Bernard Matthews winds down, Travelodge profits slip

The takeaways

Bernard Matthews Foods (Derby) filed on a break-up basis, winding down the site due to meat shortages
Travelodge saw operating profit drop 15% across its corporate structure as revenue flattened out above £1bn
AtkinsRéalis UK took an 18% hit to operating profit despite top-line growth, squeezed by administrative costs

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%
Guala Closures Ucp Limited 234 → 120 staff ▼ −49% staff cost −51% accounts on a break-up basis

Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.

Filing of note

Bernard Matthews Foods (Derby) Limited

11899591 · Parent-only

Operating as a poultry processing facility in Derby, the company supplies ready-to-eat and ready-to-cook products to retail supermarkets as a subsidiary of the privately held food group Boparan Holdings (bernardmatthews.com).

Filed on a break-up basis — the business is being wound up.

Line	FY25	FY24	YoY
Profit & loss
Turnover	£131m	£126.8m	▲ +3%
Gross profit	−£4.8m	−£3.2m	▼ −51%
Admin expenses	£3.3m	£3m	▲ +11%
Operating profit	−£10.1m	−£10.1m	▲ +0%
Finance costs	£464k	£704k	▼ −34%
Profit before tax	−£10.5m	−£10.8m	▲ +2%
Net profit	−£7.3m	−£7.6m	▲ +4%
Cash & balance sheet
Cash	£7.2m	£3.5m	▲ +103%
Net assets	−£20m	−£12.7m	▼ −57%
People & pay
Avg. headcount	704	926	▼ −24%
Staff cost	£24.4m	£25.5m	▼ −4%

The day's most unusual filing comes from this Derby poultry site, which prepared its accounts on a break-up basis. The cessation of processing operations is attributed in the filing to ongoing challenges in meat availability. Turnover ticked up slightly to £131.0m in the final full year, while the company booked a £10.1m operating loss and average headcount fell from 926 to 704.

Nicoventures Trading Limited [1]

06665343 · Parent-only

Formerly known as CN Creative Limited, the company develops, markets, and sells vapour, tobacco heating, and modern oral products as a subsidiary of the UK-listed British American Tobacco p.l.c. group (bat.com).

Narrowed losses

Line	FY25	FY24	YoY
Profit & loss
Turnover	£1.6bn	£1.5bn	▲ +12%
Gross profit	£537.6m	£339.4m	▲ +58%
Admin expenses	£1.1bn	£1.3bn	▼ −12%
Operating profit	−£532m	−£890m	▲ +40%
Finance costs	£718k	£653k	▲ +10%
Profit before tax	−£506.2m	−£838.4m	▲ +40%
Net profit	−£366.9m	−£648.3m	▲ +43%
Cash & balance sheet
Cash	£286k	£3.8m	▼ −92%
Net assets	£1.1bn	£867.4m	▲ +27%
People & pay
Avg. headcount	585	554	▲ +6%
Staff cost	£139.8m	£116.1m	▲ +20%
Director pay	£877k	£841k	▲ +4%

Losses narrowed at British American Tobacco's vape and modern oral subsidiary, though they remain substantial. Turnover rose 12% to £1.63bn alongside growth in the 'Glo' brand, coinciding with a reduction in the operating loss from £890.0m to £532.0m. The parent company injected fresh equity after the year end, issuing 700m £1 shares to bolster the balance sheet.

AtkinsreáLis Uk Limited [2]

00688424 · Parent-only

ATKINSREÁLIS UK LIMITED, formerly Atkins Limited, is the principal UK engineering, design, and project management consultancy arm of the publicly listed Canadian professional services firm AtkinsRéalis Group Inc. (formerly SNC-Lavalin), operating via atkinsrealis.com.

Margin contraction

Line	FY25	FY24	YoY
Profit & loss
Turnover	£1.5bn	£1.4bn	▲ +8%
Gross profit	£566.1m	£548.3m	▲ +3%
Admin expenses	£456.1m	£414.7m	▲ +10%
Operating profit	£110m	£133.6m	▼ −18%
Finance costs	£16.2m	£21.8m	▼ −26%
Profit before tax	£139.6m	£147.9m	▼ −6%
Net profit	£111.1m	£116.9m	▼ −5%
Cash & balance sheet
Cash	£24.8m	£31.8m	▼ −22%
Net assets	£408m	£457.7m	▼ −11%
Dividends paid	−£205m	−£111.9m	▼ −83%
People & pay
Avg. headcount	9,896	9,841	▲ +1%
Staff cost	£790.1m	£740.5m	▲ +7%
Director pay	£4.9m	£4.6m	▲ +7%
Highest-paid director	£1.2m	£1.4m	▼ −14%

The UK engineering arm of the Canadian group saw turnover rise 8% to £1.53bn. The filing notes that higher administration and group recharge costs accompanied a decline in operating profit to £110.0m. Despite the margin contraction, the company paid a £205.0m dividend, well above its £111.1m net profit for the year.

Thame And London Limited [3]

08170768 · Group

Operating as a private intermediate holding company, the entity owns the UK budget hotel chain Travelodge (travelodge.co.uk) and is ultimately majority-owned by funds managed by GoldenTree Asset Management LP.

Leveraged holdco

Line	FY25	FY24	YoY
Profit & loss
Turnover	£1.0bn	£1.0bn	▲ +1%
Gross profit	£978.5m	£971.6m	▲ +1%
Admin expenses	£610.3m	£586m	▲ +4%
Operating profit	£228.7m	£268.6m	▼ −15%
Finance costs	£306.7m	£289.9m	▲ +6%
Profit before tax	−£70.1m	−£6.7m	▼ −946%
Net profit	−£76.3m	−£14.7m	▼ −419%
Cash & balance sheet
Cash	£113.2m	£227.7m	▼ −50%
Net assets	−£777.8m	−£707.9m	▼ −10%
People & pay
Avg. headcount	8,942	9,000	▼ −1%
Staff cost	£290.3m	£268.5m	▲ +8%
Director pay	£2.2m	£3.3m	▼ −33%
Highest-paid director	£2.5m	£3.8m	▼ −34%

The consolidated holding company for the Travelodge budget hotel chain saw turnover rise 1% to £1.04bn. A £306.7m finance cost accompanied a £76.3m net loss for the group, while the underlying business generated £228.7m in operating profit. The filing notes the acquisition of five separate projects across the UK and Spain during the year.

Travelodge Hotels Limited [4]

00769170 · Parent-only

Trading as Travelodge, this private company serves as the primary operational and leaseholding entity for the budget hotel chain across the United Kingdom, Ireland, and Spain, operating under the ownership of GoldenTree Asset Management and maintaining its web presence at travelodge.co.uk.

Flat sales

Line	FY25	FY24	YoY
Profit & loss
Turnover	£1.0bn	£1.0bn	▲ +0%
Admin expenses	£588.4m	—
Operating profit	£217.3m	£257.7m	▼ −16%
Finance costs	£225.9m	£221.1m	▲ +2%
Profit before tax	£59.6m	£96.9m	▼ −38%
Net profit	£47.5m	£89m	▼ −47%
Cash & balance sheet
Cash	£102.3m	£221.5m	▼ −54%
Net assets	£422.8m	£372.1m	▲ +14%
People & pay
Avg. headcount	8,769	8,864	▼ −1%
Staff cost	£280.2m	£260.9m	▲ +7%
Director pay	£2.2m	£3.3m	▼ −33%
Highest-paid director	£1.2m	£3.8m	▼ −68%

One step down the corporate structure, the main Travelodge operating entity mirrors the parent's flat top line, reporting £1.01bn in turnover. Operating profit fell to £217.3m, but without the group's wider debt obligations to service, the subsidiary booked a £47.5m net profit.

Shell Information Technology International Limited [5]

00165727 · Parent-only

The company provides internal information technology services as a subsidiary of the publicly listed global energy group Shell plc (shell.com).

Reduced headcount

Line	FY25	FY24	YoY
Profit & loss
Turnover	£641.6m	£662m	▼ −3%
Gross profit	£5.6m	−£5.8m	▲ +196%
Operating profit	£5.6m	−£5.8m	▲ +196%
Finance costs	£413k	£1.7m	▼ −76%
Profit before tax	£6.4m	−£5.8m	▲ +210%
Net profit	£3.1m	−£4.8m	▲ +165%
Cash & balance sheet
Net assets	−£1m	−£5.8m	▲ +82%
People & pay
Avg. headcount	819	914	▼ −10%
Staff cost	£142.6m	£162.5m	▼ −12%

Shell's internal IT provider swung out of the red, booking a £5.6m operating profit against a £5.8m loss the year prior. Average headcount fell 10% to 819 employees and total staff costs dropped by £19.9m, alongside a 3% dip in turnover. The accounts affirm the going-concern basis, though the notes flag ongoing disruption in global energy markets.

Proof that whether you're selling budget rooms, vapes, or poultry, it's all fun and games until the meat runs out.

Sources

Nicoventures Trading Limited (06665343)
AtkinsreáLis Uk Limited (00688424)
Thame And London Limited (08170768)
Travelodge Hotels Limited (00769170)
Shell Information Technology International Limited (00165727)