The Accounts · daily brief
20 August 2026
EGV breaks up, OVO readies sale and TikTok turns a profit
The takeaways
- Eaton Gate holding entity EGV filed its accounts on a break-up basis after ceasing to be a going concern
- TikTok's UK arm posted its first operating profit, booking £451.8m as it scaled against a larger revenue base
- OVO Energy swung to a £105m operating loss and flagged a material uncertainty ahead of its retail sale to E.ON
Hiring signals · who grew, who shrank
Hiring
- Eagle-Glen Limited 165 → 274 staff ▲ +66% staff cost +29%
- Johnson Controls Building Efficiency Uk Limited 554 → 738 staff ▲ +33% staff cost +25%
Cutting
- Boeing Uk Training And Flight Services Limited 128 → 44 staff ▼ −66% staff cost −67%
- Harbour Rock Capital Limited 125 → 66 staff ▼ −47% staff cost −44%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Egv (Holdings) Limited
EGV (Holdings) Limited acts as a principal holding entity for the Eaton Gate group, a London-based insurance managing general underwriter and brokerage business.
Filed on a break-up (non-going-concern) basis.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £23.8m | £23.3m | ▲ +2% |
| Admin expenses | £28.8m | £30.2m | ▼ −5% |
| Operating profit | — | −£6.9m | |
| Finance costs | £13.8m | £17m | ▼ −19% |
| Profit before tax | −£18.8m | −£24m | ▲ +22% |
| Net profit | −£19.8m | −£24.7m | ▲ +20% |
| Cash & balance sheet | |||
| Cash | £5.2m | £1.1m | ▲ +374% |
| Net assets | −£84.6m | −£64.8m | ▼ −31% |
| People & pay | |||
| Avg. headcount | 123 | 107 | ▲ +15% |
| Staff cost | £11m | £9.6m | ▲ +14% |
| Director pay | £1.7m | £1.3m | ▲ +36% |
| Highest-paid director | £703k | £584k | ▲ +20% |
A notable filing comes from the holding entity for the Eaton Gate insurance business, which has prepared its accounts on a break-up basis. The accounts confirm the group is no longer a going concern. Underlying trading remained loss-making, with £23.7m in turnover exceeded by £28.8m in administrative expenses, leaving an £18.7m pre-tax loss once £13.7m in finance costs were applied.
Tiktok Information Technologies Uk Limited [1]
The company acts as a principal British subsidiary for the global short-form video platform TikTok, operating under the ultimate ownership of the Chinese technology group ByteDance.
First operating profit
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £9.2bn | £6.3bn | ▲ +46% |
| Gross profit | £2.8bn | £1.2bn | ▲ +134% |
| Admin expenses | £1.2bn | £753.5m | ▲ +58% |
| Operating profit | £451.9m | −£484.6m | ▲ +193% |
| Finance costs | £190.3m | £204.2m | ▼ −7% |
| Profit before tax | £280.4m | −£616m | ▲ +146% |
| Net profit | £702.6m | −£657.3m | ▲ +207% |
| Cash & balance sheet | |||
| Cash | £930.5m | £579.9m | ▲ +60% |
| Net assets | −£771.8m | −£4.2bn | ▲ +82% |
| People & pay | |||
| Avg. headcount | 6,842 | 7,981 | ▼ −14% |
| Staff cost | £984.8m | £937.1m | ▲ +5% |
| Director pay | £243k | £168k | ▲ +45% |
| Highest-paid director | £116k | — | |
The UK arm of the short-form video platform posted its first operating profit, booking £451.8m on £9.19bn in turnover. The filing attributes the return to profit to a larger revenue base scaling against fixed infrastructure costs. While average headcount fell 14% to 6,842, the total staff bill rose slightly to £984.7m. A £422.1m tax credit ultimately pushed net profit to £702.5m.
Ovo Energy Ltd [2]
Operating as the principal retail arm of the unlisted OVO Group, the company is a privately owned supplier of gas and electricity to domestic customers across the UK.
Material uncertainty
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £5.1bn | £5.5bn | ▼ −7% |
| Gross profit | £644m | £701m | ▼ −8% |
| Admin expenses | £503m | £512m | ▼ −2% |
| Operating profit | −£105m | £233m | ▼ −145% |
| Finance costs | £26m | £74m | ▼ −65% |
| Profit before tax | −£127m | £180m | ▼ −171% |
| Net profit | −£118m | £157m | ▼ −175% |
| Cash & balance sheet | |||
| Cash | £248m | £289m | ▼ −14% |
| Net assets | −£82m | −£726m | ▲ +89% |
| People & pay | |||
| Avg. headcount | 4,078 | 4,282 | ▼ −5% |
| Staff cost | £226m | £230m | ▼ −2% |
| Director pay | £2.3m | £2.3m | ▲ +2% |
| Highest-paid director | £1.3m | £922k | ▲ +38% |
Turnover slipped to £5.09bn, moving the retail supplier to a £105m operating loss after last year's £233m profit. The bottom line was further impacted by £67m in exceptional costs. The accounts carry a material uncertainty warning over going concern, though the filing notes an agreement was reached in May 2026 to sell the UK retail business to E.ON.
Radius Limited [3]
Formerly known as Radius Payment Solutions, the unlisted company is a global fleet and mobility solutions provider headquartered in Crewe, offering services across telematics, fuel cards, insurance, telecoms, and electric vehicles.
Cross-sell momentum
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £5.0bn | £4.6bn | ▲ +9% |
| Gross profit | £369m | £333m | ▲ +11% |
| Admin expenses | £272m | £300m | ▼ −9% |
| Operating profit | £97m | £33m | ▲ +194% |
| Finance costs | £13m | £11m | ▲ +18% |
| Profit before tax | £91m | £23m | ▲ +296% |
| Net profit | £60m | £7m | ▲ +757% |
| Cash & balance sheet | |||
| Cash | £111m | £49m | ▲ +127% |
| Net assets | £458m | £400m | ▲ +14% |
| Dividends paid | £0 | £0 | |
| People & pay | |||
| Avg. headcount | 2,955 | 2,849 | ▲ +4% |
| Staff cost | £150m | £140m | ▲ +7% |
| Director pay | £4m | £3m | ▲ +33% |
| Highest-paid director | £2m | £1m | ▲ +100% |
The fleet and mobility provider saw turnover climb 9% to £4.98bn, while operating profit nearly tripled to £97m. The filing notes that 85% of new telematics wins came from existing fuel customers, highlighting strong cross-sell momentum. The group finished the year with £111m in cash.
Specsavers Optical Superstores Limited [4]
Operating as a principal UK holding and operating entity for the Guernsey-based Specsavers group, the company manages the multinational optical and audiology retail chain ultimately owned by the Perkins family.
Steady margins
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £4.3bn | £4.0bn | ▲ +7% |
| Gross profit | £3.3bn | £3.2bn | ▲ +5% |
| Admin expenses | −£2.9bn | −£2.8bn | ▼ −3% |
| Operating profit | £421.3m | £326.9m | ▲ +29% |
| Finance costs | −£7.5m | −£6.4m | ▼ −17% |
| Profit before tax | £429.7m | £339.4m | ▲ +27% |
| Net profit | £329.9m | £231.1m | ▲ +43% |
| Cash & balance sheet | |||
| Cash | £408k | — | |
| Net assets | £506.2m | £422.1m | ▲ +20% |
| Dividends paid | −£269.7m | −£239.2m | ▼ −13% |
| People & pay | |||
| Avg. headcount | 46,616 | 46,283 | ▲ +1% |
| Staff cost | £1.7bn | £1.6bn | ▲ +5% |
| Director pay | £0 | — | |
Turnover reached £4.26bn at the optical chain's principal holding entity, yielding a £421.3m operating profit. With margins holding steady, dividends of £269.7m were paid out during the year. The group closed the period with net assets of £506.1m.
Financial & Risk Organisation Limited [5]
Operating as part of the Refinitiv business, the company acts as an intellectual property leasing entity ultimately owned by the London Stock Exchange Group.
IP holding entity
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.5bn | £2.3bn | ▲ +6% |
| Gross profit | £748.9m | £620.3m | ▲ +21% |
| Admin expenses | £35.3m | £39.7m | ▼ −11% |
| Operating profit | £711.9m | £580.3m | ▲ +23% |
| Finance costs | £34.4m | £34m | ▲ +1% |
| Profit before tax | £697.1m | £568.4m | ▲ +23% |
| Net profit | £548m | £424.5m | ▲ +29% |
| Cash & balance sheet | |||
| Cash | £801.3m | £12,845 | ▲ +6238284% |
| Net assets | £156m | £335.5m | ▼ −53% |
| Dividends paid | £727.9m | £256.9m | ▲ +183% |
| People & pay | |||
| Avg. headcount | 44 | 14 | ▲ +214% |
| Staff cost | £11.8m | £14.4m | ▼ −18% |
| Director pay | £23,120 | £29,971 | ▼ −23% |
| Highest-paid director | £41,103 | £41,103 | ▲ −0% |
This intellectual property leasing entity for the London Stock Exchange Group reported a £711.9m operating profit on £2.49bn in turnover. Average headcount grew from 14 to 44, yet the total staff bill fell 17% to £11.8m. The operating margins supported a substantial £727.8m dividend payout to the parent.
Some days you scale your fixed infrastructure to a profit, other days you just sell the business to E.ON.
Sources
- Tiktok Information Technologies Uk Limited
- Ovo Energy Ltd
- Radius Limited
- Specsavers Optical Superstores Limited
- Financial & Risk Organisation Limited