Etihad Topco Limited
Registered name: ETIHAD TOPCO LIMITED
Part of Vitruvian Partners LLP groupEtihad Topco Limited made £189m revenue and a £126m loss in the year to 30 Apr 2025.
Etihad Topco Limited’s revenue fell 9% to £189m in the year to 30 Apr 2025, with a loss of £126m. The company is classified under “activities of other holding companies” and is based in Sale; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- Sale, North West
- Age
- 15 yrs · since 2010
- 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 | 30 Apr 2023 | 30 Apr 2024 | 30 Apr 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £233m | £208m | £189m |
| Cost of sales | −£153m | −£141m | −£122m |
| Gross profit | £79.6m | £67.4m | £67.2m |
| Operating profit | −£13.2m | −£56.6m | −£83.7m |
| Profit before tax | −£46.8m | −£96m | −£126m |
| Profit after tax | −£44m | −£99.2m | −£126m |
| Profit (best available) | −£44m | −£99.2m | −£126m |
| Employees (average) | — | — | — |
| Ratios | |||
| Profit margin | −18.9% | −47.7% | −66.7% |
| Gross margin | 34.2% | 32.4% | 35.5% |
| Growth (year on year) | |||
| Revenue growth | — | ▼10.6% | ▼9% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Apr 2025 | Accounts · bulk data Apr 2025 | Accounts · bulk data Feb 2026 |
How the business works
- Profit margin
- −66.7%
- Profit ÷ revenue.
- Gross margin
- 35.5%
- 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.
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 —
Group structure
Ownership chain
- Vitruvian Partners LLPultimate parent75–100%
- Etihad Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Etihad Acquisitions LimitedRev. £189m · Profit −£125m
Sister companies (13)
- Halcyon Topco LimitedRev. £1.6bn · Profit −£17.1m
- Cannes Topco LtdRev. £573m · Profit −£29.6m
- Priestholm Midco LtdRev. £221m · Profit −£86.8m
- Bright Heroes Topco LimitedFigures not disclosed
- Opus Topco LimitedRev. — · Profit −£22.5m
- Vip I Nominees LimitedFigures not disclosed
- Vip II Nominees LimitedFigures not disclosed
- Vip III Nominees LimitedFigures not disclosed
- Vip IV Nominees LimitedFigures not disclosed
- Vitruvian Managers LimitedFigures not disclosed
- Vitruvian Partners LimitedFigures not disclosed
- Vitruvian Scotcar General Partner LLPFigures not disclosed
- Vitruvian Scotcar GP LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 30 Apr 2025 (profit −£126m), from the Companies House accounts bulk data published Feb 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.