How much does Stovax Gazco Ltd make?

Stovax Gazco Ltd reported revenue of £36m and £18m profit in the year to 31 Dec 2025, according to its accounts filed at Companies House.

How many employees does Stovax Gazco Ltd have?

Stovax Gazco Ltd reported an average of 230 employees in the year to 31 Dec 2025.

Is Stovax Gazco Ltd profitable?

Yes — Stovax Gazco Ltd reported a profit of £18m in the year to 31 Dec 2025.

Company No. 01572550 · Incorporated 6 Jul 1981

Stovax Gazco Ltd

Registered name: STOVAX GAZCO LTD

Part of Nibe Industrier Ab group

Stovax Gazco Ltd made £36m revenue and £18m profit in the year to 31 Dec 2025.

Stovax Gazco Ltd’s revenue grew 85% to £36m in the year to 31 Dec 2025, with £18m profit and 230 employees. The company is classified under “manufacture of other fabricated metal products” and is based in Exeter; we hold 4 years of its filed accounts.

Full P&L filedSection C · ManufacturingSIC 25990Manufacture of other fabricated metal products n.e.c.SIC 32990Other manufacturing n.e.c.SIC 46499Wholesale of household goods (other than musical instruments) n.e.c.

Status: Active
Location: Exeter, South West
Age: 45 yrs · since 1981
Type: Private Limited Company

Part of a group. The filing indicates this company sits within a group structure, so its results may depend on intra-group trading and it may be hard to replicate independently.

Latest accounts · year to 31 Dec 2025

Key figures

Capital-light

Revenue

£36m

Growth ▲84.5%

Profit

£18m

Growth —

Profit margin

50.1%

Gross 28.3%

Employees

230

Change ▲62%

Profit / employee

£78.4k

Revenue/employee £157k

Profitable streak

1yr

Consecutive profitable years in our data

Badges are automated estimates derived from the filed figures — not statements of fact about the company.

4 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Dec 2022	31 Dec 2023	31 Dec 2024	31 Dec 2025
Disclosure	Full P&L	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£26.7m	£25.5m	£19.5m	£36m
Cost of sales	£17.4m	£17.7m	£13.5m	£25.8m
Gross profit	£9.3m	£7.8m	£6m	£10.2m
Operating profit	£3.2m	£1.4m	−£908k	−£614k
Profit before tax	£3.4m	£2m	−£281k	£18.2m
Profit after tax	£2.8m	£1.5m	−£215k	£18m
Profit (best available)	£2.8m	£1.5m	−£215k	£18m
Employees (average)	110	120	142	230
Ratios
Profit margin	10.5%	5.7%	−1.1%	50.1%
Gross margin	34.9%	30.6%	30.6%	28.3%
Revenue per employee	£243k	£213k	£137k	£157k
Profit per employee	£25.5k	£12.2k	−£1.5k	£78.4k
Growth (year on year)
Revenue growth	—	▼4.5%	▼23.4%	▲84.5%
Profit growth	—	▼47.8%	▼114.7%	—
Headcount growth	—	▲9.1%	▲18.3%	▲62%
Balance sheet — indirect signals, not revenue
Cash at bank	£18.5m	£14.3m	£25.8m	£28m
Net assets	£23.8m	£23.4m	£21.8m	£39.8m
Fixed assets	£2.4m	£1.7m	£2.9m	£2.3m
Current assets	£26.4m	£25.2m	£42.4m	£43.4m
Debtors	£3.6m	£2.5m	£5.6m	£4.8m
Deferred income	£2.4m	£1.6m	£2.1m	£2.3m
Source	FullAccounts · bulk data Jun 2024	FullAccounts · bulk data Jun 2024	FullAccounts · bulk data Sep 2025	FullAccounts · bulk data May 2026

Derived from the latest filing

How the business works

Profit margin: 50.1%; Profit ÷ revenue.
Gross margin: 28.3%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £157k; Revenue ÷ average employees.
Profit per employee: £78.4k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 6.4%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 6.5%; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 13.2%; 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: ▲83%; Now £39.8m
Cash at bank: ▲9%; Now £28m
Headcount: ▲62%; Now 230
Deferred income: ▲13%; Now £2.3m
Fixed assets: ▼21%; Now £2.3m

Deferred income is reported together with accruals in this filing (“accruals and deferred income”), so it is an approximate signal only.

Corporate ownership

Group structure

Ownership chain

Nibe Industrier Ab (registered outside the UK register)ultimate parent75–100%
Stovax Heating Group Limited75–100%
Stovax Gazco Ltdthis company

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

Subsidiaries (1)

Gazco LimitedRev. £0 · Profit £0

Sister companies (2)

Stovax LimitedRev. £0 · Profit £3m
Stovax Heating Group (Ni) LimitedFigures not disclosed

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

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Sources

Companies House profile Filing history & original accounts

Latest figures from FullAccounts for the year to 31 Dec 2025 (profit £18m), from the Companies House accounts bulk data published May 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.