The Accounts · daily brief
23 August 2026
Asda losses near £1bn while Boots entity files for break-up
The takeaways
- Bellis Finco, the Asda holding entity, saw pre-tax losses widen to £989m as turnover slipped to £25.8bn
- A Walgreens holding entity filed on a break-up basis after reducing net assets by £4.9bn via a dividend
- BAE Systems held headcount dead flat at 104,000 while turnover climbed 8% to £30.6bn
Hiring signals · who grew, who shrank
Hiring
- Ceva Logistics Limited 3,211 → 6,457 staff ▲ +101% staff cost +56%
- Blackrock Advisors (Uk) Limited 25 → 44 staff ▲ +76% staff cost +77%
Cutting
- Skyscanner Limited 981 → 603 staff ▼ −39% staff cost −37%
- Thg Plc 1,182 → 759 staff ▼ −36% staff cost −55%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Walgreens Boots Alliance Uk 4 Limited
The entity acts as a non-trading holding company within the wider corporate structure of the global pharmacy and retail business Walgreens Boots Alliance.
Filed on a break-up (non-going-concern) basis.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £233.8m | £83.7m | ▲ +179% |
| Gross profit | £233.8m | £83.7m | ▲ +179% |
| Operating profit | £233.8m | £83.7m | ▲ +179% |
| Finance costs | — | £68,207 | |
| Profit before tax | £571.5m | £83.7m | ▲ +583% |
| Net profit | £571.4m | £83.7m | ▲ +583% |
| Cash & balance sheet | |||
| Net assets | £6.4m | £4.9bn | ▼ −100% |
| Dividends paid | £5.5bn | £179.3m | ▲ +2952% |
| People & pay | |||
| Avg. headcount | 0 | 0 | |
| Staff cost | £0 | £0 | |
| Director pay | £0 | £0 | |
This Walgreens Boots Alliance holding company has filed its latest accounts on a break-up basis ahead of a voluntary strike-off. The entity's balance sheet was significantly reduced during the year to August 2025, paying out a £5.47bn dividend that brought net assets down from £4.9bn to just £6.4m. A pure corporate tidying exercise ahead of dissolution.
Rtx Corporation [1]
RTX Corporation, formerly Raytheon Technologies, is a New York-listed American aerospace and defence conglomerate that manufactures aircraft engines, avionics, and military systems through its Collins Aerospace, Pratt & Whitney, and Raytheon divisions.
Margin expansion
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £65.0bn | £59.2bn | ▲ +10% |
| Gross profit | £25.5bn | £22.1bn | ▲ +15% |
| Admin expenses | £3.9bn | £3.7bn | ▲ +6% |
| Operating profit | £6.8bn | £4.8bn | ▲ +42% |
| Finance costs | £1.3bn | £1.4bn | ▼ −6% |
| Profit before tax | £6.4bn | £4.9bn | ▲ +30% |
| Net profit | £5.2bn | £3.7bn | ▲ +41% |
| Cash & balance sheet | |||
| Cash | £5.5bn | £4.1bn | ▲ +33% |
| Net assets | £49.3bn | £45.4bn | ▲ +9% |
| Dividends paid | −£2.6bn | −£2.6bn | ▲ +0% |
| People & pay | |||
| Avg. headcount | 180,000 | 54,000 | ▲ +233% |
Strong margin expansion for the US defence giant in its latest accounts, with the filing noting a US State Department consent agreement over pricing claims. Operating profit rose 42% to £6.8bn alongside a 9.7% rise in turnover to £64.9bn. Average headcount more than tripled to 180,000, fundamentally changing the shape of the workforce without a proportionate impact on the bottom line.
Bae Systems Plc [2]
Listed on the London Stock Exchange, the company is a British multinational aerospace, defence, and information security group that designs and manufactures military aircraft, naval vessels, and weapons systems.
Steady growth
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £30.7bn | £28.3bn | ▲ +8% |
| Operating profit | £2.9bn | £2.7bn | ▲ +9% |
| Finance costs | −£488m | — | |
| Profit before tax | £2.6bn | £2.3bn | ▲ +10% |
| Net profit | £2.2bn | £2.0bn | ▲ +5% |
| Cash & balance sheet | |||
| Cash | £3.4bn | £3.4bn | ▲ +2% |
| Net assets | £11.9bn | £11.8bn | ▲ +1% |
| Dividends paid | −£1.0bn | −£937m | ▼ −10% |
| People & pay | |||
| Avg. headcount | 104,000 | 104,000 | ▲ −0% |
| Staff cost | £9.8bn | £9.2bn | ▲ +7% |
The British defence prime delivered steady 8% top-line growth to £30.6bn in the year to December 2025, with operating profit tracking it closely to hit £2.9bn. Average headcount held dead flat at 104,000, meaning the 5.5% rise in the wage bill to £8.4bn reflects pay inflation rather than expansion. The bottom line also included a £421m tax credit.
Bellis Finco Plc [3]
The company serves as a principal financing and holding entity for the Asda supermarket and retail group, operating under the ultimate control of private equity firm TDR Capital.
Widening losses
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £25.9bn | £26.8bn | ▼ −4% |
| Operating profit | −£351m | −£44m | ▼ −698% |
| Profit before tax | −£989m | −£599m | ▼ −65% |
| Net profit | −£716m | −£487.2m | ▼ −47% |
| Cash & balance sheet | |||
| Cash | £1.3bn | £823.5m | ▲ +63% |
| Net assets | £3.3bn | £3.1bn | ▲ +4% |
| People & pay | |||
| Avg. headcount | 136,950 | 142,867 | ▼ −4% |
| Staff cost | £3.3bn | £3.3bn | ▲ +2% |
The principal holding entity for the Asda supermarket group reported a challenging period. Turnover slipped to £25.8bn while operating losses widened sharply from £44m to £351m. Below the line, pre-tax losses reached £989m. Average headcount fell by roughly 6,000 to 136,950, though the £2.9bn wage bill remained broadly flat.
British Telecommunications Plc [4]
Trading as BT, the company serves as the principal operating subsidiary of the London-listed BT Group plc, providing fixed-line, mobile, broadband, and IT services to consumers and businesses worldwide.
Shrinking top line
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £20.4bn | £23.7bn | ▼ −14% |
| Gross profit | £3.3bn | £6.7bn | ▼ −51% |
| Operating profit | £2.1bn | £2.4bn | ▼ −13% |
| Finance costs | £602m | £417m | ▲ +44% |
| Profit before tax | £1.6bn | £2.1bn | ▼ −23% |
| Net profit | £1.8bn | — | |
| Cash & balance sheet | |||
| Cash | £14m | £75m | ▼ −81% |
| Net assets | £27.8bn | £25.4bn | ▲ +9% |
| Dividends paid | −£1.5bn | −£780m | ▼ −92% |
| People & pay | |||
| Avg. headcount | 85,300 | 89,000 | ▼ −4% |
| Staff cost | £4.8bn | — | |
BT's principal operating subsidiary saw turnover shrink 14% to £20.3bn in the year to March 2026, with operating profit falling in step to £2.08bn. Average headcount fell by nearly 4,000 to 85,300 as the top line contracted. Alongside the lower revenue, dividend payouts to the parent group nearly doubled to £1.5bn.
Societe Air France S.A. [5]
Trading as Air France, the company is the French national flag carrier airline and a principal operating subsidiary of the Air France-KLM Group, providing worldwide scheduled passenger and cargo air transport services.
Opaque windfall
| Line | FY25 | Prior | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £18.3bn | — | |
| Finance costs | £514.6m | — | |
| Profit before tax | £857.4m | — | |
| Cash & balance sheet | |||
| Cash | £1.2bn | — | |
| Net assets | £16.3bn | — | |
The French flag carrier filed a standalone set of accounts revealing £18.2bn in turnover for the year to December 2025. With no prior-year figures provided, the trajectory is opaque, but a substantial £21.4bn in other operating income dominates the P&L. That exceptional income lifted pre-tax profit to £857m alongside a £514m finance charge.
Nothing quite like a £5.4bn dividend to confirm an entity is officially winding down.
Sources
- Rtx Corporation
- Bae Systems Plc
- Bellis Finco Plc
- British Telecommunications Plc
- Societe Air France S.A.