FORTESCUE ZERO LIMITED

• ◆

  4 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -0.8%

  £112,623,000 → £111,725,000

• Cash

  -54.6%

  £12,297,000 → £5,580,000

• Net assets

  -338.7%

  -£21,434,000 → -£94,024,000

  lowest in 4 filed years

• Employees

  +42.9%

  510 → 729

  highest in 4 filed years

• Operating profit

  -218.8%

  -£20,230,000 → -£64,497,000

  lowest in 4 filed years

• Profit before tax

  -224.8%

  -£22,348,000 → -£72,590,000

  lowest in 4 filed years

• Wages

  +76.3%

  £31,724,000 → £55,928,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. FORTESCUE ZERO LIMITED 2024-06-12 → present
2. WAE TECHNOLOGIES LIMITED 2022-11-11 → 2024-06-12
3. WILLIAMS ADVANCED ENGINEERING LIMITED 2012-03-29 → 2022-11-11

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company's loss for the year was £72.6m (2023: loss £22.3m). As at the reporting date, the Company had net liabilities of £94m (As at 30 June 2023: net liabilities of £21.4m) and net current assets of £31.2m (As at 30 June 2023: net current assets of £43.9m). The financial statements have been prepared on a going concern basis which the directors consider appropriate for the reasons set out below. The Company is a wholly owned subsidiary of Fortescue, one of the largest listed companies in Australia. Fortescue has provided additional funding of £84m during the year and, from 1 July 2024 to date, the Company has received £168.5m of funding in support of its growth plan. Furthermore, the Company has obtained a letter of support from Fortescue stating that they will provide financial support to the Company, such that the Company is able to operate as a going concern and to settle its liabilities as they fall due for at least 12 months from the date of the signing of these financial statements. In accordance with the group forecast cycle, the directors have prepared cashflow forecasts out to the end of 30 June 2026 to provide Fortescue with transparency of future funding requirements.”

Group structure

1. FORTESCUE ZERO LIMITED · parent
   1. Fortescue UK Investment Management limited 100% · England and Wales · Engineering
   2. WAE Joint Ventures Limited 100% · England and Wales · Engineering
   3. WAE Technologies Deutschland GmbH 100% · Germany · Engineering

Significant events

• “The Company purchased a new office building in Kidlington Oxford for £16m in November 2023, taking occupancy in April 2024, at which point it became the new headquarters. As a result, the prepaid lease at the previous headquarters, based in Grove with a book value of £4.6m was surrendered for a consideration of £8.8m.”
• “The Company also entered into a lease at a test facility in Banbury in March 2024 which included the acquisition of test equipment for £2.5m with the strategic rationale to reduce external testing costs and provide operational flexibility.”
• “Craig Wilson resigned from his position as Director in November 2023 which included full settlement of short and long-term incentive agreements.”
• “The CEO Judith Judson was replaced by an interim CEO Mark Hutchison on 31 May 2024 and subsequently resigned as a Director on 19 June 2024.”
• “In November 2024, Ellie Coates was appointed CEO, taking over from Mark Hutchinson who held this position on an interim basis since February 2024.”
• “Chris Copland resigned from his position as CFO in April 2025 & subsequently resigned from his role as director in May 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

16

last 12 months

Capital events

4

last 24 months

Officers appointed

4

last 12 months

Officers resigned

4

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.