MRC GLOBAL (UK) LIMITED

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company participates in the group's multi-currency global asset-based revolving credit facility (the "Global ABL Facility") and shares these facilities with its parent and fellow subsidiaries. The centralised treasury arrangements entitle the Company to access funds as set out in note 15 to the financial statements. A letter of support has been obtained from the ultimate parent reinforcing the rights to funding from the group treasury arrangements. In assessing the ability of the ultimate parent to support the Company if needed the directors have received and reviewed a copy of the group managements going concern assessments which are produced as each set of quarterly results are released to the US market in accordance with ASC 205-40-50. The directors note that the US parent has considerable net current assets and very high levels of liquidity due to a combination of cash reserves and access to undrawn but committed facilities. As a consequence, the directors believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook. After performing a going concern assessment for the period to 30 September 2026, the directors have a reasonable expectation that the Company and the group have adequate resources to continue in operational existence for the period to 30 September 2026. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.”

Group structure

1. MRC GLOBAL (UK) LIMITED · parent
   1. MRC Flangefitt Limited 100% · UK · Steel piping distribution

Significant events

• “In November 2024, a dividend of £27,273,812 was distributed to settle a long-term loan, along with accrued interest, with MRC Global (US) Inc. This transaction was the primary reason for the reduction in equity during the financial year.”
• “On June 26, 2025, MRC Global and DNOW announced their intention to merge, with completion anticipated in the fourth quarter of 2025. The merger is not expected to impact the going concern assessment and is likely to further reinforce parent company support, as the combined group aims to create a premier energy and industrial solutions provider.”
• “In 2025 we continue to be in the midst of inflationary pressure. To mitigate the impact, MRC Global (UK) has forward purchased inventory to maintain product availability and to get ahead of anticipated price increases from suppliers. Selling, general and administrative expenses of the Company have increased in 2025 to provide competitive wages and benefits to employees and to support anticipated growth. MRC Global (UK) is working closely with customers to ensure margins are not eroded. As such the directors believe inflationary increases will not detrimentally impact the Company or its parent, MRC Global Inc.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.