ITHACA ENERGY (UK) LIMITED
Operating as a subsidiary of the Israeli-owned Delek Group, the company is an independent oil and gas operator focused on the exploration and production of hydrocarbons in the North Sea, with its parent entity, Ithaca Energy plc, listed on the London Stock Exchange.
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Cash
£82M
USD 109,335,000
-28.3% vs 2023
Net assets
£678M
USD 901,564,000
+233.2% vs 2023
Employees
632
+6.8% vs 2023
Profit before tax
£840M
USD 1,117,142,000
+306% vs 2023
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
1 PSC ceased in last 24 months
Significant control changed hands — see the Ownership section.
Net assets
2-year trend · vs Energy median
Accounts
2-year trend · Δ = latest vs prior filed period · latest reflected 2024-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | Δ vs prior |
|---|---|---|---|---|
| Turnover | £618,145,531 | £142,325,039 | -77% | |
| Operating profit | £258,343,983 | -£1,324,776,366 | -612.8% | |
| Profit before tax | £206,827,031 | £839,766,970 | +306% | |
| Net profit | £163,644,291 | £780,675,036 | +377.1% | |
| Cash | £114,687,664 | £82,188,228 | -28.3% | |
| Total assets less current liabilities | £371,557,543 | £1,645,564,910 | +342.9% | |
| Net assets | -£508,939,337 | £677,714,801 | +233.2% | |
| Equity | -£508,939,337 | £677,714,801 | +233.2% | |
| Average employees | 592 | 632 | +6.8% | |
| Wages | £64,312,561 | £68,270,315 | +6.2% | |
| Directors' remuneration | — | — | — |
Figures converted to GBP from USD at 0.752 per USD (Frankfurter spot rate) — hover any figure for the original. — 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 | 2023-12-31 | 2024-12-31 |
|---|---|---|---|
| Operating margin | 41.8% | — | |
| Net margin | 26.5% | — | |
| Return on capital employed | 69.5% | -80.5% | |
| Gearing (liabilities / total assets) | 111.2% | 80.2% | |
| Current ratio | 0.07x | 0.10x | |
| Interest cover | 1.50x | -8.39x |
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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- ITHACA ENERGY (UK) LIMITED 2004-09-23 → present
- LEDGE 816 LIMITED 2004-08-16 → 2004-09-23
Audit & accounting basis
- Accounting basis
- FRS 101
- Reporting scope
- Standalone (parent only)
- Auditor
- Deloitte LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“Based on their assessment of the Group's financial position to the period 31 December 2026, the Company's Directors believe that the Group will be able to continue in operational existence and provide any necessary financial support to the Company for the 12 months from the date of signing. Accordingly, they continue to adopt the going concern basis of accounting in preparing the Company's financial statements.”
Group structure
- ITHACA ENERGY (UK) LIMITED · parent
- Ithaca Minerals (North Sea) Limited 100%
- Ithaca GSA Holdings Limited 100%
- Ithaca MA Limited 100%
- Ithaca Oil & Gas Limited 100%
- Ithaca Zeta Limited 100%
- Ithaca SP (Holdings) Limited 100%
Significant events
- “On 29 January 2025, the Group announced a reorganisation and streamlining of the organisational structure for onshore staff which completed in 1H 2025.”
- “On 7 July, the Company acquired Japex E&P UK increasing the Group's equity in the Seagull field from 35% to 40%.”
- “On 18 June 2025, the Cambo licence was extended by 18 months from 31 March 2026 to 30 September 2027, confirming the regulator's trust in the Group's ability to continue progressing the project towards the licence milestones.”
- “On 18 November 2025, the Company signed a farm-in agreement with Shell UK for a 50% working interest in licences P2629 and P2630, located in the West of Shetland basin, containing the Tobermory gas discovery.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
5 active · 20 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| PINSENT MASONS SECRETARIAL LIMITED | Corporate Secretary | 2012-08-16 | — | — |
| FRIEDMAN, Yaniv | Director | 2024-07-01 | Apr 1974 | Israeli |
| LEWIS, Iain Clifford Scobbie | Director | 2023-02-07 | Dec 1977 | British |
| MCATEER, Julie Elizabeth | Director | 2024-05-27 | Mar 1969 | British |
| VASQUES, Luciano Maria | Director | 2024-10-03 | Apr 1963 | Italian |
Show 20 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| GUNN, Bradley | Secretary | 2004-12-14 | 2005-12-09 |
| LEDINGHAM CHALMERS | Corporate Nominee Secretary | 2004-08-16 | 2006-03-31 |
| MD SECRETARIES LIMITED | Corporate Nominee Secretary | 2006-04-01 | 2012-08-16 |
| BERGER, Alexander Ferdinand Diederik | Director | 2008-10-31 | 2009-08-27 |
| BRUCE, Alan Alexander | Director | 2021-09-20 | 2024-01-04 |
| CARSON, Neil Ashley | Director | 2004-10-13 | 2007-08-16 |
| COPELAND, Donald | Director | 2004-10-13 | 2005-04-20 |
| CRAWFORD, David Andrew | Director | 2021-02-01 | 2022-09-01 |
| DUNNETT, Bill | Director | 2020-08-24 | 2021-09-14 |
| FORBES, Graham Andrew | Director | 2010-05-03 | 2021-01-31 |
| GUNN, Bradley | Director | 2004-12-14 | 2008-01-24 |
| MCKENDRICK, Iain Charles | Director | 2008-12-01 | 2013-10-01 |
| MYERSON, Gilad | Director | 2021-06-14 | 2024-05-27 |
| PAYNE, Lawrence | Director | 2004-10-13 | 2011-02-22 |
| SUMMERS, John Patrick | Director | 2005-05-20 | 2014-06-17 |
| THOMAS, Leslie James | Director | 2013-10-01 | 2020-08-24 |
| TURNER, Steven | Director | 2008-03-27 | 2010-02-25 |
| WOOD, Norman | Director | 2010-02-25 | 2010-05-03 |
| ZAMMIT, Jay | Director | 2004-10-13 | 2007-10-13 |
| LEDGE SERVICES LIMITED | Corporate Nominee Director | 2004-08-16 | 2004-10-13 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Ithaca Energy Plc | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2024-10-03 | Active |
| Delek Group Ltd. | Corporate entity | Shares 75–100%, Voting 75–100% | 2016-04-21 | Ceased 2024-10-03 |
| Ithaca Energy, Inc. | Corporate entity | Shares 75–100% (as firm), Voting 75–100% (as firm) | 2016-04-06 | Ceased 2017-04-21 |
Filing timeline
Last 20 of 188 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2025-12-30 | AA | accounts | Accounts with accounts type full | |
| 2025-09-03 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-09-02 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-08-19 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-08-01 | CH01 | officers | Change person director company with change date | |
| 2025-07-08 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-07-08 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-02-06 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2025-02-06 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2024-11-04 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-10-31 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-10-31 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-10-31 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-10-24 | RP04AP01 | officers | Second filing of director appointment with name | |
| 2024-10-18 | AP01 | officers | Appoint person director company with name date | |
| 2024-10-18 | CH01 | officers | Change person director company with change date | |
| 2024-09-09 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-09-06 | SH19 | capital | Capital statement capital company with date currency figure | |
| 2024-09-06 | SH20 | capital | Legacy | |
| 2024-09-06 | CAP-SS | insolvency | Legacy |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 7
- Capital events
- 2
- Officers appointed
- 0
- Officers resigned
- 0
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.