Halcyon Topco Limited
Registered name: HALCYON TOPCO LIMITED
Part of Vitruvian Partners LLP groupHalcyon Topco Limited made £1.6bn revenue and a £17.1m loss in the year to 31 Dec 2025.
Halcyon Topco Limited’s revenue was £1.6bn in the year to 31 Dec 2025, with a loss of £17.1m and 1,599 employees. The company is classified under “activities of other holding companies” and is based in London; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- London, London
- Age
- 15 yrs · since 2011
- Type
- Private Limited Company
Pass-through vehicle. This looks like a holding, staffing or umbrella company. Its revenue and profit may largely pass through to or from other entities, so the figures may not reflect a standalone operating business. It is excluded from our opportunity lists.
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 Mar 2024 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £2.1bn | £2bn | £1.6bn |
| Cost of sales | −£2bn | −£1.9bn | −£1.5bn |
| Gross profit | £150m | £143m | £108m |
| Operating profit | £14.8m | £6.6m | −£2.4m |
| Profit before tax | −£958k | −£18.8m | −£16.9m |
| Profit after tax | −£4m | −£17.1m | −£17.1m |
| Profit (best available) | −£4m | −£17.1m | −£17.1m |
| Employees (average) | 1,722 | 1,622 | 1,599 |
| Ratios | |||
| Profit margin | −0.2% | −0.8% | −1% |
| Gross margin | 7.1% | 7% | 6.6% |
| Revenue per employee | £1.2m | £1.3m | £1m |
| Profit per employee | −£2.3k | −£10.6k | −£10.7k |
| Growth (year on year) | |||
| Revenue growth | — | ▼2.6% | — |
| Headcount growth | — | ▼5.8% | — |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Jul 2025 | Accounts · bulk data Jul 2025 | Accounts · bulk data Jul 2026 |
How the business works
- Profit margin
- −1%
- Profit ÷ revenue.
- Gross margin
- 6.6%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £1m
- Revenue ÷ average employees.
- Profit per employee
- −£10.7k
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- —
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- —
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- —
- 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
- —
- Now —
- Cash at bank
- —
- Now —
- Headcount
- —
- Now 1,599
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Vitruvian Partners LLPultimate parent75–100%
- Halcyon Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Halcyon Midco LimitedFigures not disclosed
Sister companies (13)
- Bright Heroes Topco LimitedFigures not disclosed
- Cannes Topco LtdFigures not disclosed
- Etihad Topco LimitedFigures not disclosed
- Opus Topco LimitedRev. — · Profit −£22.5m
- Priestholm Midco LtdFigures not disclosed
- Vip I Nominees LimitedFigures not disclosed
- Vip II Nominees LimitedFigures not disclosed
- Vip III Nominees LimitedFigures not disclosed
- Vip IV Nominees LimitedFigures not disclosed
- Vitruvian Managers LimitedFigures not disclosed
- Vitruvian Partners LimitedFigures not disclosed
- Vitruvian Scotcar General Partner LLPFigures not disclosed
- Vitruvian Scotcar GP LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Dec 2025 (profit −£17.1m), from the Companies House accounts bulk data published Jul 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.