Board pay outpaced sales, and one lean holdco

Revenue fell 10%, with the headline operating profit drop accompanied by a £1.5m recognition of other operating income. Looking at the underlying trading, gross profit was broadly flat while administrative expenses rose 11%. The staff wage bill increased 13% even as headcount stayed largely static, coinciding with a contraction in the core margins of this building contractor.

Mind the gap on the calendar here—the prior period was a 308-day stub, so the unadjusted percentage moves are skewed. Even with an extra two months of trading this year, operating profit slipped from £7.8m to £7.5m. Still, pulling in £331m of turnover with an average headcount of six is the sort of productivity you can only admire.

It is a game of immense volumes and narrow margins for the agricultural retailer. A £326m top line translated to a thin £126k operating profit, though that is at least an improvement on last year's half-million-pound loss. Ultimately, the figure was not quite enough to move the bottom line into the black once the £96k tax charge was settled.

Group turnover ticked up 6% for the wine wholesaler, but operating profit fell 18% as administrative expenses outpaced the top line. If you are wondering why net profit managed a 48% jump in the other direction, look below the line. A much lighter tax charge—dropping from £922k to £406k—accompanied the divergence between the operating and final result.

The top line shed 12% and operating profit dropped 23% at the property maintenance contractor. The period, however, also saw an increase in board pay. Total director remuneration jumped 32% to £1.2m, and the dividend payout nearly doubled to £1.5m, marking a notable rise in distributions during a year of shrinking sales.