Morgan Cargo Ltd
Registered name: MORGAN CARGO LTD
Part of Kuehne + Nagel International Ag groupMorgan Cargo Ltd made £17m revenue and £620k profit in the year to 31 Dec 2025.
Morgan Cargo Ltd’s revenue fell 2% to £17m in the year to 31 Dec 2025, with £620k profit and 68 employees. The company is classified under “freight air transport” and is based in Woking; we hold 4 years of its filed accounts.
- Status
- Active
- Location
- Woking, South East
- Age
- 27 yrs · since 1999
- 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.
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| 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) | £15.6m | £15.9m | £17.4m | £17m |
| Cost of sales | £13.6m | £13.3m | £13.3m | £11.9m |
| Gross profit | £2m | £2.7m | £4.1m | £5.2m |
| Operating profit | £770k | £780k | £236k | £799k |
| Profit before tax | £820k | £827k | £260k | £818k |
| Profit after tax | £661k | £631k | £162k | £620k |
| Profit (best available) | £661k | £631k | £162k | £620k |
| Staff costs | £1.8m | £2.3m | £2.9m | £3.1m |
| Employees (average) | 59 | 61 | 64 | 68 |
| Ratios | ||||
| Profit margin | 4.2% | 4% | 0.9% | 3.6% |
| Gross margin | 13% | 16.7% | 23.6% | 30.4% |
| Revenue per employee | £264k | £261k | £273k | £251k |
| Profit per employee | £11.2k | £10.3k | £2.5k | £9.1k |
| Cash conversion | −223.7% | −253.1% | −322.7% | −98.2% |
| Growth (year on year) | ||||
| Revenue growth | — | — | ▲9.5% | ▼2.3% |
| Profit growth | — | — | ▼74.3% | ▲282.6% |
| Headcount growth | — | — | ▲4.9% | ▲6.3% |
| Balance sheet — indirect signals, not revenue | ||||
| Cash at bank | £4.3m | £2.3m | £2.9m | £3m |
| Net assets | £1.5m | £2.1m | £2.3m | £2.9m |
| Fixed assets | £60.5k | £160k | £127k | £831k |
| Current assets | £7.7m | £4.3m | £5.2m | £5.1m |
| Debtors | £1.8m | £1.7m | £1.9m | £1.5m |
| Cash from operations | −£1.7m | −£2m | −£762k | −£785k |
| Source | FullAccounts · bulk data Mar 2024 | FullAccounts · bulk data Mar 2024 | FullAccounts · bulk data Apr 2025 | FullAccounts · bulk data Mar 2026 |
How the business works
- Profit margin
- 3.6%
- Profit ÷ revenue.
- Gross margin
- 30.4%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £251k
- Revenue ÷ average employees.
- Profit per employee
- £9.1k
- Profit ÷ average employees.
- Cash conversion
- −98.2%
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- 4.9%
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- —
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- 8.7%
- Money owed by customers. Low = customers pay quickly.
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
- ▲27%
- Now £2.9m
- Cash at bank
- ▲2%
- Now £3m
- Headcount
- ▲6%
- Now 68
- Deferred income
- —
- Now —
- Fixed assets
- ▲554%
- Now £831k
Group structure
Ownership chain
- Kuehne + Nagel International Ag (registered outside the UK register)ultimate parent75–100%
- Kuehne + Nagel (UK) Limited75–100%
- Morgan Cargo Ltdthis company
Bands show the share of ownership each company holds in the one below it.
Sister companies (1)
- Kuehne + Nagel LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Similar profitable businesses
Sources
Latest figures from FullAccounts for the year to 31 Dec 2025 (profit £620k), from the Companies House accounts bulk data published Mar 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.