M Group pays £28m dividend, TikTok logistics scale

The privately owned construction contractor reported broadly flat revenue, while margins tightened. Underlying trading profit slipped as a £5.9m increase in administrative expenses outpaced the static top line. A minor increase in other operating income provided a small cushion, but the core cost base expanded during the period under review.

This is the logistics engine for TikTok's e-commerce push, and volumes are expanding. The filing notes a 148% expansion in turnover as operations scaled, but this remains a high-volume, low-margin passthrough entity. Gross profit barely moved in response to the extra throughput, climbing just 14% against a top line that more than doubled.

Increased demand on the Openreach repair and maintenance contract coincided with a highly profitable year for this CVC-backed infrastructure arm. While average headcount shrank slightly, total staff costs rose 15%, pointing to a higher average cost per head. Operating profit nearly doubled during the period, and a £28m dividend was paid up the chain.

The internal tech and procurement arm for British Airways and its sister brands reported a lower headcount, but the drop is structural rather than a simple cost reduction. The notes reveal a TUPE transfer of staff back into the main airline operating companies. The entity also absorbed certain AI and restructuring costs rather than recharging them to the group, which the filing notes pushed the operating result into the red.

A steady year on the high street for this Sonova and Boots joint venture. The filing attributes the improved profitability to a better blend of margins across its hearing aids and services. This dynamic meant a modest top-line expansion translated into a much sharper jump in operating profit, and a £10.1m dividend was paid during the period.