A £4.7m dividend on £205k of equity

The airline arm of the Jet2 group recorded an 8% increase in seat capacity this year, though the top line did not quite match that pace. Turnover rose 4% to £7.48bn, while a 9% increase in the staff bill to £878.5m accompanied an 8% contraction in operating profit to £340.7m. The period also saw an increase in board pay, with total directors' remuneration rising 38% to £7.3m.

The group's tour operator subsidiary presents a slightly different picture. Turnover ticked up 3% to £6.25bn, and operating profit climbed 19% to £53.6m. It remains a fundamentally low-margin volume game, and the business notes it is forecasting sufficient liquidity to clear its revolving credit facility covenants with significant headroom through to at least March 2027.

A notable top line for a 56-person operation. The base and precious metals trader saw a 65% expansion in turnover amid favourable commodity conditions, hitting £3.87bn. Operating profit essentially doubled to £87.4m, and the period also saw an increase in board pay, with the highest-paid director receiving £3.4m.

The UK arm of the dairy cooperative reported a sharp improvement in profitability. Turnover rose 8% to £3.27bn, while an 8% reduction in headcount coincided with staff bill growth of just 4%. Operating profit climbed 150% to £35.9m alongside this operational leverage, a result the directors attribute to "solid revenue growth across its core retail and foodservice divisions".

The submarine builder for the Royal Navy continues its steady expansion. Turnover climbed 11% to £3.07bn, though underlying trading is heavily supplemented by £134.6m of other operating income. Average headcount at the prime contractor for the Astute programme rose by over 1,200 during the year, while the total staff bill increased 15% to £954.5m as design work begins on the SSN-AUKUS replacement.