How much does Pine Topco Limited make?

Pine Topco Limited reported revenue of £37.7m and a loss of £372k in the year to 31 Mar 2025, according to its accounts filed at Companies House.

How many employees does Pine Topco Limited have?

Pine Topco Limited reported an average of 1,131 employees in the year to 31 Mar 2025.

Is Pine Topco Limited profitable?

No — Pine Topco Limited reported a loss of £372k in the year to 31 Mar 2025.

Company No. 11701290 · Incorporated 28 Nov 2018

Pine Topco Limited

Registered name: PINE TOPCO LIMITED

Part of Elysian Capital II LP group

Pine Topco Limited made £37.7m revenue and a £372k loss in the year to 31 Mar 2025.

Pine Topco Limited’s revenue grew 12% to £37.7m in the year to 31 Mar 2025, with a loss of £372k and 1,131 employees. The company is classified under “other human health activities” and is based in Gloucester; we hold 4 years of its filed accounts.

Full P&L filedSection Q · Human health and social workSIC 86900Other human health activities

Status: Active
Location: Gloucester, South West
Age: 7 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 Mar 2025

Key figures

Cash flow filed

Revenue

£37.7m

Growth ▲12%

Profit

−£372k

Growth —

Profit margin

−1%

Gross 20.7%

Employees

1,131

Change ▲0.2%

Profit / employee

−£328

Revenue/employee £33.3k

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.

4 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Mar 2022	31 Mar 2023	31 Mar 2024	31 Mar 2025
Disclosure	Full P&L	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£30.6m	£29.4m	£33.7m	£37.7m
Cost of sales	£23.7m	£23.5m	£27.4m	£29.9m
Gross profit	£7.1m	£6m	£6.4m	£7.8m
Operating profit	−£451k	−£2.3m	−£1.2m	−£222k
Profit before tax	−£1.8m	−£3.8m	−£2.8m	−£1.9m
Profit after tax	−£289k	−£310k	−£342k	−£372k
Profit (best available)	−£289k	−£310k	−£342k	−£372k
Staff costs	£22.7m	£23.5m	£27.4m	£29.5m
Employees (average)	1,088	1,113	1,129	1,131
Ratios
Profit margin	−0.9%	−1.1%	−1%	−1%
Gross margin	23.3%	20.5%	19%	20.7%
Revenue per employee	£28.1k	£26.4k	£29.8k	£33.3k
Profit per employee	−£266	−£279	−£302	−£328
Growth (year on year)
Revenue growth	—	▼3.8%	▲14.5%	▲12%
Headcount growth	—	▲2.3%	▲1.4%	▲0.2%
Balance sheet — indirect signals, not revenue
Cash at bank	£2.6m	—	£178k	£1.3m
Net assets	£180k	−£141k	£3.6m	£3.6m
Fixed assets	£8.4m	£7.4m	£6.3m	£5.1m
Current assets	£6.9m	£5.5m	£5m	£5.8m
Debtors	£2.6m	£1.7m	£3m	£2.6m
Cash from operations	—	£834k	−£1.1m	£1.5m
Source	Accounts · bulk data Nov 2023	Accounts · bulk data Nov 2023	FullAccounts · bulk data Nov 2025	FullAccounts · bulk data Nov 2025

Derived from the latest filing

How the business works

Profit margin: −1%; Profit ÷ revenue.
Gross margin: 20.7%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £33.3k; Revenue ÷ average employees.
Profit per employee: −£328; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 13.6%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: —; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 6.8%; 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: ▲0%; Now £3.6m
Cash at bank: ▲625%; Now £1.3m
Headcount: ▲0%; Now 1,131
Deferred income: —; Now —
Fixed assets: ▼19%; Now £5.1m

Corporate ownership

Group structure

Ownership chain

Elysian Capital II LPultimate parent75–100%
Pine Topco Limitedthis company

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

Subsidiaries (1)

Pine Midco LimitedRev. £0 · Profit −£762k

Sister companies (1)

Sasa Topco LimitedLiquidationFigures not disclosed

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 FullAccounts for the year to 31 Mar 2025 (profit −£372k), from the Companies House accounts bulk data published Nov 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.