Keys Group Limited
Registered name: KEYS GROUP LIMITED
Part of G Square Healthcare Private Equity LLP groupKeys Group Limited made £339m revenue and a £75.1m loss in the year to 31 Mar 2025.
Keys Group Limited’s revenue grew 17% to £339m in the year to 31 Mar 2025, with a loss of £75.1m and 6,514 employees. The company is classified under “activities of other holding companies” and is based in Halesowen; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- Halesowen
- Age
- 4 yrs · since 2022
- Type
- Private Limited Company
Key figures
Financial history
| Year to | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £247m | £289m | £339m |
| Cost of sales | −£190m | −£216m | −£252m |
| Gross profit | £57.3m | £73m | £86.8m |
| Operating profit | −£8.5m | £9.2m | £15.4m |
| Profit before tax | −£65.9m | −£74.1m | −£72.6m |
| Profit after tax | −£61.7m | −£73.4m | −£75.1m |
| Profit (best available) | −£61.7m | −£73.4m | −£75.1m |
| Employees (average) | 5,334 | 5,752 | 6,514 |
| Ratios | |||
| Profit margin | −25% | −25.4% | −22.1% |
| Gross margin | 23.2% | 25.3% | 25.6% |
| Revenue per employee | £46.3k | £50.2k | £52.1k |
| Profit per employee | −£11.6k | −£12.8k | −£11.5k |
| Growth (year on year) | |||
| Revenue growth | — | ▲17% | ▲17.4% |
| Headcount growth | — | ▲7.8% | ▲13.3% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Jul 2024 | Accounts · bulk data Jul 2024 | Accounts · bulk data Dec 2025 |
How the business works
- Profit margin
- −22.1%
- Profit ÷ revenue.
- Gross margin
- 25.6%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £52.1k
- Revenue ÷ average employees.
- Profit per employee
- −£11.5k
- 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
- ▲13%
- Now 6,514
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- G Square Healthcare Private Equity LLPultimate parent75–100%
- G Square Managing Member Limited75–100%
- G Square Capital (GP) CV LLP75–100%
- Keys Group Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Union Midco LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Mar 2025 (profit −£75.1m), from the Companies House accounts bulk data published Dec 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.