Devon Equity Management Limited
Registered name: DEVON EQUITY MANAGEMENT LIMITED
Part of Liontrust Asset Management PLC groupDevon Equity Management Limited made £4.8m revenue and £180k profit in the year to 30 Sep 2025. read from filing text
Devon Equity Management Limited’s revenue was £4.8m in the year to 30 Sep 2025, with £180k profit and 11 employees. The company is classified under “fund management activities” and is based in London; we hold 4 years of its filed accounts.
- Status
- Active
- Location
- London, London
- Age
- 7 yrs · since 2019
- 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. From the filing: “During the period the ultimate controlling party was A F C Darwall. On 6 October 2025 River Global Holdings Limited became the immediate parent company and River Global Plc the ultimate parent company”
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 31 Dec 2022 | 31 Dec 2023 | 31 Dec 2024 | 30 Sep 2025 |
|---|---|---|---|---|
| Disclosure | Full P&Lread from filing text | Full P&Lread from filing text | Full P&Lread from filing text | Full P&Lread from filing text |
| Profit & loss | ||||
| Revenue (turnover) | £10.8m | £10.9m | £8.6m | £4.8m |
| Operating profit | £4.4m | £4.7m | £2.1m | £247k |
| Profit before tax | £4.4m | £4.8m | £2.2m | £311k |
| Profit after tax | £3.7m | £3.7m | £1.7m | £180k |
| Profit (best available) | £3.7m | £3.7m | £1.7m | £180k |
| Staff costs | £3.9m | £4.1m | £4.1m | £2.7m |
| Employees (average) | 10 | 11 | 11 | 11 |
| Ratios | ||||
| Profit margin | 34.7% | 33.7% | 19.5% | 3.7% |
| Revenue per employee | £1.1m | £993k | £779k | £439k |
| Profit per employee | £373k | £335k | £152k | £16.4k |
| Cash conversion | −70% | −66.5% | −80.8% | −292.5% |
| Growth (year on year) | ||||
| Revenue growth | — | ▲1.6% | ▼21.6% | — |
| Profit growth | — | ▼1.2% | ▼54.6% | — |
| Headcount growth | — | ▲10% | 0% | — |
| Balance sheet — indirect signals, not revenue | ||||
| Cash at bank | £2.9m | £3.2m | £2.4m | £2m |
| Net assets | £3.4m | £4m | £3m | £2.3m |
| Fixed assets | £7.7k | £7.8k | £5.5k | £2.3k |
| Current assets | £4.8m | £5.4m | £4m | £3.2m |
| Debtors | £786k | £975k | £754k | £479k |
| Deferred income | £18.4k | £145k | £48.7k | £45.9k |
| Cash from operations | −£3.1m | −£3.2m | −£1.7m | −£723k |
| Source | Accounts · bulk data Apr 2024 | Accounts · bulk data Apr 2024 | FullAccounts · bulk data Apr 2025 | FullAccounts · bulk data Jan 2026 |
How the business works
- Profit margin
- 3.7%
- Profit ÷ revenue.
- Gross margin
- —
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £439k
- Revenue ÷ average employees.
- Profit per employee
- £16.4k
- Profit ÷ average employees.
- Cash conversion
- −292.5%
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- 0.1%
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- 0.9%
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- 9.9%
- 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 £2.3m
- Cash at bank
- —
- Now £2m
- Headcount
- —
- Now 11
- Deferred income
- —
- Now £45.9k
- Fixed assets
- —
- Now £2.3k
Deferred income is reported together with accruals in this filing (“accruals and deferred income”), so it is an approximate signal only.
Group structure
Ownership chain
- Liontrust Asset Management PLCultimate parent75–100%
- Liontrust Global Holdings Limited75–100%
- Devon Equity Management Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Sister companies (3)
- Liontrust Investments LLPFigures not disclosed
- Liontrust Management LimitedFigures not disclosed
- Liontrust Services LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from FullAccounts for the year to 30 Sep 2025 (profit £180k), from the Companies House accounts bulk data published Jan 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.