QUADGAS MIDCO LIMITED
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Next accounts due
2026-12-31 (in 7mo)
Last filed for 2025-03-31
Confirmation statement due
2026-07-07 (in 2mo)
Last made up 2025-06-23
Watchouts
Cash
£209M
-52.4% vs 2024
Net assets
£3B
-5.9% vs 2024
Employees
6,361
+2.3% vs 2024
Profit before tax
£209M
-56.5% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
5 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
Net assets
2-year trend · vs Industrials median
Accounts
2-year trend · latest reflected 2025-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Turnover | £2,277,000,000 | £2,172,000,000 | |
| Operating profit | £845,000,000 | £597,000,000 | |
| Profit before tax | £481,000,000 | £209,000,000 | |
| Net profit | £343,000,000 | £156,000,000 | |
| Cash | £439,000,000 | £209,000,000 | |
| Total assets less current liabilities | £17,223,000,000 | £17,799,000,000 | |
| Net assets | £3,390,000,000 | £3,190,000,000 | |
| Equity | £3,390,000,000 | £3,190,000,000 | |
| Average employees | 6,215 | 6,361 | |
| Wages | £318,000,000 | £349,000,000 |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Operating margin | 37.1% | 27.5% | |
| Net margin | 15.1% | 7.2% | |
| Return on capital employed | 4.9% | 3.4% | |
| Gearing (liabilities / total assets) | 81.6% | 82.7% | |
| Current ratio | 0.71x | 1.00x | |
| Interest cover | 1.90x | 1.33x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- Deloitte LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.”
Group structure
- QUADGAS MIDCO LIMITED · parent
- Cadent Gas Limited 100%
- Cadent Finance Plc 100%
- Cadent Services Limited 100%
- Quadgas Finance Plc 100%
- Cadent Gas Pension Trustee Limited 100%
- Cadent Gas Pension Property Company 1 Limited 100%
- Cadent Gas Pension Property Company 2 Limited 100%
Significant events
- “On 30 April 2025, Quadgas MidCo Limited amended the terms on its £902 million internal loan from its immediate parent Quadgas PledgeCo Limited, extending the termination date to 30 April 2050 and increasing the interest rate to 8.1%. All other terms remain unchanged.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
16 active · 32 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BENNETT, Diane Mary | Secretary | 2020-01-23 | — | — |
| CARTA, Arturo | Director | 2025-05-22 | Nov 1973 | Italian |
| COOLEY, Graham Edward, Dr | Director | 2024-01-17 | Mar 1964 | British |
| CORRIGALL, Neil Robert Vint | Director | 2022-05-24 | Oct 1976 | British |
| FANG, Bo | Director | 2026-03-11 | Jul 1987 | Chinese |
| FENNELL, Simon | Director | 2019-05-15 | Feb 1980 | British |
| FIDLER, Eduard Benjamin | Director | 2018-11-29 | Feb 1977 | Canadian |
| HOLLAND-KAYE, William John | Director | 2026-02-01 | Mar 1965 | British |
| HOWELL, Emma | Director | 2024-03-29 | Jul 1979 | British |
| KARNIK, Deven Arvind | Director | 2017-03-31 | Aug 1967 | British |
| MATHIESON, Mark William | Director | 2018-11-28 | Sep 1966 | British |
| RAY, Alistair Graham | Director | 2023-07-19 | Nov 1974 | British |
| SU, Hua | Director | 2018-08-23 | Dec 1990 | Chinese |
| SULAIMAN, Sara Murtadha Jaffar | Director | 2025-10-31 | Dec 1977 | Omani |
| SUN, Xiaotian | Director | 2026-03-11 | Aug 1990 | Chinese |
| WILKINS, Desmond Luis | Director | 2021-08-31 | Jul 1984 | British |
Show 32 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| COOPER, Mark Stuart | Secretary | 2017-03-31 | 2020-01-15 |
| HOWITT, David Andrew | Secretary | 2017-03-31 | 2020-01-17 |
| MORGAN, Alice | Secretary | 2017-02-13 | 2017-03-31 |
| AGG, Andrew Jonathan | Director | 2017-03-31 | 2018-07-20 |
| AL-ANSARI, Abdulla Mohamed | Director | 2018-05-17 | 2025-05-22 |
| AL-THANI, Ahmed Bin Fahad, Sheikh | Director | 2017-05-22 | 2018-05-17 |
| AXAM, Nicholas John | Director | 2018-05-17 | 2022-01-28 |
| BAO, Jianmin | Director | 2019-06-28 | 2021-05-26 |
| BAO, Jianmin | Director | 2017-03-31 | 2018-08-23 |
| BENNETT, Christopher Paul | Director | 2017-03-31 | 2018-10-29 |
| BONAR, David Charles | Director | 2017-02-13 | 2017-03-31 |
| BRADLEY, Martin | Director | 2017-03-31 | 2018-11-28 |
| BRAITHWAITE, Mark William | Director | 2017-02-13 | 2025-10-31 |
| COUCHER, Iain Michael | Director | 2018-01-26 | 2020-03-24 |
| DE RUN, Hamish Nihal Malcom | Director | 2020-04-06 | 2021-08-31 |
| GREENLEAF, Richard | Director | 2018-11-28 | 2023-11-23 |
| GREENLEAF, Richard | Director | 2017-05-22 | 2017-08-10 |
| GREGORY, Michael John | Director | 2017-05-22 | 2019-05-15 |
| HIGGINS, Howard Charles | Director | 2017-03-31 | 2022-05-24 |
| HOFBAUER, Peter Francis | Director | 2017-03-31 | 2018-01-26 |
| HUMPHREYS, Stuart Calvin | Director | 2018-07-20 | 2018-10-29 |
| KORPANCOVÁ, Jaroslava | Director | 2017-03-15 | 2022-08-31 |
| MARSDEN, Andrew | Director | 2022-01-28 | 2023-07-19 |
| MCMENAMIN, Aoife | Director | 2017-05-22 | 2018-11-29 |
| MONTAGUE, Adrian Alastair, Sir | Director | 2017-11-22 | 2026-01-31 |
| NOBLE, Perry Denis | Director | 2017-04-24 | 2024-03-29 |
| PRICE, William David George | Director | 2023-11-23 | 2024-10-23 |
| RAY, Alistair Graham | Director | 2017-03-31 | 2018-05-16 |
| SHAW, Lucy Nicola | Director | 2017-03-31 | 2018-10-29 |
| WANG, Minzhen | Director | 2021-05-26 | 2026-03-11 |
| WATERS, Christopher John | Director | 2017-02-13 | 2018-10-29 |
| XIE, David Jinlin | Director | 2017-05-22 | 2026-03-11 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Quadgas Pledgeco Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2017-02-13 | Active |
Filing timeline
Last 20 of 135 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-05-06 | AP01 | officers | Appoint person director company with name date | |
| 2026-05-01 | AP01 | officers | Appoint person director company with name date | |
| 2026-03-16 | TM01 | officers | Termination director company with name termination date | |
| 2026-03-16 | TM01 | officers | Termination director company with name termination date | |
| 2026-02-03 | AP01 | officers | Appoint person director company with name date | |
| 2026-02-02 | TM01 | officers | Termination director company with name termination date | |
| 2025-11-07 | TM01 | officers | Termination director company with name termination date | |
| 2025-11-04 | AP01 | officers | Appoint person director company with name date | |
| 2025-07-22 | AA | accounts | Accounts with accounts type group | |
| 2025-07-01 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-06-11 | AP01 | officers | Appoint person director company with name date | |
| 2025-05-22 | TM01 | officers | Termination director company with name termination date | |
| 2025-03-06 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2024-11-11 | TM01 | officers | Termination director company with name termination date | |
| 2024-07-01 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-06-29 | AA | accounts | Accounts with accounts type group | |
| 2024-04-25 | AP01 | officers | Appoint person director company with name date | |
| 2024-04-12 | AP01 | officers | Appoint person director company with name date | |
| 2024-04-12 | TM01 | officers | Termination director company with name termination date | |
| 2024-01-17 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 12
- Capital events
- 0
- Officers appointed
- 5
- Officers resigned
- 5
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.
Year-on-year
FY2024 → FY2025 · period ending 2025-03-31 vs 2024-03-31
-
Turnover
-4.6%
£2,277,000,000 £2,172,000,000
-
Cash
-52.4%
£439,000,000 £209,000,000
-
Net assets
-5.9%
£3,390,000,000 £3,190,000,000
-
Employees
+2.3%
6,215 6,361
-
Operating profit
-29.3%
£845,000,000 £597,000,000
-
Profit before tax
-56.5%
£481,000,000 £209,000,000
-
Wages
+9.7%
£318,000,000 £349,000,000
Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers