The Accounts · daily brief
10 October 2026
Vistry subsidiaries take profit hit on rising sales
The takeaways
- R&Q Capital No. 1 files on a break-up basis after its ultimate parent entered provisional liquidation
- Operating profits fall at Vistry Homes and Countryside Properties despite both posting rising sales
- State-owned SEFE Energy pays a £100m dividend as operating profit more than doubles to £57.6m
Hiring signals · who grew, who shrank
Hiring
- Nodor International Limited 79 → 215 staff ▲ +172% staff cost −18%
- Fcc Environment (Uk) Limited 1,881 → 3,325 staff ▲ +77% staff cost +57%
Cutting
- Aliaxis Uk Limited 529 → 315 staff ▼ −40% staff cost −34%
- Carnaudmetalbox Engineering Limited 592 → 358 staff ▼ −40% staff cost −26%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
R&Q Capital No. 1 Limited
R&Q Capital No. 1 Limited operates as a non-life insurance vehicle within the Bermuda-headquartered Randall & Quilter group.
Filed on a break-up (non-going-concern) basis.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Admin expenses | £5.1m | £19.7m | ▼ −74% |
| Profit before tax | −£3.2m | −£51.9m | ▲ +94% |
| Net profit | −£3.2m | −£51.9m | ▲ +94% |
| Cash & balance sheet | |||
| Cash | £6.9m | £10.7m | ▼ −36% |
| Net assets | −£138.1m | −£134.9m | ▼ −2% |
| People & pay | |||
| Avg. headcount | 0 | 0 | |
Filed on a break-up basis, this non-life insurance vehicle is winding down following the provisional liquidation of its ultimate parent, R&Q Insurance Holdings. The accounts show a £3.2m net loss and net liabilities of £138.1m. The filing notes the company's Lloyd's syndicate was placed into run-off in July 2024, alongside a qualified audit opinion.
Sse Energy Supply Limited [1]
Trading as SSE Energy Solutions, the company acts as the business energy supply arm of the SSE Group, engaged in the trade of electricity to commercial customers (sseenergysolutions.co.uk).
Profit decrease
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.6bn | £3.2bn | ▼ −19% |
| Gross profit | £238m | £329.4m | ▼ −28% |
| Admin expenses | £216.8m | £234.5m | ▼ −8% |
| Operating profit | £4.9m | £104.1m | ▼ −95% |
| Finance costs | £1m | £900k | ▲ +11% |
| Profit before tax | £23.1m | £119.3m | ▼ −81% |
| Net profit | £13.4m | £62.3m | ▼ −78% |
| Cash & balance sheet | |||
| Cash | £0 | £13.8m | ▼ −100% |
| Net assets | £343m | £328.6m | ▲ +4% |
| Dividends paid | £0 | £0 | |
| People & pay | |||
| Avg. headcount | 1,057 | 951 | ▲ +11% |
| Staff cost | £58.1m | £48.7m | ▲ +19% |
| Director pay | £2.9m | £2.4m | ▲ +21% |
| Highest-paid director | £900k | £1m | ▼ −10% |
Turnover fell 19% to £2.6bn, while a 28% drop in gross profit accompanied a 95% decrease in operating profit to £4.9m. The bottom line also included a £19.8m exceptional impairment on an investment. During the period, average headcount rose 11% to 1,057, and total directors' remuneration climbed 21% to £2.9m.
Sefe Energy Limited [2]
Formerly known as Gazprom Marketing & Trading Retail Limited, the company operates as the unlisted UK business-to-business gas and electricity supply arm of the German state-owned SEFE Securing Energy for Europe group (formerly Gazprom Germania; sefe-energy.co.uk).
Volume growth
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.5bn | £2.2bn | ▲ +15% |
| Gross profit | £110.6m | £83.1m | ▲ +33% |
| Admin expenses | £52.6m | £60.2m | ▼ −13% |
| Operating profit | £57.6m | £25m | ▲ +131% |
| Finance costs | £3.7m | £709k | ▲ +417% |
| Profit before tax | £63.9m | £35.4m | ▲ +81% |
| Net profit | £47.2m | £28.8m | ▲ +64% |
| Cash & balance sheet | |||
| Cash | £1.1m | — | |
| Net assets | £61.3m | £114.1m | ▼ −46% |
| Dividends paid | −£100m | — | |
| People & pay | |||
| Avg. headcount | 306 | 291 | ▲ +5% |
| Staff cost | £34.5m | £28m | ▲ +23% |
| Director pay | £558k | £549k | ▲ +2% |
| Highest-paid director | £558k | £549k | ▲ +2% |
Turnover at the UK B2B arm of the German state-owned energy group rose 15% to £2.54bn, alongside higher gas and power volumes. Operating profit more than doubled to £57.6m, a period in which the company booked a £17.2m provision for litigation proceedings. The accounts also show a £100m dividend payment, up from nil in the prior year.
Countryside Properties (Uk) Limited [3]
Operating as a subsidiary of the London-listed housebuilder Vistry Group PLC, the company is engaged in residential property development and real estate trading across the UK.
Margin contraction
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.0bn | £1.3bn | ▲ +51% |
| Gross profit | £127.3m | £189.4m | ▼ −33% |
| Admin expenses | £113.4m | £97.6m | ▲ +16% |
| Operating profit | £76.8m | £126.6m | ▼ −39% |
| Finance costs | £84.3m | £44m | ▲ +92% |
| Profit before tax | £26.2m | £107.6m | ▼ −76% |
| Net profit | £32.6m | £68.5m | ▼ −52% |
| Cash & balance sheet | |||
| Cash | £30.4m | £47.2m | ▼ −36% |
| Net assets | £283.9m | £251.3m | ▲ +13% |
| Dividends paid | — | £0 | |
| People & pay | |||
| Staff cost | £79.2m | £112.5m | ▼ −30% |
Sales at the Vistry Group subsidiary rose 51% to £1.98bn, while gross profit fell a third to £127.3m, and operating profit decreased 39% to £76.8m. The period also included £74m in exceptional items below the operating line. The filing notes that evolving building safety legislation may result in further remediation liabilities that cannot yet be reliably estimated.
Universal Studios Limited [4]
Universal Studios Limited is a UK film, video, and television distribution subsidiary of the US media conglomerate Comcast Corporation, operating via universalpictures.co.uk.
Net profit return
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.8bn | £2.3bn | ▼ −22% |
| Gross profit | £470m | £538.7m | ▼ −13% |
| Admin expenses | £294.7m | £241.8m | ▲ +22% |
| Operating profit | £153.4m | £202.5m | ▼ −24% |
| Profit before tax | £202.5m | £37m | ▲ +447% |
| Net profit | £167m | −£18.9m | ▲ +984% |
| Cash & balance sheet | |||
| Cash | — | £3.8m | |
| Net assets | £659.6m | £606.7m | ▲ +9% |
| Dividends paid | −£114.1m | −£454.1m | ▲ +75% |
| People & pay | |||
| Avg. headcount | 116 | 118 | ▼ −2% |
| Staff cost | £15.1m | — | |
| Director pay | £1.5m | £2.3m | ▼ −33% |
| Highest-paid director | £756k | £756k | ▲ −0% |
Turnover at the UK distribution arm fell 22% to £1.79bn, and operating profit dropped 24% to £153.4m. The bottom line moved to a £167m net profit from an £18.9m loss in the prior year, a period where a £165m gap between operating profit and profit before tax did not recur. The filing notes the approval of a $200m interim dividend.
Vistry Homes Limited [5]
Formerly known as Bovis Homes Limited, the entity operates as a principal housebuilding subsidiary of the listed Vistry Group Plc, developing mixed-tenure residential communities across the UK.
Profit drop
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.7bn | £1.5bn | ▲ +15% |
| Gross profit | £115.1m | £221.3m | ▼ −48% |
| Admin expenses | £107.2m | £145.6m | ▼ −26% |
| Operating profit | £78.2m | £139.2m | ▼ −44% |
| Finance costs | £49.2m | £42.3m | ▲ +16% |
| Profit before tax | £53.2m | £122.4m | ▼ −57% |
| Net profit | £44.5m | £96.6m | ▼ −54% |
| Cash & balance sheet | |||
| Cash | £28m | £354.3m | ▼ −92% |
| Net assets | £1.2bn | £1.4bn | ▼ −15% |
| Dividends paid | −£250m | −£200m | ▼ −25% |
| People & pay | |||
| Avg. headcount | 4,569 | 4,872 | ▼ −6% |
| Staff cost | £367.6m | £409m | ▼ −10% |
At this Vistry subsidiary, turnover rose 14% to £1.69bn while gross profit almost halved to £115.1m. Operating profit decreased 44% to £78.2m, and the accounts show £33.8m in exceptional items during the period. The strategic report notes the UK competition watchdog's ongoing investigation into the housebuilding sector.
A reminder that rising sales and expanding margins remain two entirely different metrics.
Sources
- Sse Energy Supply Limited
- Sefe Energy Limited
- Countryside Properties (Uk) Limited
- Universal Studios Limited
- Vistry Homes Limited