How much does Fence Topco Limited make?

Fence Topco Limited reported revenue of £80.2m and a loss of £23.1m in the year to 31 Dec 2025, according to its accounts filed at Companies House.

How many employees does Fence Topco Limited have?

Fence Topco Limited reported an average of 452 employees in the year to 31 Dec 2025.

Is Fence Topco Limited profitable?

No — Fence Topco Limited reported a loss of £23.1m in the year to 31 Dec 2025.

Company No. 09840298 · Incorporated 26 Oct 2015

Fence Topco Limited

Registered name: FENCE TOPCO LIMITED

Part of Exponent Private Equity (Holdings) LLP group

Fence Topco Limited made £80.2m revenue and a £23.1m loss in the year to 31 Dec 2025.

Fence Topco Limited’s revenue fell 2% to £80.2m in the year to 31 Dec 2025, with a loss of £23.1m and 452 employees. The company is classified under “financial management” and is based in Weybridge; we hold 3 years of its filed accounts.

Full P&L filedSection M · Professional, scientific and technical activitiesSIC 70221Financial management

Status: Active
Location: Weybridge, London
Age: 10 yrs · since 2015
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

Revenue

£80.2m

Growth ▼2.2%

Profit

−£23.1m

Growth —

Profit margin

−28.8%

Gross 70.5%

Employees

452

Change ▼4%

Profit / employee

−£51.2k

Revenue/employee £178k

Profitable streak

0yrs

Consecutive profitable years in our data

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

3 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Dec 2023	31 Dec 2024	31 Dec 2025
Disclosure	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£83.5m	£82m	£80.2m
Cost of sales	−£25.6m	−£24.5m	−£23.7m
Gross profit	£57.9m	£57.5m	£56.5m
Operating profit	−£11.7m	£4m	£3.6m
Profit before tax	−£34.1m	−£19.2m	−£20.8m
Profit after tax	−£33.3m	−£18.4m	−£23.1m
Profit (best available)	−£33.3m	−£18.4m	−£23.1m
Employees (average)	525	471	452
Ratios
Profit margin	−39.8%	−22.4%	−28.8%
Gross margin	69.3%	70.1%	70.5%
Revenue per employee	£159k	£174k	£178k
Profit per employee	−£63.3k	−£39k	−£51.2k
Growth (year on year)
Revenue growth	—	▼1.8%	▼2.2%
Headcount growth	—	▼10.3%	▼4%
Balance sheet — indirect signals, not revenue
Net assets	—	—	—
Source	Accounts · bulk data Jun 2025	Accounts · bulk data Jun 2025	Accounts · bulk data Jul 2026

Derived from the latest filing

How the business works

Profit margin: −28.8%; Profit ÷ revenue.
Gross margin: 70.5%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £178k; Revenue ÷ average employees.
Profit per employee: −£51.2k; 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.

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: —; Now —
Cash at bank: —; Now —
Headcount: ▼4%; Now 452
Deferred income: —; Now —
Fixed assets: —; Now —

Corporate ownership

Group structure

Ownership chain

Exponent Private Equity (Holdings) LLPultimate parent75–100%
Exponent Private Equity GP (Second Member) Limited75–100%
Exponent Private Equity GP of GP III LLP25–50%
Fence Topco Limitedthis company

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

Subsidiaries (1)

Fence Midco LimitedFigures not disclosed

Minority corporate shareholders

Exponent Private Equity LLP

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 accounts for the year to 31 Dec 2025 (profit −£23.1m), from the Companies House accounts bulk data published Jul 2026. Spotted an error? Request a correction.

Updated from Companies House on 14 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.