost −5%

Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.

Filing of note

Peninsula Uranium Limited

09473897 · Parent-only

Auditor issued an adverse opinion.

Line	FY25	FY24	YoY
Profit & loss
Turnover	£3.9m	£290k	▲ +1255%
Admin expenses	£389	£470	▼ −17%
Profit before tax	£23,071	£23,071	▲ −0%
Net profit	£18,688	£18,688	▲ −0%
Cash & balance sheet
Cash	£59,651	£183k	▼ −67%
Net assets	£319k	£300k	▲ +6%

The day's most notable filing arrives with an adverse audit opinion and accounts prepared on a break-up basis. The top line shows a significant shift, with turnover jumping more than twelve-fold to £3.9m, derived entirely from agency revenue. Despite that increase in sales, profit before tax remained static year-on-year at £23k.

Iss Mediclean Limited [1]

01659837 · Parent-only

Cash outflow

Line	FY25	FY24	YoY
Profit & loss
Turnover	£642.4m	£553.7m	▲ +16%
Gross profit	£70.4m	£62.1m	▲ +13%
Admin expenses	£62.9m	£55.8m	▲ +13%
Operating profit	£7.5m	£6.3m	▲ +18%
Finance costs	£4.2m	£3.7m	▲ +12%
Profit before tax	£8.4m	£7.3m	▲ +15%
Net profit	£6m	£6.4m	▼ −6%
Cash & balance sheet
Cash	£298k	£98.2m	▼ −100%
Net assets	£69.9m	£109.3m	▼ −36%
Dividends paid	−£45m	—
People & pay
Avg. headcount	12,726	12,759	▼ −0%
Staff cost	£359.1m	£318.8m	▲ +13%
Director pay	£1.2m	£948k	▲ +27%
Highest-paid director	£483k	£521k	▼ −7%

The notable movement here is on the balance sheet, where a £45m dividend was paid during the period. Cash at bank fell from £98.2m to £298k over the same timeframe. Meanwhile, total directors' remuneration rose 27% to £1.2m, an increase that coincided with a reduction in net assets.

Lyreco Uk Limited [2]

00442696 · Parent-only

Underlying drop

Line	FY25	FY24	YoY
Profit & loss
Turnover	£320.7m	£320.9m	▼ −0%
Gross profit	£106.7m	£108.5m	▼ −2%
Admin expenses	£106.1m	£92.5m	▲ +15%
Operating profit	£1.8m	£8.3m	▼ −78%
Finance costs	£319k	£1,000	▲ +31800%
Profit before tax	£1.5m	£8.5m	▼ −82%
Net profit	£526k	£6.7m	▼ −92%
Cash & balance sheet
Cash	£35,000	£30,000	▲ +17%
Net assets	£33m	£40.7m	▼ −19%
Dividends paid	£8.4m	£8m	▲ +5%
People & pay
Avg. headcount	1,455	1,271	▲ +14%
Staff cost	£64.4m	£52.7m	▲ +22%
Director pay	£376k	£311k	▲ +21%

The profit lines here reflect a period of margin pressure. Operating profit fell 78% to £1.8m, a figure that includes £9.2m of one-off other operating income. Excluding that item, underlying trading profit—gross profit minus administrative expenses—declined from £16m to £665k as administrative costs climbed 15%.

Northrop Grumman Uk Limited [3]

5989428 · Parent-only

Steady dividend

Line	FY25	FY24	YoY
Profit & loss
Turnover	£199.3m	£204.7m	▼ −3%
Admin expenses	£111.8m	£118.1m	▼ −5%
Operating profit	£21m	£23.7m	▼ −11%
Profit before tax	£27.1m	£30.8m	▼ −12%
Net profit	£19.8m	£23.7m	▼ −16%
Cash & balance sheet
Cash	£10,000	£8,000	▲ +25%
Net assets	£97.1m	£97.5m	▼ −0%
Dividends paid	−£20m	£0
People & pay
Avg. headcount	776	767	▲ +1%
Staff cost	£66.5m	£62.9m	▲ +6%
Director pay	£1.2m	£1.7m	▼ −32%

A quieter year for the defence contractor's UK arm, with operating profit dropping 11% to £21m. The underlying business remains comfortably in the black, and a £20m dividend was paid after no distribution in the prior year. Net assets emerged essentially flat at £97m.

Glw Feeds Limited [4]

00506275 · Parent-only

Board pay jump

Line	FY25	FY24	YoY
Profit & loss
Turnover	£168.1m	£150.2m	▲ +12%
Gross profit	£13.4m	£11.2m	▲ +19%
Admin expenses	£10.5m	£9.4m	▲ +11%
Operating profit	£3.1m	£1.8m	▲ +69%
Finance costs	£79,004	£61,992	▲ +27%
Profit before tax	£3.1m	£1.8m	▲ +71%
Net profit	£2.3m	£1.5m	▲ +55%
Cash & balance sheet
Cash	£7m	£4.7m	▲ +51%
Net assets	£24.8m	£22.4m	▲ +10%
Dividends paid	£40,506	£40,506	▲ −0%
People & pay
Avg. headcount	134	130	▲ +3%
Staff cost	£6.6m	£6m	▲ +10%
Director pay	£542k	£409k	▲ +33%
Highest-paid director	£140k	£98,350	▲ +42%

A steady year of trading saw operating profit rise 69% to £3.1m. The period also saw an increase in board pay, with total directors' remuneration climbing 33% and the highest-paid director's package rising 42% to £140k. The notes flag a £771k balance owed by a director-controlled entity, bearing an interest rate of 3.75%.

Hampshire Waste Services Limited [5]

02537089 · Parent-only

Pass-through

Line	FY25	FY24	YoY
Profit & loss
Turnover	£80.4m	£76.3m	▲ +5%
Gross profit	£1.6m	£2m	▼ −18%
Operating profit	£1.6m	£2m	▼ −18%
Finance costs	£4m	£4.5m	▼ −12%
Profit before tax	£3.3m	£4m	▼ −17%
Net profit	£2.3m	£2.9m	▼ −18%
Cash & balance sheet
Net assets	−£4.3m	−£6.6m	▲ +35%

This appears to be a capital-light pass-through entity, generating £80.4m in turnover without a single employee or staff cost on the books. Operating profit slipped 18% to £1.6m, with the bottom line shaped by the financing structure, as £5.7m in finance income offset £4m in finance costs. The company trades with £4.3m in net liabilities.

An adverse audit opinion always makes for notable reading, especially when accompanied by significant movements in cash and dividends across the wider set.

Sources

Iss Mediclean Limited (01659837)
Lyreco Uk Limited (00442696)
Northrop Grumman Uk Limited (5989428)
Glw Feeds Limited (00506275)
Hampshire Waste Services Limited (02537089)