How much does First Subsea Limited make?

First Subsea Limited reported revenue of £25.2m and £2.8m profit in the year to 30 Apr 2025, according to its accounts filed at Companies House.

How many employees does First Subsea Limited have?

First Subsea Limited reported an average of 95 employees in the year to 30 Apr 2025.

Is First Subsea Limited profitable?

Yes — First Subsea Limited reported a profit of £2.8m in the year to 30 Apr 2025.

Company No. 02894198 · Incorporated 2 Feb 1994

First Subsea Limited

Registered name: FIRST SUBSEA LIMITED

Part of First Tech Limited group

First Subsea Limited made £25.2m revenue and £2.8m profit in the year to 30 Apr 2025.

First Subsea Limited’s revenue grew 18% to £25.2m in the year to 30 Apr 2025, with £2.8m profit and 95 employees. The company is classified under “manufacture of lifting and handling equipment” and is based in Newquay Road; we hold 2 years of its filed accounts.

Full P&L filedSection C · ManufacturingSIC 28220Manufacture of lifting and handling equipment

Status: Active
Location: Newquay Road, North West
Age: 32 yrs · since 1994
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 30 Apr 2025

Key figures

Operating leverage

Revenue

£25.2m

Growth ▲17.7%

Profit

£2.8m

Growth ▲60.7%

Profit margin

11.3%

Gross 38.7%

Employees

Change ▲13.1%

Profit / employee

£29.9k

Revenue/employee £265k

Profitable streak

2yrs

Consecutive profitable years in our data

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

2 filed years

Financial history

Multi-year financials, oldest to newest
Year to	30 Apr 2024	30 Apr 2025
Disclosure	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£21.4m	£25.2m
Cost of sales	£13.4m	£15.4m
Gross profit	£8m	£9.7m
Operating profit	£2.6m	£3.5m
Profit before tax	£2.1m	£3m
Profit after tax	£1.8m	£2.8m
Profit (best available)	£1.8m	£2.8m
Staff costs	£4m	£4.9m
Employees (average)	84	95
Ratios
Profit margin	8.3%	11.3%
Gross margin	37.5%	38.7%
Revenue per employee	£255k	£265k
Profit per employee	£21k	£29.9k
Growth (year on year)
Revenue growth	—	▲17.7%
Profit growth	—	▲60.7%
Headcount growth	—	▲13.1%
Balance sheet — indirect signals, not revenue
Cash at bank	£1.3m	£1.8m
Net assets	£4.5m	£7.3m
Fixed assets	£2.8m	£2.8m
Current assets	£10.2m	£11.2m
Debtors	£3.1m	£3.3m
Deferred income	£2.2m	£808k
Source	FullAccounts · bulk data Jan 2026	FullAccounts · bulk data Jan 2026

Derived from the latest filing

How the business works

Profit margin: 11.3%; Profit ÷ revenue.
Gross margin: 38.7%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £265k; Revenue ÷ average employees.
Profit per employee: £29.9k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 11%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 3.2%; 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: ▲64%; Now £7.3m
Cash at bank: ▲33%; Now £1.8m
Headcount: ▲13%; Now 95
Deferred income: ▼64%; Now £808k
Fixed assets: ▼0%; Now £2.8m

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

First Tech Limitedultimate parent75–100%
First Subsea Limitedthis company

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

Sister companies (5)

First Marine Solutions LimitedRev. £21.6m · Profit £798k
First Construction LimitedFigures not disclosed
First Hydrocarbons LimitedFigures not disclosed
First Time LimitedFigures not disclosed
Parklea Holdings LimitedRev. — · Profit £221k

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 30 Apr 2025 (profit £2.8m), from the Companies House accounts bulk data published Jan 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.