The Accounts · daily brief
30 August 2026
Ocean Fish sells majority stake, M&D margins squeezed
The takeaways
- Ocean Fish Group sold a majority stake to Fortuna Group towards the end of a year that saw sales hit £64.5m
- M&D Foundations' main trading arm saw operating profit drop 60% while material inflation affected margins
- M&D Foundations (Midlands) booked £834k operating profit despite a negative gross profit on £8.1m of sales
Hiring signals · who grew, who shrank
Hiring
- Ocean Fish Group Limited 219 → 268 staff ▲ +22% staff cost +28%
Cutting
None worth flagging.
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Ocean Fish Group Limited [1]
Operating as Cornwall's oldest fishing and processing business, the company manages a fully consolidated seafood supply chain from its own fleet and Newlyn market to wholesale and retail customers, and is a subsidiary of the Falkland Islands-based Fortuna Group.
Majority sale
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £64.5m | £58m | ▲ +11% |
| Gross profit | £16.5m | £15m | ▲ +10% |
| Admin expenses | £15.2m | £13.5m | ▲ +13% |
| Operating profit | £104k | £171k | ▼ −39% |
| Finance costs | £842k | £934k | ▼ −10% |
| Profit before tax | £693k | £762k | ▼ −9% |
| Net profit | £782k | £621k | ▲ +26% |
| Cash & balance sheet | |||
| Cash | £707k | £199k | ▲ +256% |
| Net assets | £19.6m | £21.4m | ▼ −8% |
| People & pay | |||
| Avg. headcount | 268 | 219 | ▲ +22% |
| Staff cost | £8.9m | £7m | ▲ +28% |
| Director pay | £282k | £265k | ▲ +6% |
| Highest-paid director | £107k | £104k | ▲ +3% |
Turnover at the Cornish seafood supplier rose to £64.5m, with the filing citing continued expansion into hospitality and food service. The growth in sales was accompanied by a 22% increase in average headcount to 268 staff. A notable development appears in the notes, which confirm the business sold a majority stake to Falkland Islands-based Fortuna Group towards the year-end following recent supply chain investments.
M & D Foundations & Building Services Limited [2]
Trading as M&D Foundations, the company is a privately held UK civil engineering contractor specialising in piled foundations and ground engineering solutions for commercial and residential construction projects.
Margin pressure
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £18.6m | £21.6m | ▼ −14% |
| Gross profit | £4.7m | £5.1m | ▼ −8% |
| Admin expenses | £4.4m | £4.4m | ▲ +0% |
| Operating profit | £279k | £706k | ▼ −60% |
| Finance costs | £17,942 | £14,294 | ▲ +26% |
| Profit before tax | £264k | £692k | ▼ −62% |
| Net profit | £194k | £513k | ▼ −62% |
| Cash & balance sheet | |||
| Cash | £284 | £368k | ▼ −100% |
| Net assets | £2.9m | £2.7m | ▲ +7% |
| People & pay | |||
| Avg. headcount | 72 | 75 | ▼ −4% |
| Staff cost | £3.5m | £3.6m | ▼ −2% |
| Director pay | £386k | £398k | ▼ −3% |
| Highest-paid director | £93,424 | £112k | ▼ −16% |
The main trading arm of the piling contractor saw turnover fall 14% to £18.6m. Operating profit took a steeper 60% drop to £279k, which the filing attributes to inflationary pressures on consumable materials affecting the underlying performance. Despite the contraction, the strategic report notes the business continues to win new tenders in a flat market.
M & D Foundations (Midlands) Limited [3]
Trading as M&D Foundations, the company is a specialist civil engineering contractor providing piled foundation solutions and underpinning for commercial and residential construction projects across the UK.
Group transfers
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £8.2m | £9.8m | ▼ −17% |
| Gross profit | −£531 | −£24,465 | ▲ +98% |
| Admin expenses | £178k | £148k | ▲ +20% |
| Operating profit | £834k | £270k | ▲ +209% |
| Profit before tax | £835k | £270k | ▲ +209% |
| Net profit | £685k | £201k | ▲ +240% |
| Cash & balance sheet | |||
| Cash | £9,761 | £39,168 | ▼ −75% |
| Net assets | £145k | £16,690 | ▲ +766% |
| Dividends paid | −£557k | −£200k | ▼ −178% |
| People & pay | |||
| Avg. headcount | 3 | 4 | ▼ −25% |
| Staff cost | £149k | £130k | ▲ +15% |
| Director pay | £46,867 | £68,853 | ▼ −32% |
An unusual shape to the P&L at this regional M&D subsidiary. The company booked a negative gross profit of £531 on £8.1m of turnover, yet operating profit more than tripled to £834k. The gap was bridged entirely by a £1m credit in other operating income, largely comprising management charges within the wider group, alongside a £556k dividend payout.
M&D Foundations Eastern Limited [4]
Operating under the M&D Foundations brand, the company provides specialist piled foundation solutions for commercial and residential construction projects as a subsidiary of Bessacarr Properties Limited.
Breakeven by design
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.2m | £1.3m | ▼ −2% |
| Gross profit | £4,462 | £18,755 | ▼ −76% |
| Admin expenses | £64,944 | £63,298 | ▲ +3% |
| Operating profit | £1 | £3,457 | ▼ −100% |
| Profit before tax | £1 | £3,562 | ▼ −100% |
| Net profit | £1 | £2,948 | ▼ −100% |
| Cash & balance sheet | |||
| Cash | £11,634 | £15,682 | ▼ −26% |
| Net assets | £51,238 | £51,237 | ▲ +0% |
| People & pay | |||
| Avg. headcount | 1 | 1 | ▲ −0% |
| Staff cost | £60,404 | £58,605 | ▲ +3% |
| Director pay | — | £55,854 | |
The eastern division reported an operating margin of near zero, recording a profit of exactly £1 on £1.2m of turnover. Gross profit contracted sharply, dropping from £18.7k to £4.4k, with the bottom line supported by £60k in management charges booked as other operating income.
Bessacarr Properties Limited [5]
Bessacarr Properties Limited is a South Yorkshire-based property holding entity operating as part of the M&D Foundations group, under the parentage of DSS Group Limited.
Holding company dynamics
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £981k | £1.1m | ▼ −8% |
| Gross profit | £597k | £1.1m | ▼ −44% |
| Admin expenses | −£363k | −£764k | ▲ +53% |
| Operating profit | £52,736 | £1.2m | ▼ −96% |
| Finance costs | £15,652 | £27,927 | ▼ −44% |
| Profit before tax | £558k | £1.4m | ▼ −59% |
| Net profit | £506k | £1.1m | ▼ −53% |
| Cash & balance sheet | |||
| Cash | £924k | £1.1m | ▼ −14% |
| Net assets | £8.1m | £8.6m | ▼ −6% |
| Dividends paid | −£1m | −£1m | ▼ −1% |
The M&D group's property and plant holding entity reported a sharp drop in operating profit to £52k, down from £1.17m in the prior year. The filing notes a reduction in turnover from plant and machinery rental, though the bottom line was also affected by negative administrative expenses and £520k of finance income. The strategic report outlines ongoing investment in new piling equipment alongside long-term cost efficiencies across the wider group.
A clear reminder that in group accounting, one subsidiary's operating profit is often just another's management charge.
Sources
- Ocean Fish Group Limited
- M & D Foundations & Building Services Limited
- M & D Foundations (Midlands) Limited
- M&D Foundations Eastern Limited
- Bessacarr Properties Limited