Pulse Bidco Limited
Registered name: PULSE BIDCO LIMITED
Part of Icon Sterling Infra Holdings Limited groupPulse Bidco Limited made £32.7m revenue and a £3.4m loss in the year to 31 Dec 2025.
Pulse Bidco Limited’s revenue grew 1% to £32.7m in the year to 31 Dec 2025, with a loss of £3.4m and 87 employees. The company is classified under “activities of other holding companies” and is based in Ilkeston; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- Ilkeston, East Midlands
- Age
- 3 yrs · since 2023
- 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.
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £28.6m | £32.5m | £32.7m |
| Cost of sales | −£20.2m | −£22.7m | −£25m |
| Gross profit | £8.4m | £9.8m | £7.8m |
| Operating profit | £254k | −£608k | −£2.9m |
| Profit before tax | £386k | −£562k | −£2.7m |
| Profit after tax | −£1.2m | −£1.8m | −£3.4m |
| Profit (best available) | −£1.2m | −£1.8m | −£3.4m |
| Employees (average) | 91 | 86 | 87 |
| Ratios | |||
| Profit margin | −4.2% | −5.5% | −10.3% |
| Gross margin | 29.3% | 30.3% | 23.7% |
| Revenue per employee | £314k | £378k | £376k |
| Profit per employee | −£13.3k | −£20.9k | −£38.7k |
| Growth (year on year) | |||
| Revenue growth | — | ▲13.5% | ▲0.8% |
| Headcount growth | — | ▼5.5% | ▲1.2% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Mar 2025 | Accounts · bulk data Mar 2025 | Accounts · bulk data Apr 2026 |
How the business works
- Profit margin
- −10.3%
- Profit ÷ revenue.
- Gross margin
- 23.7%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £376k
- Revenue ÷ average employees.
- Profit per employee
- −£38.7k
- 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 87
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Icon Sterling Infra Holdings Limitedultimate parent75–100%
- Cirqlr Group Limited75–100%
- Cirqlr Group Finco Limited75–100%
- Pulse Bidco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Castle Environmental Management LimitedFigures not disclosed
Sister companies (5)
- Cirqlr East LimitedRev. £42.5m · Profit −£3.8m
- Cirqlr DRS LimitedFigures not disclosed
- Cirqlr London LimitedFigures not disclosed
- Cirqlr Serviceco LimitedFigures not disclosed
- Cox Bidco LimitedRev. — · Profit −£15.1k
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Dec 2025 (profit −£3.4m), from the Companies House accounts bulk data published Apr 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.