PB Bidco breaks up, while SEFE headcount rises as costs fall

The German state-owned energy trader formerly known as Gazprom M&T saw turnover rise, but operating profit fell by more than a third. Average headcount rose by exactly 100 during the period while the total wage bill simultaneously contracted by 14%. The filing notes the business performed in line with expectations, continuing to stabilise after the European energy crisis.

The principal holding company for TfL's transport network saw fares and grants lift turnover, though a substantial operating loss remained. The cost base was broadly static: a vast wage bill for over 18,000 staff barely moved an inch year-on-year. The going concern basis is supported by the stated expectation of uninterrupted grant funding through to 2028.

A 5% rise in turnover for the South Korean marque's British sales arm did not translate to the bottom line. Operating profit dropped 22% as distribution costs and administrative expenses expanded alongside a narrowing margin, though the filing projects sufficient liquidity to 2026 based on expected customer demand.

The state-controlled nuclear decommissioning site runs on a pure pass-through model, matching its entire revenue against administrative expenses to break exactly even. A notable disclosure in an otherwise perfectly balanced ledger is a £332k fine for past nuclear security compliance failures, though the filing notes public safety was never compromised.

A record 132 cargo deliveries accompanied a 35% rise in turnover for the SEFE group's LNG arm. Statutory operating profit doubled, but the raw year-on-year comparison is skewed by a £108.3m addition of other operating income this year against a £124.3m charge in the prior period. Excluding those items, underlying trading profit grew at a steadier clip.