GLAS CYMRU HOLDINGS CYFYNGEDIG
Operating as a company limited by guarantee, it serves as the parent entity for Dŵr Cymru Welsh Water, providing water and sewerage services across Wales and parts of England.
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Cash
£595m
-6.8% vs 2025
Net assets
£1.5bn
+10.9% highest in 3 filed years
Employees
4,056
+0.2% vs 2025
Profit before tax
-£86m
+41.3% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
4 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
Net assets
3-year trend · vs Utilities median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2026-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 | Δ vs prior |
|---|---|---|---|---|---|
| Total income | £925,300,000 | £919,500,000 | £1,173,700,000 | +27.6% | |
| Operating profit | -£36,500,000 | -£8,500,000 | £172,200,000 | +2,125.9% | |
| Profit before tax | -£218,700,000 | -£146,000,000 | -£85,700,000 | +41.3% | |
| Net profit | — | -£111,100,000 | -£65,900,000 | +40.7% | |
| Cash | £167,100,000 | £638,400,000 | £594,800,000 | -6.8% | |
| Total assets less current liabilities | £7,489,400,000 | — | £8,650,500,000 | — | |
| Net assets | £1,522,000,000 | £1,386,500,000 | £1,537,200,000 | +10.9% | |
| Equity | £1,522,000,000 | £1,386,500,000 | £1,537,200,000 | +10.9% | |
| Average employees | 3,790 | 4,047 | 4,056 | +0.2% | |
| Wages | £16,900,000 | £181,000,000 | £195,300,000 | +7.9% | |
| Directors' remuneration | £1,529,000 | £1,607,000 | £2,198,000 | +36.8% | |
| Directors' pension contributions | — | £10,000 | — | — | |
| Highest paid director | £821,000 | £501,000 | £652,000 | +30.1% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|
| Operating margin | -3.9% | -0.9% | 14.7% | |
| Net margin | — | -12.1% | -5.6% | |
| Return on capital employed | -0.5% | — | 2.0% | |
| Gearing (liabilities / total assets) | 81.8% | 84.8% | 84.1% | |
| Current ratio | 0.94x | 0.95x | 1.39x | |
| Interest cover | -0.14x | -0.04x | 0.61x |
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.
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- Deloitte LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The financial statements have been prepared on the going concern basis as the Directors have a reasonable expectation that the Group and parent Company have adequate resources for a period of at least 12 months from the date of their approval.”
Group structure
- GLAS CYMRU HOLDINGS CYFYNGEDIG · parent
- Glas Cymru (Securities) Cyfyngedig 100%
- Dŵr Cymru (Holdings) Limited 100%
- Dŵr Cymru Cyfyngedig 100%
- Dŵr Cymru (Financing) UK Plc 100%
- Welsh Water Infrastructure Limited 100%
- Welsh Water Organic Energy Limited 100%
- Welsh Water Organic Energy (Cardiff) Limited 100%
- Welsh Water Organic Waste Limited 100%
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
10 active · 17 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| FOREMAN, Nicola Joanne | Secretary | 2023-02-06 | — | — |
| BEVAN, James David, Sir | Director | 2025-02-11 | Jul 1959 | British |
| BOWEN REES, Debra | Director | 2020-01-01 | Dec 1961 | British |
| CHEROUX, Roch Jean Guy Antoine | Director | 2026-01-05 | Sep 1966 | Australian |
| HANSON, Jane Carolyn, Mrs | Director | 2021-01-01 | Sep 1967 | British |
| JAMES, Darren Glyn | Director | 2025-01-01 | Jun 1967 | British |
| JEAVONS, Michael John | Director | 2026-06-11 | Mar 1969 | British |
| POPE, Darren Scott | Director | 2025-01-01 | Aug 1965 | British |
| STAZIKER, David James | Director | 2026-06-11 | Sep 1969 | British |
| WILCOX, Alison | Director | 2025-01-01 | Feb 1965 | British |
Show 17 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| WILLIAMS, Nicola | Secretary | 2015-12-15 | 2023-02-06 |
| AYLING, Robert John | Director | 2016-04-20 | 2016-07-08 |
| BRIDGEWATER, Peter Jeremy | Director | 2016-04-20 | 2016-04-20 |
| BRIDGEWATER, Peter Jeremy | Director | 2015-12-15 | 2019-12-31 |
| CRICK, Thomas, Professor | Director | 2017-10-01 | 2026-07-09 |
| DAVIS, Peter Michael | Director | 2020-01-01 | 2025-05-07 |
| EDWARDS, Graham Winston | Director | 2016-04-20 | 2023-07-07 |
| JONES, Christopher Alun | Director | 2015-12-15 | 2020-05-15 |
| KENRICK, Joanne Louise | Director | 2016-04-20 | 2026-07-09 |
| LYONS, Alastair | Director | 2016-05-01 | 2024-12-31 |
| MOORHOUSE, Barbara Jane | Director | 2023-01-16 | 2024-12-31 |
| PALMER, Stephen Royston, Professor | Director | 2016-04-20 | 2017-12-08 |
| PERRY, Peter David | Director | 2016-04-20 | 2026-01-05 |
| RICHARDS, Menna | Director | 2016-04-20 | 2020-07-03 |
| THOMPSON, Lila Ionie | Director | 2022-09-06 | 2025-11-06 |
| WALKER, Anna Elizabeth Blackstock | Director | 2016-04-20 | 2020-07-03 |
| WARREN, John Anthony | Director | 2016-04-20 | 2021-07-02 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Glas Cymru Anghyfyngedig | Corporate entity | Significant influence | 2016-04-06 | Ceased 2021-06-14 |
Filing timeline
Last 20 of 75 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-16 | AA | accounts | Accounts with accounts type group | |
| 2026-07-13 | TM01 | officers | Termination director company with name termination date | |
| 2026-07-13 | TM01 | officers | Termination director company with name termination date | |
| 2026-06-17 | AP01 | officers | Appoint person director company with name date | |
| 2026-06-17 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-05 | TM01 | officers | Termination director company with name termination date | |
| 2026-01-05 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-11-11 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-07 | AA | accounts | Accounts with accounts type group | |
| 2025-05-09 | TM01 | officers | Termination director company with name termination date | |
| 2025-02-12 | AP01 | officers | Appoint person director company with name date | |
| 2025-01-08 | AP01 | officers | Appoint person director company with name date | |
| 2025-01-07 | AP01 | officers | Appoint person director company with name date | |
| 2025-01-07 | CH01 | officers | Change person director company with change date | |
| 2025-01-07 | AP01 | officers | Appoint person director company with name date | |
| 2025-01-07 | TM01 | officers | Termination director company with name termination date | |
| 2025-01-07 | TM01 | officers | Termination director company with name termination date | |
| 2024-12-16 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-12-05 | AA | accounts | Accounts with accounts type group |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 9
- Capital events
- 0
- Officers appointed
- 3
- Officers resigned
- 4
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.