Graphic PLC 01036230: Intelligence & Accounts Spotlight
Executive summary
Graphic PLC (company number [01036230](/company/01036230)) is an established Devon-based manufacturer of high-reliability printed circuit boards (PCBs) primarily serving the aerospace, defence, and telecommunications markets. For the financial year ended 31 December 2024, the business delivered operating profits of £11,188,000 on revenues of £32,229,000, maintaining a robust gross margin of 46% and a net asset position of £17,887,000. Corporate ownership underwent a material shift on 19 December 2024, when parent Somacis S.p.A. completed a transaction transferring ultimate ownership to a consortium comprising Bain Capital Europe VI Italian S.a.r.l., Chequers Partenaires S.A., and Cordusio Fiduciaria S.p.A.
Corporate overview
Incorporated on 24 December 1971, Graphic PLC has traded for more than five decades from its base in Crediton, Devon. Operating under SIC code 26110 (manufacture of electronic components), the company designs and produces specialised, high-density interconnection solutions. Its balance sheet is reinforced by steady demand across high-entry-barrier sectors, notably defence and space, which have demonstrated structural resilience against recent macroeconomic volatility.
The company is registered at Down End, Lords Meadow Industrial Estate, Crediton, Devon, EX17 1HN. Its statutory accounts are prepared under FRS 102 pursuant to the Companies Act 2006.
What the numbers show
Graphic PLC's financial performance over recent reporting cycles displays steady top-line expansion and consistent profit conversion. Turnover grew by 16% in 2024 to £32,229,000, following revenues of £27,872,000 in 2023 and £20,702,000 in 2021. Gross margins expanded to 46% in 2024, up from 43% in 2023, 36% in 2021, and 34% in 2020.
Note: In the filed financial records on Companies House, the 2022 filing for company number 01036230 comprises an SEC-derived global group document (Graphic Packaging Holding Company) that does not align with the standalone UK operating accounts of Graphic PLC. Standalone figures for 2022 are therefore omitted from the multi-year summary table below to ensure analytical integrity.
Historical financial performance
| Metric | FY2020 (£) | FY2021 (£) | FY2023 (£) | FY2024 (£) |
| :--- | :--- | :--- | :--- | :--- |
| Turnover | 19,523,000 | 20,702,000 | 27,872,000 | 32,229,000 |
| Cost of Sales | Not on record | Not on record | Not on record | -17,436,000 |
| Gross Profit | 6,598,000 | 7,553,000 | Not on record | 14,793,000 |
| Operating Profit | 4,098,000 | 5,498,000 | 8,837,000 | 11,188,000 |
| Profit After Tax | Not on record | Not on record | Not on record | 8,399,000 |
| Cash at Bank | Not on record | Not on record | Not on record | 6,853,000 |
| Current Assets | Not on record | Not on record | Not on record | 15,298,000 |
| Current Liabilities | Not on record | Not on record | Not on record | 7,614,000 |
| Net Assets | Not on record | Not on record | Not on record | 17,887,000 |
| Interim Dividends | 1,679,000 | 1,477,000 | 4,056,000 | 9,267,000 |
Balance sheet and cash allocation
As of 31 December 2024, Graphic PLC held current assets of £15,298,000 against current liabilities of £7,614,000, representing a healthy current ratio of 2.01:1. Cash and liquid bank balances stood at £6,853,000. Working capital remains liquid, supported by £5,398,000 in other debtors and £3,047,000 in inventories.
Non-current liabilities are minimal at £1,258,000, consisting largely of deferred taxation provisions (£1,023,000) and finance lease obligations. Long-term bank debt is absent from the balance sheet, though the company maintains a £1,000,000 overdraft facility as a liquidity buffer, which remained unutilised at year-end.
A noticeable corporate development in 2024 was capital extraction: the company distributed £9,267,000 in interim dividends (£69.00 per ordinary share) prior to the year-end share transfer, up from £4,056,000 in 2023. Capital commitments expanded from nil in 2023 to £1,000,000 at 31 December 2024, aligned with a stated £2,100,000 investment program in production machinery and technology roadmap requirements.
Geographic revenue distribution
The UK remains the company's core market, contributing £21,504,000 (66.7%) of 2024 turnover, followed by Continental Europe at £8,708,000 (27.0%), the Rest of the World at £1,261,000, and the United States at £756,000. Cost competitiveness is supported by an operating facility in China and an ongoing commercial relationship with associate entity Somacis Graphic HK Ltd.
Directors and ownership
Register of officers
According to Companies House, the company's active officers include:
- Mr Daniel John Makoric: Secretary, appointed 16 July 2025.
- Mr Wayne Brett Loschi: Director, appointed 16 July 2025, born June 1975, British.
- Mr Kamal Berberi: Director, appointed 13 October 2026, born June 1977, British.
- Mr David John Pike: Director, appointed 13 October 2026 (having served previous tenures between July 1995 and May 2016, and May 2016 to June 2026), born October 1962, British.
- Mr Giovanni Tridenti: Director, appointed 13 October 2026 (having previously served through 2024), born August 1968, Italian.
Former long-serving officers include Mr Leigh Gavin Sampson (director from October 2023 to July 2025; secretary from May 2016 to July 2025) and historical founders Mr Rex Rozario and Dr Kevin Lee Rozario, who resigned directorships on 31 May 2016.
Ownership and persons with significant control (PSC)
The share capital of Graphic PLC consists of 105,000 ordinary A shares of £1 each and 29,312 ordinary B shares of £1 each, for an aggregate nominal value of £134,000.
Graphic PLC's ownership hierarchy reflects the following chain:
1. Direct Shareholder: Graphic PLC is owned 80% by BID PCB UK Ltd (company number 10155715) and 20% directly by Somacis S.p.A.
2. Immediate Parent: BID PCB UK Ltd is 100% owned by Somacis S.p.A.
3. Holding Company: Somacis S.p.A. is 100% owned by Castello (BC) Holdco S.p.A.
4. Controlling Group: On 19 December 2024, Somacis S.p.A. was transferred to Bain Capital Europe VI Italian S.a.r.l., Chequers Partenaires S.A., and Cordusio Fiduciaria S.p.A.
On the public register of Persons with Significant Control, BID PCB UK Ltd is recorded as an active registrable corporate entity PSC since 31 May 2016, holding between 75% and 100% of shares and voting rights, along with the right to appoint and remove directors. Historical individual PSC registrations for Kevin Rozario, Michelle Rozario, and Rex Rozario ceased on 31 May 2016.
Recent activity and statutory register review
A detailed inspection of the public record indicates stable statutory compliance:
- Auditors: PKF Francis Clark has acted as statutory auditor across consecutive periods, issuing unqualified audit opinions under UK GAAP. For FY2024, the auditor confirmed the appropriateness of the going concern assumption with no material uncertainties.
- Charges and Mortgages: Historical banking facilities carry fixed and floating charges to secure general facilities. Practitioners conducting pre-lending or refinancing reviews should perform a full company charge check to assess existing debentures and asset-specific leasing encumbrances.
- Gazette Notices: A search of The Gazette shows no petitions, administration appointments, or striking-off actions recorded against the company.
- Related-Party Balances: The business transacted £2,526,000 in goods from associate entity Somacis Graphic HK Ltd in FY2024 (FY2023: £2,015,000), carrying a year-end trade balance of £2,534,000 (FY2023: £1,299,000). Key management remuneration totaled £666,000 across 2024.
Risk indicators and what to watch
While Graphic PLC shows robust margins and strong cash positions, institutional lenders, buyers, and suppliers should track specific operational and structural variables:
- Private Equity Ownership Horizon: The December 2024 acquisition involving Bain Capital Europe VI Italian S.a.r.l. typically signals future operational scaling, international supply chain restructuring, or eventual secondary market exit. Changes in group financing arrangements or cross-guarantees should be monitored.
- Pre-Acquisition Dividend Extraction: The payment of £9,267,000 in interim dividends during FY2024 extracted a substantial share of liquid reserves prior to completion. Ongoing capital expenditure requirements (£1m committed at year-end, part of a £2.1m program) will require disciplined free cash flow reinvestment.
- Supply Chain and Currency Exposure: Sourcing from Asian associates alongside volatility in raw materials (notably base metals used in PCB fabrication) exposes cost structures to exchange rate fluctuations. Forward-purchasing agreements remain necessary.
- Board Changes: Successive director appointment dates recorded in October 2026 (including reappointments of experienced managers David Pike and Giovanni Tridenti alongside Kamal Berberi) suggest continuing governance realignment post-acquisition.
Forensic verification: manual steps vs Corp Intel
To conduct due diligence on an industrial counterparty like Graphic PLC, advisory teams traditionally deploy hours across disparate databases:
Step-by-step manual validation method
1. Companies House Filing Analysis: Download latest form AA (Annual Accounts) and CS01 (Confirmation Statement) to confirm share classes, subsidiary holdings, and current registered office.
2. Charges Register Inspection: Examine all registered mortgage debentures via the Companies House charges index to verify whether floating charges encumber all property and undertakings.
3. Insolvency Cause List & Gazette Cross-Check: Check the High Court cause lists and The Gazette for statutory demands or petitions. A manual check across court rolls is essential to confirm no pending creditor actions exist.
4. PSC Verification: Trace international parent entities (Italy and Luxembourg corporate registers) to map ultimate beneficial ownership behind nominee companies and fund vehicles.
The Corp Intel approach
Rather than coordinating multiple disjointed registries, practitioners rely on Corp Intel to aggregate statutory filings, live petition logs, and ownership structures automatically. Running a winding up search or setting up free company monitoring ensures immediate email notification whenever an officer is changed, a charge is satisfied, or an insolvency petition is presented.
Credit decision checklist
When underwriting credit lines, supplying capital goods, or advising on transactions involving Graphic PLC, credit teams can follow this evaluation framework:
- [ ] Working capital buffer: Confirm cash balances exceed short-term trade payables.
- [ ] Security structure: Check Companies House charges for prior-ranking fixed or floating charges over receivables.
- [ ] Insolvency status: Run an official winding up petition search prior to final credit sign-off.
- [ ] Group exposure: Assess whether the trading company is party to group cross-guarantee arrangements under its new holding company structure.
- [ ] Order book durability: Review exposure to UK Ministry of Defence and aerospace procurement cycles.
For corporate finance advisers, lenders and solicitors
In transactional mandates, M&A transactions, and secured lending facilities, corporate lawyers and credit underwriters cannot rely solely on historical balance sheets. Missed charges or late notices of change in control can disrupt pre-completion conditions precedent or invalidate security perfections. Verifying that no winding-up petitions exist requires a formal winding up search before drawdown. Ensure your transaction team maintains comprehensive intelligence by reviewing the company's full registry profile on Corp Intel.
FAQ
What is Graphic PLC's primary line of business?
Graphic PLC manufactures high-reliability printed circuit boards (PCBs) used in the defence, aerospace, telecommunications, and industrial automation sectors. It operates under UK SIC code 26110.
Who ultimately controls Graphic PLC?
Following a restructuring and transaction on 19 December 2024, Somacis S.p.A. was transferred from its previous chain to a consortium comprising Bain Capital Europe VI Italian S.a.r.l., Chequers Partenaires S.A., and Cordusio Fiduciaria S.p.A., through intermediate holding entities including Castello (BC) Holdco S.p.A. and BID PCB UK Ltd.
What was Graphic PLC's turnover in the latest accounts?
For the financial year ended 31 December 2024, Graphic PLC reported turnover of £32,229,000, representing a 16% increase compared to FY2023 (£27,872,000).
Has Graphic PLC registered any insolvency actions?
The public record contains no history of insolvency appointments, administrations, company voluntary arrangements (CVAs), or receiverships. Legal teams routinely confirm this status by executing a winding up petition search.
Who is the statutory auditor of Graphic PLC?
The company's independent statutory auditor is PKF Francis Clark, who issued an unqualified audit opinion on the FY2024 financial statements.
Does the company have significant outstanding debt?
Graphic PLC had £1,258,000 in long-term liabilities at 31 December 2024, largely composed of deferred tax (£1,023,000) and finance lease commitments. It maintains an unutilised £1,000,000 overdraft facility and holds £6,853,000 in cash reserves.