The Accounts · daily brief
22 September 2026
FCA review impacts BMW, and WPP winds down an agency
The takeaways
- T&P Media files on a break-up basis as WPP prepares to liquidate the agency by 2027
- BMW Financial Services booked a significant £374m provisions charge tied to the FCA motor finance review
- Mitie's security arm saw operating profit drop 27% after high-margin riot response work came to an end
Hiring signals · who grew, who shrank
Hiring
- Zen Educate Limited 289 → 867 staff ▲ +200% staff cost +30%
- Temple Transport Limited 26 → 53 staff ▲ +104% staff cost +110%
Cutting
- Rge Capital Limited 226 → 178 staff ▼ −21% staff cost −11%
- Htec Limited 132 → 107 staff ▼ −19% staff cost +4%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
T&P Media Limited
Formerly known as MSIX Communications Limited, the company operates as the media agency T&P—formed by the integration of mSix&Partners and The&Partnership—and sits within the London-listed advertising network WPP plc (wpp.com).
Filed on a break-up basis — the business is being wound up.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £49.3m | £57.7m | ▼ −15% |
| Gross profit | £21.9m | £24.8m | ▼ −12% |
| Admin expenses | £17.9m | £20.1m | ▼ −11% |
| Operating profit | £2.6m | £4.1m | ▼ −36% |
| Profit before tax | £3.8m | £4.2m | ▼ −10% |
| Net profit | £3.3m | £3.1m | ▲ +5% |
| Cash & balance sheet | |||
| Cash | £525k | £37.7m | ▼ −99% |
| Net assets | £4.1m | £3.9m | ▲ +4% |
| Dividends paid | −£3.1m | −£3.8m | ▲ +18% |
| People & pay | |||
| Avg. headcount | 194 | 227 | ▼ −15% |
| Staff cost | £20.3m | £23.7m | ▼ −15% |
| Director pay | £175k | £367k | ▼ −52% |
| Highest-paid director | £185k | £377k | ▼ −51% |
The desk singled this out as the day's most unusual filing: these accounts are drawn up on a break-up basis. WPP is folding the media agency's operations into other group companies with plans to liquidate this entity entirely by 2027. Turnover dropped 14% to £49.2m in its final full year of standalone trading.
Alphabet (Gb) Limited [1]
Trading under the Alphabet brand, the company operates as the UK fleet management and vehicle leasing subsidiary of the listed German automotive manufacturer BMW Group, providing multi-brand corporate car financing and mobility services via alphabet.com.
Non-cash turnaround
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.7bn | £1.4bn | ▲ +17% |
| Gross profit | £109.5m | −£453k | ▲ +24263% |
| Admin expenses | £48.2m | £45.5m | ▲ +6% |
| Operating profit | £62.3m | −£44m | ▲ +242% |
| Finance costs | — | £42,000 | |
| Profit before tax | £62.3m | −£44m | ▲ +241% |
| Net profit | £46.4m | −£32.3m | ▲ +244% |
| Cash & balance sheet | |||
| Cash | — | £55,000 | |
| Net assets | £263.5m | £217.1m | ▲ +21% |
| Dividends paid | — | −£50m | |
| People & pay | |||
| Staff cost | £29.3m | £26.7m | ▲ +10% |
| Director pay | £428k | £462k | ▼ −7% |
| Highest-paid director | £233k | £253k | ▼ −8% |
Turnover rose 17% to £1.6bn, but the £106m swing from operating loss to profit is largely driven by non-cash items. The filing notes a £7.4m release of impairment on fleet residual values this year, compared to a substantial £99.1m impairment charge in the prior period. A comfortable set of numbers, provided you don't mind the volatility of used car prices.
Bmw Financial Services (Gb) Limited [2]
Operating via bmw.co.uk, the company is a subsidiary of German automotive group BMW AG that provides retail motor finance and insurance products through BMW dealerships, as well as to non-BMW dealerships under the ALPHERA Financial Services trading name, alongside wholesale financing for vehicle dealers.
Provision impact
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.2bn | £1.0bn | ▲ +17% |
| Gross profit | £313.9m | £268.8m | ▲ +17% |
| Admin expenses | £106.8m | £89.5m | ▲ +19% |
| Operating profit | −£167.6m | £29m | ▼ −678% |
| Profit before tax | −£139.3m | £39.1m | ▼ −456% |
| Net profit | −£104.5m | £29m | ▼ −460% |
| Cash & balance sheet | |||
| Cash | £713k | £375k | ▲ +90% |
| Net assets | £834.8m | £939.3m | ▼ −11% |
| People & pay | |||
| Avg. headcount | 806 | 809 | ▼ −0% |
| Staff cost | £50.1m | £41.7m | ▲ +20% |
| Director pay | £729k | £855k | ▼ −15% |
| Highest-paid director | £292.8m | £304.2m | ▼ −4% |
The FCA's review into historic motor finance commission is visible in the results here. While turnover grew 16% to £1.2bn, the bottom line moved into a £167.6m operating loss. The filing points to a substantial £374.7m provisions charge recorded to cover the potential fallout.
Mitie Technical Facilities Management Limited [3]
Operating via mitie.com, the company provides engineering maintenance and technical facilities management services as a subsidiary of London Stock Exchange-listed Mitie Group plc, having formerly been known as Dalkia Energy & Technical Services Limited.
Back in the black
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £948.3m | £851.2m | ▲ +11% |
| Gross profit | £70.7m | £56.8m | ▲ +24% |
| Admin expenses | £57m | £58.2m | ▼ −2% |
| Operating profit | £6.3m | −£9.1m | ▲ +169% |
| Finance costs | £331k | £467k | ▼ −29% |
| Profit before tax | £8.5m | −£8.9m | ▲ +196% |
| Net profit | £3.7m | −£9.9m | ▲ +137% |
| Cash & balance sheet | |||
| Cash | £2.2m | £3.3m | ▼ −34% |
| Net assets | £31.6m | £26.4m | ▲ +20% |
| People & pay | |||
| Avg. headcount | 4,221 | 4,449 | ▼ −5% |
| Staff cost | £243.9m | £226.2m | ▲ +8% |
A return to profit for Mitie's engineering subsidiary. Revenue grew 11% to £948.3m on new contract wins, moving the division out of the red and into a £6.3m operating profit. This occurred alongside a 5% reduction in average headcount, though the total wage bill still crept up to £243.9m.
Breedon Trading Limited [4]
Operating as a principal trading subsidiary of the Breedon Group, the business extracts aggregates, produces construction materials, and undertakes road construction across the UK (breedongroup.com).
Volume decline
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £902.2m | £931.2m | ▼ −3% |
| Gross profit | £272m | £282.7m | ▼ −4% |
| Admin expenses | £76.8m | £76.2m | ▲ +1% |
| Operating profit | £62.3m | £69.9m | ▼ −11% |
| Finance costs | £9.5m | £12.2m | ▼ −22% |
| Profit before tax | £58.6m | £60.9m | ▼ −4% |
| Net profit | £45.8m | £46.4m | ▼ −1% |
| Cash & balance sheet | |||
| Cash | £32.9m | £27.7m | ▲ +19% |
| Net assets | £463.6m | £422.2m | ▲ +10% |
| Dividends paid | £0 | £0 | |
| People & pay | |||
| Avg. headcount | 2,554 | 2,601 | ▼ −2% |
| Staff cost | £131.7m | £129.5m | ▲ +2% |
| Director pay | £1.4m | £1.5m | ▼ −7% |
| Highest-paid director | £680k | £690k | ▼ −1% |
The construction slowdown is visible in the aggregates. Turnover fell to £902.2m as the filing notes a fourth consecutive year of declining materials volumes. Operating profit dropped 11% to £62.2m, though the accounts state underlying margins were protected by mothballing sites to weather the soft trading conditions.
Mitie Security Limited [5]
The company operates as the manned guarding and security monitoring division of the London-listed facilities management and outsourcing provider Mitie Group PLC (mitie.com).
Margin contraction
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £894.4m | £842.2m | ▲ +6% |
| Gross profit | £76.7m | £85.7m | ▼ −10% |
| Admin expenses | £56.9m | £57.4m | ▼ −1% |
| Operating profit | £19.8m | £27.5m | ▼ −28% |
| Finance costs | £144k | £121k | ▲ +19% |
| Profit before tax | £24.4m | £33.4m | ▼ −27% |
| Net profit | £16.4m | £23.2m | ▼ −29% |
| Cash & balance sheet | |||
| Cash | £2.1m | £1.3m | ▲ +57% |
| Net assets | £59.2m | £66.4m | ▼ −11% |
| Dividends paid | −£27.5m | −£47.5m | ▲ +42% |
| People & pay | |||
| Staff cost | £653.7m | £560.9m | ▲ +17% |
| Director pay | £532k | £660k | ▼ −19% |
Revenue ticked up 6% to £894.3m, but operating profit fell 27% to £19.8m as total staff costs expanded by over £92m. The filing attributes the margin contraction to the end of higher-margin rapid response work, which had boosted the prior year during the summer riots. A reminder that crisis work pays better than the everyday routine.
Whether you're leasing cars, guarding buildings, or winding down agencies, the real margin is always in the paperwork.
Sources
- Alphabet (Gb) Limited
- Bmw Financial Services (Gb) Limited
- Mitie Technical Facilities Management Limited
- Breedon Trading Limited
- Mitie Security Limited