Natwest Markets PLC
Registered name: NATWEST MARKETS PLC
Part of Natwest Group PLC groupNatwest Markets PLC made £1.5bn revenue and £275m profit in the year to 31 Dec 2025.
Natwest Markets PLC’s revenue grew 19% to £1.5bn in the year to 31 Dec 2025, with £275m profit and 1,600 employees. The company is classified under “activities auxiliary to financial intermediation”; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- Scotland
- Age
- 41 yrs · since 1984
- Type
- Public 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) | £1.1bn | £1.2bn | £1.5bn |
| Operating profit | −£75m | £37m | £160m |
| Profit after tax | −£98m | £63m | £275m |
| Profit (best available) | −£98m | £63m | £275m |
| Employees (average) | 1,600 | 1,700 | 1,600 |
| Ratios | |||
| Profit margin | −9.2% | 5.1% | 18.7% |
| Revenue per employee | £668k | £728k | £919k |
| Profit per employee | −£61.3k | £37.1k | £172k |
| Growth (year on year) | |||
| Revenue growth | — | ▲15.7% | ▲18.9% |
| Profit growth | — | — | ▲336.5% |
| Headcount growth | — | ▲6.3% | ▼5.9% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Mar 2025 | Accounts · bulk data Mar 2025 | Accounts · bulk data Jun 2026 |
How the business works
- Profit margin
- 18.7%
- Profit ÷ revenue.
- Gross margin
- —
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £919k
- Revenue ÷ average employees.
- Profit per employee
- £172k
- 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
- ▼6%
- Now 1,600
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Natwest Group PLCultimate parent75–100%
- Natwest Markets PLCthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (16)
- Care Homes Holdings LimitedFigures not disclosed
- Lombard Corporate Finance (11) LimitedFigures not disclosed
- N.C. Head Office Nominees LimitedFigures not disclosed
- Natwest Markets Secretarial Services LimitedFigures not disclosed
- Natwest Markets Secured Funding LLPFigures not disclosed
- Project & Export Finance (Nominees) LimitedFigures not disclosed
- Rbos (UK) LimitedFigures not disclosed
- Rbos Nominees LimitedFigures not disclosed
- RBS Sempra Commodities LLPLiquidationFigures not disclosed
- Royal Bank Investments LimitedFigures not disclosed
- Royal Bank Ventures Investments LimitedFigures not disclosed
- Sixty Seven Nominees LimitedFigures not disclosed
- The One Account LimitedFigures not disclosed
- The Royal Bank of Scotland (1727) LimitedFigures not disclosed
- West Register (Property Investments) LimitedFigures not disclosed
- West Register (Realisations) LimitedFigures not disclosed
Sister companies (2)
- Natwest Holdings LimitedRev. £13.5bn · Profit £4.5bn
- RBS Aa Holdings (UK) LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Dec 2025 (profit £275m), from the Companies House accounts bulk data published Jun 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.