How much does Aircraft Research Association Limited make?

Aircraft Research Association Limited reported revenue of £18.1m and a loss of £354k in the year to 31 Dec 2025, according to its accounts filed at Companies House.

How many employees does Aircraft Research Association Limited have?

Aircraft Research Association Limited reported an average of 143 employees in the year to 31 Dec 2025.

Is Aircraft Research Association Limited profitable?

No — Aircraft Research Association Limited reported a loss of £354k in the year to 31 Dec 2025.

Company No. 00503668 · Incorporated 22 Jan 1952

Aircraft Research Association Limited

Registered name: AIRCRAFT RESEARCH ASSOCIATION LIMITED

Part of Bae Systems PLC group

Aircraft Research Association Limited made £18.1m revenue and a £354k loss in the year to 31 Dec 2025.

Aircraft Research Association Limited’s revenue grew 71% to £18.1m in the year to 31 Dec 2025, with a loss of £354k and 143 employees. The company is classified under “other research and experimental development on natural sciences and engineering” and is based in Beds; we hold 3 years of its filed accounts.

Full P&L filedSIC 72190Other research and experimental development on natural sciences and engineering

Status: Active
Location: Beds
Age: 74 yrs · since 1952
Type: PRI/LTD BY GUAR/NSC (Private, limited by guarantee, no share capital)

Latest accounts · year to 31 Dec 2025

Key figures

Revenue

£18.1m

Growth ▲71.1%

Profit

−£354k

Growth —

Profit margin

−2%

Employees

143

Change ▼4%

Profit / employee

−£2.5k

Revenue/employee £126k

Profitable streak

0yrs

Consecutive profitable years in our data

3 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Dec 2023	31 Dec 2024	31 Dec 2025
Disclosure	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£13.9m	£10.6m	£18.1m
Cost of sales	−£9m	−£8.1m	—
Gross profit	£4.9m	£2.4m	—
Operating profit	−£1.1m	−£5.6m	£31.4k
Profit before tax	−£1.2m	−£5.5m	−£137k
Profit after tax	−£1.4m	−£5.7m	−£354k
Profit (best available)	−£1.4m	−£5.7m	−£354k
Employees (average)	136	149	143
Ratios
Profit margin	−9.9%	−54.3%	−2%
Gross margin	35.1%	23.1%	—
Revenue per employee	£102k	£70.8k	£126k
Profit per employee	−£10.1k	−£38.5k	−£2.5k
Growth (year on year)
Revenue growth	—	▼24.2%	▲71.1%
Headcount growth	—	▲9.6%	▼4%
Balance sheet — indirect signals, not revenue
Net assets	—	—	—
Source	Accounts · bulk data Oct 2025	Accounts · bulk data Oct 2025	Accounts · bulk data Sep 2026

Derived from the latest filing

How the business works

Profit margin: −2%; Profit ÷ revenue.
Gross margin: —; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £126k; Revenue ÷ average employees.
Profit per employee: −£2.5k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: —; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: —; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: —; Money owed by customers. Low = customers pay quickly.

Indirect — not revenue

Balance-sheet signals

Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.

Net assets: —; Now —
Cash at bank: —; Now —
Headcount: ▼4%; Now 143
Deferred income: —; Now —
Fixed assets: —; Now —

Corporate ownership

Group structure

Ownership chain

Bae Systems PLCultimate parent75–100%
Aircraft Research Association Limitedthis company

Bands show the share of ownership each company holds in the one below it.

Sister companies (28)

Alvis Pension Scheme Trustees LimitedFigures not disclosed
Armstrong Whitworth Aircraft LimitedFigures not disclosed
Avro International Aerospace LimitedFigures not disclosed
Bae Systems (Al Diriyah C4I) LimitedFigures not disclosed
Bae Systems (Holdings) LimitedFigures not disclosed
Bae Systems (Nominees) LimitedFigures not disclosed
Bae Systems 2000 Pension Plan Trustees LimitedFigures not disclosed
Bae Systems Executive Pension Scheme Trustees LimitedFigures not disclosed
Bae Systems Pension Funds Cif Trustees LimitedFigures not disclosed
Bae Systems Pension Funds Investment Management LimitedFigures not disclosed
Bae Systems Pension Funds Trustees LimitedFigures not disclosed
Bae Systems Saudi Arabia (Vehicles and Equipment Holdings) LimitedFigures not disclosed
Bae Systems Saudi Arabia (Vehicles and Equipment Nominees) LimitedFigures not disclosed
Bohemia Invest One LtdFigures not disclosed
Bohemia Invest Two LtdFigures not disclosed
Bristol Aviation Company Limited(The)Figures not disclosed
British Aircraft Corporation (Pension Fund Trustees) LimitedFigures not disclosed
British Aircraft Corporation LimitedFigures not disclosed
Gloster Aircraft LimitedFigures not disclosed
Hawker Siddeley Aviation LimitedFigures not disclosed
Hawker Siddeley Dynamics LimitedFigures not disclosed
Hsa/HSD Pension Funds Trustees LimitedFigures not disclosed
Jetstream Aircraft LimitedFigures not disclosed
Scottish Aviation LimitedFigures not disclosed
The Blackburn Aeroplane & Motor Co. LimitedFigures not disclosed
The British & Colonial Aeroplane Co. LimitedFigures not disclosed
The Supermarine Aviation Works LimitedFigures not disclosed
Thomas Sopwith Aviation Company LimitedFigures not disclosed

From the Persons with Significant Control register (corporate controllers only).

Sources

Companies House profile Filing history & original accounts

Latest figures from accounts for the year to 31 Dec 2025 (profit −£354k), from the Companies House accounts bulk data published Sep 2026. Spotted an error? Request a correction.

Updated from Companies House on 15 Oct 2026

Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.