Shell entity winds down, and wind farm profits stall

The top line shrank, but underlying margins widened sharply as operations shifted to higher-profit markets amid new EU blending rules. This pushed gross profit to £5.8m, up from just £804k. Despite the improved trading, the jet fuel supplier notes a reliance on a letter of support from its Singapore parent to cover net liabilities.

Revenue climbed sharply as the Scottish wind farm recorded its first full year of operations and triggered a 15-year government contract. But the operational surge did not reach the bottom line, which was largely absorbed by a £71.8m tax charge — a sharp reversal from last year's £70.4m credit — alongside a £64.3m finance bill. A post-year-end note reveals a £50.4m legal settlement is also pending resolution.

The recruiter's revenue expanded, but operating profit more than halved. The filing attributes the contraction to the cost of integrating new branches and changes to Employer National Insurance, which increased the wage bill across both its permanent staff and the temporary workforce it supplies to clients.

Core operations held steady at the Brookfield-backed port operator, but profit before tax was lifted by a £17.6m unrealised gain on its investment properties. The notable movement is on the balance sheet, where the business declared a substantial £93.5m dividend to its immediate parent company.

The Marylebone estate manager runs a highly cash-generative core business, but the sheer scale of its pre-tax profit is driven by non-cash items. An unrealised £232.5m upward revaluation of its central London freehold dwarfs the operational earnings. Meanwhile, directors' remuneration increased, with the highest-paid board member receiving £1.5m.