The Accounts · daily brief
14 October 2026
Deloitte headcount contracts
The takeaways
- Deloitte's operating profit rose 3% to £776m even as average headcount fell by over 1,600
- DAZN's operating loss widened to £708m despite a 22% jump in turnover
- Microsemi Solutions filed on a break-up basis ahead of liquidation, holding £638m in net assets
Hiring signals · who grew, who shrank
Hiring
- Academy Music Group Limited 468 → 1,525 staff ▲ +226% staff cost +5%
- Pentenamio Ltd 137 → 280 staff ▲ +104% staff cost +23%
Cutting
- Luton Hoo Park Limited 269 → 98 staff ▼ −64% staff cost −56%
- Hicp Holdings Limited 131 → 62 staff ▼ −53% staff cost −46%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Microsemi Solutions Uk Ltd
The company provides business support services as a UK subsidiary of the US-listed semiconductor manufacturer Microchip Technology Inc., following the group's 2018 acquisition of former parent Microsemi Corporation.
Filed on a break-up basis — the business is being wound up.
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Admin expenses | £11,939 | £33,901 | ▼ −65% |
| Operating profit | −£11,939 | −£33,901 | ▲ +65% |
| Profit before tax | −£11,913 | −£33,480 | ▲ +64% |
| Net profit | −£11,914 | −£33,629 | ▲ +65% |
| Cash & balance sheet | |||
| Cash | £775 | £10,515 | ▼ −93% |
| Net assets | £638.5m | £638.6m | ▼ −0% |
| Dividends paid | £0 | £0 | |
| People & pay | |||
| Avg. headcount | 0 | 0 | |
The day's most unusual filing comes from this dormant-looking holding company, which submitted its accounts on a break-up basis. The business is being wound up as part of a wider restructuring by its US semiconductor parent, Microchip Technology. It enters liquidation sitting on a substantial £638.5m in net assets.
Petrochina International (London) Co., Limited [1]
This entity serves as a London-based trading and business support subsidiary of the Chinese state-owned energy corporation PetroChina, notably acting as a joint venture partner in the Petroineos refining and trading group alongside INEOS.
Staff costs surge
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £14.6bn | £11.2bn | ▲ +30% |
| Gross profit | £152.3m | £104.3m | ▲ +46% |
| Admin expenses | £62.9m | £38m | ▲ +65% |
| Operating profit | £89.5m | £66.3m | ▲ +35% |
| Finance costs | £7.8m | £16.1m | ▼ −52% |
| Profit before tax | £117m | £120.5m | ▼ −3% |
| Net profit | £87.7m | £90.1m | ▼ −3% |
| Cash & balance sheet | |||
| Cash | £23.4m | £3.8m | ▲ +512% |
| Net assets | £1.0bn | £946.9m | ▲ +8% |
| Dividends paid | −£13.6m | — | |
| People & pay | |||
| Avg. headcount | 71 | 65 | ▲ +9% |
| Staff cost | £25.6m | £17.4m | ▲ +47% |
| Director pay | £133k | £86,747 | ▲ +53% |
Turnover jumped 30% to £14.6bn, with operating profit rising to £89.5m. The London-based trading arm saw average headcount rise by just six, but total staff costs increased 47% to £25.6m. The filing notes that the trading margin, rather than raw volume, remains the critical performance measure.
Deloitte Llp [2]
Operating as the UK arm of the global Deloitte Touche Tohmatsu Limited (DTTL) network, the partnership provides audit, consulting, financial advisory, and tax services (deloitte.com/uk).
Leaner partnership
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £5.7bn | £5.7bn | ▼ −1% |
| Operating profit | £776m | £753m | ▲ +3% |
| Finance costs | £33m | £27m | ▲ +22% |
| Profit before tax | £771m | £680m | ▲ +13% |
| Net profit | £757m | £651m | ▲ +16% |
| Cash & balance sheet | |||
| Cash | £566m | £568m | ▼ −0% |
| Net assets | −£528m | −£651m | ▲ +19% |
| Dividends paid | −£674m | −£717m | ▲ +6% |
| People & pay | |||
| Avg. headcount | 26,978 | 28,604 | ▼ −6% |
| Staff cost | £2.9bn | £2.9bn | ▼ −2% |
Turnover at the UK partnership slipped 1% to £5.68bn, but operating profit crept up to £776m. The margin improvement coincides with a 6% reduction in headcount, bringing average employee numbers down by more than 1,600. Despite the lower headcount, total staff costs dipped by only 2%, meaning the average cost per employee rose.
Lithia Uk Holding Limited [3]
Operating as the British subsidiary of US-based Lithia Motors, Inc., the company is a major automotive retail group that operates dealerships under brands including Stratstone, Jardine Motors, and Hatfields.
Rising per-head cost
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £5.4bn | £5.5bn | ▼ −2% |
| Gross profit | £648.4m | £518.5m | ▲ +25% |
| Admin expenses | £287.6m | £196.4m | ▲ +46% |
| Operating profit | £101.2m | £73.6m | ▲ +38% |
| Finance costs | £59.4m | £59.2m | ▲ +0% |
| Profit before tax | £60m | £21.7m | ▲ +176% |
| Net profit | £47.3m | £12.2m | ▲ +288% |
| Cash & balance sheet | |||
| Cash | £25.5m | £78.4m | ▼ −67% |
| Net assets | £905.7m | £863.6m | ▲ +5% |
| Dividends paid | −£60m | −£50m | ▼ −20% |
| People & pay | |||
| Avg. headcount | 7,302 | 8,138 | ▼ −10% |
| Staff cost | £361.7m | £355.2m | ▲ +2% |
| Director pay | £2.5m | £3.5m | ▼ −30% |
| Highest-paid director | £1.4m | £2.4m | ▼ −42% |
The US-owned motor retailer saw operating profit rise 37% to £101.2m on slightly softer turnover, though £59.4m in finance costs reduced the figure before the bottom line. Average headcount fell by 10%, yet total staff costs crept up to £361.7m, meaning the average cost per employee rose materially. The filing notes a difficult year for the leasing division, alongside a £60m dividend paid to the American parent.
B&Q Limited [4]
Trading as B&Q and TradePoint via diy.com, the company is a UK home improvement and garden retailer operating as a subsidiary of the London Stock Exchange-listed Kingfisher plc.
Flat profit
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £3.8bn | £3.7bn | ▲ +4% |
| Gross profit | £1.6bn | £1.5bn | ▲ +6% |
| Admin expenses | £292.6m | £274.3m | ▲ +7% |
| Operating profit | £214.3m | £214.2m | ▲ +0% |
| Finance costs | £83.5m | £87.7m | ▼ −5% |
| Profit before tax | £257.6m | £259.1m | ▼ −1% |
| Net profit | £189.2m | £186.7m | ▲ +1% |
| Cash & balance sheet | |||
| Cash | £44.8m | £26.5m | ▲ +69% |
| Net assets | £2.7bn | £2.5bn | ▲ +7% |
| People & pay | |||
| Avg. headcount | 19,836 | 20,019 | ▼ −1% |
| Staff cost | £545.1m | £511.2m | ▲ +7% |
| Director pay | £1.8m | £1.6m | ▲ +13% |
| Highest-paid director | £1.1m | £1m | ▲ +10% |
Turnover ticked up 4% to £3.82bn, which the filing attributes partly to customer transference from closed Homebase stores. Operating profit was perfectly flat at £214.3m as a £67m rise in distribution costs absorbed the gross margin gains.
Dazn Sports Media Limited [5]
The company provides sports media and broadcasting services as a subsidiary of the global sports streaming platform DAZN Group (formerly Perform Group, dazn.com).
Mounting losses
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.9bn | £2.3bn | ▲ +22% |
| Admin expenses | £3.6bn | £2.9bn | ▲ +22% |
| Operating profit | −£708.9m | −£583m | ▼ −22% |
| Finance costs | £97.2m | £68.9m | ▲ +41% |
| Profit before tax | −£694.4m | −£668.6m | ▼ −4% |
| Net profit | −£739m | −£689.5m | ▼ −7% |
| Cash & balance sheet | |||
| Cash | £178.5m | £131.4m | ▲ +36% |
| Net assets | −£1.8bn | −£940.4m | ▼ −93% |
| People & pay | |||
| Avg. headcount | 3,200 | 3,405 | ▼ −6% |
| Staff cost | £231.1m | £195.4m | ▲ +18% |
| Director pay | £5.7m | £3.9m | ▲ +46% |
| Highest-paid director | £5.8m | £3.9m | ▲ +48% |
The sports broadcaster saw turnover rise 22% to £2.87bn, but the associated cost base expanded alongside it. Administrative expenses increased to £3.58bn, widening the operating loss to £708.9m. The balance sheet now shows £1.8bn in net liabilities, though the filing affirms the going concern basis relying on parent group support.
Proof that in the corporate world, a business can post a £708m loss and continue, or hold £638m and be quietly wound up.
Sources
- Petrochina International (London) Co., Limited
- Deloitte Llp
- Lithia Uk Holding Limited
- B&Q Limited
- Dazn Sports Media Limited