How much does P27 Topco Limited make?

P27 Topco Limited reported revenue of £114m and a loss of £15.3m in the year to 31 Dec 2025, according to its accounts filed at Companies House.

How many employees does P27 Topco Limited have?

P27 Topco Limited reported an average of 481 employees in the year to 31 Dec 2025.

Is P27 Topco Limited profitable?

No — P27 Topco Limited reported a loss of £15.3m in the year to 31 Dec 2025.

Company No. 11229734 · Incorporated 28 Feb 2018

P27 Topco Limited

Registered name: P27 TOPCO LIMITED

Part of MML Growth Capital LLP group

P27 Topco Limited made £114m revenue and a £15.3m loss in the year to 31 Dec 2025.

P27 Topco Limited’s revenue grew 1% to £114m in the year to 31 Dec 2025, with a loss of £15.3m and 481 employees. The company is classified under “other service activities” and is based in Cheltenham; we hold 3 years of its filed accounts.

Full profit & loss filedSection S · Other service activitiesSIC 96090Other service activities n.e.c.

Status: Active
Location: Cheltenham, South West
Age: 8 yrs · since 2018
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

£114m

Growth ▲1.4%

Profit

−£15.3m

Growth —

Profit margin

−13.4%

Gross 69.8%

Employees

481

Change ▲4.3%

Profit / employee

−£31.8k

Revenue/employee £237k

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	Profit & loss	Profit & loss	Profit & loss
Profit & loss
Revenue (turnover)	£89m	£112m	£114m
Cost of sales	−£31.6m	−£36.8m	−£34.4m
Gross profit	£57.4m	£75.4m	£79.5m
Operating profit	£4.3m	£4.3m	£10.3m
Profit before tax	−£12.3m	−£17.2m	−£15.6m
Profit after tax	−£13.6m	−£20.2m	−£15.3m
Profit (best available)	−£13.6m	−£20.2m	−£15.3m
Employees (average)	400	461	481
Ratios
Profit margin	−15.3%	−18%	−13.4%
Gross margin	64.5%	67.2%	69.8%
Revenue per employee	£223k	£244k	£237k
Profit per employee	−£34.1k	−£43.8k	−£31.8k
Growth (year on year)
Revenue growth	—	▲26.2%	▲1.4%
Headcount growth	—	▲15.3%	▲4.3%
Balance sheet — indirect signals, not revenue
Net assets	—	—	—
Source	Accounts · bulk data Sep 2025	Accounts · bulk data Sep 2025	Accounts · bulk data Jun 2026

Derived from the latest filing

How the business works

Profit margin: −13.4%; Profit ÷ revenue.
Gross margin: 69.8%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £237k; Revenue ÷ average employees.
Profit per employee: −£31.8k; 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 481
Deferred income: —; Now —
Fixed assets: —; Now —

Corporate ownership

Group structure

Ownership chain

MML Growth Capital LLPultimate parent75–100%
MML Holdco 7 Ltd75–100%
MML Keystone Holdco 1 Ltd75–100%
Ermine Investco Limited75–100%
Ermine Topco Limited75–100%
Ermine Midco 1 Limited75–100%
Ermine Midco 2 Limited75–100%
Ermine Bidco Limited75–100%
P27 Topco Limitedthis company

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

Subsidiaries (1)

P27 Midco LimitedRev. £114m · Profit −£13.6m

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 −£15.3m), from the Companies House accounts bulk data published Jun 2026. Spotted an error? Request a correction.

Updated from Companies House on 12 Oct 2026