The Accounts · daily brief
25 September 2026
Break-up basis for profitable Panasonic subsidiary
The takeaways
- AeroMobile Communications files on a break-up basis ahead of a transfer to its parent
- A £12.6m prior-year goodwill impairment provides a favourable base for the operating profit rise at Yara UK
- Mark-to-market losses on foreign exchange contracts compress margins at Westbridge
Hiring signals · who grew, who shrank
Hiring
- Optio Group Limited 87 → 201 staff ▲ +131% staff cost +47%
- Intelliam Ai Plc 29 → 62 staff ▲ +114% staff cost +69%
Cutting
- Cloudreach Europe Limited 174 → 31 staff ▼ −82% staff cost −89%
- Jestic Limited 107 → 65 staff ▼ −39% staff cost −40%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Aeromobile Communications Limited
AeroMobile Communications Limited is a UK-based provider of in-flight mobile telecommunications services for the aviation industry, operating as a subsidiary of the Panasonic Group (aeromobile.net).
Filed on a break-up basis — the business is being wound up.
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £10.6m | £12.1m | ▼ −12% |
| Gross profit | £7.1m | £9m | ▼ −21% |
| Admin expenses | £2.2m | £2m | ▲ +7% |
| Operating profit | £4.9m | £7m | ▼ −29% |
| Finance costs | £44,508 | £1,509 | ▲ +2850% |
| Profit before tax | £6.5m | £8.9m | ▼ −27% |
| Net profit | £4.8m | £6.7m | ▼ −28% |
| Cash & balance sheet | |||
| Cash | £102k | — | |
| Net assets | £42m | £41.2m | ▲ +2% |
| Dividends paid | −£4m | −£4.5m | ▲ +10% |
| People & pay | |||
| Avg. headcount | 6 | 6 | ▲ −0% |
| Staff cost | £694k | £735k | ▼ −6% |
| Director pay | £184k | £165k | ▲ +11% |
| Highest-paid director | £173k | £152k | ▲ +14% |
A notable filing comes from this in-flight telecoms provider, which has drawn up its accounts on a break-up basis. Despite generating an operating profit on a headcount of six, the filing confirms the entire trade and assets are being transferred to its Panasonic parent, after which the company will be wound up.
The Shell Company Of Thailand Limited [1]
Operating as the Thai downstream and marketing arm of the global energy group Shell (shell.com), the entity is engaged in the wholesale of fuels, petroleum, and chemical products in Thailand.
Admin cuts pay
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.4bn | £2.6bn | ▼ −8% |
| Gross profit | £267.8m | £279.3m | ▼ −4% |
| Admin expenses | £212.1m | £237.7m | ▼ −11% |
| Operating profit | £68.2m | £56m | ▲ +22% |
| Finance costs | £24.5m | £26.6m | ▼ −8% |
| Profit before tax | £56.3m | £38.2m | ▲ +48% |
| Net profit | £39.6m | £27.6m | ▲ +43% |
| Cash & balance sheet | |||
| Cash | £60.1m | £54.4m | ▲ +11% |
| Net assets | £476.5m | £482.2m | ▼ −1% |
| Dividends paid | −£36.9m | −£73.4m | ▲ +50% |
| People & pay | |||
| Avg. headcount | 448 | 476 | ▼ −6% |
| Staff cost | £32.9m | £41.2m | ▼ −20% |
| Director pay | £2.7m | £2m | ▲ +34% |
| Highest-paid director | £574k | £606k | ▼ −5% |
Revenue slipped, but margins widened as administrative expenses fell by 11%. The core trading performance sits alongside a substantial £373.7m in investment income below the line. The period also saw a £36.9m dividend payout to the parent.
Methane Services Limited [2]
Operating within the legacy BG Group structure, the company is a sea and coastal freight water transport subsidiary of the listed energy major Shell plc (shell.com).
Lean holdco
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £755.9m | £868.6m | ▼ −13% |
| Gross profit | £160.8m | £158.5m | ▲ +1% |
| Operating profit | £161.3m | £158.9m | ▲ +1% |
| Finance costs | £99.3m | £128.1m | ▼ −23% |
| Profit before tax | £74.5m | £45.5m | ▲ +64% |
| Net profit | £55.6m | £33.7m | ▲ +65% |
| Cash & balance sheet | |||
| Net assets | £140.4m | £84.8m | ▲ +66% |
| People & pay | |||
| Avg. headcount | 0 | 0 | |
A capital-light passthrough entity chartering LNG ships for the wider Shell group, operating without direct employees. Core trading profit held steady despite a drop in sales, while the bottom line shifted in line with the debt structure. A £28.8m reduction in finance costs accompanied a 64% rise in profit before tax.
Yara Uk Limited [3]
Operating via yara.co.uk, the entity serves as the British manufacturing and distribution arm of the Norwegian crop nutrition group Yara, supplying nitrogen-based mineral fertilisers and industrial products under brands such as YaraMila, YaraBela, and YaraVita.
Steady harvest
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £678.4m | £606.4m | ▲ +12% |
| Gross profit | £156.8m | £143.6m | ▲ +9% |
| Admin expenses | £61.5m | £64.4m | ▼ −4% |
| Operating profit | £56.6m | £31.9m | ▲ +78% |
| Finance costs | £3.8m | £4.1m | ▼ −6% |
| Profit before tax | £60.2m | £35.1m | ▲ +71% |
| Net profit | £45.3m | £26.2m | ▲ +73% |
| Cash & balance sheet | |||
| Cash | £4.4m | £12.6m | ▼ −65% |
| Net assets | £266.1m | £288.5m | ▼ −8% |
| Dividends paid | −£65m | −£35m | ▼ −86% |
| People & pay | |||
| Avg. headcount | 228 | 218 | ▲ +5% |
| Staff cost | £23m | £22.5m | ▲ +2% |
| Director pay | £273k | £141k | ▲ +94% |
| Highest-paid director | £175k | £141k | ▲ +24% |
The fertiliser manufacturer reported increased operating profit alongside higher sales volumes, with a £65m dividend paid to its Norwegian parent. The near-doubling of operating profit is contextualised in the filing, which notes the comparison benefits from the prior year having absorbed a £12.6m goodwill impairment.
Westbridge Food Group Limited [4]
Operating via westbridgefoods.com, the business is an importer, manufacturer, and supplier of chilled and frozen food products, acting as a wholly owned UK subsidiary of the listed Thai agro-industrial conglomerate Charoen Pokphand Foods Public Company Limited (CPF).
FX hedges bite
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £568.9m | £551m | ▲ +3% |
| Gross profit | £31.4m | £52.6m | ▼ −40% |
| Admin expenses | £16.6m | £12.2m | ▲ +36% |
| Operating profit | £5.9m | £33.8m | ▼ −83% |
| Finance costs | £2.5m | £1.7m | ▲ +43% |
| Profit before tax | £3.6m | £32.2m | ▼ −89% |
| Net profit | £2.9m | £24.6m | ▼ −88% |
| Cash & balance sheet | |||
| Cash | £13.3m | £15.3m | ▼ −13% |
| Net assets | £76.3m | £88.9m | ▼ −14% |
| Dividends paid | −£15.5m | — | |
| People & pay | |||
| Avg. headcount | 342 | 264 | ▲ +30% |
| Staff cost | £13.9m | £7.2m | ▲ +94% |
| Director pay | £740k | £555k | ▲ +33% |
| Highest-paid director | £230k | £236k | ▼ −3% |
A challenging year for the poultry importer as operating profit contracted significantly. The filing attributes this to unrealised mark-to-market losses on foreign exchange contracts used to hedge future purchases, which compressed margins at the balance sheet date.
Bae Systems Services Limited [5]
Formerly known as BAE Systems Shared Services (Overseas) Limited, this entity provides IT consultancy and administrative support as a subsidiary of the London-listed multinational defence and aerospace group BAE Systems plc (baesystems.com).
Captive cost centre
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £518.3m | £434.7m | ▲ +19% |
| Admin expenses | £523.4m | £448.4m | ▲ +17% |
| Operating profit | −£5.2m | −£13.7m | ▲ +62% |
| Finance costs | £48,000 | £54,000 | ▼ −11% |
| Profit before tax | −£3.7m | −£13.6m | ▲ +73% |
| Net profit | −£8m | −£14.2m | ▲ +44% |
| Cash & balance sheet | |||
| Cash | £482k | £199k | ▲ +142% |
| Net assets | −£28.8m | −£20m | ▼ −44% |
| People & pay | |||
| Avg. headcount | 2,093 | 1,870 | ▲ +12% |
| Staff cost | £141.2m | £121.8m | ▲ +16% |
| Director pay | £513k | £673k | ▼ −24% |
| Highest-paid director | £343k | £355k | ▼ −3% |
This captive shared-services vehicle for the defence giant continues to operate in a loss-making position, carrying net liabilities of £28.8m. The loss narrowed slightly this year as project milestones triggered intercompany recharges, alongside a £75m rise in administrative expenses.
Sometimes the most profitable thing a subsidiary can do is cease to exist.
Sources
- The Shell Company Of Thailand Limited
- Methane Services Limited
- Yara Uk Limited
- Westbridge Food Group Limited
- Bae Systems Services Limited