Fusion Topco Limited
Registered name: FUSION TOPCO LIMITED
Part of Equistone LLP groupFusion Topco Limited made £63.8m revenue and a £8.5m loss in the year to 31 Dec 2024.
Fusion Topco Limited’s revenue fell 14% to £63.8m in the year to 31 Dec 2024, with a loss of £8.5m and 527 employees. The company is classified under “activities of other holding companies” and is based in Birmingham; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- Birmingham
- Age
- 8 yrs · since 2018
- Type
- Private Limited Company
Key figures
Financial history
| Year to | 31 Dec 2022 | 31 Dec 2023 | 31 Dec 2024 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £63.1m | £74.5m | £63.8m |
| Cost of sales | −£34.3m | −£37.9m | −£28.9m |
| Gross profit | £28.8m | £36.6m | £34.9m |
| Operating profit | £2.6m | £7.1m | £6.9m |
| Profit before tax | −£7.1m | −£3.8m | −£4.2m |
| Profit after tax | −£8m | −£6.2m | −£8.5m |
| Profit (best available) | −£8m | −£6.2m | −£8.5m |
| Employees (average) | 563 | 523 | 527 |
| Ratios | |||
| Profit margin | −12.7% | −8.3% | −13.3% |
| Gross margin | 45.6% | 49.1% | 54.7% |
| Revenue per employee | £112k | £142k | £121k |
| Profit per employee | −£14.3k | −£11.8k | −£16.1k |
| Growth (year on year) | |||
| Revenue growth | — | ▲18% | ▼14.3% |
| Headcount growth | — | ▼7.1% | ▲0.8% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Sep 2024 | Accounts · bulk data Sep 2024 | Accounts · bulk data Sep 2025 |
How the business works
- Profit margin
- −13.3%
- Profit ÷ revenue.
- Gross margin
- 54.7%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £121k
- Revenue ÷ average employees.
- Profit per employee
- −£16.1k
- 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
- ▲1%
- Now 527
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Equistone LLPultimate parent75–100%
- Equistone Private Equity Limited75–100%
- Equistone Partners Europe Limited75–100%
- Fusion Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Fusion Finco LimitedFigures not disclosed
Sister companies (8)
- Canis Topco LimitedRev. £736m · Profit −£21.1m
- Plaza Topco LimitedRev. £96.2m · Profit −£27.6m
- Bosworth Newco 1 LimitedRev. £53m · Profit −£8m
- Bosworth Newco 2 LimitedFigures not disclosed
- Equistone General Partner (Carry and Co-Invest) V LLPFigures not disclosed
- Equistone General Partner IV LimitedFigures not disclosed
- Equistone General Partner LimitedFigures not disclosed
- Nep Newco LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Dec 2024 (profit −£8.5m), from the Companies House accounts bulk data published Sep 2025. 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.