How much does Morgans of Usk Limited make?

Morgans of Usk Limited reported revenue of £54.5m and £8.6m profit in the year to 31 May 2025, according to its accounts filed at Companies House.

How many employees does Morgans of Usk Limited have?

Morgans of Usk Limited reported an average of 129 employees in the year to 31 May 2025.

Is Morgans of Usk Limited profitable?

Yes — Morgans of Usk Limited reported a profit of £8.6m in the year to 31 May 2025.

Company No. 02137982 · Incorporated 5 Jun 1987

Morgans of Usk Limited

Registered name: MORGANS OF USK LIMITED

Part of Morgans of Usk Group Limited group

Morgans of Usk Limited made £54.5m revenue and £8.6m profit in the year to 31 May 2025.

Morgans of Usk Limited’s revenue grew 42% to £54.5m in the year to 31 May 2025, with £8.6m profit and 129 employees. The company is classified under “manufacture of basic iron and steel and of ferro-alloys” and is based in Newport; we hold 4 years of its filed accounts.

Full P&L filedSection C · ManufacturingSIC 24100Manufacture of basic iron and steel and of ferro-alloys

Status: Active
Location: Newport, Wales
Age: 39 yrs · since 1987
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 May 2025

Key figures

Capital-lightOperating leverage

Revenue

£54.5m

Growth ▲42%

Profit

£8.6m

Growth ▲548.6%

Profit margin

15.8%

Gross 32.5%

Employees

129

Change ▲4%

Profit / employee

£66.6k

Revenue/employee £423k

Profitable streak

4yrs

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 May 2022	31 May 2023	31 May 2024	31 May 2025
Disclosure	Full P&L	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£38.2m	£46.6m	£38.4m	£54.5m
Cost of sales	£29m	£34.4m	£31m	£36.8m
Gross profit	£9.1m	£12.2m	£7.4m	£17.7m
Operating profit	£4m	£6.2m	£1.3m	£10.7m
Profit before tax	£4m	£6.3m	£1.8m	£11.5m
Profit after tax	£3.3m	£5.1m	£1.3m	£8.6m
Profit (best available)	£3.3m	£5.1m	£1.3m	£8.6m
Staff costs	£6.4m	£6.6m	£7.2m	£8m
Employees (average)	131	120	124	129
Ratios
Profit margin	8.6%	10.9%	3.5%	15.8%
Gross margin	23.9%	26.2%	19.2%	32.5%
Revenue per employee	£291k	£388k	£310k	£423k
Profit per employee	£25.1k	£42.5k	£10.7k	£66.6k
Growth (year on year)
Revenue growth	—	▲22.1%	▼17.6%	▲42%
Profit growth	—	▲54.9%	▼74%	▲548.6%
Headcount growth	—	▼8.4%	▲3.3%	▲4%
Balance sheet — indirect signals, not revenue
Cash at bank	£5.4m	£8.8m	£15.4m	£18.7m
Net assets	£9.6m	£12.7m	£13m	£21m
Fixed assets	£1.6m	£1.4m	£1.8m	£1.7m
Current assets	£18.6m	£24.1m	£28.2m	£32.4m
Debtors	£7m	£8.4m	£7.3m	£6.9m
Deferred income	£483k	£1.4m	£7.6m	£843k
Source	Accounts · bulk data Feb 2024	Accounts · bulk data Feb 2024	FullAccounts · bulk data May 2025	FullAccounts · bulk data Jun 2026

Derived from the latest filing

How the business works

Profit margin: 15.8%; Profit ÷ revenue.
Gross margin: 32.5%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £423k; Revenue ÷ average employees.
Profit per employee: £66.6k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 3.1%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 1.6%; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 12.7%; 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: ▲61%; Now £21m
Cash at bank: ▲21%; Now £18.7m
Headcount: ▲4%; Now 129
Deferred income: ▼89%; Now £843k
Fixed assets: ▼4%; Now £1.7m

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

Morgans of Usk Group Limitedultimate parent75–100%
Morgans of Usk Limitedthis company

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

Sister companies (2)

Morgan (Power Generation) LimitedRev. £0 · Profit −£6.4k
Alice Springs Lodge 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 May 2025 (profit £8.6m), from the Companies House accounts bulk data published Jun 2026. Spotted an error? Request a correction.

Updated from Companies House on 24 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.