The Accounts · daily brief
7 September 2026
Board pay outpaces static sales
The takeaways
- Axter's operating profit fell 34% to £1.4m as a broadly flat top line met rising administrative expenses
- Total staff costs at the roofing supplier rose 13% while average headcount increased by two
- The directors' remuneration pot expanded by 38% to £241k as the company's bottom line narrowed
Axter Limited [1]
Operating as the UK subsidiary of French manufacturer Axter SA, the company designs and supplies flat roof waterproofing and thermal insulation systems for the construction sector.
Margin contraction
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £22.7m | £22.3m | ▲ +2% |
| Gross profit | £7.5m | £7.6m | ▼ −2% |
| Admin expenses | £6.1m | £5.7m | ▲ +8% |
| Operating profit | £1.4m | £2.1m | ▼ −34% |
| Profit before tax | £1.4m | £2.2m | ▼ −35% |
| Net profit | £1.1m | £1.6m | ▼ −35% |
| Cash & balance sheet | |||
| Cash | £2.1m | £1.6m | ▲ +29% |
| Net assets | £1.7m | £1.7m | ▲ +3% |
| Dividends paid | £1m | £1.5m | ▼ −33% |
| People & pay | |||
| Avg. headcount | 51 | 49 | ▲ +4% |
| Staff cost | £3.7m | £3.3m | ▲ +13% |
| Director pay | £241k | £175k | ▲ +38% |
Turnover at the UK arm of the French waterproofing group held steady at £22.7m, though the bottom line contracted over the period. Operating profit fell 34% to £1.4m as gross margins narrowed and administrative expenses expanded by 8%. The filing notes diversification across refurbishment and new builds to manage sales risks, while the cost base saw upward movement. Total staff costs rose 13% on a broadly flat headcount, and the directors' remuneration pot increased 38% to £241k. A £1.0m dividend was paid up the chain, down a third from the year prior.
A flat roof is one thing, a flat top line with rising overheads is quite another. Until tomorrow.
Sources
- Axter Limited