The Accounts · daily brief
3 September 2026
One break-up basis and a whisky warning
The takeaways
- 10 Cabot Square II Unit Trust files on a break-up basis as directors prepare to wind up the company
- North British Distillery warns of reduced demand following Edrington's sale of the Famous Grouse brand
- Cecil Macdonald lifted operating profit to £4.1m on flat sales as director remuneration fell by £545k
Hiring signals · who grew, who shrank
Hiring
- Mobile Power Limited 121 → 212 staff ▲ +75% staff cost +31%
- Magnum Logistics Limited 58 → 78 staff ▲ +34% staff cost +32%
Cutting
- Chargepoint Network (Uk) Ltd 67 → 52 staff ▼ −22% staff cost −18%
- Lakeside Software Emea Limited 51 → 46 staff ▼ −10% staff cost −3%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
10 Cabot Square Ii Unit Trust Lp Limited
The company acts as a corporate partner controlling a Scottish limited partnership dedicated to commercial real estate management.
Filed on a break-up basis — the business is being wound up.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Profit before tax | £29,528 | £29,810 | ▼ −1% |
| Net profit | £29,528 | £29,810 | ▼ −1% |
| Cash & balance sheet | |||
| Net assets | £723k | £694k | ▲ +4% |
Today's most unusual filing comes from this commercial real estate partner, which has departed from the going-concern assumption and filed on a break-up basis. The company generated no turnover and a modest £29k profit, serving merely as a vehicle for a Scottish limited partnership. The directors confirm they intend to liquidate the entity in the foreseeable future, marking a final set of accounts in this form.
Metalor Technologies (Uk) Ltd [1]
Operating from Birmingham's Jewellery Quarter, the company acts as the British arm of Swiss-headquartered Metalor Technologies SA, a precious metals refiner and advanced materials supplier ultimately owned by Japan's Tanaka Kikinzoku Group.
Parent reliant
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £251.4m | £180.8m | ▲ +39% |
| Gross profit | £8m | £7.4m | ▲ +9% |
| Admin expenses | £5.1m | £5.4m | ▼ −6% |
| Operating profit | £2.7m | £1.8m | ▲ +54% |
| Finance costs | £43,801 | £4,519 | ▲ +869% |
| Profit before tax | £2.9m | £2.1m | ▲ +42% |
| Net profit | £2.2m | £1.5m | ▲ +42% |
| Cash & balance sheet | |||
| Cash | £4.5m | £2.7m | ▲ +70% |
| Net assets | £13.7m | £11.5m | ▲ +19% |
| People & pay | |||
| Avg. headcount | 30 | 28 | ▲ +7% |
| Staff cost | £1.7m | £1.7m | ▲ +4% |
| Director pay | £125k | £121k | ▲ +4% |
The British arm of the Swiss precious metals refiner saw a 39% increase in turnover to £251.4m, with operating profit rising to £2.7m. The filing attributes this to increased market share in refining and higher sales, despite a late-year slowdown in the European electric vehicle market. A steady result, though the going-concern note confirms the operational setup is dependent on ongoing financial support from the Swiss parent.
Iomart Group Plc [2]
Operating through brands including Atech and Easyspace, the company is an AIM-listed provider of managed cloud computing, cybersecurity, and IT infrastructure services.
Narrowed losses
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £154.9m | £143.5m | ▲ +8% |
| Gross profit | £68.5m | £70.5m | ▼ −3% |
| Admin expenses | £73m | £117.3m | ▼ −38% |
| Operating profit | −£4.5m | −£46.6m | ▲ +90% |
| Finance costs | £9.2m | £6.5m | ▲ +41% |
| Profit before tax | −£13.6m | −£53.2m | ▲ +74% |
| Net profit | −£9.2m | −£55.1m | ▲ +83% |
| Cash & balance sheet | |||
| Cash | £8.9m | £13.1m | ▼ −32% |
This AIM-listed cloud provider reported a less challenging period in its latest accounts, narrowing its operating loss from £46.6m to £4.4m on £154.8m in turnover. The recovery on the bottom line arrived as administrative expenses fell by £44.3m, significantly reducing the overall cost base.
Pretoria Energy Group Limited [3]
Operating as a vertically integrated biogas producer, the group manufactures bio-LNG and biogenic carbon dioxide through the anaerobic digestion of agricultural feedstock, while also serving as the parent company to biomethane fleet solutions provider Roadgas.
Squeezed margins
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £105.9m | £97.7m | ▲ +8% |
| Gross profit | £44.4m | £43.5m | ▲ +2% |
| Admin expenses | £22.9m | £18.2m | ▲ +26% |
| Operating profit | £24.2m | £30.3m | ▼ −20% |
| Finance costs | £16.5m | £11.4m | ▲ +45% |
| Profit before tax | £8m | £22.9m | ▼ −65% |
| Net profit | £4.9m | £14.3m | ▼ −66% |
| Cash & balance sheet | |||
| Cash | £74.6m | £24m | ▲ +210% |
| Net assets | £88.2m | £81.3m | ▲ +8% |
| People & pay | |||
| Avg. headcount | 155 | 139 | ▲ +12% |
| Staff cost | £8.3m | £6.9m | ▲ +20% |
| Director pay | £210k | £207k | ▲ +2% |
Turnover at this vertically integrated biogas producer ticked up 8% to £105.8m, but operating profit fell 20% to £24.2m as administrative expenses expanded. The balance sheet remains substantial, sitting on £74.5m in cash and £88.1m in net assets. The filing notes that wholesale energy price swings are mitigated by selling part of production on fixed-price forward contracts.
The North British Distillery Company Limited [4]
Operating as North British Distillery, the company is a major producer of Scotch grain whisky for the blending market, held as a joint venture between Diageo plc and The Edrington Group.
Major headwind
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £96.2m | £115.5m | ▼ −17% |
| Gross profit | £20.8m | £21.8m | ▼ −5% |
| Admin expenses | £15.2m | £12.6m | ▲ +21% |
| Operating profit | £6m | £10.7m | ▼ −44% |
| Finance costs | £10,000 | £155k | ▼ −94% |
| Profit before tax | £6m | £10.6m | ▼ −43% |
| Net profit | £4.5m | £7.8m | ▼ −42% |
| Cash & balance sheet | |||
| Cash | £10.2m | £555k | ▲ +1739% |
| Net assets | £64.2m | £62.4m | ▲ +3% |
| Dividends paid | £2m | £1.7m | ▲ +21% |
| People & pay | |||
| Avg. headcount | 248 | 239 | ▲ +4% |
| Staff cost | £19.8m | £18.1m | ▲ +10% |
| Director pay | £296k | £226k | ▲ +31% |
| Highest-paid director | £296k | £226k | ▲ +31% |
A challenging year for the grain whisky producer, with turnover down 16% to £96.1m and operating profit nearly halving to £5.9m. A further headwind is anticipated: the notes warn that Edrington's recent sale of the Famous Grouse brand will likely reduce grain spirit requirements over the next three years. A notable shift in the forward demand profile.
Cecil Macdonald & Co Limited [5]
Cecil Macdonald & Co Limited is an independent distributor supplying consumable and retail goods, including beverages and confectionery, to the travel retail sector across airlines, airports, ferries, and rail operators.
Lower board pay
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £80.2m | £81.3m | ▼ −1% |
| Gross profit | £8.7m | £9.1m | ▼ −4% |
| Admin expenses | £4m | £4.9m | ▼ −19% |
| Operating profit | £4.2m | £3.7m | ▲ +14% |
| Finance costs | £0 | £1,982 | ▼ −100% |
| Profit before tax | £4.5m | £3.9m | ▲ +13% |
| Net profit | £3.3m | £3m | ▲ +10% |
| Cash & balance sheet | |||
| Cash | £6.5m | £6.9m | ▼ −6% |
| Net assets | £9.7m | £9.2m | ▲ +5% |
| Dividends paid | −£2.9m | −£1.8m | ▼ −62% |
| People & pay | |||
| Avg. headcount | 34 | 30 | ▲ +13% |
| Staff cost | £2m | £2.6m | ▼ −24% |
| Director pay | £220k | £765k | ▼ −71% |
| Highest-paid director | £120k | £423k | ▼ −72% |
Broadly flat sales coincided with a 14% rise in operating profit at this travel retail distributor, alongside a reduction in boardroom pay. Total directors' remuneration fell from £765k to £220k, accompanying the move to a £4.1m operating profit. The group also transferred the assets of a wholly owned subsidiary into the parent company by year-end to simplify the structure.
Whether reducing boardroom pay or winding up a property vehicle entirely, there is always more than one way to restructure a cost base.
Sources
- Metalor Technologies (Uk) Ltd
- Iomart Group Plc
- Pretoria Energy Group Limited
- The North British Distillery Company Limited
- Cecil Macdonald & Co Limited