How much does Martin Randall Travel Limited make?

Martin Randall Travel Limited reported revenue of £20.5m and £1.7m profit in the year to 31 Dec 2025, according to its accounts filed at Companies House.

How many employees does Martin Randall Travel Limited have?

Martin Randall Travel Limited reported an average of 50 employees in the year to 31 Dec 2025.

Is Martin Randall Travel Limited profitable?

Yes — Martin Randall Travel Limited reported a profit of £1.7m in the year to 31 Dec 2025.

Company No. 02314294 · Incorporated 8 Nov 1988

Martin Randall Travel Limited

Registered name: MARTIN RANDALL TRAVEL LIMITED

Part of Piper Pe LLP group

Martin Randall Travel Limited made £20.5m revenue and £1.7m profit in the year to 31 Dec 2025.

Martin Randall Travel Limited’s revenue grew 28% to £20.5m in the year to 31 Dec 2025, with £1.7m profit and 50 employees. The company is classified under “tour operator activities” and is based in London; we hold 4 years of its filed accounts.

Full P&L filedSection N · Administrative and support servicesSIC 79120Tour operator activities

Status: Active
Location: London, London
Age: 37 yrs · since 1988
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-lightCash flow filed

Revenue

£20.5m

Growth ▲28.2%

Profit

£1.7m

Growth ▲11.9%

Profit margin

8.1%

Gross 28.1%

Employees

Change ▲42.9%

Profit / employee

£33.2k

Revenue/employee £410k

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 Dec 2022	31 Dec 2023	31 Dec 2024	31 Dec 2025
Disclosure	Profit only	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	—	£12.3m	£16m	£20.5m
Cost of sales	—	£8.8m	£11.6m	£14.7m
Gross profit	—	£3.4m	£4.4m	£5.8m
Operating profit	—	£1.2m	£1.6m	£1.5m
Profit before tax	—	£1.3m	£1.7m	£1.8m
Profit after tax	£1.1m	£956k	£1.5m	£1.7m
Profit (best available)	£1.1m	£956k	£1.5m	£1.7m
Staff costs	—	£1.5m	£2m	£2.4m
Employees (average)	24	30	35	50
Ratios
Profit margin	—	7.8%	9.3%	8.1%
Gross margin	—	27.9%	27.8%	28.1%
Revenue per employee	—	£409k	£457k	£410k
Profit per employee	£45.5k	£31.9k	£42.4k	£33.2k
Cash conversion	—	146.6%	−106.3%	286%
Growth (year on year)
Revenue growth	—	—	▲30.2%	▲28.2%
Profit growth	—	▼12.5%	▲55.3%	▲11.9%
Headcount growth	—	▲25%	▲16.7%	▲42.9%
Balance sheet — indirect signals, not revenue
Cash at bank	£3.3m	£4.5m	£2.8m	£6.7m
Net assets	£2.4m	£3.3m	£4.8m	£3.9m
Fixed assets	£946k	£970k	£1m	£719k
Current assets	£3.9m	£5.4m	£6.9m	£9.5m
Debtors	£574k	£882k	£4.2m	£2.8m
Deferred income	£1.8m	£2.8m	£3m	£5.8m
Cash from operations	—	£1.8m	−£1.7m	£4.4m
Source	FullAccounts · bulk data May 2024	FullAccounts · bulk data May 2024	FullAccounts · bulk data Sep 2025	FullAccounts · bulk data Sep 2026

Derived from the latest filing

How the business works

Profit margin: 8.1%; Profit ÷ revenue.
Gross margin: 28.1%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £410k; Revenue ÷ average employees.
Profit per employee: £33.2k; Profit ÷ average employees.
Cash conversion: 286%; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 3.5%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 28.1%; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 13.9%; 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: ▼20%; Now £3.9m
Cash at bank: ▲141%; Now £6.7m
Headcount: ▲43%; Now 50
Deferred income: ▲92%; Now £5.8m
Fixed assets: ▼30%; Now £719k

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

Piper Pe LLPultimate parent75–100%
Carthage Topco Ltd75–100%
Carthage Buyer Ltd75–100%
Martin Randall Travel Limitedthis company

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

Subsidiaries (3)

Group Travel Connection LimitedFigures not disclosed
Heritage Group Travel LimitedRev. — · Profit £423k
Martin Randall Transport 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 £1.7m), from the Companies House accounts bulk data published Sep 2026. Spotted an error? Request a correction.

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