How much does Wave Topco Limited make?

Wave Topco Limited reported revenue of £31.2m and a loss of £5.6m in the year to 30 Apr 2025, according to its accounts filed at Companies House.

Is Wave Topco Limited profitable?

No — Wave Topco Limited reported a loss of £5.6m in the year to 30 Apr 2025.

Company No. 12943225 · Incorporated 12 Oct 2020

Wave Topco Limited

Registered name: WAVE TOPCO LIMITED

Part of Graphite Capital General Partner IX LLP group

Wave Topco Limited made £31.2m revenue and a £5.6m loss in the year to 30 Apr 2025.

Wave Topco Limited’s revenue fell 4% to £31.2m in the year to 30 Apr 2025, with a loss of £5.6m. The company is classified under “information technology consultancy activities” and is based in London; we hold 3 years of its filed accounts.

Full P&L filedSection J · Information and communicationSIC 62020Information technology consultancy activities

Status: Active
Location: London, London
Age: 6 yrs · since 2020
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 30 Apr 2025

Key figures

Revenue

£31.2m

Growth ▼4.2%

Profit

−£5.6m

Growth —

Profit margin

−17.8%

Gross 34.3%

Employees

—

Change —

Profit / employee

—

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	30 Apr 2023	30 Apr 2024	30 Apr 2025
Disclosure	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£28.9m	£32.5m	£31.2m
Cost of sales	−£19m	−£20.4m	−£20.5m
Gross profit	£9.9m	£12.2m	£10.7m
Operating profit	−£746k	−£261k	−£2.2m
Profit before tax	−£3.5m	−£3.2m	−£5.3m
Profit after tax	−£3.5m	−£3.7m	−£5.6m
Profit (best available)	−£3.5m	−£3.7m	−£5.6m
Employees (average)	—	—	—
Ratios
Profit margin	−12.3%	−11.3%	−17.8%
Gross margin	34.3%	37.4%	34.3%
Growth (year on year)
Revenue growth	—	▲12.6%	▼4.2%
Balance sheet — indirect signals, not revenue
Net assets	—	—	—
Source	Accounts · bulk data Nov 2024	Accounts · bulk data Nov 2024	Accounts · bulk data Jan 2026

Derived from the latest filing

How the business works

Profit margin: −17.8%; Profit ÷ revenue.
Gross margin: 34.3%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: —; Revenue ÷ average employees.
Profit per employee: —; 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: —; Now —
Deferred income: —; Now —
Fixed assets: —; Now —

Corporate ownership

Group structure

Ownership chain

Graphite Capital General Partner IX LLPultimate parent75–100%
Wave Topco Limitedthis company

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

Subsidiaries (1)

Wave Midco 1 LimitedFigures not disclosed

Sister companies (1)

Opus Holdco LimitedFigures 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 accounts for the year to 30 Apr 2025 (profit −£5.6m), 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.