var g_txt=[
{t:" ",p:1,x:68,y:60,w:5,h:22},
{t:"Kewill plc  ",p:1,x:807,y:304,w:141,h:33},
{t:"Annual Report and  ",p:1,x:664,y:339,w:284,h:33},
{t:"Accounts 2009",p:1,x:720,y:373,w:211,h:33},
{t:" ",p:2,x:107,y:87,w:5,h:22},
{t:"2 ",p:2,x:104,y:1329,w:9,h:13},
{t:"Contents ",p:2,x:150,y:132,w:92,h:22},
{t:"The ",p:2,x:150,y:201,w:88,h:18},
{t:"year’s ",p:2,x:183,y:201,w:104,h:18},
{t:"highlights ",p:2,x:232,y:201,w:130,h:18},
{t:"        3 ",p:2,x:329,y:201,w:549,h:18},
{t:"Annual ",p:2,x:150,y:230,w:112,h:18},
{t:"review ",p:2,x:206,y:230,w:108,h:18},
{t:"         4 ",p:2,x:269,y:230,w:609,h:18},
{t:"Directors and Advisors          9",p:2,x:150,y:259,w:226,h:18},
{t:"Directors' report  ",p:2,x:150,y:288,w:127,h:18},
{t:"        1",p:2,x:329,y:288,w:46,h:18},
{t:"0 ",p:2,x:819,y:288,w:13,h:18},
{t:"Remuneration report  ",p:2,x:150,y:316,w:162,h:18},
{t:"        1",p:2,x:329,y:316,w:46,h:18},
{t:"5 ",p:2,x:819,y:316,w:13,h:18},
{t:"Corporate ",p:2,x:150,y:345,w:134,h:18},
{t:"governance ",p:2,x:228,y:345,w:147,h:18},
{t:"        18 ",p:2,x:329,y:345,w:558,h:18},
{t:"Consolidated ",p:2,x:150,y:374,w:157,h:18},
{t:"income ",p:2,x:251,y:374,w:113,h:18},
{t:"statement ",p:2,x:310,y:374,w:133,h:18},
{t:"       22 ",p:2,x:389,y:374,w:498,h:18},
{t:"Consolidated and Company statements of changes in shareholders’ equity  ",p:2,x:150,y:403,w:558,h:18},
{t:"23 ",p:2,x:809,y:403,w:23,h:18},
{t:"Consolidated ",p:2,x:150,y:431,w:157,h:18},
{t:"and ",p:2,x:251,y:431,w:87,h:18},
{t:"Company ",p:2,x:284,y:431,w:131,h:18},
{t:"balance ",p:2,x:360,y:431,w:118,h:18},
{t:"sheets ",p:2,x:423,y:431,w:109,h:18},
{t:"     24 ",p:2,x:509,y:431,w:378,h:18},
{t:"Consolidated and Company cash flow statements  ",p:2,x:150,y:460,w:375,h:18},
{t:"25 ",p:2,x:810,y:460,w:23,h:18},
{t:"Notes ",p:2,x:150,y:489,w:103,h:18},
{t:"to ",p:2,x:198,y:489,w:73,h:18},
{t:"the ",p:2,x:216,y:489,w:83,h:18},
{t:"financial ",p:2,x:244,y:489,w:121,h:18},
{t:"statements       26 ",p:2,x:310,y:489,w:578,h:18},
{t:"Report ",p:2,x:150,y:518,w:110,h:18},
{t:"of ",p:2,x:204,y:518,w:73,h:18},
{t:"the ",p:2,x:223,y:518,w:83,h:18},
{t:"independent ",p:2,x:250,y:518,w:151,h:18},
{t:"auditors ",p:2,x:347,y:518,w:119,h:18},
{t:"      47 ",p:2,x:449,y:518,w:438,h:18},
{t:"Notice ",p:2,x:150,y:546,w:107,h:18},
{t:"of ",p:2,x:201,y:546,w:73,h:18},
{t:"annual ",p:2,x:220,y:546,w:110,h:18},
{t:"general ",p:2,x:275,y:546,w:115,h:18},
{t:"meeting       48",p:2,x:335,y:546,w:493,h:18},
{t:"  ",p:3,x:457,y:89,w:10,h:22},
{t:"* ",p:3,x:79,y:1260,w:7,h:13},
{t:"Underlying profits/loss and margin relates to operating profits/loss and margin before amortisation of intangibles of £5.6m (2007/8: £4.6m) ",p:3,x:102,y:1260,w:712,h:13},
{t:"**  ",p:3,x:79,y:1273,w:17,h:14},
{t:"Recurring revenue is defined as annually contracted revenue (maintenance and Software as a Service) ",p:3,x:102,y:1275,w:535,h:13},
{t:"*** Adjusted EPS before amortisation of intangible assets and the notional interest and exchange differences on the contingent consideration has been ",p:3,x:79,y:1289,w:828,h:13},
{t:"disclosed as the Directors consider this is helpful in assisting the reader to understand the underlying performance of the Group. ",p:3,x:102,y:1302,w:663,h:13},
{t:"3 ",p:3,x:907,y:1329,w:9,h:13},
{t:"The Year’s Highlights ",p:3,x:150,y:120,w:210,h:22},
{t:"FINANCIAL HIGHLIGHTS ",p:3,x:150,y:162,w:198,h:18},
{t:"Year ended ",p:3,x:562,y:216,w:81,h:16},
{t:"Year ended ",p:3,x:728,y:216,w:81,h:16},
{t:"31 March ",p:3,x:577,y:233,w:66,h:16},
{t:"31 March ",p:3,x:743,y:233,w:66,h:16},
{t:" 2009 ",p:3,x:197,y:250,w:852,h:16},
{t:"2008 ",p:3,x:772,y:250,w:442,h:16},
{t:"  ",p:3,x:197,y:267,w:8,h:16},
{t:"Revenue ",p:3,x:197,y:302,w:64,h:16},
{t:"£53.3m ",p:3,x:590,y:302,w:54,h:16},
{t:"£50.9m ",p:3,x:755,y:302,w:54,h:16},
{t:"Recurring revenue as % of total** ",p:3,x:197,y:319,w:225,h:16},
{t:"59% ",p:3,x:610,y:319,w:34,h:16},
{t:"51% ",p:3,x:775,y:319,w:34,h:16},
{t:"Underlying* profit ",p:3,x:197,y:336,w:119,h:16},
{t:"£7.5m ",p:3,x:598,y:336,w:45,h:16},
{t:"£7.0m ",p:3,x:764,y:336,w:45,h:16},
{t:"Operating profit £2.0m ",p:3,x:197,y:354,w:740,h:16},
{t:"£2.3m ",p:3,x:764,y:354,w:339,h:16},
{t:"Underlying* margin ",p:3,x:197,y:371,w:131,h:16},
{t:"14.1% ",p:3,x:597,y:371,w:46,h:16},
{t:"13.7% ",p:3,x:763,y:371,w:46,h:16},
{t:"Adjusted EPS*** ",p:3,x:197,y:388,w:114,h:16},
{t:"9.3p ",p:3,x:611,y:388,w:33,h:16},
{t:"9.5p ",p:3,x:776,y:388,w:33,h:16},
{t:"EPS 1.9p ",p:3,x:197,y:405,w:826,h:16},
{t:"3.3p ",p:3,x:776,y:405,w:412,h:16},
{t:"Full year proposed dividend ",p:3,x:197,y:423,w:188,h:16},
{t:"1.0p ",p:3,x:611,y:423,w:33,h:16},
{t:"0.75p ",p:3,x:768,y:423,w:41,h:16},
{t:"OPERATIONAL HIGHLIGHTS ",p:3,x:150,y:495,w:230,h:18},
{t:"• Europe: ",p:3,x:150,y:533,w:111,h:18},
{t:"o ",p:3,x:197,y:552,w:13,h:18},
{t:"Increased sales by 9.5% to £32.7m (2007/8: £29.9m) ",p:3,x:232,y:552,w:357,h:16},
{t:"o ",p:3,x:197,y:569,w:13,h:18},
{t:"Underlying profits* up 11.2% to £7.7m (2007/8: £6.9m) ",p:3,x:232,y:569,w:367,h:16},
{t:"o ",p:3,x:197,y:587,w:13,h:18},
{t:"Major order for pilot system of Kewill Forwarding from AP Moller-Maersk ",p:3,x:232,y:587,w:482,h:16},
{t:"o ",p:3,x:197,y:604,w:16,h:18},
{t:"New clients included Norfolkline, Scotts of Stow, Sterling Insurance Group, Groupama, ",p:3,x:232,y:604,w:617,h:16},
{t:"Gondrand, Kookai, Provident Insurance, Highway Insurance ",p:3,x:232,y:621,w:402,h:16},
{t:"o ",p:3,x:197,y:638,w:17,h:18},
{t:"New projects with established clients such as DHL, Nisa-Today’s, Nutrition Point, JD ",p:3,x:232,y:638,w:618,h:16},
{t:"Williams, Senator, Panalpina, ",p:3,x:232,y:656,w:200,h:16},
{t:"o ",p:3,x:197,y:673,w:13,h:18},
{t:"Integration of European management under One Kewill initiative ",p:3,x:232,y:673,w:429,h:16},
{t:"• Americas: ",p:3,x:149,y:707,w:125,h:18},
{t:"o ",p:3,x:197,y:726,w:13,h:18},
{t:"Revenues fell by 2.5% to £18.3m (2007/8: £18.8m) as customers delayed orders ",p:3,x:232,y:726,w:539,h:16},
{t:"o ",p:3,x:197,y:743,w:13,h:18},
{t:"Underlying profits* of £2.0m (2007/8: £2.4m) ",p:3,x:232,y:743,w:299,h:16},
{t:"o ",p:3,x:197,y:760,w:15,h:18},
{t:"Integrated existing businesses under single management and consolidated three existing ",p:3,x:232,y:760,w:615,h:16},
{t:"offices into one new facility resulting in an expected overall annual saving of $1.9m ",p:3,x:232,y:777,w:553,h:16},
{t:"o ",p:3,x:197,y:795,w:16,h:18},
{t:"New client wins and new projects with existing customers included Stuller Inc., Oriental ",p:3,x:232,y:795,w:616,h:16},
{t:"Trading Company and DHL Global Forwarding ",p:3,x:232,y:812,w:313,h:16},
{t:"o ",p:3,x:197,y:829,w:13,h:18},
{t:"Oracle and Fujitsu Consulting signed as partners ",p:3,x:232,y:829,w:328,h:16},
{t:"• Asia: ",p:3,x:149,y:863,w:92,h:18},
{t:"o ",p:3,x:197,y:882,w:13,h:18},
{t:"Revenues maintained at £2.2m (2007/8: £2.2m)  ",p:3,x:232,y:882,w:326,h:16},
{t:"o ",p:3,x:197,y:899,w:13,h:18},
{t:"Underlying loss* £0.3m (2007/8: £0.2m)  ",p:3,x:232,y:899,w:272,h:16},
{t:"o ",p:3,x:197,y:916,w:13,h:18},
{t:"Significant new client win with NYK Logistics for Kewill Forwarding ",p:3,x:232,y:916,w:443,h:16},
{t:"o ",p:3,x:197,y:934,w:14,h:18},
{t:"Existing clients Sky Leader, Mega Speed, Transpeed Cargo, Pentagon Freight and Union ",p:3,x:232,y:934,w:615,h:16},
{t:"Airfreight upgraded to Kewill Forwarding ",p:3,x:232,y:951,w:270,h:16},
{t:" ",p:4,x:107,y:87,w:5,h:22},
{t:"4 ",p:4,x:104,y:1329,w:9,h:13},
{t:"Annual Review ",p:4,x:149,y:105,w:148,h:22},
{t:"OPERATING REVIEW ",p:4,x:149,y:147,w:173,h:18},
{t:"The Board is pleased to announce that, despite a very challenging macro-economic environment, Kewill ",p:4,x:149,y:183,w:697,h:16},
{t:"has succeeded in increasing both revenues and profits over the previous year as a result of several ",p:4,x:149,y:201,w:698,h:16},
{t:"significant orders closed in the fourth quarter, our strong and growing recurring revenue base, the cost ",p:4,x:149,y:218,w:697,h:16},
{t:"reduction actions taken during the second half of the year and assisted by the foreign exchange benefit ",p:4,x:149,y:235,w:697,h:16},
{t:"from the weakness of sterling against both the US dollar and the Euro. ",p:4,x:149,y:252,w:470,h:16},
{t:"In the second half of the year we saw recessions hit all major economies around the world and this ",p:4,x:149,y:287,w:699,h:16},
{t:"inevitably led to reduced shipments of goods and difficulties for many of our clients.  This has had the ",p:4,x:149,y:304,w:698,h:16},
{t:"effect of seeing several of our clients introducing cost saving plans and in some cases either delaying ",p:4,x:149,y:321,w:698,h:16},
{t:"orders for our software and services or taking longer to approve orders in the pipeline.  However, ",p:4,x:149,y:339,w:700,h:16},
{t:"despite these conditions, we have seen several major companies place significant contracts with Kewill, ",p:4,x:149,y:356,w:697,h:16},
{t:"even during the very difficult second half of the year, confirming the strong return on investment that ",p:4,x:149,y:373,w:698,h:16},
{t:"they derive from our solutions. ",p:4,x:149,y:390,w:205,h:16},
{t:"Overall revenues were up a modest 4.7% largely as a result of foreign exchange gains countering ",p:4,x:149,y:425,w:699,h:16},
{t:"reductions in licence revenues, but also reflecting new business closed and our strong and growing ",p:4,x:149,y:442,w:699,h:16},
{t:"recurring revenue streams.  ",p:4,x:149,y:459,w:187,h:16},
{t:"Year ended ",p:4,x:423,y:494,w:81,h:16},
{t:"Year ended ",p:4,x:573,y:494,w:81,h:16},
{t:"Year ended ",p:4,x:723,y:494,w:81,h:16},
{t:"31 March ",p:4,x:438,y:511,w:66,h:16},
{t:"31 March ",p:4,x:588,y:511,w:66,h:16},
{t:"31 March ",p:4,x:738,y:511,w:66,h:16},
{t:"2009 2009 2008 ",p:4,x:467,y:528,w:450,h:16},
{t:"  ",p:4,x:188,y:546,w:624,h:16},
{t:"At ",p:4,x:575,y:546,w:326,h:16},
{t:"constant ",p:4,x:594,y:546,w:368,h:16},
{t:"currency ",p:4,x:593,y:563,w:61,h:16},
{t:"Revenue ",p:4,x:188,y:597,w:64,h:16},
{t:"£53.3m ",p:4,x:450,y:597,w:54,h:16},
{t:"£46.9m ",p:4,x:600,y:597,w:54,h:16},
{t:"£50.9m ",p:4,x:750,y:597,w:54,h:16},
{t:"   ",p:4,x:500,y:615,w:12,h:16},
{t:"Underlying* profit ",p:4,x:188,y:632,w:119,h:16},
{t:"£7.5m £6.4m £7.0m ",p:4,x:459,y:632,w:450,h:16},
{t:"During the year Software as a Service (SaaS) and hosting revenues accounted for 32% of Kewill Group ",p:4,x:149,y:668,w:697,h:16},
{t:"revenues, up from 27% in 2007/8 and 19% in 2006/7.  When added to our maintenance revenue in ",p:4,x:149,y:686,w:699,h:16},
{t:"2008/9 this makes recurring income account for 59% of total Kewill Group revenues and giving us good ",p:4,x:149,y:703,w:697,h:16},
{t:"visibility of future income.   ",p:4,x:149,y:720,w:180,h:16},
{t:"Underlying profits* and underlying margins* grew due to foreign exchange gains, the success of the ",p:4,x:149,y:755,w:699,h:16},
{t:"SaaS and hosting products, the cost reductions from our One Kewill initiative and the accelerated ",p:4,x:149,y:772,w:700,h:16},
{t:"savings that we put in place in the second half in response to the deteriorating economic environment.   ",p:4,x:149,y:789,w:688,h:16},
{t:"OPERATING & FINANCIAL PERFORMANCE ",p:4,x:149,y:823,w:345,h:18},
{t:"Group revenues for 2008/9 grew 4.7% to £53.3m (2007/8: £50.9m) and underlying profits* for the year ",p:4,x:149,y:860,w:697,h:16},
{t:"were up 7.9% at £7.5m (2007/8: £7.0m).  Our underlying margins* have increased to 14.1% (2007/8: ",p:4,x:149,y:877,w:698,h:16},
{t:"13.7%) as a result of the cost savings made in the year as part of our One Kewill initiative.  Operating ",p:4,x:149,y:894,w:698,h:16},
{t:"profit was £2.0m (2007/8: £2.3m).  Our net cash position recovered from the small net debt position at ",p:4,x:149,y:912,w:697,h:16},
{t:"the end of the first half to a net cash position of £4.0m as at 31 March 2009 (31 March 2008: £10.0m), ",p:4,x:149,y:929,w:697,h:16},
{t:"this balance was lower than last year following the payment of contingent consideration of £8.6m on ",p:4,x:149,y:946,w:698,h:16},
{t:"prior year acquisitions.  In line with our stated policy of paying a progressive dividend the Board is ",p:4,x:149,y:963,w:699,h:16},
{t:"pleased to propose a dividend payment for the year of 1p per share, an increase of 33% on last year.   ",p:4,x:149,y:981,w:682,h:16},
{t:"Europe ",p:4,x:149,y:1015,w:55,h:16},
{t:"European revenues increased 9.5% to £32.7m (2007/8: £29.9m) led by a very strong 19% growth in ",p:4,x:149,y:1037,w:698,h:16},
{t:"Germany (at constant currency rates) and a foreign exchange gain of £3.1m.  The German growth has ",p:4,x:149,y:1055,w:697,h:16},
{t:"been driven by the government mandated use of electronic export declarations, which comes into effect ",p:4,x:149,y:1072,w:697,h:16},
{t:"on 1 July 2009 and therefore should also ensure continued growth into 2009/10.  Despite the difficult ",p:4,x:149,y:1089,w:698,h:16},
{t:"economic environment, the UK business has grown revenues by 3%, as a result of a major licence deal ",p:4,x:149,y:1106,w:697,h:16},
{t:"with AP Moller-Maersk and the strong recurring revenue base from SaaS, particularly in the insurance ",p:4,x:149,y:1124,w:698,h:16},
{t:"sector.  In BeNeLux revenues fell by 13% in constant currency as the business saw continued slippage ",p:4,x:149,y:1141,w:697,h:16},
{t:"in new business and reductions in services work from existing customers throughout the year.  Despite ",p:4,x:149,y:1158,w:697,h:16},
{t:"this environment, we managed to close a significant new contract with Norfolkline for our Kewill ",p:4,x:149,y:1175,w:701,h:16},
{t:"Transport solution.   ",p:4,x:149,y:1193,w:137,h:16},
{t:"* ",p:4,x:124,y:1262,w:7,h:13},
{t:"Underlying profits/loss and margin relates to operating profits/loss and margin before amortisation of intangibles of £5.6m (2007/8: £4.6m) ",p:4,x:147,y:1262,w:712,h:13},
{t:"  ",p:5,x:457,y:89,w:10,h:22},
{t:"5 ",p:5,x:883,y:1329,w:9,h:13},
{t:"In addition, during the year we integrated the European businesses under a single management team ",p:5,x:149,y:108,w:698,h:16},
{t:"as part of the One Kewill initiative and strengthened the team with new senior hires in sales, ",p:5,x:149,y:125,w:702,h:16},
{t:"professional services and added domain expertise for the newly launched Kewill Forwarding system. ",p:5,x:149,y:142,w:670,h:16},
{t:"Underlying profits* in Europe increased 11.2% to £7.7m (2007/8: £6.9m) largely as a result of currency ",p:5,x:149,y:177,w:697,h:16},
{t:"gains, with underlying margins* remaining flat at 23.6% (2007/8: 23.2%).  Operating profits were £2.4m ",p:5,x:149,y:194,w:697,h:16},
{t:"(2007/8: £2.6m).  The strong Euro increased European revenues by £3.1m and profit by £0.9m. ",p:5,x:149,y:211,w:637,h:16},
{t:"Americas ",p:5,x:149,y:245,w:71,h:16},
{t:"Americas revenues fell by 2.5% to £18.3m (2007/8: £18.8m).  At constant currency, there was a 17.6% ",p:5,x:149,y:268,w:697,h:16},
{t:"drop as this business was particularly affected by customers delaying orders and the comparison with ",p:5,x:149,y:285,w:698,h:16},
{t:"the particularly large Purolator contract contributed $4.1m (£2.0m) of revenue to 2007/8.  The foreign ",p:5,x:149,y:302,w:698,h:16},
{t:"exchange gains from the strong dollar improved revenues in the year by £2.8m.  The impact of delays ",p:5,x:149,y:320,w:698,h:16},
{t:"was particularly felt in Enterprise Shipping Management where revenues fell 31% (excluding currency ",p:5,x:149,y:337,w:698,h:16},
{t:"gains) as this business is more dependent on licence sales.  By contrast, Trade and Logistics revenues ",p:5,x:149,y:354,w:697,h:16},
{t:"grew by 2% (at constant currency rates) as they benefitted from a stronger SaaS offering assisted by ",p:5,x:149,y:371,w:698,h:16},
{t:"the launch of our compliance solution for the ‘10+2’ security initiative, which was adopted by over 60% ",p:5,x:149,y:389,w:697,h:16},
{t:"of our existing customers.  Underlying profits* were £2.0m (2007/8: £2.4m) in the US, including £0.3m ",p:5,x:149,y:406,w:698,h:16},
{t:"from gains on exchange rates.  Underlying margins* were 11% (2007/8: 12.7%) and although costs ",p:5,x:149,y:423,w:699,h:16},
{t:"were reduced rapidly in response to the declining revenues during the year, the cost reduction did not ",p:5,x:149,y:440,w:698,h:16},
{t:"offset the entire revenue fall.  Operating profits were £2.0m (2007/8: £2.4m).  ",p:5,x:149,y:458,w:513,h:16},
{t:"Asia ",p:5,x:149,y:492,w:35,h:16},
{t:"Revenues in Asia were maintained at £2.2m (2007/8: £2.2m) including an exchange gain of £0.4m.  ",p:5,x:149,y:514,w:703,h:16},
{t:"New business sales were delayed by the global economic downturn, although a highlight was the ",p:5,x:149,y:532,w:700,h:16},
{t:"signing of a contract with NYK Logistics, which will bring significant services revenue in 2009/10.  We ",p:5,x:149,y:549,w:698,h:16},
{t:"were also able to take advantage of government stimulus grants being made to our customers in ",p:5,x:149,y:566,w:700,h:16},
{t:"Singapore to encourage them to upgrade to our latest global forwarding software.  In addition, we ",p:5,x:149,y:583,w:699,h:16},
{t:"successfully implemented the industry-first E-Learning Training Management System for Singapore ",p:5,x:149,y:601,w:701,h:16},
{t:"NTUC (National Trade Union Congress) Learning Hub by applying our Kewill Framework built on the ",p:5,x:149,y:618,w:698,h:16},
{t:"latest Service Oriented Architecture (SOA) technologies. This is an important milestone for the ",p:5,x:149,y:635,w:702,h:16},
{t:"Singapore government's initiative to support lifelong learning to its citizens through the NTUC Learning ",p:5,x:149,y:652,w:697,h:16},
{t:"Hub, especially during such a recessionary period.  Underlying losses* were £0.3m (2007/8: £0.2m) and ",p:5,x:149,y:670,w:696,h:16},
{t:"operating losses were £0.6m (2007/8: loss of £0.4m) as more global development was moved to our in-",p:5,x:149,y:687,w:692,h:16},
{t:"house development facility in Shanghai ",p:5,x:149,y:704,w:264,h:16},
{t:"Group ",p:5,x:149,y:738,w:49,h:16},
{t:"Central costs were strictly controlled during the year and reduced to £1.9m (2007/8: £2.2m) including ",p:5,x:149,y:761,w:698,h:16},
{t:"the removal of senior management bonuses as targets were not achieved.  We finished the year with ",p:5,x:149,y:778,w:698,h:16},
{t:"£4.0m of net cash, boosted by very strong cash collections from customers in the second half of the ",p:5,x:149,y:795,w:698,h:16},
{t:"year.  As expected the balance was lower than last year (2007/8: £10.0m) as we paid out £8.6m of ",p:5,x:149,y:813,w:699,h:16},
{t:"contingent consideration from prior year acquisitions.  The last remaining earn-outs are now completed ",p:5,x:149,y:830,w:697,h:16},
{t:"and final payments were made early in 2009/10.  Our tax payments in both the UK and the US continue ",p:5,x:149,y:847,w:697,h:16},
{t:"to be reduced by tax losses carried forward from prior years. ",p:5,x:149,y:864,w:404,h:16},
{t:"The Board proposes a final dividend of 0.7p per share (2007/8: 0.5p per share), making a total dividend ",p:5,x:149,y:899,w:697,h:16},
{t:"for the year of 1p per share (2007/8: 0.75p per share) which represents a 33% increase on last year.  ",p:5,x:149,y:916,w:702,h:16},
{t:"The dividend will be paid on 28th August 2009 to shareholders on the register as of 24th July 2009. ",p:5,x:149,y:933,w:661,h:16},
{t:"Global Trade and Kewill’s Markets ",p:5,x:149,y:968,w:247,h:16},
{t:"Along with most other software and services companies we experienced a difficult macro-economic ",p:5,x:149,y:990,w:699,h:16},
{t:"environment particularly in the second half of 2008/9 and do not foresee the selling environment ",p:5,x:149,y:1007,w:700,h:16},
{t:"improving until late in 2009/10.  However, we are treating this as an opportunity to ensure that Kewill is ",p:5,x:149,y:1025,w:697,h:16},
{t:"not only positioned well to weather the current economic crisis, but also to benefit significantly through ",p:5,x:149,y:1042,w:698,h:16},
{t:"gain in market share as the global economy returns to growth. ",p:5,x:149,y:1059,w:415,h:16},
{t:"As part of our growth plan set in 2004 and as a result of the seven acquisitions that Kewill made in the ",p:5,x:149,y:1094,w:697,h:16},
{t:"period 2004 through 2007, we have strengthened our geographical market presence and this ",p:5,x:149,y:1111,w:703,h:16},
{t:"geographic diversity now provides Kewill with a much enhanced ability to withstand difficulties in ",p:5,x:149,y:1128,w:701,h:16},
{t:"individual markets or geographies.   ",p:5,x:149,y:1145,w:241,h:16},
{t:"* ",p:5,x:124,y:1266,w:7,h:13},
{t:"Underlying profits/loss and margin relates to operating profits/loss and margin before amortisation of intangibles of £5.6m (2007/8: £4.6m) ",p:5,x:147,y:1266,w:712,h:13},
{t:" ",p:6,x:107,y:87,w:5,h:22},
{t:"6 ",p:6,x:104,y:1329,w:9,h:13},
{t:"In any year economies will be growing or declining at varying speeds and specifically in our markets ",p:6,x:149,y:105,w:698,h:16},
{t:"compliance requirements will be enacted in individual countries at different points in time.  In 2007/8 ",p:6,x:149,y:122,w:699,h:16},
{t:"Kewill benefitted from a significant customs change in South East Asia and this was followed in 2008/9 ",p:6,x:149,y:139,w:697,h:16},
{t:"with new customs legislation being  introduced in both the US and Europe, which is reflected in the ",p:6,x:149,y:157,w:699,h:16},
{t:"growth in our SaaS revenues in both of these regions this year.  These same changes in Germany and ",p:6,x:149,y:174,w:697,h:16},
{t:"the US will lead to more opportunities in 2009/10 as the new laws come into full effect and the late ",p:6,x:149,y:191,w:699,h:16},
{t:"adopters sign up for our products. ",p:6,x:149,y:208,w:228,h:16},
{t:"Global changes in trading conditions, new Free Trade Zones and additional border protection controls ",p:6,x:149,y:243,w:698,h:16},
{t:"will ensure that there will be a need for flexible software solutions now and into the future.  We are also ",p:6,x:149,y:260,w:697,h:16},
{t:"seeing that many customers, including the Logistics Service Providers (LSPs), are realising that their ",p:6,x:149,y:277,w:698,h:16},
{t:"internal departments are unable to keep up with these changes given the level of complexity and ",p:6,x:149,y:293,w:697,h:18},
{t:"expertise required and are thus looking to procure solutions from companies such as Kewill to remain ",p:6,x:149,y:312,w:698,h:16},
{t:"compliant in their shipping. ",p:6,x:149,y:329,w:181,h:16},
{t:"While today the overall global economy is in decline, there are individual countries and regions still ",p:6,x:149,y:364,w:699,h:16},
{t:"forecasting growth over the coming year and as a result of its global coverage Kewill can ensure it has ",p:6,x:149,y:381,w:697,h:16},
{t:"solutions and services in the right place at the right time to meet these clients’ needs.  Investment in the ",p:6,x:149,y:398,w:697,h:16},
{t:"product portfolio remains important and over the last few years, we have invested in the acquisition and ",p:6,x:149,y:415,w:697,h:16},
{t:"development of a broader range of industry specific solutions in new markets such as Global ",p:6,x:149,y:433,w:702,h:16},
{t:"Forwarding, Service Logistics and Insurance.  This has enabled Kewill to further spread any risk of a ",p:6,x:149,y:450,w:698,h:16},
{t:"downturn in any one industry or sector from having a significant impact on the total Kewill business.   ",p:6,x:149,y:467,w:670,h:16},
{t:"During 2008/9 we saw reductions in the more traditional licence revenues and associated services, and ",p:6,x:149,y:502,w:697,h:16},
{t:"the current economic climate is driving new demands across our customer base.  AMR Research, an ",p:6,x:149,y:519,w:698,h:16},
{t:"analyst firm that specialises in our markets, is still forecasting growth of 10.1% per annum for the next 3 ",p:6,x:149,y:536,w:697,h:16},
{t:"years in global trade management solutions and 7% in broader supply chain solutions.  Our own ",p:6,x:149,y:553,w:700,h:16},
{t:"experience is that our more proactive enterprise clients are taking the poor market as an opportunity to ",p:6,x:149,y:571,w:697,h:16},
{t:"invest in new processes and technology, whilst they have the bandwidth to manage such projects and in ",p:6,x:149,y:588,w:696,h:16},
{t:"anticipation of a return to more normal trading volumes.  These businesses want to be well positioned to ",p:6,x:149,y:605,w:697,h:16},
{t:"advance beyond their competitors and be fully prepared to take market share and reap the benefits the ",p:6,x:149,y:622,w:697,h:16},
{t:"new systems can provide to deliver more business at lower cost.  Specific examples of this can be seen ",p:6,x:149,y:640,w:697,h:16},
{t:"from the recent investments customers have made in Kewill Forwarding, Kewill Transport and Kewill ",p:6,x:149,y:657,w:699,h:16},
{t:"Service Logistics.   ",p:6,x:149,y:674,w:129,h:16},
{t:"Smaller businesses are also looking to achieve the benefits of new products and technology to ensure ",p:6,x:149,y:709,w:697,h:16},
{t:"that they are not left behind by their larger competitors.  However, they wish to avoid a large upfront ",p:6,x:149,y:726,w:698,h:16},
{t:"capital outlay on software, hardware and IT staff and are therefore looking to access these solutions ",p:6,x:149,y:743,w:698,h:16},
{t:"with an investment spread over time on a transactional or monthly subscription basis through the ",p:6,x:149,y:760,w:700,h:16},
{t:"various SaaS models that we now offer.  The continued growth (32% of total revenue in 2008/9 ",p:6,x:149,y:778,w:700,h:16},
{t:"compared to 27% in 2007/8) in our SaaS business model is the result of Kewill being able to capture a ",p:6,x:149,y:795,w:697,h:16},
{t:"wider customer base and will allow us to ensure longer term contracted revenue generation.  SaaS ",p:6,x:149,y:812,w:699,h:16},
{t:"generates income to Kewill from a monthly subscription and therefore the business closed in 2008/9 will ",p:6,x:149,y:829,w:697,h:16},
{t:"repeat in 2009/10 and indeed we will see a full year benefit from many of these deals which were signed ",p:6,x:149,y:847,w:697,h:16},
{t:"late in 2008/9.   ",p:6,x:149,y:864,w:106,h:16},
{t:"Success with New Products and Services ",p:6,x:149,y:898,w:300,h:16},
{t:"Kewill’s strategy over the last few years has been focused on developing a broad Global Trade ",p:6,x:149,y:921,w:701,h:16},
{t:"Management suite of solutions delivered through a SOA methodology.  This has provided the product ",p:6,x:149,y:938,w:698,h:16},
{t:"flexibility to deliver solutions that directly meet today’s supply chain execution challenges while ",p:6,x:149,y:955,w:702,h:16},
{t:"delivering a fast return on investment. ",p:6,x:149,y:972,w:254,h:16},
{t:"Kewill’s suite of solutions has been honed through acquisition and investment and is now one of the ",p:6,x:149,y:1007,w:698,h:16},
{t:"most comprehensive in our market and is focused on supporting the domestic and international ",p:6,x:149,y:1024,w:701,h:16},
{t:"movement and storage of goods, including international customs and compliance.  Our continued ",p:6,x:149,y:1041,w:700,h:16},
{t:"emphasis on best-of-breed globally available products, delivered and supported by local domain experts ",p:6,x:149,y:1058,w:697,h:16},
{t:"is proving to be very successful and is differentiating us from our competition.  The smaller local ",p:6,x:149,y:1076,w:700,h:16},
{t:"competitors lack the geographic breadth or scale to support global projects and the larger ERP vendors ",p:6,x:149,y:1093,w:697,h:16},
{t:"lack the depth of product functionality and the specialised skills needed to advise customers on very ",p:6,x:149,y:1110,w:698,h:16},
{t:"specific and complex issues.     ",p:6,x:149,y:1127,w:211,h:16},
{t:"Through recent additions made to the product set, Kewill now offers a full range of applications that ",p:6,x:149,y:1162,w:699,h:16},
{t:"provide for forwarding, transport, parcel shipping, warehousing, customs (import and export), service ",p:6,x:149,y:1179,w:699,h:16},
{t:"parts logistics and returns.  During 2008/9 we continued to promote Kewill Forwarding across the globe ",p:6,x:149,y:1196,w:697,h:16},
{t:"and as a result increased our US customer base and added new global customers such as A.P.Moeller-",p:6,x:149,y:1214,w:692,h:16},
{t:"Maersk based in Copenhagen and NYK Logistics out of Hong Kong.  In Asia we increased our already ",p:6,x:149,y:1231,w:697,h:16},
{t:"strong presence with new orders from existing customers.  These clients were able to take advantage of ",p:6,x:149,y:1248,w:697,h:16},
{t:"the Singapore government’s economic stimulus plan to release funds to enable them to transition to the ",p:6,x:149,y:1265,w:697,h:16},
{t:"  ",p:7,x:457,y:89,w:10,h:22},
{t:"7 ",p:7,x:883,y:1329,w:9,h:13},
{t:"latest version of Kewill Forwarding.  For the future we have built a pipeline of new opportunities in all ",p:7,x:149,y:108,w:698,h:16},
{t:"regions.  ",p:7,x:149,y:125,w:61,h:16},
{t:"The success of the global campaign for Kewill Forwarding was followed in 2008/9 with the launch of ",p:7,x:149,y:159,w:698,h:16},
{t:"Kewill Transport in Asia building on our already strong customer presence in Europe.  In Europe we ",p:7,x:149,y:177,w:698,h:16},
{t:"added Norfolkline as a customer, who will implement Kewill Transport across a total of 32 sites and 384 ",p:7,x:149,y:194,w:697,h:16},
{t:"users.  The software will enable Norfolkline to support its wide-ranging business processes, ranging ",p:7,x:149,y:211,w:699,h:16},
{t:"from intermodal operations to non-asset-based third party logistics.  Metro Group, the world’s fourth ",p:7,x:149,y:228,w:699,h:16},
{t:"largest retailer with 2,200 outlets in 31 countries, successfully rolled out a transport management ",p:7,x:149,y:246,w:700,h:16},
{t:"solution from Kewill. Kewill Transport ensures that Metro has the necessary logistics software and ",p:7,x:149,y:263,w:700,h:16},
{t:"internal capability to manage its rapid expansion in Russia.  In Asia we added new systems for one of ",p:7,x:149,y:280,w:697,h:16},
{t:"our large LSP customers, where in many countries recent government investment in transport and ",p:7,x:149,y:297,w:700,h:16},
{t:"logistics infrastructure has created a growth of supply chain execution activity.  We expect these ",p:7,x:149,y:315,w:700,h:16},
{t:"initiatives to lead to an increase in Kewill Transport customers across Asia in 2009/10.    ",p:7,x:149,y:332,w:587,h:16},
{t:"One of our more recent product additions has been the Kewill Service Logistics suite that we acquired in ",p:7,x:149,y:366,w:696,h:16},
{t:"March 2007 with the acquisition of Innovate-IT.  In 2009/10 we have commenced a global marketing ",p:7,x:149,y:384,w:699,h:16},
{t:"campaign with particular focus and investment in the Americas.  Analysts are predicting that the service ",p:7,x:149,y:401,w:697,h:16},
{t:"logistics market will require greater investment in IT solutions in the near future as consumers and ",p:7,x:149,y:418,w:699,h:16},
{t:"businesses look to contain costs by extending the life of existing semi-disposable items such as laptops, ",p:7,x:149,y:435,w:697,h:16},
{t:"PDAs and mobile phones, through increased use of return for repair.  Kewill Service Logistics provides a ",p:7,x:149,y:453,w:696,h:16},
{t:"comprehensive service that automates the process from initial call to a service centre through to the ",p:7,x:149,y:470,w:698,h:16},
{t:"return of the repaired product or a warranty replacement.  We are seeing several existing and many new ",p:7,x:149,y:487,w:696,h:16},
{t:"customers looking for our solutions to handle their increased volumes of such returns.    ",p:7,x:149,y:504,w:584,h:16},
{t:"In the customs arena, during 2009/10, we will bring to market Kewill Export, a new version of an existing ",p:7,x:149,y:539,w:696,h:16},
{t:"Kewill product.  This new product has been developed using our SOA architecture and is delivered as a ",p:7,x:149,y:556,w:697,h:16},
{t:"set of component based services.  This allows us to reutilise those components into other new products ",p:7,x:149,y:573,w:697,h:16},
{t:"such as CustomsXchange.  Kewill CustomsXchange is a new and unique approach to solving the ever ",p:7,x:149,y:591,w:697,h:16},
{t:"increasing problem of managing customs compliance with cross-border legislation.  We are finding that ",p:7,x:149,y:608,w:697,h:16},
{t:"international and global companies doing business in multiple countries are no longer willing or able to ",p:7,x:149,y:625,w:697,h:16},
{t:"manage the intricacies of complex and ever changing import and export regulations.  However, failure to ",p:7,x:149,y:642,w:696,h:16},
{t:"address these issues leads to delays in the supply chain, fines for non compliance and additional costs ",p:7,x:149,y:660,w:697,h:16},
{t:"of goods in transit or excess buffer stocks.  Kewill CustomsXchange provides a single point of interface ",p:7,x:149,y:677,w:697,h:16},
{t:"for multi-national corporations to process their declarations and confirm their compliance through a ",p:7,x:149,y:694,w:700,h:16},
{t:"single gateway.  In the short space of time this solution has been available, it has already generated ",p:7,x:149,y:711,w:698,h:16},
{t:"significant interest and is expected to provide first revenues for Kewill during 2009/10.  We are seeing ",p:7,x:149,y:729,w:698,h:16},
{t:"particular interest in Europe where the new EC legislation for export declaration processing comes into ",p:7,x:149,y:746,w:697,h:16},
{t:"effect on 1 July 2009.  This demand will continue over the next two years as the existing legislation will ",p:7,x:149,y:763,w:697,h:16},
{t:"be extended to cover imports and intra EU shipments.    ",p:7,x:149,y:780,w:374,h:16},
{t:"In Germany Kewill has responded proactively to the new European Community export compliance ",p:7,x:149,y:815,w:700,h:16},
{t:"regulations with the launch of Kewill’s Air Cargo Pool. This service provides easy to use kiosks at major ",p:7,x:149,y:832,w:697,h:16},
{t:"German airports to simplify the process for shippers in making the required electronic declarations of ",p:7,x:149,y:849,w:698,h:16},
{t:"their exports.  This service is expected to significantly reduce the amount of time transport companies ",p:7,x:149,y:867,w:698,h:16},
{t:"spend idle at customs waiting for paperwork to be processed and approved. ",p:7,x:149,y:884,w:506,h:16},
{t:"As can be seen from the above examples, Kewill has continued to invest in new products and ",p:7,x:149,y:918,w:701,h:16},
{t:"technologies that will see us in a strong position to take advantage of the return to growth in global ",p:7,x:149,y:936,w:699,h:16},
{t:"economies and the resultant increase in world trade.  An additional advantage of these investments will ",p:7,x:149,y:953,w:697,h:16},
{t:"be seen in later years as we are able to retire older products and technologies and thereby reduce ",p:7,x:149,y:970,w:699,h:16},
{t:"support and maintenance costs and improve Kewill’s operating margins. ",p:7,x:149,y:987,w:482,h:16},
{t:"We have also added new channels to market during 2008/9, in particular in the Americas where we ",p:7,x:149,y:1022,w:699,h:16},
{t:"added integrations for several of our existing products with partner solutions to support these new ",p:7,x:149,y:1039,w:700,h:16},
{t:"distributors.  This included a partnership arrangement with Oracle with support for a standard interface ",p:7,x:149,y:1056,w:697,h:16},
{t:"between Flagship and Oracle OTM.  We also developed a standard integration between both ",p:7,x:149,y:1074,w:702,h:16},
{t:"Clippership and Flagship and the Microsoft  ERP solution and brought new customers live on this ",p:7,x:149,y:1091,w:700,h:16},
{t:"platform.  We also delivered new shipping partnerships with local parcel carriers such as ONTrac and ",p:7,x:149,y:1108,w:698,h:16},
{t:"Eastern Connections and are building a similar relationship with Newgistics.  ",p:7,x:149,y:1124,w:511,h:18},
{t:"One Kewill and Organisational Alignment ",p:7,x:149,y:1160,w:298,h:16},
{t:"In response to the difficult economic climate in the second half of 2008/9 Kewill took the opportunity to ",p:7,x:149,y:1182,w:697,h:16},
{t:"ensure its costs were reduced in line with its revenues.  As part of this we accelerated certain elements ",p:7,x:149,y:1199,w:697,h:16},
{t:"of our One Kewill plan that was announced in 2007.  The One Kewill initiative involved alignment of our ",p:7,x:149,y:1217,w:697,h:16},
{t:"products, our technology platforms, our brand and our organisation following a period of making several ",p:7,x:149,y:1234,w:697,h:16},
{t:"acquisitions.  In 2008/9 we took the decision to merge our three US business units into one, Kewill ",p:7,x:149,y:1251,w:699,h:16},
{t:" ",p:8,x:107,y:87,w:5,h:22},
{t:"8 ",p:8,x:104,y:1329,w:9,h:13},
{t:"Americas, under one management team made up of members of all units.  This merger enabled us to ",p:8,x:149,y:105,w:698,h:16},
{t:"consolidate our office based employees into one new facility and to allow three existing leases to expire.  ",p:8,x:149,y:122,w:701,h:16},
{t:"This action has resulted in expected annualised savings of $1.9m. ",p:8,x:149,y:139,w:442,h:16},
{t:"  ",p:8,x:149,y:157,w:8,h:16},
{t:"In Europe we also integrated all acquired business units under the management of one team.  This ",p:8,x:149,y:174,w:699,h:16},
{t:"involved the establishment of a functional organisation consisting of existing executives and several key ",p:8,x:149,y:191,w:697,h:16},
{t:"external hires.  Sales, Marketing, Support and Professional Services are now managed on a pan-",p:8,x:149,y:208,w:692,h:16},
{t:"European basis with country management teams and domain expertise residing in each country and ",p:8,x:149,y:226,w:698,h:16},
{t:"handling the local needs of clients.   ",p:8,x:149,y:243,w:242,h:16},
{t:"In Asia we have hired a new Chief Operating Officer and he is managing the established team from our ",p:8,x:149,y:277,w:697,h:16},
{t:"acquisition of IPACS made in 2007, now branded Kewill Asia.  These three regions collaborate ",p:8,x:149,y:295,w:701,h:16},
{t:"extensively on the provision of services to our global clients including 24x7 support anywhere in the ",p:8,x:149,y:312,w:699,h:16},
{t:"world and local expertise for delivery of roll-outs of global solutions.  ",p:8,x:149,y:329,w:453,h:16},
{t:"The One Kewill initiative is now largely complete, enabling us to go to market in multiple geographies ",p:8,x:149,y:364,w:698,h:16},
{t:"with a common set of products and methodologies under a single brand and better able to support our ",p:8,x:149,y:381,w:697,h:16},
{t:"global customers through an integrated organisation. ",p:8,x:149,y:398,w:354,h:16},
{t:"Outlook ",p:8,x:149,y:432,w:60,h:16},
{t:"As can be seen from the sections above, Kewill is well positioned with a strong set of modern ",p:8,x:149,y:455,w:701,h:16},
{t:"technology products and services on offer now in multiple regions and, as such, we feel well equipped to ",p:8,x:149,y:472,w:697,h:16},
{t:"not only withstand the current economic situation, but also to capture market share when growth returns ",p:8,x:149,y:489,w:697,h:16},
{t:"to global markets.  We would expect to see good growth from the compliance initiatives in the US and ",p:8,x:149,y:507,w:697,h:16},
{t:"Europe and new sales with Kewill Forwarding, Service Logistics and with CustomsXchange.  We do ",p:8,x:149,y:524,w:698,h:16},
{t:"however remain cautious in our outlook overall in the US and Asia and are keeping a very tight rein on ",p:8,x:149,y:541,w:697,h:16},
{t:"costs until we see real evidence of a return to our normal levels of growth.   ",p:8,x:149,y:558,w:502,h:16},
{t:"The Board remains very mindful of the continued macro-economic conditions and the impact this has ",p:8,x:149,y:593,w:698,h:16},
{t:"had on revenues and in particular licence sales in 2008/9.  However, we would expect this financial year ",p:8,x:149,y:610,w:697,h:16},
{t:"to see growth as a result of our continued strong sales pipelines, backlog from orders closed in the last ",p:8,x:149,y:627,w:697,h:16},
{t:"quarter of 2008/9, our growing proportion of revenues from SaaS and a continued strong focus on cost ",p:8,x:149,y:645,w:697,h:16},
{t:"control.  ",p:8,x:149,y:662,w:57,h:16},
{t:"Paul Nichols ",p:8,x:149,y:741,w:94,h:16},
{t:"Chief Executive Officer ",p:8,x:149,y:763,w:168,h:16},
{t:"Kewill plc ",p:8,x:149,y:785,w:73,h:16},
{t:"19 June 2009 ",p:8,x:149,y:803,w:98,h:22},
{t:"  ",p:9,x:457,y:89,w:10,h:22},
{t:"9 ",p:9,x:883,y:1329,w:9,h:13},
{t:"Directors and Advisors ",p:9,x:149,y:108,w:225,h:22},
{t:"Charles Alexander (Senior Non-Executive Director) ",p:9,x:149,y:146,w:366,h:16},
{t:"Charles was appointed a Non-Executive Director in April 2001. Charles is currently MD and Head of ",p:9,x:149,y:168,w:698,h:16},
{t:"Origination and Client Coverage, NE Asia for Standard Chartered Bank, based in Hong Kong.  Prior to ",p:9,x:149,y:185,w:697,h:16},
{t:"this he was Managing Director and Head of Asia Corporate Finance Group at Lehman Brothers Asia ",p:9,x:149,y:203,w:698,h:16},
{t:"Limited, and previously Co-head of Lehman Brothers European M&A based in London whereby he ",p:9,x:149,y:220,w:699,h:16},
{t:"advised several of the Firm’s leading clients on major transactions in the communications industry. Prior ",p:9,x:149,y:237,w:697,h:16},
{t:"to joining Lehman Brothers, Charles worked with JP Morgan from 1987 to 1998. Prior to moving into ",p:9,x:149,y:254,w:698,h:16},
{t:"investment banking, Charles worked for McKinsey & Company in London and Tokyo from 1982 to 1987 ",p:9,x:149,y:272,w:697,h:16},
{t:"and for the Boston Consulting Group in Boston from 1980 to 1982.  (See also notes to AGM ",p:9,x:149,y:289,w:701,h:16},
{t:"resolutions). ",p:9,x:149,y:306,w:85,h:16},
{t:"Richard Gawthorne (Non-Executive Director) ",p:9,x:149,y:349,w:322,h:16},
{t:"Richard was appointed to the Board on 17 July 2006. He graduated with a BSc in Maths with Statistics ",p:9,x:149,y:371,w:697,h:16},
{t:"from Bath University in 1972 and then qualified at Coopers & Lybrand before moving on to various roles ",p:9,x:149,y:388,w:697,h:16},
{t:"in industry. Between 1988 and 1993 Richard held Finance Director positions at Prudential Life and ",p:9,x:149,y:405,w:699,h:16},
{t:"Pensions and at Prudential Corporate Pensions and then a Chief Executive role at Pegasus Assurance ",p:9,x:149,y:423,w:697,h:16},
{t:"Group. Until recently he was Chairman of the private company MatrixMicroscience Ltd and previously ",p:9,x:149,y:440,w:698,h:16},
{t:"served as a Non-Executive Director of the software company Smartstream Technologies Ltd and with 3i ",p:9,x:149,y:457,w:697,h:16},
{t:"plc.  ",p:9,x:149,y:474,w:31,h:16},
{t:"Guy Millward (Finance Director and Company Secretary) ",p:9,x:149,y:512,w:405,h:16},
{t:"Guy Millward ACA was appointed Finance Director (FD) in November 2002. He began his career with ",p:9,x:149,y:534,w:698,h:16},
{t:"Ernst & Young before moving, in 1993, to GE Information Services (now GXS), a division of the US ",p:9,x:149,y:552,w:699,h:16},
{t:"conglomerate General Electric. At GE Information Services he held a number of roles including UK ",p:9,x:149,y:569,w:699,h:16},
{t:"Finance Director. He joined Kewill in January 2000 and held the position of Group Financial Controller ",p:9,x:149,y:586,w:698,h:16},
{t:"before being appointed to the Board.  He will leave Kewill on 30 June 2009. ",p:9,x:149,y:603,w:503,h:16},
{t:"Paul Nichols (Chief Executive Officer) ",p:9,x:149,y:646,w:272,h:16},
{t:"Paul is Kewill’s Chief Executive Officer (CEO). He received an Economics honours degree from Brunel ",p:9,x:149,y:668,w:697,h:16},
{t:"University in 1978. In his early years in the IT industry, Paul held sales and business management ",p:9,x:149,y:685,w:699,h:16},
{t:"positions in ICL and Digital Equipment Corporation. In 1994 he joined Data Sciences Ltd (DSL) as ",p:9,x:149,y:703,w:699,h:16},
{t:"Executive General Manager for the Commercial and Financial Services business. In 1997 DSL was ",p:9,x:149,y:720,w:699,h:16},
{t:"acquired by IBM and Paul became a Director of IBM Global Services in EMEA with responsibility for the ",p:9,x:149,y:737,w:697,h:16},
{t:"Banking and Financial Services industry. In 1999 Paul was appointed as President and CEO of Logica ",p:9,x:149,y:754,w:697,h:16},
{t:"Inc., the North American subsidiary of Logica plc. Paul joined Kewill as CEO in August 2002. ",p:9,x:149,y:772,w:617,h:16},
{t:"Andy Roberts (Non-Executive Chairman) ",p:9,x:149,y:814,w:294,h:16},
{t:"Andy was appointed as a Non-Executive Director to the Company in April 1997 and was appointed Non-",p:9,x:149,y:836,w:692,h:16},
{t:"Executive Chairman in April 1998. He held several senior management positions within ICL between ",p:9,x:149,y:854,w:699,h:16},
{t:"1982 and 1993 and then served as Chief Executive of Data Sciences plc between 1993 and 1997. ",p:9,x:149,y:871,w:699,h:16},
{t:"Following the successful turnaround at Data Sciences the company was acquired by IBM in March ",p:9,x:149,y:888,w:699,h:16},
{t:"1996. In 1997 he served as President of Intellect and remains active in support of the Association. He is ",p:9,x:149,y:905,w:697,h:16},
{t:"a Non-Executive Director of several software related companies. (See also notes to AGM resolutions). ",p:9,x:149,y:923,w:681,h:16},
{t:"Stockbrokers ",p:9,x:149,y:965,w:88,h:14},
{t:"Investec Investment Banking ",p:9,x:149,y:986,w:173,h:14},
{t:"2 Gresham Street ",p:9,x:149,y:1001,w:108,h:14},
{t:"London ",p:9,x:149,y:1016,w:48,h:14},
{t:"EC2V 7QP ",p:9,x:149,y:1032,w:68,h:14},
{t:"Principal Bankers ",p:9,x:419,y:965,w:116,h:14},
{t:"Barclays Bank plc ",p:9,x:419,y:986,w:109,h:14},
{t:"54 Lombard Street ",p:9,x:419,y:1001,w:114,h:14},
{t:"London ",p:9,x:419,y:1016,w:48,h:14},
{t:"EC3V 9EX ",p:9,x:419,y:1032,w:67,h:14},
{t:"Financial PR ",p:9,x:619,y:965,w:83,h:14},
{t:"Financial Dynamics ",p:9,x:619,y:986,w:119,h:14},
{t:"2nd Floor, Holborn Gate ",p:9,x:619,y:1001,w:146,h:14},
{t:"26 Southampton Buildings ",p:9,x:619,y:1016,w:159,h:14},
{t:"London ",p:9,x:619,y:1032,w:48,h:14},
{t:"WC2A 1PB ",p:9,x:619,y:1047,w:70,h:14},
{t:"Auditors ",p:9,x:149,y:1090,w:58,h:14},
{t:"PricewaterhouseCoopers LLP ",p:9,x:149,y:1111,w:180,h:14},
{t:"Chartered Accountants ",p:9,x:149,y:1126,w:139,h:14},
{t:"1 Embankment Place ",p:9,x:149,y:1141,w:130,h:14},
{t:"London ",p:9,x:149,y:1157,w:48,h:14},
{t:"WC2N 6RH ",p:9,x:149,y:1172,w:73,h:14},
{t:"Lawyers ",p:9,x:419,y:1090,w:56,h:14},
{t:"Osborne Clarke ",p:9,x:419,y:1111,w:97,h:14},
{t:"One London Wall ",p:9,x:419,y:1126,w:106,h:14},
{t:"London ",p:9,x:419,y:1141,w:48,h:14},
{t:"EC2Y 5EB  ",p:9,x:419,y:1157,w:70,h:14},
{t:"Registrars and Transfer Office ",p:9,x:619,y:1090,w:195,h:14},
{t:"Computershare Investor Services ",p:9,x:619,y:1111,w:201,h:14},
{t:"PLC ",p:9,x:619,y:1126,w:29,h:14},
{t:"PO Box 82 ",p:9,x:619,y:1141,w:68,h:14},
{t:"The Pavilions ",p:9,x:619,y:1157,w:83,h:14},
{t:"Bridgwater Road ",p:9,x:619,y:1172,w:103,h:14},
{t:"Bristol ",p:9,x:619,y:1187,w:40,h:14},
{t:"BS99 7NH ",p:9,x:619,y:1202,w:66,h:14},
{t:" ",p:10,x:107,y:87,w:5,h:22},
{t:"10 ",p:10,x:104,y:1329,w:16,h:13},
{t:"Directors’ Report ",p:10,x:149,y:105,w:168,h:22},
{t:"FINANCIAL STATEMENTS ",p:10,x:149,y:150,w:208,h:18},
{t:"The Directors of Kewill plc (the “Directors”) submit their report and the audited financial statements of ",p:10,x:149,y:186,w:698,h:16},
{t:"the Kewill plc Group (the “Group”) for the year ended 31 March 2009 (the “Reporting Period”). ",p:10,x:149,y:204,w:624,h:16},
{t:"Business Review ",p:10,x:149,y:236,w:126,h:16},
{t:"This review, together with the Annual Review, has been compiled as a Business Review in accordance ",p:10,x:149,y:259,w:697,h:16},
{t:"with the requirements of the Companies Act 2006.  The principal activities of the Group during the ",p:10,x:149,y:276,w:699,h:16},
{t:"Reporting Period were and will continue to be the provision of computer software and associated ",p:10,x:149,y:293,w:700,h:16},
{t:"services.  Analysis of the development and performance of the Group during the financial year and its ",p:10,x:149,y:310,w:698,h:16},
{t:"position at the end of the financial year, including relevant key performance indicators (principally ",p:10,x:149,y:328,w:700,h:16},
{t:"revenue and profit before interest, tax and amortisation), is contained on pages 4 to 8.  The principal ",p:10,x:149,y:345,w:698,h:16},
{t:"risks and uncertainties associated with the Group’s activities are discussed below.  While measures are ",p:10,x:149,y:362,w:697,h:16},
{t:"taken to mitigate these risks, an understanding of the key issues is required to better comprehend ",p:10,x:149,y:379,w:699,h:16},
{t:"Kewill’s business and performance. ",p:10,x:149,y:397,w:239,h:16},
{t:"Strategic Risks – the main strategic risks to Kewill’s business are a further and greater macroeconomic ",p:10,x:149,y:429,w:697,h:16},
{t:"downturn, increased competition and the consolidation of key customers.  ",p:10,x:149,y:446,w:492,h:16},
{t:"Although an obvious comment, a deeper economic slowdown may further reduce the demand for ",p:10,x:149,y:479,w:700,h:16},
{t:"Kewill’s products and services and mean that growth in revenues and profits is reduced or reversed.  ",p:10,x:149,y:496,w:703,h:16},
{t:"The current downturn has reduced sales of software licences and related services, but its impact on ",p:10,x:149,y:513,w:699,h:16},
{t:"profits has been offset by SaaS revenues increasing and cost reductions.  Increased competition in the ",p:10,x:149,y:531,w:697,h:16},
{t:"form of new entrants to Kewill’s markets and new products and services from existing competitors could ",p:10,x:149,y:548,w:697,h:16},
{t:"also reduce revenues and therefore profits.  Consolidation among Kewill’s customers could also reduce ",p:10,x:149,y:565,w:697,h:16},
{t:"revenues as merged companies look for cost savings by reducing the number of systems they operate ",p:10,x:149,y:582,w:682,h:16},
{t:"Operational Risks – the key operational risks involve the integration of acquisitions, the delivery of ",p:10,x:149,y:615,w:699,h:16},
{t:"products and customer projects, customers suffering financial failure, key person loss and the litigious ",p:10,x:149,y:632,w:698,h:16},
{t:"business environment in the USA.  ",p:10,x:149,y:650,w:234,h:16},
{t:"Kewill has made several acquisitions in recent years and the integration of these acquisitions into the ",p:10,x:149,y:682,w:698,h:16},
{t:"existing businesses is a key element of our strategy.  Significant cost benefits can be gained from ",p:10,x:149,y:699,w:699,h:16},
{t:"reducing the number of technologies currently supported and the creation of integrated global product ",p:10,x:149,y:717,w:698,h:16},
{t:"sets will enhance revenue opportunities.  If the integration of acquisitions is too slow or not achieved ",p:10,x:149,y:734,w:698,h:16},
{t:"then revenues and profits could be reduced.  By March 2009 much of the integration work was ",p:10,x:149,y:751,w:701,h:16},
{t:"complete. ",p:10,x:149,y:768,w:69,h:16},
{t:"Kewill’s revenue and profit projections depend heavily on the introduction of new products and the ",p:10,x:149,y:801,w:699,h:16},
{t:"delivery of large projects to customers.  If these are delayed then revenues and profits may be reduced.  ",p:10,x:149,y:818,w:701,h:16},
{t:"Delays can be often outside of Kewill’s control and depend on customers’ internal constraints or issues.  ",p:10,x:149,y:835,w:701,h:16},
{t:"Outsourcing and off-shoring of product development brings significant cost advantages, but also ",p:10,x:149,y:853,w:702,h:16},
{t:"management challenges with remote staff and communications that can cause delays in product and ",p:10,x:149,y:870,w:698,h:16},
{t:"project delivery.  While seasonality does not change much from year to year in Kewill’s businesses, it ",p:10,x:149,y:887,w:698,h:16},
{t:"should be noted that Kewill’s revenues and profits are weighted towards the second half of the financial ",p:10,x:149,y:904,w:697,h:16},
{t:"year because of customer buying patterns. ",p:10,x:149,y:922,w:287,h:16},
{t:"Although we have experienced no major bad debt issues so far in this recession, there remains ",p:10,x:149,y:954,w:700,h:16},
{t:"significant risk that some large customers will suffer financial failure.  While customer concentration is ",p:10,x:149,y:972,w:698,h:16},
{t:"not high and customer receivables are closely monitored, the bankruptcy of large customers is outside ",p:10,x:149,y:989,w:698,h:16},
{t:"of Kewill’s control.  The loss of end user customers by our Logistics Service Provider customers could ",p:10,x:149,y:1006,w:698,h:16},
{t:"result in Kewill losing parts of contracts or some transactional based revenues. ",p:10,x:149,y:1023,w:525,h:16},
{t:"Each of Kewill’s businesses relies on their staff to deliver the revenues and profits of the Group and to ",p:10,x:149,y:1056,w:697,h:16},
{t:"develop products each year.  Loss of key staff in any of the divisions could lead to a reduction in both ",p:10,x:149,y:1073,w:697,h:16},
{t:"revenues and profits.   ",p:10,x:149,y:1090,w:152,h:16},
{t:"Financial Risks – Kewill’s internal control environment is detailed in the section of this annual report ",p:10,x:149,y:1123,w:698,h:16},
{t:"dealing with Corporate Governance on page 18.  While the system of controls is designed to prevent ",p:10,x:149,y:1140,w:698,h:16},
{t:"financial loss, there can never be a 100% guarantee that this will not happen.  The main external factors ",p:10,x:149,y:1157,w:697,h:16},
{t:"affecting financial measures are discussed above and to them can be added foreign exchange ",p:10,x:149,y:1175,w:701,h:16},
{t:"translation risk (see note 17) and changes in assumptions underlying the carrying value of certain Group ",p:10,x:149,y:1192,w:697,h:16},
{t:"assets. ",p:10,x:149,y:1209,w:51,h:16},
{t:"  ",p:11,x:457,y:89,w:10,h:22},
{t:"11 ",p:11,x:877,y:1329,w:16,h:13},
{t:"The Group has very few cross-border currency flows and so assets and liabilities in currencies other ",p:11,x:149,y:108,w:698,h:16},
{t:"than sterling cannot be effectively hedged.  Kewill completes a review of the carrying value of its assets ",p:11,x:149,y:125,w:697,h:16},
{t:"annually, or more frequently where the circumstances require, assessing whether those carrying values ",p:11,x:149,y:142,w:697,h:16},
{t:"can be supported by the future cash flows derived from such assets.  This review examines the ",p:11,x:149,y:159,w:700,h:16},
{t:"continued appropriateness of the assumptions in respect of highly uncertain matters upon which the ",p:11,x:149,y:177,w:699,h:16},
{t:"carrying values of certain of the Group’s assets are based.  This includes an assessment of discount ",p:11,x:149,y:194,w:698,h:16},
{t:"rates and long term growth rates, future technological developments and timing and quantum of future ",p:11,x:149,y:211,w:697,h:16},
{t:"expenditure (both capital and operational), as well as the factors which may affect revenues and ",p:11,x:149,y:228,w:700,h:16},
{t:"profitability identified above.  Due to the Group’s substantial carrying value of goodwill and other ",p:11,x:149,y:246,w:700,h:16},
{t:"intangible assets under IFRS, the revision of any of these assumptions to reflect current or anticipated ",p:11,x:149,y:263,w:698,h:16},
{t:"changes in operations or the financial condition of the Group could lead to an impairment in the carrying ",p:11,x:149,y:280,w:697,h:16},
{t:"value of certain assets in the Group.  Whilst impairment does not impact reported cash flows, it does ",p:11,x:149,y:297,w:698,h:16},
{t:"result in a non-cash charge in the income statement, and thus any future impairments would affect the ",p:11,x:149,y:315,w:697,h:16},
{t:"reported profits and distributable reserves.  In these increasingly difficult economic times, there is also ",p:11,x:149,y:332,w:698,h:16},
{t:"increasing credit risk that customers will default on payments although the Group does not have a ",p:11,x:149,y:349,w:699,h:16},
{t:"history of significant defaults.   ",p:11,x:149,y:366,w:205,h:16},
{t:"Kewill is currently in a net cash position although it did make use of a small overdraft facility during the ",p:11,x:149,y:401,w:697,h:16},
{t:"previous year.  While continued positive cash generation is anticipated, a large fall in sales could lead to ",p:11,x:149,y:418,w:697,h:16},
{t:"use of the existing bank facility which provides for total borrowings of £8 million.  This facility comprises ",p:11,x:149,y:435,w:697,h:16},
{t:"a £3m overdraft facility and a 2-year £5m revolving credit facility.  The revolving credit facility has a ",p:11,x:149,y:453,w:699,h:16},
{t:"financial covenant whereby borrowings at the end of each period shall not exceed 150% of consolidated ",p:11,x:149,y:470,w:697,h:16},
{t:"EBITDA for the period.  As well as regular monitoring of cash balances and forecasts, the Board have ",p:11,x:149,y:487,w:698,h:16},
{t:"assessed various cash, revenue and profit scenarios and related mitigation plans in determining that the ",p:11,x:149,y:504,w:697,h:16},
{t:"Group is a going concern. ",p:11,x:149,y:517,w:176,h:22},
{t:"Compliance Risks – the main area of risk for Kewill here is that external rules and regulations become ",p:11,x:149,y:556,w:697,h:16},
{t:"overly onerous and costly to comply with for companies of Kewill’s size.  There is already a large ",p:11,x:149,y:573,w:700,h:16},
{t:"administrative burden imposed on the Company, which is managed by a small group of staff and which ",p:11,x:149,y:591,w:697,h:16},
{t:"reduces profits each year.  Increases in this burden may require extra effort and thereby further ",p:11,x:149,y:608,w:700,h:16},
{t:"decrease profits. ",p:11,x:149,y:625,w:115,h:16},
{t:"Financial Results and Dividends ",p:11,x:149,y:659,w:234,h:16},
{t:"A profit of £1,526,000 (FY07/08: £2,640,000) will be transferred to reserves.  The Board of Kewill plc ",p:11,x:149,y:682,w:698,h:16},
{t:"(the “Board”) propose the payment of a final dividend of 0.7p per share making a total of 1.0p per share ",p:11,x:149,y:699,w:697,h:16},
{t:"for the year (2007/08: 0.75p). ",p:11,x:149,y:716,w:198,h:16},
{t:"Research and Development ",p:11,x:149,y:751,w:200,h:16},
{t:"The level of development spend was £6.7 million in FY08/09 (FY07/08: £5.9 million).  Some of this ",p:11,x:149,y:773,w:699,h:16},
{t:"development is jointly funded by individual, or groups of users. All research and development ",p:11,x:149,y:790,w:702,h:16},
{t:"expenditure is written off to the income statement as it does not meet the requirement for capitalisation ",p:11,x:149,y:808,w:697,h:16},
{t:"under IFRS. ",p:11,x:149,y:825,w:85,h:16},
{t:"Financial Instruments ",p:11,x:149,y:859,w:159,h:16},
{t:"For information on the financial risk management strategy of the Group and of the exposure of the ",p:11,x:149,y:882,w:699,h:16},
{t:"Group to currency risk, interest rate risk and liquidity risk please refer to note 17 of the financial ",p:11,x:149,y:899,w:700,h:16},
{t:"statements. ",p:11,x:149,y:916,w:81,h:16},
{t:"Corporate Social Responsibility ",p:11,x:149,y:950,w:230,h:16},
{t:"The Group recognises the increasing importance of Corporate Social Responsibility (CSR)/ ",p:11,x:149,y:973,w:705,h:16},
{t:"environmental policies to a significant number of its stakeholders and recognises the importance of, and ",p:11,x:149,y:990,w:697,h:16},
{t:"business benefits that can be derived from, good CSR and environmental practice.  Key aspects of the ",p:11,x:149,y:1007,w:697,h:16},
{t:"Group’s CSR policy are as follows: ",p:11,x:149,y:1025,w:235,h:16},
{t:"• ",p:11,x:149,y:1057,w:11,h:18},
{t:"Employee Involvement  ",p:11,x:173,y:1058,w:159,h:16},
{t:"The Directors recognise the importance of involving all employees in the performance and ",p:11,x:173,y:1080,w:679,h:16},
{t:"development of the Group.  Accordingly, it is the policy of management to develop and encourage ",p:11,x:173,y:1098,w:674,h:16},
{t:"employee involvement throughout the Group by regular communication both from the Board and ",p:11,x:173,y:1115,w:675,h:16},
{t:"between employees within and between divisions of the Group.  In particular the CEO and FD make ",p:11,x:173,y:1132,w:673,h:16},
{t:"periodic presentations in staff locations and regularly visit the various divisional offices. ",p:11,x:173,y:1149,w:578,h:16},
{t:"• ",p:11,x:149,y:1171,w:11,h:18},
{t:"Disabled Persons  ",p:11,x:173,y:1173,w:125,h:16},
{t:"Group companies give full consideration to suitable applications for employment from disabled ",p:11,x:173,y:1195,w:677,h:16},
{t:"persons. Disabled employees, including those who become disabled whilst in the Group’s ",p:11,x:173,y:1212,w:679,h:16},
{t:"employment, are eligible to participate in all appropriate career development and training ",p:11,x:173,y:1229,w:680,h:16},
{t:"opportunities available to staff. ",p:11,x:173,y:1247,w:206,h:16},
{t:" ",p:12,x:107,y:87,w:5,h:22},
{t:"12 ",p:12,x:104,y:1329,w:16,h:13},
{t:"• ",p:12,x:149,y:104,w:11,h:18},
{t:"Charitable and Political Donations  ",p:12,x:173,y:106,w:233,h:16},
{t:"Charitable donations made during the year were £9,500 (FY07/08: £25,327) and were made to ",p:12,x:173,y:128,w:676,h:16},
{t:"charities our employees are involved in.  No contributions were made for political purposes. ",p:12,x:173,y:145,w:608,h:16},
{t:"• ",p:12,x:149,y:179,w:11,h:18},
{t:"Payments to Suppliers  ",p:12,x:173,y:181,w:158,h:16},
{t:"The Group seeks to abide by the payment terms agreed with suppliers whenever it is satisfied that ",p:12,x:173,y:203,w:674,h:16},
{t:"the supplier has provided the goods and services in accordance with the agreed terms and ",p:12,x:173,y:220,w:677,h:16},
{t:"conditions.  The Group does not have a universal standard or code which deals specifically with the ",p:12,x:173,y:238,w:673,h:16},
{t:"payment of suppliers. Trade creditors of the Company as at 31 March 2009 expressed in relation to ",p:12,x:173,y:255,w:673,h:16},
{t:"the total amount invoiced by suppliers for goods and services during the year were equivalent to 52 ",p:12,x:173,y:272,w:673,h:16},
{t:"(FY07/08: 52) creditor days. ",p:12,x:173,y:289,w:190,h:16},
{t:"• ",p:12,x:149,y:311,w:11,h:18},
{t:"Environmental Issues  ",p:12,x:173,y:313,w:151,h:16},
{t:"The nature of the Group’s operational activities are of comparatively minimal environmental impact, ",p:12,x:173,y:335,w:674,h:16},
{t:"and where necessary the business meets its statutory requirements and aims to apply good ",p:12,x:173,y:352,w:677,h:16},
{t:"environmental practice by encouraging recycling of waste and minimising the use of paper by the ",p:12,x:173,y:369,w:674,h:16},
{t:"use of electronic mail in communications, and accordingly the Group has not adopted a formal ",p:12,x:173,y:387,w:676,h:16},
{t:"environmental policy.  However, the Group has implemented a number of environmental initiatives in ",p:12,x:173,y:404,w:673,h:16},
{t:"that all offices either have, or are introducing, recycling (waste management) policies.  The Group ",p:12,x:173,y:421,w:674,h:16},
{t:"relies upon tight cost control to minimise, where possible, energy use and air travel and continues to ",p:12,x:173,y:438,w:673,h:16},
{t:"believe that this is the most effective mechanism for reducing the environmental impact of the ",p:12,x:173,y:456,w:676,h:16},
{t:"Group’s operations.  The Board believes that the very nature of its products, in automating supply ",p:12,x:173,y:473,w:674,h:16},
{t:"chain execution, is of positive environmental impact.  This is an intuitive assessment based upon the ",p:12,x:173,y:490,w:673,h:16},
{t:"Board’s knowledge of the business process rationalisation resulting from the introduction by clients ",p:12,x:173,y:507,w:674,h:16},
{t:"of the Group’s products (i.e. replacement of labour intensive paper-based systems with electronic ",p:12,x:173,y:525,w:675,h:16},
{t:"trading and shipping solutions), and it believes that any quantitative assessment would be difficult ",p:12,x:173,y:542,w:675,h:16},
{t:"and prohibitively costly to conduct.  ",p:12,x:173,y:559,w:236,h:16},
{t:"Re-election of Directors ",p:12,x:149,y:593,w:173,h:16},
{t:"It is the Board’s policy that any non-executive Director deemed non-independent under the 9-year rule ",p:12,x:149,y:616,w:697,h:16},
{t:"should offer himself for re-election on an annual basis. Accordingly Andy Roberts retires and offers ",p:12,x:149,y:633,w:699,h:16},
{t:"himself for re-election in accordance with the Board’s policy that, as a non-independent Director (having ",p:12,x:149,y:650,w:697,h:16},
{t:"served in excess of 9 years on the Board) he should offer himself for re-election annually. Charles ",p:12,x:149,y:668,w:699,h:16},
{t:"Alexander retires by rotation and offers himself for re-election. He will have served for 8 years by the ",p:12,x:149,y:685,w:698,h:16},
{t:"time of the 2009 AGM.   Guy Millward has resigned as Finance Director and will leave the Group on 30 ",p:12,x:149,y:702,w:697,h:16},
{t:"June 2009.  His replacement is currently being recruited. ",p:12,x:149,y:719,w:379,h:16},
{t:"No Director has a service contract or appointment terms in excess of one year. Further biographical ",p:12,x:149,y:754,w:699,h:16},
{t:"details for Andy Roberts and Charles Alexander are given in the notes to the AGM resolutions on page ",p:12,x:149,y:771,w:696,h:16},
{t:"49.  ",p:12,x:149,y:788,w:29,h:16},
{t:"Directors’ Beneficial Interest in Shares ",p:12,x:149,y:823,w:279,h:16},
{t:"The beneficial interests of the Directors in the share capital of Kewill plc (the “Company”) as at 1 April ",p:12,x:149,y:845,w:698,h:16},
{t:"2008, 31 March 2009 and 22 June 2009, as recorded in the register of the Company in accordance with ",p:12,x:149,y:862,w:697,h:16},
{t:"the provisions of the Companies Act 2006 (as amended) were as follows:  ",p:12,x:149,y:880,w:493,h:16},
{t:"Ordinary Shares ",p:12,x:456,y:914,w:113,h:16},
{t:"Ordinary Shares ",p:12,x:596,y:914,w:113,h:16},
{t:"Ordinary Shares ",p:12,x:736,y:914,w:113,h:16},
{t:"of 1p each ",p:12,x:495,y:931,w:74,h:16},
{t:"of 1p each ",p:12,x:635,y:931,w:74,h:16},
{t:"of 1p each ",p:12,x:775,y:931,w:74,h:16},
{t:"19 June 2009 ",p:12,x:475,y:949,w:95,h:16},
{t:"31 March 2009 ",p:12,x:605,y:949,w:104,h:16},
{t:"01 April 2008 ",p:12,x:757,y:949,w:92,h:16},
{t:"A.H.J.Roberts (non-executive chairman) 171,230 171,230 171,230 ",p:12,x:158,y:966,w:772,h:16},
{t:"C.Alexander (non-executive) ",p:12,x:158,y:983,w:284,h:16},
{t:"63,683 63,683 58,420 ",p:12,x:519,y:983,w:419,h:16},
{t:"P.A.Nichols 310,000 310,000 300,000 ",p:12,x:158,y:1001,w:772,h:16},
{t:"J.R.Gawthorne (non-executive) ",p:12,x:158,y:1018,w:301,h:16},
{t:"30,000 30,000 30,000 ",p:12,x:519,y:1018,w:419,h:16},
{t:"Under the Performance Share Plan scheme certain executive Directors have been granted awards ",p:12,x:149,y:1053,w:699,h:16},
{t:"which must be held for a minimum period of three years before exercise.  No awards have been granted ",p:12,x:149,y:1070,w:697,h:16},
{t:"to Directors in the Reporting Period.  Details of the Directors’ awards together with performance criteria ",p:12,x:149,y:1087,w:697,h:16},
{t:"and scheme rules are set out in the Remuneration Report on pages 15 to 17. ",p:12,x:149,y:1104,w:514,h:16},
{t:"Purchase of Own Shares ",p:12,x:149,y:1137,w:180,h:16},
{t:"The Company maintains the right to purchase a certain number of its own shares. For details please see ",p:12,x:149,y:1159,w:697,h:16},
{t:"the notice of the AGM on page 48. ",p:12,x:149,y:1177,w:232,h:16},
{t:"  ",p:13,x:457,y:89,w:10,h:22},
{t:"13 ",p:13,x:877,y:1329,w:16,h:13},
{t:"Substantial shareholders ",p:13,x:149,y:123,w:183,h:16},
{t:"Number of Ordinary Shares held ",p:13,x:480,y:123,w:220,h:16},
{t:"at ",p:13,x:684,y:140,w:16,h:16},
{t:"10 June 2009 ",p:13,x:605,y:157,w:95,h:16},
{t:"% of total ",p:13,x:779,y:123,w:66,h:16},
{t:"Ordinary Shares ",p:13,x:733,y:140,w:113,h:16},
{t:"AXA Investment Managers 10,391,460 ",p:13,x:149,y:175,w:840,h:16},
{t:"12.78 ",p:13,x:805,y:175,w:331,h:16},
{t:"BlackRock Investment Management ",p:13,x:149,y:192,w:244,h:16},
{t:"8,424,686 ",p:13,x:630,y:192,w:70,h:16},
{t:"10.36 ",p:13,x:805,y:192,w:41,h:16},
{t:"JO Hambro Capital Management ",p:13,x:149,y:209,w:223,h:16},
{t:"7,805,000 ",p:13,x:630,y:209,w:70,h:16},
{t:"9.60 ",p:13,x:813,y:209,w:33,h:16},
{t:"Gartmore Investment Management 7,354,944 ",p:13,x:149,y:226,w:794,h:16},
{t:"9.05 ",p:13,x:813,y:226,w:277,h:16},
{t:"Insight Investment ",p:13,x:149,y:244,w:125,h:16},
{t:"4,775,008 ",p:13,x:630,y:244,w:70,h:16},
{t:"5.87 ",p:13,x:813,y:244,w:33,h:16},
{t:"Standard Life Investments 3,807,239 ",p:13,x:149,y:261,w:853,h:16},
{t:"4.68 ",p:13,x:813,y:261,w:335,h:16},
{t:"JPMorgan Asset Management ",p:13,x:149,y:278,w:205,h:16},
{t:"3,681,913 ",p:13,x:630,y:278,w:70,h:16},
{t:"4.53 ",p:13,x:813,y:278,w:33,h:16},
{t:"Schroder Investment Management 3,447,890 ",p:13,x:149,y:295,w:797,h:16},
{t:"4.24 ",p:13,x:813,y:295,w:279,h:16},
{t:"Barclays Stockbrokers (ND) ",p:13,x:149,y:313,w:189,h:16},
{t:"2,624,236 ",p:13,x:630,y:313,w:70,h:16},
{t:"3.23 ",p:13,x:813,y:313,w:33,h:16},
{t:"Share Capital ",p:13,x:149,y:345,w:100,h:16},
{t:"The Company has one class of share capital consisting of ordinary shares of 1p each.  Every share has ",p:13,x:149,y:367,w:697,h:16},
{t:"equal voting rights.  Subject to various conditions, if Kewill plc is taken over, all share options will vest ",p:13,x:149,y:385,w:698,h:16},
{t:"and may be exercised. ",p:13,x:149,y:402,w:155,h:16},
{t:"Statement of Directors’ responsibilities in respect of the Annual Report, the Directors’ ",p:13,x:149,y:434,w:704,h:16},
{t:"Remuneration Report and the financial statements  ",p:13,x:149,y:452,w:367,h:16},
{t:"The Directors are responsible for preparing the Annual Report, the Directors’ Remuneration Report and ",p:13,x:149,y:474,w:697,h:16},
{t:"the financial statements in accordance with applicable law and regulations. ",p:13,x:149,y:491,w:499,h:16},
{t:"Company law requires the Directors to prepare financial statements for each financial year. Under that ",p:13,x:149,y:524,w:698,h:16},
{t:"law the Directors have prepared the Group and parent Company financial statements in accordance ",p:13,x:149,y:541,w:699,h:16},
{t:"with International Financial Reporting Standards (IFRS) as adopted by the European Union. The ",p:13,x:149,y:558,w:701,h:16},
{t:"financial statements are required by law to give a true and fair view of the state of affairs of the ",p:13,x:149,y:576,w:700,h:16},
{t:"Company and the Group and of the profit or loss of the Company and Group for that period. ",p:13,x:149,y:593,w:611,h:16},
{t:"In preparing those financial statements, the Directors are required to: ",p:13,x:149,y:625,w:461,h:16},
{t:"• ",p:13,x:149,y:658,w:11,h:18},
{t:"select suitable accounting policies and then apply them consistently; ",p:13,x:173,y:659,w:456,h:16},
{t:"• ",p:13,x:149,y:676,w:11,h:18},
{t:"make judgements and estimates that are reasonable and prudent; ",p:13,x:173,y:677,w:442,h:16},
{t:"• ",p:13,x:149,y:694,w:11,h:18},
{t:"state that the financial statements comply with IFRS as adopted by the European Union; ",p:13,x:173,y:696,w:588,h:16},
{t:"• ",p:13,x:149,y:712,w:12,h:18},
{t:"prepare the financial statements on the going concern basis, unless it is inappropriate to presume ",p:13,x:173,y:714,w:674,h:16},
{t:"that the Group will continue in business, in which case there should be supporting assumptions or ",p:13,x:173,y:731,w:674,h:16},
{t:"qualifications as necessary.    ",p:13,x:173,y:748,w:200,h:16},
{t:"The Directors confirm that they have complied with the above requirements in preparing the financial ",p:13,x:149,y:781,w:698,h:16},
{t:"statements. ",p:13,x:149,y:798,w:81,h:16},
{t:"The Directors are responsible for keeping proper accounting records that disclose, with reasonable ",p:13,x:149,y:831,w:700,h:16},
{t:"accuracy at any time, the financial position of the Company and the Group and to enable them to ensure ",p:13,x:149,y:848,w:696,h:16},
{t:"that the financial statements and the Directors’ Remuneration Report comply with the Companies Act ",p:13,x:149,y:865,w:698,h:16},
{t:"2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also ",p:13,x:149,y:882,w:699,h:16},
{t:"responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable ",p:13,x:149,y:900,w:696,h:16},
{t:"steps for the prevention and detection of fraud and other irregularities. ",p:13,x:149,y:917,w:467,h:16},
{t:"The Directors are responsible for the maintenance and integrity of the Company’s website and ",p:13,x:149,y:950,w:702,h:16},
{t:"legislation in the United Kingdom governing the preparation and dissemination of financial statements ",p:13,x:149,y:967,w:698,h:16},
{t:"may differ from legislation in other jurisdictions. ",p:13,x:149,y:984,w:316,h:16},
{t:" ",p:14,x:107,y:87,w:5,h:22},
{t:"14 ",p:14,x:104,y:1329,w:16,h:13},
{t:"Auditors ",p:14,x:149,y:120,w:65,h:16},
{t:"PricewaterhouseCoopers LLP are the auditors of Kewill plc.  For each of the persons who were ",p:14,x:149,y:155,w:700,h:16},
{t:"Directors at the time this report was prepared, the following applies: ",p:14,x:149,y:172,w:451,h:16},
{t:"• ",p:14,x:149,y:194,w:13,h:18},
{t:"so far as the Directors are aware, there is no relevant audit information of which the Company’s ",p:14,x:173,y:195,w:675,h:16},
{t:"auditors are unaware; and ",p:14,x:173,y:212,w:178,h:16},
{t:"• ",p:14,x:149,y:229,w:14,h:18},
{t:"the Directors have taken all steps that they ought to have taken as Directors in order to make ",p:14,x:173,y:231,w:676,h:16},
{t:"themselves aware of any relevant audit information and to establish that the Company’s auditors are ",p:14,x:173,y:248,w:673,h:16},
{t:"aware of that information. ",p:14,x:173,y:265,w:173,h:16},
{t:"A resolution to reappoint PricewaterhouseCoopers LLP as auditors of the Group will be proposed at the ",p:14,x:149,y:300,w:697,h:16},
{t:"next annual general meeting. ",p:14,x:149,y:317,w:197,h:16},
{t:"By order of the Board ",p:14,x:149,y:379,w:158,h:16},
{t:"Guy Millward  ",p:14,x:149,y:401,w:101,h:16},
{t:"Company Secretary ",p:14,x:149,y:423,w:144,h:16},
{t:"19 June 2009 ",p:14,x:149,y:445,w:97,h:16},
{t:"  ",p:15,x:457,y:89,w:10,h:22},
{t:"15 ",p:15,x:877,y:1329,w:16,h:13},
{t:"Remuneration Report ",p:15,x:149,y:108,w:210,h:22},
{t:"The Remuneration Report consists of non-auditable information with the exception of the sections ",p:15,x:149,y:154,w:700,h:16},
{t:"entitled ‘Directors’ Detailed Emoluments and Remuneration Packages’ and ‘Interests in Share Options’.  ",p:15,x:149,y:171,w:701,h:16},
{t:"The various sections in the report are marked audited and un-audited as appropriate. ",p:15,x:149,y:188,w:567,h:16},
{t:"Remuneration Policy (un-audited) ",p:15,x:149,y:222,w:244,h:16},
{t:"The Group’s remuneration policy is to attract, retain and incentivise the best executive staff recognising ",p:15,x:149,y:245,w:697,h:16},
{t:"that they are critical to the ongoing success of the business.  Consistent with this policy, remuneration ",p:15,x:149,y:262,w:698,h:16},
{t:"packages for the Company’s Directors are intended to be competitive and comprise a mix of ",p:15,x:149,y:279,w:702,h:16},
{t:"performance related and base remuneration, aimed at incentivising Directors whilst not detracting from ",p:15,x:149,y:297,w:698,h:16},
{t:"the aims of corporate governance and prevailing best practice with regards to executive remuneration.  ",p:15,x:149,y:314,w:702,h:16},
{t:"The Board takes advice where appropriate on its remuneration policy.  ",p:15,x:149,y:331,w:470,h:16},
{t:"The Company has adopted a formal policy that remuneration terms for executive Directors shall be ",p:15,x:149,y:353,w:699,h:16},
{t:"reviewed on an annual basis and shall, except where deviation is required for demonstrable market ",p:15,x:149,y:371,w:699,h:16},
{t:"conditions and/or commercial reason, seek to comply with prevailing best practice as set out in the ABI ",p:15,x:149,y:388,w:697,h:16},
{t:"Guidelines on Executive Remuneration (December 2002) and the principles of the Combined Code on ",p:15,x:149,y:405,w:698,h:16},
{t:"Corporate Governance (the “Code”).  It requires that executive Directors shall not be entitled to: (a) ",p:15,x:149,y:422,w:699,h:16},
{t:"notice periods in excess of 12 months; (b) bonuses of a predominately transactional related nature; or ",p:15,x:149,y:440,w:698,h:16},
{t:"(c) additional protection over and above notice periods in relation to any change of control. ",p:15,x:149,y:457,w:602,h:16},
{t:"The short-term performance related element of both the executive Director and senior management ",p:15,x:149,y:479,w:699,h:16},
{t:"remuneration packages is in the form of an annual cash bonus scheme.  The scheme incorporates ",p:15,x:149,y:496,w:699,h:16},
{t:"demanding performance criteria and is reviewed annually in relation to budgeted operating profit and ",p:15,x:149,y:514,w:698,h:16},
{t:"cash generation performance and taking account of market expectations.  Payment of any bonus under ",p:15,x:149,y:531,w:697,h:16},
{t:"the scheme is discretionary and subject to individual performance and Remuneration Committee ",p:15,x:149,y:548,w:701,h:16},
{t:"approval. ",p:15,x:149,y:565,w:65,h:16},
{t:"Performance Share Plan (un-audited) ",p:15,x:149,y:600,w:268,h:16},
{t:"Following shareholder approval at the 2006 AGM, the longer-term performance related element of the ",p:15,x:149,y:622,w:698,h:16},
{t:"executive Directors and senior management remuneration packages is the Performance Share Plan.  ",p:15,x:149,y:639,w:675,h:16},
{t:"The Company believes that the Performance Share Plan meets the prevailing best practice expectations ",p:15,x:149,y:662,w:697,h:16},
{t:"of its shareholders in setting challenging performance targets, acting as a strong incentive and retention ",p:15,x:149,y:679,w:697,h:16},
{t:"tool for key staff and will make better use of the Company’s resources from an accounting and share ",p:15,x:149,y:696,w:698,h:16},
{t:"usage perspective. ",p:15,x:149,y:713,w:130,h:16},
{t:"The Company does not operate any other long-term incentive schemes, nor any defined benefit pension ",p:15,x:149,y:736,w:696,h:16},
{t:"schemes. ",p:15,x:149,y:753,w:68,h:16},
{t:"Current share Options Schemes (un-audited) (replaced by the Performance Share Plan) ",p:15,x:149,y:792,w:625,h:16},
{t:"Following the approval of the Performance Share Plan, no grants have been made from the share ",p:15,x:149,y:815,w:700,h:16},
{t:"options schemes.  ",p:15,x:149,y:832,w:125,h:16},
{t:"Executive Director Service Agreements (un-audited) ",p:15,x:149,y:871,w:375,h:16},
{t:"Current executive Director service agreements are not for a specified term, but may be terminated by ",p:15,x:149,y:894,w:698,h:16},
{t:"either party on 12 months’ notice. There are no specific provisions in relation to payment of any ",p:15,x:149,y:911,w:700,h:16},
{t:"additional termination payments over and above the stated notice period. Bonus terms are reviewed ",p:15,x:149,y:928,w:699,h:16},
{t:"annually and incorporate demanding revenue, operating profit and cash generation performance criteria. ",p:15,x:149,y:945,w:696,h:16},
{t:"To protect the Company, the bonus scheme is stated to be discretionary and subject to Remuneration ",p:15,x:149,y:963,w:698,h:16},
{t:"Committee approval prior to payment.  The details of the service contracts for those who served as ",p:15,x:149,y:980,w:699,h:16},
{t:"executive Directors during the year are:  ",p:15,x:149,y:997,w:270,h:16},
{t:"Current executive Directors as at the date of publication: ",p:15,x:149,y:1024,w:377,h:16},
{t:"Name Contract ",p:15,x:128,y:1064,w:839,h:16},
{t:"date* ",p:15,x:600,y:1064,w:406,h:16},
{t:"Notice ",p:15,x:683,y:1064,w:413,h:16},
{t:"period ",p:15,x:684,y:1081,w:45,h:16},
{t:"Termination ",p:15,x:781,y:1064,w:83,h:16},
{t:"payment ",p:15,x:803,y:1081,w:61,h:16},
{t:"over and above ",p:15,x:757,y:1098,w:107,h:16},
{t:"  ",p:15,x:635,y:1116,w:180,h:16},
{t:"notice ",p:15,x:775,y:1116,w:130,h:16},
{t:"period ",p:15,x:819,y:1116,w:131,h:16},
{t:"Paul Nichols, CEO ",p:15,x:128,y:1133,w:128,h:16},
{t:"27 March 2008 ",p:15,x:535,y:1133,w:104,h:16},
{t:"12 months ",p:15,x:655,y:1133,w:74,h:16},
{t:"Nil ",p:15,x:843,y:1133,w:21,h:16},
{t:"Guy Millward, Finance Director and Company Secretary ",p:15,x:128,y:1150,w:374,h:16},
{t:"27 March 2008 ",p:15,x:535,y:1150,w:104,h:16},
{t:"12 months ",p:15,x:655,y:1150,w:74,h:16},
{t:"Nil ",p:15,x:843,y:1150,w:21,h:16},
{t:"* The contracts were updated on 27 March 2008 for changes to Directors’ duties brought in by the ",p:15,x:149,y:1185,w:699,h:16},
{t:"Companies Act 2006 ",p:15,x:149,y:1202,w:143,h:16},
{t:" ",p:16,x:107,y:87,w:5,h:22},
{t:"16 ",p:16,x:104,y:1329,w:16,h:13},
{t:"Non-executive Directors’ engagement terms (un-audited) ",p:16,x:149,y:105,w:409,h:16},
{t:"The standard Group engagement terms for Non-Executive Directors (“NEDs”) were reviewed and ",p:16,x:149,y:127,w:701,h:16},
{t:"amended in March 2008 to bring them into line with prevailing best practice changes brought in by the ",p:16,x:149,y:144,w:697,h:16},
{t:"Companies Act 2006 and the form recommended in the Higgs Report. Notice periods were set at 6 ",p:16,x:149,y:162,w:699,h:16},
{t:"months for the Chairman and 6 months for other NEDs in order to: (a) enable orderly succession ",p:16,x:149,y:179,w:700,h:16},
{t:"management; (b) maintain continuity and Board effectiveness during any search process; and, (c) to ",p:16,x:149,y:196,w:699,h:16},
{t:"enable a comprehensive hand-over and induction process. The fee structure for the NEDs is made up ",p:16,x:149,y:213,w:698,h:16},
{t:"of: (a) a base fee for Board membership; (b) additional fees for committee membership; and, (c) ",p:16,x:149,y:231,w:700,h:16},
{t:"additional fees for chairing committees. ",p:16,x:149,y:248,w:264,h:16},
{t:"NED engagement terms are for a specified term of not more than three years, and provide for earlier ",p:16,x:149,y:270,w:698,h:16},
{t:"termination: (a) on notice; (b) following failure to be re-elected; and (c) upon other standard ",p:16,x:149,y:287,w:703,h:16},
{t:"eventualities. The details of the engagement terms of the NEDs are: ",p:16,x:149,y:305,w:455,h:16},
{t:"Name ",p:16,x:111,y:335,w:44,h:16},
{t:"Terms date ",p:16,x:381,y:335,w:80,h:16},
{t:"Un-expired term Notice ",p:16,x:489,y:335,w:219,h:16},
{t:"period ",p:16,x:678,y:335,w:76,h:16},
{t:"Termination ",p:16,x:796,y:335,w:113,h:16},
{t:"payment ",p:16,x:818,y:352,w:61,h:16},
{t:"over and above ",p:16,x:772,y:370,w:107,h:16},
{t:"    ",p:16,x:111,y:387,w:849,h:16},
{t:"notice ",p:16,x:790,y:387,w:325,h:16},
{t:"Andy Roberts (Chairman) ",p:16,x:111,y:404,w:174,h:16},
{t:"27 March 2008 ",p:16,x:357,y:404,w:104,h:16},
{t:"AGM date 2009 ",p:16,x:492,y:404,w:109,h:16},
{t:"6 months ",p:16,x:644,y:404,w:65,h:16},
{t:"Nil ",p:16,x:858,y:404,w:21,h:16},
{t:"Charles Alexander ",p:16,x:111,y:421,w:127,h:16},
{t:"27 March 2008 ",p:16,x:357,y:421,w:104,h:16},
{t:"AGM date 2009 ",p:16,x:491,y:421,w:109,h:16},
{t:"6 months ",p:16,x:644,y:421,w:65,h:16},
{t:"Nil ",p:16,x:858,y:421,w:21,h:16},
{t:"Richard Gawthorne ",p:16,x:111,y:439,w:133,h:16},
{t:"01 April 2008 ",p:16,x:369,y:439,w:92,h:16},
{t:"AGM date 2011 ",p:16,x:492,y:439,w:109,h:16},
{t:"6 months ",p:16,x:644,y:439,w:65,h:16},
{t:"Nil ",p:16,x:858,y:439,w:21,h:16},
{t:"Remuneration Committee (un-audited) ",p:16,x:149,y:469,w:277,h:16},
{t:"The members of the Remuneration Committee during the Reporting Period were Richard Gawthorne ",p:16,x:149,y:492,w:698,h:16},
{t:"and Charles Alexander (chairman). ",p:16,x:149,y:509,w:236,h:16},
{t:"Directors’ detailed emoluments and remuneration packages (audited) ",p:16,x:149,y:539,w:498,h:16},
{t:" Salary ",p:16,x:87,y:582,w:510,h:16},
{t:"& ",p:16,x:369,y:582,w:243,h:16},
{t:"fees ",p:16,x:335,y:599,w:34,h:16},
{t:"Bonus * ",p:16,x:408,y:582,w:112,h:16},
{t:"Other ",p:16,x:494,y:582,w:70,h:16},
{t:"benefits ",p:16,x:481,y:599,w:61,h:16},
{t:"Total before ",p:16,x:579,y:582,w:90,h:16},
{t:"pension ",p:16,x:608,y:599,w:61,h:16},
{t:"contributions ",p:16,x:569,y:616,w:99,h:16},
{t:"* Pension ",p:16,x:717,y:582,w:72,h:16},
{t:"contributions ",p:16,x:689,y:599,w:99,h:16},
{t:"Gains made ",p:16,x:820,y:582,w:89,h:16},
{t:"on exercise of ",p:16,x:804,y:599,w:105,h:16},
{t:"share options ",p:16,x:807,y:616,w:102,h:16},
{t:"2009 2008 2009 2008 2009 2008 ",p:16,x:568,y:634,w:360,h:16},
{t:"£000 ",p:16,x:334,y:656,w:60,h:16},
{t:"£000 ",p:16,x:414,y:656,w:60,h:16},
{t:"£000 ",p:16,x:493,y:656,w:60,h:16},
{t:"£000 £000 £000 £000 £000 £000 ",p:16,x:568,y:656,w:360,h:16},
{t:"Current ",p:16,x:87,y:679,w:114,h:16},
{t:"executive ",p:16,x:146,y:679,w:128,h:16},
{t:"directors  ",p:16,x:218,y:679,w:191,h:16},
{t:"      ",p:16,x:584,y:679,w:360,h:16},
{t:"Paul Nichols ",p:16,x:87,y:698,w:87,h:16},
{t:"211 ",p:16,x:338,y:698,w:29,h:16},
{t:"- ",p:16,x:428,y:698,w:9,h:16},
{t:"14 ",p:16,x:501,y:698,w:20,h:16},
{t:"225 ",p:16,x:572,y:698,w:29,h:16},
{t:"448 ",p:16,x:632,y:698,w:29,h:16},
{t:"12 ",p:16,x:696,y:698,w:20,h:16},
{t:"12 ",p:16,x:756,y:698,w:20,h:16},
{t:"- ",p:16,x:822,y:698,w:9,h:16},
{t:"- ",p:16,x:882,y:698,w:9,h:16},
{t:"Guy Millward ",p:16,x:87,y:717,w:90,h:16},
{t:"153 ",p:16,x:338,y:717,w:29,h:16},
{t:"- ",p:16,x:428,y:717,w:9,h:16},
{t:"- ",p:16,x:507,y:717,w:9,h:16},
{t:"153 ",p:16,x:572,y:717,w:29,h:16},
{t:"239 ",p:16,x:632,y:717,w:29,h:16},
{t:"20 ",p:16,x:696,y:717,w:20,h:16},
{t:"10 ",p:16,x:756,y:717,w:20,h:16},
{t:"- ",p:16,x:822,y:717,w:9,h:16},
{t:"140 ",p:16,x:872,y:717,w:29,h:16},
{t:"Non ",p:16,x:87,y:736,w:89,h:16},
{t:"executive ",p:16,x:121,y:736,w:128,h:16},
{t:"directors ",p:16,x:193,y:736,w:124,h:16},
{t:"      ",p:16,x:584,y:736,w:360,h:16},
{t:"Andy Roberts ",p:16,x:87,y:755,w:95,h:16},
{t:"60 ",p:16,x:342,y:755,w:20,h:16},
{t:"- ",p:16,x:428,y:755,w:9,h:16},
{t:"- ",p:16,x:507,y:755,w:9,h:16},
{t:"60 ",p:16,x:576,y:755,w:20,h:16},
{t:"60 ",p:16,x:636,y:755,w:20,h:16},
{t:"- ",p:16,x:702,y:755,w:9,h:16},
{t:"- ",p:16,x:762,y:755,w:9,h:16},
{t:"N/A ",p:16,x:812,y:755,w:29,h:16},
{t:"N/A ",p:16,x:872,y:755,w:29,h:16},
{t:"Charles Alexander ",p:16,x:87,y:774,w:127,h:16},
{t:"25 ",p:16,x:342,y:774,w:20,h:16},
{t:"- ",p:16,x:428,y:774,w:9,h:16},
{t:"5 ",p:16,x:505,y:774,w:12,h:16},
{t:"30 ",p:16,x:576,y:774,w:20,h:16},
{t:"30 ",p:16,x:636,y:774,w:20,h:16},
{t:"- ",p:16,x:702,y:774,w:9,h:16},
{t:"- ",p:16,x:762,y:774,w:9,h:16},
{t:"N/A ",p:16,x:812,y:774,w:29,h:16},
{t:"N/A ",p:16,x:872,y:774,w:29,h:16},
{t:"Richard Gawthorne ",p:16,x:87,y:793,w:133,h:16},
{t:"30 ",p:16,x:342,y:793,w:20,h:16},
{t:"- ",p:16,x:428,y:793,w:9,h:16},
{t:"- ",p:16,x:507,y:793,w:9,h:16},
{t:"30 ",p:16,x:576,y:793,w:20,h:16},
{t:"30 ",p:16,x:636,y:793,w:20,h:16},
{t:"- ",p:16,x:702,y:793,w:9,h:16},
{t:"- ",p:16,x:762,y:793,w:9,h:16},
{t:"N/A ",p:16,x:812,y:793,w:29,h:16},
{t:"N/A ",p:16,x:872,y:793,w:29,h:16},
{t:"Totals 479 ",p:16,x:87,y:811,w:481,h:16},
{t:"- ",p:16,x:428,y:811,w:211,h:16},
{t:"19 ",p:16,x:501,y:811,w:222,h:16},
{t:"498 ",p:16,x:572,y:811,w:231,h:16},
{t:"807 ",p:16,x:632,y:811,w:231,h:16},
{t:"32 ",p:16,x:696,y:811,w:222,h:16},
{t:"22 ",p:16,x:756,y:811,w:222,h:16},
{t:"- ",p:16,x:822,y:811,w:211,h:16},
{t:"140 ",p:16,x:872,y:811,w:231,h:16},
{t:"*Pension contributions are only payable on base salary and are all paid to personal pension plans. Other benefits for ",p:16,x:149,y:849,w:696,h:14},
{t:"executive Directors include car allowance, private medical insurance, relocation costs and shares in lieu of salary for ",p:16,x:149,y:865,w:696,h:14},
{t:"non-executive Directors. ",p:16,x:149,y:880,w:147,h:14},
{t:"Paul Nichols ",p:16,x:149,y:905,w:94,h:16},
{t:"Under the terms of the current performance related bonus plan the total bonus payable to Paul Nichols ",p:16,x:149,y:928,w:697,h:16},
{t:"for achieving 100% of the challenging 2009/10 budgeted profit target, as set by the Board for the current ",p:16,x:149,y:945,w:697,h:16},
{t:"financial year, will be 100% of his basic salary (subject also to personal performance and meeting ",p:16,x:149,y:962,w:699,h:16},
{t:"prevailing market expectations), with the possibility of achieving more or less given the actual outcome. ",p:16,x:149,y:980,w:697,h:16},
{t:"The Remuneration Committee believes that this level of conditional remuneration is appropriate given ",p:16,x:149,y:997,w:698,h:16},
{t:"that Paul Nichols’ fixed remuneration (principally salary) is below the benchmark lower quartile for small ",p:16,x:149,y:1014,w:697,h:16},
{t:"cap publicly quoted companies (source: Hewitt New Bridge Street 2008 FTSE Small Cap., Directors ",p:16,x:149,y:1031,w:699,h:16},
{t:"Remuneration Survey). ",p:16,x:149,y:1049,w:158,h:16},
{t:"Paul Nichols is currently located in the US to oversee integration strategy and expansion of the US ",p:16,x:149,y:1079,w:699,h:16},
{t:"operations,  as previously reported in the FY06/07 annual report. The Board and the Remuneration ",p:16,x:149,y:1096,w:699,h:16},
{t:"Committee approved certain relocation arrangements as set out in the FY05/06 annual report.  In the ",p:16,x:149,y:1114,w:698,h:16},
{t:"event of termination of the CEO’s service agreement he will be entitled to reimbursement of expenses ",p:16,x:149,y:1131,w:698,h:16},
{t:"for repatriation to the UK.  ",p:16,x:149,y:1148,w:176,h:16},
{t:"Guy Millward ",p:16,x:149,y:1175,w:97,h:16},
{t:"Guy Millward will not participate in the 2009/10 bonus plan as he will leave the Company on 30 June ",p:16,x:149,y:1198,w:686,h:16},
{t:"2009. ",p:16,x:149,y:1215,w:41,h:16},
{t:"  ",p:17,x:457,y:89,w:10,h:22},
{t:"17 ",p:17,x:877,y:1329,w:16,h:13},
{t:"Interests in Share Options and Performance Share Plan (audited) ",p:17,x:149,y:107,w:466,h:16},
{t:"Details of the Directors’ share options in Kewill plc at 31 March 2009 were as follows:  ",p:17,x:149,y:130,w:571,h:16},
{t:" 01-Apr-08 ",p:17,x:158,y:167,w:332,h:14},
{t:"31-Mar-09 ",p:17,x:426,y:167,w:198,h:14},
{t:"Exercise Exercise ",p:17,x:553,y:167,w:271,h:14},
{t:"period ",p:17,x:743,y:167,w:121,h:14},
{t:"Name Number ",p:17,x:158,y:183,w:297,h:14},
{t:"Number ",p:17,x:433,y:183,w:154,h:14},
{t:"Price ",p:17,x:553,y:183,w:137,h:14},
{t:"(p) from to ",p:17,x:587,y:183,w:350,h:14},
{t:"  ",p:17,x:158,y:198,w:7,h:14},
{t:"P.Nichols ",p:17,x:158,y:213,w:59,h:14},
{t:"1,264,000 ",p:17,x:318,y:213,w:62,h:14},
{t:"1,264,000 ",p:17,x:459,y:213,w:62,h:14},
{t:"18.75 ",p:17,x:562,y:213,w:36,h:14},
{t:"19 Aug 2005 ",p:17,x:650,y:213,w:79,h:14},
{t:"18 Aug 2012 ",p:17,x:755,y:213,w:79,h:14},
{t:"665,480 ",p:17,x:329,y:229,w:51,h:14},
{t:"665,480 ",p:17,x:470,y:229,w:51,h:14},
{t:"28.1 ",p:17,x:565,y:229,w:29,h:14},
{t:"08 Jan 2006 ",p:17,x:652,y:229,w:76,h:14},
{t:"07 Jan 2013 ",p:17,x:757,y:229,w:76,h:14},
{t:"100,000 ",p:17,x:329,y:244,w:51,h:14},
{t:"100,000 ",p:17,x:470,y:244,w:51,h:14},
{t:"79.4 ",p:17,x:565,y:244,w:29,h:14},
{t:"28 Jan 2007 ",p:17,x:652,y:244,w:76,h:14},
{t:"27 Jan 2014 ",p:17,x:757,y:244,w:76,h:14},
{t:" 2,029,480 ",p:17,x:158,y:260,w:378,h:14},
{t:"2,029,480 ",p:17,x:459,y:260,w:218,h:14},
{t:"  ",p:17,x:158,y:275,w:7,h:14},
{t:"G.Millward ",p:17,x:158,y:291,w:66,h:14},
{t:"35,000 ",p:17,x:336,y:291,w:44,h:14},
{t:"35,000 ",p:17,x:478,y:291,w:44,h:14},
{t:"76 ",p:17,x:571,y:291,w:18,h:14},
{t:"27 Jun 2004 ",p:17,x:652,y:291,w:76,h:14},
{t:"26 Jun 2011 ",p:17,x:757,y:291,w:76,h:14},
{t:"100,000 ",p:17,x:329,y:306,w:51,h:14},
{t:"100,000 ",p:17,x:470,y:306,w:51,h:14},
{t:"79.4 ",p:17,x:565,y:306,w:29,h:14},
{t:"28 Jan 2007 ",p:17,x:652,y:306,w:76,h:14},
{t:"27 Jan 2014 ",p:17,x:757,y:306,w:76,h:14},
{t:" 135,000 ",p:17,x:158,y:322,w:389,h:14},
{t:"135,000 ",p:17,x:470,y:322,w:218,h:14},
{t:"Details of the Directors’ rights to shares under the Performance Share Plan at 31 March 2009 were as ",p:17,x:149,y:358,w:697,h:16},
{t:"follows:  ",p:17,x:149,y:376,w:58,h:16},
{t:"Name 01-Apr-08 ",p:17,x:206,y:413,w:326,h:14},
{t:"31-Mar-09 ",p:17,x:488,y:413,w:177,h:14},
{t:"Exercisable ",p:17,x:630,y:413,w:184,h:14},
{t:"             from ",p:17,x:611,y:428,w:78,h:14},
{t:"  ",p:17,x:206,y:444,w:7,h:14},
{t:"P.Nichols 93,750 ",p:17,x:206,y:459,w:369,h:14},
{t:"93,750 ",p:17,x:539,y:459,w:176,h:14},
{t:"19 ",p:17,x:623,y:459,w:151,h:14},
{t:"July ",p:17,x:641,y:459,w:159,h:14},
{t:"93,750 ",p:17,x:398,y:474,w:44,h:14},
{t:"93,750 ",p:17,x:540,y:474,w:44,h:14},
{t:"13 Nov 2010 ",p:17,x:623,y:474,w:79,h:14},
{t:" 187,500 ",p:17,x:206,y:491,w:418,h:14},
{t:"187,500 ",p:17,x:532,y:491,w:233,h:14},
{t:"  ",p:17,x:206,y:506,w:7,h:14},
{t:"G.Millward 93,750 ",p:17,x:206,y:521,w:363,h:14},
{t:"93,750 ",p:17,x:539,y:521,w:170,h:14},
{t:"19 ",p:17,x:623,y:521,w:144,h:14},
{t:"July ",p:17,x:641,y:521,w:153,h:14},
{t:"93,750 ",p:17,x:398,y:537,w:44,h:14},
{t:"93,750 ",p:17,x:540,y:537,w:44,h:14},
{t:"13 Nov 2010 ",p:17,x:623,y:537,w:79,h:14},
{t:" 187,500 ",p:17,x:206,y:553,w:418,h:14},
{t:"187,500 ",p:17,x:532,y:553,w:233,h:14},
{t:"If an employee leaves employment, any share options that have not vested will lapse.  For any options ",p:17,x:149,y:583,w:697,h:16},
{t:"that have vested, the Remuneration Committee of the Board will determine whether good leaver status ",p:17,x:149,y:601,w:697,h:16},
{t:"will be granted to the employee allowing exercise of the options. ",p:17,x:149,y:618,w:428,h:16},
{t:"Performance graph (un-audited) ",p:17,x:149,y:650,w:232,h:16},
{t:"0",p:17,x:251,y:796,w:6,h:15},
{t:"50",p:17,x:245,y:770,w:12,h:15},
{t:"100",p:17,x:239,y:742,w:18,h:15},
{t:"150",p:17,x:239,y:716,w:18,h:15},
{t:"200",p:17,x:239,y:689,w:18,h:15},
{t:"Apr-04",p:17,x:273,y:840,w:0,h:15},
{t:"Oc",p:17,x:319,y:840,w:0,h:15},
{t:"t",p:17,x:319,y:825,w:0,h:15},
{t:"-",p:17,x:319,y:821,w:0,h:15},
{t:"04",p:17,x:319,y:817,w:0,h:15},
{t:"Apr-05",p:17,x:364,y:840,w:0,h:15},
{t:"Oc",p:17,x:411,y:840,w:0,h:15},
{t:"t",p:17,x:411,y:825,w:0,h:15},
{t:"-",p:17,x:411,y:821,w:0,h:15},
{t:"05",p:17,x:411,y:817,w:0,h:15},
{t:"Apr-06",p:17,x:457,y:840,w:0,h:15},
{t:"Oc",p:17,x:503,y:840,w:0,h:15},
{t:"t",p:17,x:503,y:825,w:0,h:15},
{t:"-",p:17,x:503,y:821,w:0,h:15},
{t:"06",p:17,x:503,y:817,w:0,h:15},
{t:"Apr-07",p:17,x:548,y:840,w:0,h:15},
{t:"Oc",p:17,x:594,y:840,w:0,h:15},
{t:"t",p:17,x:594,y:825,w:0,h:15},
{t:"-",p:17,x:594,y:821,w:0,h:15},
{t:"07",p:17,x:594,y:817,w:0,h:15},
{t:"Apr-08",p:17,x:640,y:840,w:0,h:15},
{t:"Oc",p:17,x:687,y:840,w:0,h:15},
{t:"t",p:17,x:687,y:825,w:0,h:15},
{t:"-",p:17,x:687,y:821,w:0,h:15},
{t:"08",p:17,x:687,y:817,w:0,h:15},
{t:"FTSE All Share Software & CPU",p:17,x:304,y:882,w:168,h:15},
{t:"FTSE All Share Bench",p:17,x:514,y:882,w:116,h:15},
{t:"Kewill plc",p:17,x:671,y:882,w:49,h:15},
{t:"5 year line graph showing total shareholder return data for Kewill share performance relative to FTSE All ",p:17,x:165,y:928,w:695,h:16},
{t:"Share and FTSE Software & CPU Services. ",p:17,x:366,y:945,w:295,h:16},
{t:"The FTSE Software & CPU Services Index was chosen as the best market comparator of Kewill’s share ",p:17,x:149,y:975,w:697,h:16},
{t:"movement.  The year end share price was 36p (2007/8: 82.25p) and the highest and lowest share prices ",p:17,x:149,y:993,w:697,h:16},
{t:"during the year were 95.75p and 34.5p respectively. ",p:17,x:149,y:1010,w:349,h:16},
{t:"By order of the Board of Directors ",p:17,x:149,y:1035,w:227,h:16},
{t:"Charles Alexander ",p:17,x:149,y:1060,w:135,h:16},
{t:"Chairman of the Remuneration Committee  ",p:17,x:149,y:1077,w:309,h:16},
{t:"19 June 2009 ",p:17,x:149,y:1094,w:97,h:16},
{t:" ",p:18,x:107,y:87,w:5,h:22},
{t:"18 ",p:18,x:104,y:1329,w:16,h:13},
{t:"Corporate Governance ",p:18,x:149,y:105,w:222,h:22},
{t:"Compliance Statement ",p:18,x:149,y:151,w:165,h:16},
{t:"The Company is required to report on compliance with the 2006 Combined Code (which is available at ",p:18,x:149,y:173,w:697,h:16},
{t:"www.frc.org.uk) in respect of the Reporting Period.  The Company has complied throughout the ",p:18,x:149,y:190,w:701,h:16},
{t:"Reporting Period with the provisions set out in section 1 of the Code.  ",p:18,x:149,y:208,w:463,h:16},
{t:"Board Composition and Independence of Directors ",p:18,x:149,y:242,w:367,h:16},
{t:"The Nominations Committee of the Board (“NomCo”) has specific responsibility to periodically review ",p:18,x:149,y:264,w:698,h:16},
{t:"the structure, size and composition of the Board, executive succession planning, the continuation in ",p:18,x:149,y:282,w:699,h:16},
{t:"office of any Director, and to make appropriate recommendations.  There is at present no formal, ",p:18,x:149,y:299,w:700,h:16},
{t:"externally supplied, continuing education policy for Directors.  However, the Board has a policy of ",p:18,x:149,y:316,w:700,h:16},
{t:"rotating its meetings to the Group’s operating locations to receive presentations from non-board level ",p:18,x:149,y:333,w:698,h:16},
{t:"managers and executives about key areas of the Group’s current and prospective operation.  In the ",p:18,x:149,y:351,w:699,h:16},
{t:"Reporting Period this has included briefings for NEDs in the Company’s Chelmsford (USA), Bad ",p:18,x:149,y:368,w:701,h:16},
{t:"Homburg (Germany) and Guildford (UK) locations. ",p:18,x:149,y:385,w:338,h:16},
{t:"  ",p:18,x:149,y:402,w:8,h:16},
{t:"The NomCo and the Board have formally considered the composition and balance of the Board and its ",p:18,x:149,y:420,w:697,h:16},
{t:"committees, and in particular has re-considered the position of Andy Roberts, Richard Gawthorne and ",p:18,x:149,y:437,w:698,h:16},
{t:"Charles Alexander who are deemed by the Board to be independent in character, judgement and ",p:18,x:149,y:454,w:700,h:16},
{t:"circumstance and have served less than the guideline 9 years as set out in the Code except that Andy ",p:18,x:149,y:471,w:697,h:16},
{t:"Roberts has served in excess of 9 years as a Director of the Company.  It is the view of the Board that ",p:18,x:149,y:489,w:697,h:16},
{t:"Andy Roberts has been extremely valuable in continuing to provide M&A expertise during the year and ",p:18,x:149,y:506,w:697,h:16},
{t:"in generally providing a robust and challenging contribution to the Board, and continues to judge that he ",p:18,x:149,y:523,w:697,h:16},
{t:"is of independent character, judgement and circumstance.  Accordingly, and in light of the small ",p:18,x:149,y:540,w:701,h:16},
{t:"company exemptions incorporated into the Code, the Board has resolved to recommend Andy Roberts ",p:18,x:149,y:558,w:697,h:16},
{t:"for re-election.  The Board has previously resolved that, in accordance with best practice, Andy Robert’s ",p:18,x:149,y:575,w:697,h:16},
{t:"continuing appointment should be subject to formal annual review and annual shareholder approval. ",p:18,x:149,y:592,w:667,h:16},
{t:"Copies of the service contracts of the executive Directors of the Company, the current memorandum & ",p:18,x:149,y:627,w:697,h:16},
{t:"articles of association of the Company and the register of interests of the Directors (and their families) in ",p:18,x:149,y:644,w:697,h:16},
{t:"the share capital of the Company are available for inspection during normal business hours at the ",p:18,x:149,y:661,w:700,h:16},
{t:"registered office of the Company on any weekday (Saturdays, Sundays and English public holidays ",p:18,x:149,y:678,w:699,h:16},
{t:"excluded).  They will also be available for inspection at the place of the annual general meeting from 2 ",p:18,x:149,y:696,w:697,h:16},
{t:"hours before the meeting until the conclusion of the meeting. ",p:18,x:149,y:713,w:406,h:16},
{t:"Board of Directors ",p:18,x:149,y:747,w:135,h:16},
{t:"The Group is controlled by the Board of Directors, which is currently comprised of five Directors, three of ",p:18,x:149,y:770,w:696,h:16},
{t:"whom are NEDs.  The post of Chief Executive is separate from that of the Chairman.  The Senior ",p:18,x:149,y:787,w:699,h:16},
{t:"Independent Director is Charles Alexander.  All Directors are subject to election by shareholders at the ",p:18,x:149,y:804,w:697,h:16},
{t:"first opportunity after their appointment and thereafter at intervals of no more than three years. ",p:18,x:149,y:821,w:627,h:16},
{t:"Biographical details of the Directors of the Company are given on page 9. ",p:18,x:149,y:856,w:491,h:16},
{t:"The Board has established a formal procedure whereby any Director may, in the furtherance of his ",p:18,x:149,y:890,w:699,h:16},
{t:"duties, seek independent professional advice at the Company’s expense and also have access to the ",p:18,x:149,y:908,w:698,h:16},
{t:"advice and services of the company secretary.  The company secretary is responsible to the Board for ",p:18,x:149,y:925,w:697,h:16},
{t:"ensuring the Board procedures are complied with.  The appointment and removal of the company ",p:18,x:149,y:942,w:700,h:16},
{t:"secretary is a matter for the Board as a whole.  The NEDs, led by the Senior Independent Director, are ",p:18,x:149,y:959,w:697,h:16},
{t:"responsible for performance evaluation of the Chairman taking into account the views of the executive ",p:18,x:149,y:977,w:698,h:16},
{t:"Directors.  The NEDs undertake that they have sufficient time to meet what is expected of them. ",p:18,x:149,y:994,w:639,h:16},
{t:"The Company has purchased and maintained throughout the year Directors’ and Officers’ liability ",p:18,x:149,y:1028,w:701,h:16},
{t:"insurance in respect of itself and its Directors.   ",p:18,x:149,y:1045,w:314,h:16},
{t:"The Board met on 17 occasions in the last financial year, with 11 scheduled calendar monthly meetings.  ",p:18,x:149,y:1080,w:701,h:16},
{t:"For all Board meetings an agenda is established which, for scheduled meetings, includes CEO and FD ",p:18,x:149,y:1097,w:697,h:16},
{t:"reports on business performance, a schedule of any matters requiring approvals and other significant ",p:18,x:149,y:1114,w:698,h:16},
{t:"strategic issues.  Written reports are provided to Directors prior to Board meetings.   ",p:18,x:149,y:1132,w:559,h:16},
{t:"  ",p:19,x:457,y:89,w:10,h:22},
{t:"19 ",p:19,x:877,y:1329,w:16,h:13},
{t:"Director attendance record at Board meetings during the Reporting Period is shown below:  ",p:19,x:149,y:108,w:609,h:16},
{t:" Charles ",p:19,x:111,y:142,w:560,h:16},
{t:"Alexander ",p:19,x:358,y:159,w:71,h:16},
{t:"Andy Roberts ",p:19,x:458,y:142,w:95,h:16},
{t:"(Chairman) ",p:19,x:466,y:159,w:79,h:16},
{t:"Guy Millward ",p:19,x:579,y:142,w:90,h:16},
{t:"Paul Nichols ",p:19,x:692,y:142,w:87,h:16},
{t:"Richard ",p:19,x:814,y:142,w:55,h:16},
{t:"Gawthorne ",p:19,x:804,y:159,w:77,h:16},
{t:"Scheduled meetings attended ",p:19,x:111,y:183,w:216,h:16},
{t:"(in person or by dial-in, total ",p:19,x:111,y:201,w:189,h:16},
{t:"scheduled and ad hoc meetings ",p:19,x:111,y:218,w:216,h:16},
{t:"attended in brackets) ",p:19,x:111,y:235,w:144,h:16},
{t:"10 (14) ",p:19,x:368,y:183,w:51,h:16},
{t:"10 (16) ",p:19,x:480,y:183,w:51,h:16},
{t:"11 (17) ",p:19,x:598,y:183,w:51,h:16},
{t:"11 (17) ",p:19,x:710,y:183,w:51,h:16},
{t:"11 (17) ",p:19,x:817,y:183,w:51,h:16},
{t:"Scheduled meetings absent ",p:19,x:111,y:270,w:189,h:16},
{t:"1 ",p:19,x:387,y:270,w:12,h:16},
{t:"1 ",p:19,x:500,y:270,w:12,h:16},
{t:"- ",p:19,x:619,y:270,w:9,h:16},
{t:"- ",p:19,x:732,y:270,w:9,h:16},
{t:"- ",p:19,x:838,y:270,w:9,h:16},
{t:"The Board has a formal schedule of matters reserved to it.  These include determining overall Group ",p:19,x:149,y:304,w:698,h:16},
{t:"commercial strategy, review of the performance of the Group, responsibility for monitoring exposure to ",p:19,x:149,y:321,w:698,h:16},
{t:"key business risks, setting and approving annual budgets, determining acquisition and investment ",p:19,x:149,y:339,w:700,h:16},
{t:"policy, and approval of major capital expenditure and development projects.  All day to day operational ",p:19,x:149,y:356,w:697,h:16},
{t:"matters are delegated to the CEO and executive management team subject always to the matters ",p:19,x:149,y:373,w:700,h:16},
{t:"reserved to the Board.  ",p:19,x:149,y:390,w:156,h:16},
{t:"Board Committees ",p:19,x:149,y:425,w:137,h:16},
{t:"The Board has delegated specific authority to three main committees of the Board.  The terms of ",p:19,x:149,y:447,w:700,h:16},
{t:"reference of each of the Board committees comply with the Code and are available on the Group’s ",p:19,x:149,y:464,w:699,h:16},
{t:"website.  The Board has sought to follow best practice in reviewing the chairmanship of each committee ",p:19,x:149,y:482,w:697,h:16},
{t:"and the other roles that the NEDs fulfil (Company Chairman and Senior NED) and has chosen to ",p:19,x:149,y:499,w:699,h:16},
{t:"balance these considerations against the need to maintain effective cost control at a Group level. ",p:19,x:149,y:516,w:646,h:16},
{t:"Nomination Committee  ",p:19,x:149,y:550,w:172,h:16},
{t:"The Nomination Committee is comprised of Andy Roberts (Chairman), Charles Alexander and Richard ",p:19,x:149,y:573,w:698,h:16},
{t:"Gawthorne.  The Committee met on 2 occasions in the Reporting Period, last meeting on 26 March ",p:19,x:149,y:590,w:699,h:16},
{t:"2009 to review Board and Committee performance and structure and discuss Guy Millward’s ",p:19,x:149,y:607,w:703,h:16},
{t:"replacement and has, in addition to the matters outlined above, specific responsibility for: ",p:19,x:149,y:625,w:593,h:16},
{t:"• ",p:19,x:149,y:659,w:11,h:18},
{t:"evaluation and appraisal of performance of members of the Board; ",p:19,x:173,y:660,w:445,h:16},
{t:"• ",p:19,x:149,y:677,w:12,h:18},
{t:"specific review responsibilities of NEDs on reaching the end of each three year term of service and ",p:19,x:173,y:678,w:673,h:16},
{t:"at the nine year service point; and, ",p:19,x:173,y:696,w:233,h:16},
{t:"• ",p:19,x:149,y:712,w:11,h:18},
{t:"search, recruitment and induction of any new appointees to the Board. ",p:19,x:173,y:714,w:470,h:16},
{t:"The appointment of the Chairman of the Board is a matter for all the Directors of the Board.  The issue ",p:19,x:149,y:748,w:697,h:16},
{t:"of Directors holding directorships in other companies is considered by the committee as it arises. ",p:19,x:149,y:766,w:644,h:16},
{t:"Non-Executive Director attendance at the committee meetings during the Reporting Period is shown ",p:19,x:149,y:800,w:666,h:16},
{t:"below: ",p:19,x:149,y:817,w:47,h:16},
{t:"Andy Roberts (Chairman) ",p:19,x:401,y:852,w:174,h:16},
{t:"Charles Alexander ",p:19,x:602,y:852,w:127,h:16},
{t:"Richard Gawthorne ",p:19,x:758,y:852,w:133,h:16},
{t:"Meetings attended (in person or ",p:19,x:146,y:869,w:216,h:16},
{t:"by dial-in) ",p:19,x:146,y:886,w:69,h:16},
{t:"2 2 2 ",p:19,x:482,y:869,w:514,h:16},
{t:"Meetings absent ",p:19,x:146,y:921,w:114,h:16},
{t:"- ",p:19,x:484,y:921,w:9,h:16},
{t:"- ",p:19,x:661,y:921,w:9,h:16},
{t:"- ",p:19,x:820,y:921,w:9,h:16},
{t:"Remuneration Committee ",p:19,x:149,y:955,w:186,h:16},
{t:"The Remuneration Committee is comprised of Charles Alexander (Chairman) and Richard Gawthorne, ",p:19,x:149,y:978,w:698,h:16},
{t:"and is responsible for determining the remuneration and emoluments of the executive Directors.  The ",p:19,x:149,y:995,w:698,h:16},
{t:"Committee met on 4 occasions in the Reporting Period and has specific responsibility for: ",p:19,x:149,y:1012,w:596,h:16},
{t:"• ",p:19,x:149,y:1046,w:12,h:18},
{t:"reviewing the detailed packages and contractual arrangements for the executive Directors and the ",p:19,x:173,y:1048,w:674,h:16},
{t:"framework remuneration policy for other senior executives; ",p:19,x:173,y:1065,w:393,h:16},
{t:"• ",p:19,x:149,y:1082,w:12,h:18},
{t:"determining performance targets for, and approval of, company-performance related pay schemes; ",p:19,x:173,y:1083,w:674,h:16},
{t:"and, ",p:19,x:173,y:1100,w:33,h:16},
{t:"• ",p:19,x:149,y:1117,w:11,h:18},
{t:"reviewing and overseeing any major changes in employee benefit structures (including share option ",p:19,x:173,y:1119,w:673,h:16},
{t:"and performance share plans). ",p:19,x:173,y:1136,w:208,h:16},
{t:"The remuneration of the non-executive Directors is a matter for the executive Directors.  ",p:19,x:149,y:1170,w:587,h:16},
{t:" ",p:20,x:107,y:87,w:5,h:22},
{t:"20 ",p:20,x:104,y:1329,w:16,h:13},
{t:"Non-Executive Director attendance at the Committee meetings during the Reporting Period is shown ",p:20,x:149,y:105,w:670,h:16},
{t:"below: ",p:20,x:149,y:122,w:47,h:16},
{t:"Richard Gawthorne ",p:20,x:504,y:159,w:133,h:16},
{t:"Charles Alexander ",p:20,x:714,y:159,w:127,h:16},
{t:"(Chairman) ",p:20,x:738,y:179,w:79,h:16},
{t:"Meetings attended (in person or by dial-in) ",p:20,x:146,y:200,w:285,h:16},
{t:"4 4 ",p:20,x:565,y:200,w:413,h:16},
{t:"Meetings absent ",p:20,x:146,y:237,w:114,h:16},
{t:"- ",p:20,x:566,y:237,w:9,h:16},
{t:"- ",p:20,x:773,y:237,w:9,h:16},
{t:"Audit Committee ",p:20,x:149,y:274,w:124,h:16},
{t:"The Audit Committee is comprised of Richard Gawthorne (Chairman) and Charles Alexander.  Andy ",p:20,x:149,y:296,w:699,h:16},
{t:"Roberts as Chairman of the Board, the CEO and FD attend by invitation.  The AuditCo meets at least ",p:20,x:149,y:314,w:698,h:16},
{t:"three times per year and is attended, upon request, by the external auditors. The Committee met on 3 ",p:20,x:149,y:331,w:698,h:16},
{t:"occasions in the Reporting Period and has specific responsibility for: ",p:20,x:149,y:348,w:456,h:16},
{t:"• ",p:20,x:149,y:382,w:11,h:18},
{t:"assessing the independence of, selecting and considering the appointment of the external auditors; ",p:20,x:173,y:384,w:661,h:16},
{t:"• ",p:20,x:149,y:400,w:12,h:18},
{t:"recommending the audit fee and pre-approving any non-audit fees provided by the external auditor ",p:20,x:173,y:402,w:674,h:16},
{t:"(see below); ",p:20,x:173,y:419,w:85,h:16},
{t:"• ",p:20,x:149,y:436,w:12,h:18},
{t:"reviewing the nature and scope of the audit, external auditor’s management letter and considering ",p:20,x:173,y:437,w:674,h:16},
{t:"management’s response to any major audit recommendations; ",p:20,x:173,y:455,w:419,h:16},
{t:"• ",p:20,x:149,y:471,w:11,h:18},
{t:"reviewing the Company’s procedures for handling ‘whistleblowers’; ",p:20,x:173,y:473,w:446,h:16},
{t:"• ",p:20,x:149,y:490,w:13,h:18},
{t:"reviewing reports on effectiveness of systems for internal financial control, financial reporting and ",p:20,x:173,y:491,w:675,h:16},
{t:"risk management; and ",p:20,x:173,y:508,w:152,h:16},
{t:"• ",p:20,x:149,y:525,w:11,h:18},
{t:"reviewing the actions and judgements of management in relation to the interim and annual financial ",p:20,x:173,y:527,w:673,h:16},
{t:"statements before submission to the Board. ",p:20,x:173,y:544,w:293,h:16},
{t:"The Finance Director is authorised to approve non-audit fees for services provided by the external ",p:20,x:149,y:578,w:699,h:16},
{t:"auditors up to a maximum amount of £10,000.  Audit Committee approval is required above this level. ",p:20,x:149,y:596,w:677,h:16},
{t:"Non-Executive Director attendance at the Committee meetings during the Reporting Period is shown ",p:20,x:149,y:630,w:699,h:16},
{t:"below*: ",p:20,x:149,y:647,w:53,h:16},
{t:"Richard Gawthorne ",p:20,x:500,y:682,w:133,h:16},
{t:"(Chairman) ",p:20,x:527,y:699,w:79,h:16},
{t:"Charles Alexander  ",p:20,x:690,y:682,w:131,h:16},
{t:"Meetings attended (in person or by dial-in) ",p:20,x:158,y:716,w:285,h:16},
{t:"3 3 ",p:20,x:561,y:716,w:372,h:16},
{t:"Meetings absent ",p:20,x:158,y:751,w:114,h:16},
{t:"- ",p:20,x:562,y:751,w:9,h:16},
{t:"- ",p:20,x:749,y:751,w:9,h:16},
{t:" * All Directors entitled to attend by invitation ",p:20,x:149,y:785,w:297,h:16},
{t:"Shareholder Communications ",p:20,x:149,y:820,w:217,h:16},
{t:"The Company maintains regular contact with its principal institutional shareholders.  It seeks to further ",p:20,x:149,y:842,w:698,h:16},
{t:"strengthen shareholder communications and accordingly has adopted a shareholder communications ",p:20,x:149,y:859,w:699,h:16},
{t:"policy: ",p:20,x:149,y:877,w:46,h:16},
{t:"• ",p:20,x:149,y:911,w:13,h:18},
{t:"all shareholders are invited to attend the Annual General Meeting, at which the Board presents a ",p:20,x:173,y:912,w:675,h:16},
{t:"review of the results and comments on current business activity and where private investors are ",p:20,x:173,y:929,w:675,h:16},
{t:"encouraged to take advantage of the opportunity to ask questions; ",p:20,x:173,y:947,w:443,h:16},
{t:"• ",p:20,x:149,y:963,w:11,h:18},
{t:"the primary point of contact for shareholders with day-to-day operational enquiries is the CEO (Paul ",p:20,x:173,y:965,w:673,h:16},
{t:"Nichols); ",p:20,x:173,y:982,w:62,h:16},
{t:"• ",p:20,x:149,y:999,w:13,h:18},
{t:"the primary point of contact for shareholders for corporate governance and related matters is the ",p:20,x:173,y:1000,w:675,h:16},
{t:"Chairman (Andy Roberts);  ",p:20,x:173,y:1018,w:182,h:16},
{t:"• ",p:20,x:149,y:1034,w:11,h:18},
{t:"Charles Alexander is the senior independent NED and is the default point of contact in the event that ",p:20,x:173,y:1036,w:673,h:16},
{t:"a shareholder does not wish, for whatever reason, to approach the Chairman; ",p:20,x:173,y:1053,w:518,h:16},
{t:"• in addition to the attendance by executive Directors at investor interim and preliminary ",p:20,x:149,y:1070,w:705,h:18},
{t:"announcement meetings, where requested, the Chairman and/or another NED will, where possible, ",p:20,x:173,y:1089,w:674,h:16},
{t:"attend;  ",p:20,x:173,y:1106,w:54,h:16},
{t:"• ",p:20,x:149,y:1123,w:12,h:18},
{t:"the Company responds to requests from institutional shareholders for executive and NED meetings ",p:20,x:173,y:1124,w:674,h:16},
{t:"and where possible make arrangements for the Chairman / NEDs to attend where specifically ",p:20,x:173,y:1141,w:676,h:16},
{t:"requested; ",p:20,x:173,y:1159,w:75,h:16},
{t:"• ",p:20,x:149,y:1175,w:15,h:18},
{t:"the Company will periodically contact its primary institutional shareholders to review prevailing ",p:20,x:173,y:1177,w:677,h:16},
{t:"corporate governance practice at the Company; and ",p:20,x:173,y:1194,w:350,h:16},
{t:"• ",p:20,x:149,y:1211,w:14,h:18},
{t:"the Group maintains an ‘investor’ section on its website (www.kewill.com/investors.htm), with an ",p:20,x:173,y:1212,w:676,h:16},
{t:"email facility for investors (investor@Kewill.com) which is monitored on a daily basis, and ",p:20,x:173,y:1230,w:679,h:16},
{t:"encourages shareholders to register for electronic updates of all regulatory news service ",p:20,x:173,y:1247,w:680,h:16},
{t:"announcements and routine press releases by the Group.  ",p:20,x:173,y:1264,w:391,h:16},
{t:"  ",p:21,x:457,y:89,w:10,h:22},
{t:"21 ",p:21,x:877,y:1329,w:16,h:13},
{t:"Internal Controls and Risk Management ",p:21,x:149,y:125,w:286,h:16},
{t:"The Directors have responsibility for the Group’s system of internal control and reviewing its ",p:21,x:149,y:147,w:703,h:16},
{t:"effectiveness, whilst management is responsible for implementing Board policies on risk and control. In ",p:21,x:149,y:164,w:697,h:16},
{t:"accordance with its on-going policy, and as required by the Turnbull Report, the Board has reviewed the ",p:21,x:149,y:182,w:697,h:16},
{t:"strategic, operational, compliance and financial controls of the business.  A formal Group risk ",p:21,x:149,y:199,w:702,h:16},
{t:"assessment was undertaken and the Board considered this in undertaking the review.  In addition the ",p:21,x:149,y:216,w:698,h:16},
{t:"Audit Committee and the Board consider any issues raised by the external auditors. ",p:21,x:149,y:233,w:558,h:16},
{t:"The risk review process is an on-going process for identifying, evaluating and managing the significant ",p:21,x:149,y:268,w:697,h:16},
{t:"risks faced by the Group.  Whilst the Group’s systems for internal control cannot eliminate risk of failure ",p:21,x:149,y:285,w:697,h:16},
{t:"to achieve business objectives or produce absolute assurance against material mis-statement or loss, it ",p:21,x:149,y:302,w:697,h:16},
{t:"enables the management to pro-actively manage such risks once identified. ",p:21,x:149,y:320,w:505,h:16},
{t:"The Board and Audit Committee meet as detailed above and review strategic, operational and financial ",p:21,x:149,y:357,w:697,h:16},
{t:"matters on an on-going basis and are responsible for ensuring that the Group maintains a system of ",p:21,x:149,y:375,w:698,h:16},
{t:"internal financial control.  This system is designed to provide them with reasonable assurance regarding ",p:21,x:149,y:392,w:697,h:16},
{t:"the accounting records, the reliability of financial information used within the business and for publication ",p:21,x:149,y:409,w:696,h:16},
{t:"and to ensure that assets are safeguarded. In addition to formal reporting structures, the NEDs have ",p:21,x:149,y:426,w:698,h:16},
{t:"access to briefings by middle ranking management to enable them to judge the effectiveness of such ",p:21,x:149,y:444,w:698,h:16},
{t:"reporting procedures. ",p:21,x:149,y:461,w:146,h:16},
{t:"The key elements of internal control within the Group include: ",p:21,x:149,y:481,w:411,h:16},
{t:"• ",p:21,x:149,y:515,w:11,h:18},
{t:"on-going risk assessment and compliance reviews; ",p:21,x:173,y:517,w:342,h:16},
{t:"• ",p:21,x:149,y:534,w:11,h:18},
{t:"establishing clear management responsibilities for each division; ",p:21,x:173,y:535,w:431,h:16},
{t:"• ",p:21,x:149,y:552,w:13,h:18},
{t:"establishing clear authorisation levels for the Board and management at all levels (particularly in ",p:21,x:173,y:554,w:675,h:16},
{t:"relation to commercial processes); ",p:21,x:173,y:571,w:232,h:16},
{t:"• ",p:21,x:149,y:588,w:11,h:18},
{t:"preparation and approval by the Board of medium term strategic plans; ",p:21,x:173,y:589,w:473,h:16},
{t:"• ",p:21,x:149,y:606,w:11,h:18},
{t:"preparation of detailed budgets which require Board approval; ",p:21,x:173,y:607,w:414,h:16},
{t:"• ",p:21,x:149,y:624,w:11,h:18},
{t:"reporting financial results on a monthly basis with comparisons to budget; ",p:21,x:173,y:626,w:491,h:16},
{t:"• ",p:21,x:149,y:642,w:11,h:18},
{t:"monthly provision of key trading statistics and cash flow information; ",p:21,x:173,y:644,w:455,h:16},
{t:"• ",p:21,x:149,y:661,w:11,h:18},
{t:"management targets and latest forecasts; ",p:21,x:173,y:662,w:280,h:16},
{t:"• ",p:21,x:149,y:679,w:11,h:18},
{t:"integration and review of acquisitions and disposals; ",p:21,x:173,y:680,w:350,h:16},
{t:"• ",p:21,x:149,y:697,w:11,h:18},
{t:"regular review of security and integrity of software and websites; and ",p:21,x:173,y:699,w:459,h:16},
{t:"• ",p:21,x:149,y:715,w:11,h:18},
{t:"approval of significant contracts and monitoring of litigation. ",p:21,x:173,y:717,w:397,h:16},
{t:"After due and careful consideration of the adequacy of the risk control measures currently enforced ",p:21,x:149,y:751,w:699,h:16},
{t:"within the Group and, mindful of the size and circumstances of the Group, the Audit Committee has ",p:21,x:149,y:769,w:699,h:16},
{t:"resolved that no material benefit would be derived from instituting an internal audit function at the ",p:21,x:149,y:786,w:700,h:16},
{t:"present time and that accordingly the current risk control structures should be maintained and no ",p:21,x:149,y:803,w:700,h:16},
{t:"internal audit implemented. ",p:21,x:149,y:820,w:184,h:16},
{t:"Going Concern ",p:21,x:149,y:855,w:112,h:16},
{t:"After making inquiries, the Directors have a reasonable expectation that the Group has adequate ",p:21,x:149,y:877,w:700,h:16},
{t:"resources to continue in operational existence for the foreseeable future following review of cash flow ",p:21,x:149,y:894,w:698,h:16},
{t:"forecasts and available funding.  For this reason, they continue to adopt the going concern basis in ",p:21,x:149,y:912,w:699,h:16},
{t:"preparing the accounts. ",p:21,x:149,y:929,w:161,h:16},
{t:"Statement of Directors’ Responsibilities ",p:21,x:149,y:956,w:288,h:16},
{t:"The Directors’ responsibilities are outlined in the Directors’ Report on page 13. ",p:21,x:149,y:978,w:523,h:16},
{t:"By order of the Board ",p:21,x:149,y:1033,w:158,h:16},
{t:"Guy Millward  ",p:21,x:149,y:1056,w:101,h:16},
{t:"Company Secretary ",p:21,x:149,y:1078,w:144,h:16},
{t:"19 June 2009  ",p:21,x:149,y:1100,w:101,h:16},
{t:" ",p:22,x:107,y:87,w:5,h:22},
{t:"22 ",p:22,x:104,y:1329,w:16,h:13},
{t:"Consolidated income statement for the year ended 31 March 2009 ",p:22,x:149,y:105,w:536,h:22},
{t:"  ",p:22,x:111,y:168,w:766,h:18},
{t:"2009 ",p:22,x:718,y:168,w:420,h:18},
{t:"2008",p:22,x:853,y:168,w:37,h:18},
{t:"  ",p:22,x:111,y:189,w:766,h:18},
{t:"Note",p:22,x:570,y:189,w:35,h:18},
{t:"£000 ",p:22,x:718,y:189,w:420,h:18},
{t:"£000",p:22,x:853,y:189,w:37,h:18},
{t:"  ",p:22,x:494,y:210,w:9,h:18},
{t:"Revenue ",p:22,x:111,y:233,w:66,h:16},
{t:"1 ",p:22,x:597,y:233,w:12,h:16},
{t:" 53,266 ",p:22,x:635,y:233,w:194,h:16},
{t:"50,854 ",p:22,x:845,y:233,w:49,h:16},
{t:"Operating expenses ",p:22,x:111,y:254,w:138,h:16},
{t:"2  ",p:22,x:597,y:254,w:68,h:16},
{t:"(51,301)  ",p:22,x:700,y:254,w:115,h:16},
{t:"(48,513) ",p:22,x:834,y:254,w:85,h:16},
{t:"  ",p:22,x:785,y:276,w:8,h:16},
{t:"Operating profit ",p:22,x:111,y:297,w:117,h:16},
{t:"1  ",p:22,x:597,y:297,w:68,h:16},
{t:"1,965 ",p:22,x:718,y:297,w:41,h:16},
{t:" 2,341 ",p:22,x:785,y:297,w:172,h:16},
{t:"Analysed as: ",p:22,x:111,y:319,w:90,h:16},
{t:"  ",p:22,x:635,y:319,w:8,h:16},
{t:"Operating profit before amortisation of intangibles ",p:22,x:111,y:341,w:332,h:16},
{t:"1  ",p:22,x:597,y:341,w:68,h:16},
{t:"7,519  ",p:22,x:718,y:341,w:97,h:16},
{t:"6,963 ",p:22,x:853,y:341,w:67,h:16},
{t:"Amortisation of intangibles ",p:22,x:111,y:362,w:180,h:16},
{t:"11  ",p:22,x:589,y:362,w:76,h:16},
{t:"(5,554)  ",p:22,x:708,y:362,w:107,h:16},
{t:"(4,622) ",p:22,x:843,y:362,w:77,h:16},
{t:"Operating profit ",p:22,x:111,y:399,w:107,h:16},
{t:"1 ",p:22,x:597,y:399,w:12,h:16},
{t:"1,965 ",p:22,x:718,y:399,w:41,h:16},
{t:"2,341 ",p:22,x:853,y:399,w:41,h:16},
{t:"Interest receivable on cash and short term deposits ",p:22,x:111,y:435,w:344,h:16},
{t:"61 ",p:22,x:739,y:435,w:20,h:16},
{t:"131 ",p:22,x:865,y:435,w:29,h:16},
{t:"Interest payable ",p:22,x:111,y:454,w:110,h:16},
{t:"3  ",p:22,x:597,y:454,w:68,h:16},
{t:"(606)  ",p:22,x:720,y:454,w:95,h:16},
{t:"(517) ",p:22,x:855,y:454,w:65,h:16},
{t:"Profit before taxation ",p:22,x:111,y:491,w:155,h:16},
{t:"4 ",p:22,x:597,y:491,w:12,h:16},
{t:"1,420 ",p:22,x:718,y:491,w:41,h:16},
{t:"1,955 ",p:22,x:853,y:491,w:41,h:16},
{t:"Taxation ",p:22,x:111,y:510,w:61,h:16},
{t:"5  ",p:22,x:597,y:510,w:68,h:16},
{t:"106  ",p:22,x:730,y:510,w:85,h:16},
{t:"685 ",p:22,x:865,y:510,w:55,h:16},
{t:"Profit for the year ",p:22,x:111,y:548,w:129,h:16},
{t:"1,526 ",p:22,x:718,y:548,w:41,h:16},
{t:"2,640 ",p:22,x:853,y:548,w:41,h:16},
{t:"  ",p:22,x:635,y:567,w:8,h:16},
{t:"Basic earnings per share ",p:22,x:111,y:606,w:182,h:16},
{t:"7  ",p:22,x:597,y:606,w:68,h:16},
{t:"1.9p ",p:22,x:725,y:606,w:34,h:16},
{t:" 3.3p ",p:22,x:785,y:606,w:181,h:16},
{t:"Diluted earnings per share  ",p:22,x:111,y:640,w:197,h:16},
{t:"7  ",p:22,x:597,y:649,w:68,h:16},
{t:"1.8p ",p:22,x:725,y:649,w:34,h:16},
{t:" 3.2p ",p:22,x:785,y:649,w:181,h:16},
{t:"  ",p:23,x:457,y:89,w:10,h:22},
{t:"23 ",p:23,x:877,y:1329,w:16,h:13},
{t:"Consolidated and Company statements of changes in shareholders’ equity  ",p:23,x:119,y:108,w:719,h:22},
{t:"                                                                                                         for the year ended 31 March 2009    ",p:23,x:164,y:133,w:680,h:16},
{t:"   ",p:23,x:496,y:153,w:12,h:16},
{t:" Share ",p:23,x:64,y:191,w:732,h:16},
{t:"Share ",p:23,x:493,y:191,w:386,h:16},
{t:"Merger ",p:23,x:567,y:191,w:393,h:16},
{t:"Special ",p:23,x:646,y:191,w:395,h:16},
{t:"Translation ",p:23,x:721,y:191,w:420,h:16},
{t:"Retained ",p:23,x:825,y:191,w:406,h:16},
{t:"Total ",p:23,x:926,y:191,w:379,h:16},
{t:" capital ",p:23,x:64,y:208,w:728,h:16},
{t:"premium ",p:23,x:474,y:208,w:401,h:16},
{t:"reserve ",p:23,x:565,y:208,w:392,h:16},
{t:"reserve ",p:23,x:645,y:208,w:392,h:16},
{t:"reserve ",p:23,x:746,y:208,w:392,h:16},
{t:"earnings ",p:23,x:827,y:208,w:400,h:16},
{t:" account ",p:23,x:64,y:225,w:719,h:16},
{t:"account  ",p:23,x:480,y:225,w:738,h:16},
{t:"  ",p:23,x:450,y:243,w:8,h:16},
{t:"Group ",p:23,x:64,y:260,w:49,h:16},
{t:"£000 £000 £000 £000 ",p:23,x:417,y:260,w:327,h:16},
{t:"£000 ",p:23,x:762,y:260,w:82,h:16},
{t:"£000 ",p:23,x:852,y:260,w:82,h:16},
{t:"£000 ",p:23,x:927,y:260,w:82,h:16},
{t:"  ",p:23,x:64,y:277,w:8,h:16},
{t:"At 1 April 2007 ",p:23,x:64,y:294,w:102,h:16},
{t:"808 ",p:23,x:425,y:294,w:29,h:16},
{t:"38,306 ",p:23,x:487,y:294,w:50,h:16},
{t:"2,325 - (486) ",p:23,x:577,y:294,w:293,h:16},
{t:"(11,345) ",p:23,x:829,y:294,w:130,h:16},
{t:"29,608 ",p:23,x:914,y:294,w:120,h:16},
{t:"Currency translation differences ",p:23,x:64,y:312,w:216,h:16},
{t:"- ",p:23,x:445,y:312,w:9,h:16},
{t:"- ",p:23,x:528,y:312,w:9,h:16},
{t:"- ",p:23,x:610,y:312,w:9,h:16},
{t:"- ",p:23,x:690,y:312,w:9,h:16},
{t:"3,657 ",p:23,x:758,y:312,w:41,h:16},
{t:"    - ",p:23,x:863,y:312,w:26,h:16},
{t:"3,657 ",p:23,x:923,y:312,w:41,h:16},
{t:"Net income recognised directly in equity ",p:23,x:64,y:330,w:269,h:16},
{t:"- ",p:23,x:445,y:330,w:9,h:16},
{t:"- ",p:23,x:528,y:330,w:9,h:16},
{t:"- ",p:23,x:610,y:330,w:9,h:16},
{t:"- ",p:23,x:690,y:330,w:9,h:16},
{t:"3,657 ",p:23,x:758,y:330,w:41,h:16},
{t:"    - ",p:23,x:863,y:330,w:26,h:16},
{t:"3,657 ",p:23,x:923,y:330,w:41,h:16},
{t:"Profit for the year ",p:23,x:64,y:348,w:119,h:16},
{t:"- ",p:23,x:445,y:348,w:9,h:16},
{t:"- ",p:23,x:528,y:348,w:9,h:16},
{t:"- ",p:23,x:610,y:348,w:9,h:16},
{t:"- ",p:23,x:690,y:348,w:9,h:16},
{t:"     - ",p:23,x:770,y:348,w:30,h:16},
{t:"2,640 ",p:23,x:847,y:348,w:41,h:16},
{t:"2,640 ",p:23,x:923,y:348,w:41,h:16},
{t:"Total recognised income for the year ",p:23,x:64,y:366,w:247,h:16},
{t:"- ",p:23,x:445,y:366,w:9,h:16},
{t:"- ",p:23,x:528,y:366,w:9,h:16},
{t:"- ",p:23,x:610,y:366,w:9,h:16},
{t:"- ",p:23,x:690,y:366,w:9,h:16},
{t:"3,657 ",p:23,x:758,y:366,w:41,h:16},
{t:"2,640 ",p:23,x:847,y:366,w:41,h:16},
{t:"6,297 ",p:23,x:923,y:366,w:41,h:16},
{t:"Share-based payments ",p:23,x:64,y:384,w:159,h:16},
{t:"- ",p:23,x:445,y:384,w:9,h:16},
{t:"- ",p:23,x:528,y:384,w:9,h:16},
{t:"- ",p:23,x:610,y:384,w:9,h:16},
{t:"- ",p:23,x:690,y:384,w:9,h:16},
{t:"     - ",p:23,x:770,y:384,w:30,h:16},
{t:"204 ",p:23,x:860,y:384,w:29,h:16},
{t:"204 ",p:23,x:935,y:384,w:29,h:16},
{t:"Shares issued in lieu of services provided ",p:23,x:64,y:401,w:280,h:16},
{t:"- ",p:23,x:445,y:401,w:9,h:16},
{t:"10 ",p:23,x:516,y:401,w:20,h:16},
{t:"- ",p:23,x:610,y:401,w:9,h:16},
{t:"- ",p:23,x:690,y:401,w:9,h:16},
{t:"- ",p:23,x:791,y:401,w:9,h:16},
{t:"- ",p:23,x:880,y:401,w:9,h:16},
{t:"10 ",p:23,x:943,y:401,w:20,h:16},
{t:"Issue of shares - share options ",p:23,x:64,y:418,w:209,h:16},
{t:"5 ",p:23,x:442,y:418,w:12,h:16},
{t:"194 ",p:23,x:508,y:418,w:29,h:16},
{t:"- ",p:23,x:610,y:418,w:9,h:16},
{t:"- ",p:23,x:690,y:418,w:9,h:16},
{t:"- ",p:23,x:791,y:418,w:9,h:16},
{t:"- ",p:23,x:880,y:418,w:9,h:16},
{t:"199 ",p:23,x:935,y:418,w:29,h:16},
{t:"Dividends ",p:23,x:64,y:436,w:70,h:16},
{t:"- ",p:23,x:445,y:436,w:9,h:16},
{t:"- ",p:23,x:528,y:436,w:9,h:16},
{t:"- ",p:23,x:610,y:436,w:9,h:16},
{t:"- ",p:23,x:690,y:436,w:9,h:16},
{t:"     - ",p:23,x:770,y:436,w:30,h:16},
{t:"(609) ",p:23,x:850,y:436,w:39,h:16},
{t:"(609) ",p:23,x:925,y:436,w:39,h:16},
{t:"Balance sheet reconstruction (note 24) ",p:23,x:64,y:453,w:261,h:16},
{t:"- ",p:23,x:445,y:453,w:9,h:16},
{t:"(11,000) ",p:23,x:477,y:453,w:60,h:16},
{t:"- ",p:23,x:610,y:453,w:9,h:16},
{t:"11,000 ",p:23,x:649,y:453,w:50,h:16},
{t:"    - ",p:23,x:774,y:453,w:26,h:16},
{t:"- ",p:23,x:880,y:453,w:9,h:16},
{t:"- ",p:23,x:955,y:453,w:9,h:16},
{t:"At 31 March 2008 ",p:23,x:64,y:471,w:126,h:16},
{t:"813 27,510 2,325 11,000 ",p:23,x:425,y:471,w:306,h:16},
{t:"3,171 (9,110) ",p:23,x:758,y:471,w:169,h:16},
{t:"35,709 ",p:23,x:914,y:471,w:87,h:16},
{t:"  ",p:23,x:64,y:491,w:8,h:16},
{t:"  ",p:23,x:64,y:508,w:8,h:16},
{t:"At 1 April 2008 ",p:23,x:64,y:525,w:102,h:16},
{t:"813 ",p:23,x:425,y:525,w:29,h:16},
{t:"27,510 ",p:23,x:487,y:525,w:50,h:16},
{t:"2,325 11,000 ",p:23,x:577,y:525,w:151,h:16},
{t:"3,171 (9,110) 35,709 ",p:23,x:758,y:525,w:236,h:16},
{t:"Currency translation differences ",p:23,x:64,y:543,w:216,h:16},
{t:"- ",p:23,x:445,y:543,w:9,h:16},
{t:"- ",p:23,x:528,y:543,w:9,h:16},
{t:"- ",p:23,x:610,y:543,w:9,h:16},
{t:"- ",p:23,x:690,y:543,w:9,h:16},
{t:"8,734 ",p:23,x:758,y:543,w:41,h:16},
{t:"    - ",p:23,x:863,y:543,w:26,h:16},
{t:"8,734 ",p:23,x:923,y:543,w:41,h:16},
{t:"Net income recognised directly in equity ",p:23,x:64,y:561,w:269,h:16},
{t:"- ",p:23,x:445,y:561,w:9,h:16},
{t:"- ",p:23,x:528,y:561,w:9,h:16},
{t:"- ",p:23,x:610,y:561,w:9,h:16},
{t:"- ",p:23,x:690,y:561,w:9,h:16},
{t:"8,734 ",p:23,x:758,y:561,w:41,h:16},
{t:"    - ",p:23,x:863,y:561,w:26,h:16},
{t:"8,734 ",p:23,x:923,y:561,w:41,h:16},
{t:"Profit for the year ",p:23,x:64,y:579,w:119,h:16},
{t:"- ",p:23,x:445,y:579,w:9,h:16},
{t:"- ",p:23,x:528,y:579,w:9,h:16},
{t:"- ",p:23,x:610,y:579,w:9,h:16},
{t:"- ",p:23,x:690,y:579,w:9,h:16},
{t:"     - ",p:23,x:770,y:579,w:30,h:16},
{t:"1,526 ",p:23,x:847,y:579,w:41,h:16},
{t:"1,526 ",p:23,x:923,y:579,w:41,h:16},
{t:"Total recognised income for the year ",p:23,x:64,y:597,w:247,h:16},
{t:"- ",p:23,x:445,y:597,w:9,h:16},
{t:"- ",p:23,x:528,y:597,w:9,h:16},
{t:"- ",p:23,x:610,y:597,w:9,h:16},
{t:"- ",p:23,x:690,y:597,w:9,h:16},
{t:"8,734 ",p:23,x:758,y:597,w:41,h:16},
{t:"1,526 ",p:23,x:847,y:597,w:41,h:16},
{t:"10,260 ",p:23,x:914,y:597,w:50,h:16},
{t:"Share-based payments ",p:23,x:64,y:615,w:159,h:16},
{t:"- ",p:23,x:445,y:615,w:9,h:16},
{t:"- ",p:23,x:528,y:615,w:9,h:16},
{t:"- ",p:23,x:610,y:615,w:9,h:16},
{t:"- ",p:23,x:690,y:615,w:9,h:16},
{t:"     - ",p:23,x:770,y:615,w:30,h:16},
{t:"401 ",p:23,x:860,y:615,w:29,h:16},
{t:"401 ",p:23,x:935,y:615,w:29,h:16},
{t:"Shares issued in lieu of services provided ",p:23,x:64,y:632,w:280,h:16},
{t:"- ",p:23,x:445,y:632,w:9,h:16},
{t:"5 ",p:23,x:525,y:632,w:12,h:16},
{t:"- ",p:23,x:610,y:632,w:9,h:16},
{t:"- ",p:23,x:690,y:632,w:9,h:16},
{t:"- ",p:23,x:791,y:632,w:9,h:16},
{t:"- ",p:23,x:880,y:632,w:9,h:16},
{t:"5 ",p:23,x:952,y:632,w:12,h:16},
{t:"Issue of shares - share options ",p:23,x:64,y:649,w:209,h:16},
{t:"- ",p:23,x:445,y:649,w:9,h:16},
{t:"12 ",p:23,x:516,y:649,w:20,h:16},
{t:"- ",p:23,x:610,y:649,w:9,h:16},
{t:"- ",p:23,x:690,y:649,w:9,h:16},
{t:"- ",p:23,x:791,y:649,w:9,h:16},
{t:"- ",p:23,x:880,y:649,w:9,h:16},
{t:"12 ",p:23,x:943,y:649,w:20,h:16},
{t:"Dividends ",p:23,x:64,y:667,w:70,h:16},
{t:"- ",p:23,x:445,y:667,w:9,h:16},
{t:"- ",p:23,x:528,y:667,w:9,h:16},
{t:"- ",p:23,x:610,y:667,w:9,h:16},
{t:"- ",p:23,x:690,y:667,w:9,h:16},
{t:"     - ",p:23,x:770,y:667,w:30,h:16},
{t:"(650) ",p:23,x:850,y:667,w:39,h:16},
{t:"(650) ",p:23,x:925,y:667,w:39,h:16},
{t:"Balance sheet reconstruction (note 24) ",p:23,x:64,y:684,w:261,h:16},
{t:"- ",p:23,x:445,y:684,w:9,h:16},
{t:"- ",p:23,x:528,y:684,w:9,h:16},
{t:"- ",p:23,x:610,y:684,w:9,h:16},
{t:"(11,000) ",p:23,x:639,y:684,w:60,h:16},
{t:"- ",p:23,x:791,y:684,w:9,h:16},
{t:"11,000 ",p:23,x:839,y:684,w:50,h:16},
{t:"- ",p:23,x:955,y:684,w:9,h:16},
{t:"At 31 March 2009 ",p:23,x:64,y:702,w:126,h:16},
{t:"813 27,527 2,325 ",p:23,x:425,y:702,w:227,h:16},
{t:"- ",p:23,x:690,y:702,w:42,h:16},
{t:"11,905 3,167 ",p:23,x:750,y:702,w:187,h:16},
{t:"45,737 ",p:23,x:914,y:702,w:97,h:16},
{t:"  ",p:23,x:64,y:722,w:8,h:16},
{t:"  ",p:23,x:450,y:739,w:8,h:16},
{t:"Company ",p:23,x:64,y:756,w:72,h:16},
{t:"£000 £000 £000 £000 ",p:23,x:417,y:756,w:327,h:16},
{t:"£000 ",p:23,x:762,y:756,w:82,h:16},
{t:"£000 ",p:23,x:852,y:756,w:82,h:16},
{t:"£000 ",p:23,x:927,y:756,w:82,h:16},
{t:"  ",p:23,x:64,y:773,w:8,h:16},
{t:"At 1 April 2007 ",p:23,x:64,y:791,w:102,h:16},
{t:"808 ",p:23,x:425,y:791,w:29,h:16},
{t:"38,306 2,325 ",p:23,x:487,y:791,w:173,h:16},
{t:"- ",p:23,x:690,y:791,w:49,h:16},
{t:"- 2,102 ",p:23,x:790,y:791,w:139,h:16},
{t:"43,541 ",p:23,x:914,y:791,w:90,h:16},
{t:"Loss for the year ",p:23,x:64,y:809,w:116,h:16},
{t:"- ",p:23,x:445,y:809,w:9,h:16},
{t:"- ",p:23,x:528,y:809,w:9,h:16},
{t:"- ",p:23,x:610,y:809,w:9,h:16},
{t:"- ",p:23,x:690,y:809,w:9,h:16},
{t:"- ",p:23,x:791,y:809,w:9,h:16},
{t:"(8,807) ",p:23,x:837,y:809,w:51,h:16},
{t:"(8,807) ",p:23,x:913,y:809,w:51,h:16},
{t:"Total recognised income for the year ",p:23,x:64,y:827,w:247,h:16},
{t:"- ",p:23,x:445,y:827,w:9,h:16},
{t:"- ",p:23,x:528,y:827,w:9,h:16},
{t:"- ",p:23,x:610,y:827,w:9,h:16},
{t:"- ",p:23,x:690,y:827,w:9,h:16},
{t:"- ",p:23,x:791,y:827,w:9,h:16},
{t:"(8,807) ",p:23,x:838,y:827,w:51,h:16},
{t:"(8,807) ",p:23,x:913,y:827,w:51,h:16},
{t:"Share-based payments ",p:23,x:64,y:845,w:159,h:16},
{t:"- ",p:23,x:445,y:845,w:9,h:16},
{t:"- ",p:23,x:528,y:845,w:9,h:16},
{t:"- ",p:23,x:610,y:845,w:9,h:16},
{t:"- ",p:23,x:690,y:845,w:9,h:16},
{t:"     - ",p:23,x:770,y:845,w:30,h:16},
{t:"120 ",p:23,x:860,y:845,w:29,h:16},
{t:"120 ",p:23,x:935,y:845,w:29,h:16},
{t:"Shares issued in lieu of services provided ",p:23,x:64,y:862,w:280,h:16},
{t:"- ",p:23,x:445,y:862,w:9,h:16},
{t:"10 ",p:23,x:516,y:862,w:20,h:16},
{t:"- ",p:23,x:610,y:862,w:9,h:16},
{t:"- ",p:23,x:690,y:862,w:9,h:16},
{t:"- ",p:23,x:791,y:862,w:9,h:16},
{t:"- ",p:23,x:880,y:862,w:9,h:16},
{t:"10 ",p:23,x:943,y:862,w:20,h:16},
{t:"Issue of shares - share options ",p:23,x:64,y:879,w:209,h:16},
{t:"5 ",p:23,x:442,y:879,w:12,h:16},
{t:"194 ",p:23,x:508,y:879,w:29,h:16},
{t:"- ",p:23,x:610,y:879,w:9,h:16},
{t:"- ",p:23,x:690,y:879,w:9,h:16},
{t:"- ",p:23,x:791,y:879,w:9,h:16},
{t:"- ",p:23,x:880,y:879,w:9,h:16},
{t:"199 ",p:23,x:935,y:879,w:29,h:16},
{t:"Dividends ",p:23,x:64,y:897,w:70,h:16},
{t:"- ",p:23,x:445,y:897,w:9,h:16},
{t:"- ",p:23,x:528,y:897,w:9,h:16},
{t:"- ",p:23,x:610,y:897,w:9,h:16},
{t:"- ",p:23,x:690,y:897,w:9,h:16},
{t:"     - ",p:23,x:770,y:897,w:30,h:16},
{t:"(609) ",p:23,x:850,y:897,w:39,h:16},
{t:"(609) ",p:23,x:925,y:897,w:39,h:16},
{t:"Balance sheet reconstruction (note 24) ",p:23,x:64,y:914,w:261,h:16},
{t:"- ",p:23,x:445,y:914,w:9,h:16},
{t:"(11,000) ",p:23,x:477,y:914,w:60,h:16},
{t:"- ",p:23,x:610,y:914,w:9,h:16},
{t:"11,000 ",p:23,x:649,y:914,w:50,h:16},
{t:"    - ",p:23,x:774,y:914,w:26,h:16},
{t:"- ",p:23,x:880,y:914,w:9,h:16},
{t:"- ",p:23,x:955,y:914,w:9,h:16},
{t:"At 31 March 2008 ",p:23,x:64,y:932,w:126,h:16},
{t:"813 27,510 2,325 11,000 ",p:23,x:425,y:932,w:306,h:16},
{t:"- (7,194) ",p:23,x:791,y:932,w:136,h:16},
{t:"34,454 ",p:23,x:914,y:932,w:87,h:16},
{t:"  ",p:23,x:64,y:952,w:8,h:16},
{t:"  ",p:23,x:450,y:969,w:8,h:16},
{t:"At 1 April 2008 ",p:23,x:64,y:986,w:102,h:16},
{t:"813 27,510 2,325 11,000 ",p:23,x:425,y:986,w:306,h:16},
{t:"- (7,194) ",p:23,x:791,y:986,w:136,h:16},
{t:"34,454 ",p:23,x:914,y:986,w:87,h:16},
{t:"Profit for the year ",p:23,x:64,y:1004,w:119,h:16},
{t:"- ",p:23,x:445,y:1004,w:9,h:16},
{t:"- ",p:23,x:528,y:1004,w:9,h:16},
{t:"- ",p:23,x:610,y:1004,w:9,h:16},
{t:"- ",p:23,x:690,y:1004,w:9,h:16},
{t:"- ",p:23,x:790,y:1004,w:9,h:16},
{t:"6,713 ",p:23,x:847,y:1004,w:41,h:16},
{t:"6,713 ",p:23,x:922,y:1004,w:41,h:16},
{t:"Total recognised income for the year ",p:23,x:64,y:1022,w:247,h:16},
{t:"- ",p:23,x:445,y:1022,w:9,h:16},
{t:"- ",p:23,x:528,y:1022,w:9,h:16},
{t:"- ",p:23,x:610,y:1022,w:9,h:16},
{t:"- ",p:23,x:690,y:1022,w:9,h:16},
{t:"- ",p:23,x:791,y:1022,w:9,h:16},
{t:"6,713 ",p:23,x:848,y:1022,w:41,h:16},
{t:"6,713 ",p:23,x:923,y:1022,w:41,h:16},
{t:"Share-based payments ",p:23,x:64,y:1040,w:159,h:16},
{t:"- ",p:23,x:445,y:1040,w:9,h:16},
{t:"- ",p:23,x:528,y:1040,w:9,h:16},
{t:"- ",p:23,x:610,y:1040,w:9,h:16},
{t:"- ",p:23,x:690,y:1040,w:9,h:16},
{t:"     - ",p:23,x:770,y:1040,w:30,h:16},
{t:"233 ",p:23,x:860,y:1040,w:29,h:16},
{t:"233 ",p:23,x:935,y:1040,w:29,h:16},
{t:"Shares issued in lieu of services provided ",p:23,x:64,y:1058,w:280,h:16},
{t:"- ",p:23,x:445,y:1058,w:9,h:16},
{t:"5 ",p:23,x:525,y:1058,w:12,h:16},
{t:"- ",p:23,x:610,y:1058,w:9,h:16},
{t:"- ",p:23,x:690,y:1058,w:9,h:16},
{t:"- ",p:23,x:791,y:1058,w:9,h:16},
{t:"- ",p:23,x:880,y:1058,w:9,h:16},
{t:"5 ",p:23,x:952,y:1058,w:12,h:16},
{t:"Issue of shares - share options ",p:23,x:64,y:1075,w:209,h:16},
{t:"- ",p:23,x:445,y:1075,w:9,h:16},
{t:"12 ",p:23,x:516,y:1075,w:20,h:16},
{t:"- ",p:23,x:610,y:1075,w:9,h:16},
{t:"- ",p:23,x:690,y:1075,w:9,h:16},
{t:"- ",p:23,x:791,y:1075,w:9,h:16},
{t:"- ",p:23,x:880,y:1075,w:9,h:16},
{t:"12 ",p:23,x:943,y:1075,w:20,h:16},
{t:"Dividends ",p:23,x:64,y:1092,w:70,h:16},
{t:"- ",p:23,x:445,y:1092,w:9,h:16},
{t:"- ",p:23,x:528,y:1092,w:9,h:16},
{t:"- ",p:23,x:610,y:1092,w:9,h:16},
{t:"- ",p:23,x:690,y:1092,w:9,h:16},
{t:"     - ",p:23,x:770,y:1092,w:30,h:16},
{t:"(650) ",p:23,x:850,y:1092,w:39,h:16},
{t:"(650) ",p:23,x:925,y:1092,w:39,h:16},
{t:"Balance sheet reconstruction (note 24) ",p:23,x:64,y:1109,w:261,h:16},
{t:"- - - ",p:23,x:445,y:1109,w:247,h:16},
{t:"(11,000) ",p:23,x:639,y:1109,w:133,h:16},
{t:"- ",p:23,x:790,y:1109,w:82,h:16},
{t:"11,000 - ",p:23,x:839,y:1109,w:198,h:16},
{t:"At 31 March 2009 ",p:23,x:64,y:1127,w:126,h:16},
{t:"813 27,527 2,325 ",p:23,x:425,y:1127,w:227,h:16},
{t:"- ",p:23,x:690,y:1127,w:42,h:16},
{t:"- 10,102 ",p:23,x:790,y:1127,w:131,h:16},
{t:"40,767 ",p:23,x:914,y:1127,w:82,h:16},
{t:" ",p:24,x:107,y:87,w:5,h:22},
{t:"24 ",p:24,x:104,y:1329,w:16,h:13},
{t:"Consolidated and Company balance sheets as at 31 March 2009 ",p:24,x:149,y:105,w:559,h:22},
{t:" Note ",p:24,x:52,y:162,w:598,h:16},
{t:"Group ",p:24,x:499,y:162,w:325,h:16},
{t:"Company ",p:24,x:796,y:162,w:347,h:16},
{t:"2009 ",p:24,x:459,y:180,w:118,h:16},
{t:" 2008 ",p:24,x:527,y:180,w:202,h:16},
{t:" 2009 ",p:24,x:684,y:180,w:202,h:16},
{t:" 2008 ",p:24,x:837,y:180,w:202,h:16},
{t:"£000 ",p:24,x:459,y:197,w:118,h:16},
{t:" £000 ",p:24,x:527,y:197,w:202,h:16},
{t:" £000 ",p:24,x:684,y:197,w:202,h:16},
{t:" £000 ",p:24,x:837,y:197,w:202,h:16},
{t:"Assets ",p:24,x:52,y:214,w:53,h:16},
{t:"  ",p:24,x:527,y:214,w:8,h:16},
{t:"  ",p:24,x:684,y:214,w:8,h:16},
{t:"  ",p:24,x:837,y:214,w:8,h:16},
{t:"Non-current assets ",p:24,x:52,y:231,w:140,h:16},
{t:"  ",p:24,x:527,y:231,w:8,h:16},
{t:"  ",p:24,x:684,y:231,w:8,h:16},
{t:"  ",p:24,x:837,y:231,w:8,h:16},
{t:"Goodwill ",p:24,x:52,y:249,w:170,h:16},
{t:"10 ",p:24,x:343,y:249,w:129,h:16},
{t:"34,550 27,720 ",p:24,x:447,y:249,w:311,h:16},
{t:" - ",p:24,x:684,y:249,w:231,h:16},
{t:" - ",p:24,x:837,y:249,w:231,h:16},
{t:"Other intangible assets ",p:24,x:52,y:266,w:157,h:16},
{t:"11 ",p:24,x:343,y:266,w:20,h:16},
{t:"14,121 ",p:24,x:447,y:266,w:50,h:16},
{t:"17,448 ",p:24,x:600,y:266,w:50,h:16},
{t:"- ",p:24,x:797,y:266,w:9,h:16},
{t:"- ",p:24,x:950,y:266,w:9,h:16},
{t:"Property, plant and equipment ",p:24,x:52,y:283,w:205,h:16},
{t:"12 ",p:24,x:343,y:283,w:20,h:16},
{t:"2,593 ",p:24,x:455,y:283,w:41,h:16},
{t:"1,788 ",p:24,x:608,y:283,w:41,h:16},
{t:"451 ",p:24,x:777,y:283,w:29,h:16},
{t:"584 ",p:24,x:930,y:283,w:29,h:16},
{t:"Investment in subsidiary companies ",p:24,x:52,y:300,w:241,h:16},
{t:"13 ",p:24,x:343,y:300,w:20,h:16},
{t:"- ",p:24,x:488,y:300,w:9,h:16},
{t:"- ",p:24,x:641,y:300,w:9,h:16},
{t:"45,332 ",p:24,x:756,y:300,w:50,h:16},
{t:"46,987 ",p:24,x:910,y:300,w:50,h:16},
{t:"Deferred tax assets ",p:24,x:52,y:318,w:134,h:16},
{t:"16 ",p:24,x:343,y:318,w:20,h:16},
{t:"2,148 ",p:24,x:455,y:318,w:41,h:16},
{t:"1,635 ",p:24,x:608,y:318,w:41,h:16},
{t:"588 ",p:24,x:777,y:318,w:29,h:16},
{t:"135 ",p:24,x:930,y:318,w:29,h:16},
{t:"53,412 ",p:24,x:447,y:336,w:118,h:16},
{t:" 48,591 ",p:24,x:527,y:336,w:190,h:16},
{t:" 46,371 ",p:24,x:684,y:336,w:190,h:16},
{t:" 47,706 ",p:24,x:837,y:336,w:190,h:16},
{t:"  ",p:24,x:527,y:353,w:8,h:16},
{t:"  ",p:24,x:684,y:353,w:8,h:16},
{t:"  ",p:24,x:837,y:353,w:8,h:16},
{t:"Current assets ",p:24,x:52,y:370,w:109,h:16},
{t:"  ",p:24,x:527,y:370,w:8,h:16},
{t:"  ",p:24,x:684,y:370,w:8,h:16},
{t:"  ",p:24,x:837,y:370,w:8,h:16},
{t:"Inventories ",p:24,x:52,y:387,w:166,h:16},
{t:"14 181 ",p:24,x:343,y:387,w:243,h:16},
{t:" 125 ",p:24,x:527,y:387,w:211,h:16},
{t:" 169 ",p:24,x:684,y:387,w:211,h:16},
{t:" 105 ",p:24,x:837,y:387,w:211,h:16},
{t:"Trade and other receivables ",p:24,x:52,y:405,w:190,h:16},
{t:"15 ",p:24,x:343,y:405,w:20,h:16},
{t:"11,963 ",p:24,x:447,y:405,w:126,h:16},
{t:"10,291 ",p:24,x:600,y:405,w:126,h:16},
{t:" 2,470 ",p:24,x:684,y:405,w:198,h:16},
{t:" 2,084 ",p:24,x:837,y:405,w:198,h:16},
{t:"Cash and cash equivalents ",p:24,x:52,y:422,w:184,h:16},
{t:"17 ",p:24,x:343,y:422,w:20,h:16},
{t:"3,983 ",p:24,x:455,y:422,w:41,h:16},
{t:"9,980 ",p:24,x:608,y:422,w:41,h:16},
{t:"1,040 ",p:24,x:764,y:422,w:41,h:16},
{t:"1,891 ",p:24,x:918,y:422,w:41,h:16},
{t:"16,127 ",p:24,x:447,y:440,w:126,h:16},
{t:"20,396 ",p:24,x:600,y:440,w:126,h:16},
{t:" 3,679 ",p:24,x:684,y:440,w:198,h:16},
{t:" 4,080 ",p:24,x:837,y:440,w:198,h:16},
{t:"  ",p:24,x:527,y:457,w:8,h:16},
{t:"  ",p:24,x:684,y:457,w:8,h:16},
{t:"  ",p:24,x:837,y:457,w:8,h:16},
{t:"Liabilities ",p:24,x:52,y:474,w:73,h:16},
{t:"  ",p:24,x:527,y:474,w:8,h:16},
{t:"  ",p:24,x:684,y:474,w:8,h:16},
{t:"  ",p:24,x:837,y:474,w:8,h:16},
{t:"Current Liabilities ",p:24,x:52,y:492,w:131,h:16},
{t:"  ",p:24,x:527,y:492,w:8,h:16},
{t:"  ",p:24,x:684,y:492,w:8,h:16},
{t:"  ",p:24,x:837,y:492,w:8,h:16},
{t:"Trade and other payables ",p:24,x:52,y:509,w:175,h:16},
{t:"18 ",p:24,x:343,y:509,w:20,h:16},
{t:"16,554 ",p:24,x:447,y:509,w:126,h:16},
{t:"16,838 ",p:24,x:600,y:509,w:126,h:16},
{t:" 6,325 ",p:24,x:684,y:509,w:198,h:16},
{t:" 6,741 ",p:24,x:837,y:509,w:198,h:16},
{t:"Current tax liabilities ",p:24,x:52,y:526,w:139,h:16},
{t:"19 ",p:24,x:343,y:526,w:20,h:16},
{t:"1,339 ",p:24,x:455,y:526,w:41,h:16},
{t:"1,766 ",p:24,x:608,y:526,w:41,h:16},
{t:"- ",p:24,x:797,y:526,w:9,h:16},
{t:"163 ",p:24,x:930,y:526,w:29,h:16},
{t:"Contingent consideration ",p:24,x:52,y:543,w:170,h:16},
{t:"21 ",p:24,x:343,y:543,w:20,h:16},
{t:"2,938 ",p:24,x:455,y:543,w:109,h:16},
{t:" 10,400 ",p:24,x:527,y:543,w:190,h:16},
{t:"2,938 ",p:24,x:764,y:543,w:109,h:16},
{t:" 10,400 ",p:24,x:837,y:543,w:190,h:16},
{t:"Provisions ",p:24,x:52,y:561,w:170,h:16},
{t:"22 20 ",p:24,x:343,y:561,w:251,h:16},
{t:" 28 ",p:24,x:527,y:561,w:219,h:16},
{t:" 20 ",p:24,x:684,y:561,w:219,h:16},
{t:" 28 ",p:24,x:837,y:561,w:219,h:16},
{t:"20,851 ",p:24,x:447,y:579,w:118,h:16},
{t:" 29,032 ",p:24,x:527,y:579,w:190,h:16},
{t:"9,283 ",p:24,x:764,y:579,w:109,h:16},
{t:" 17,332 ",p:24,x:837,y:579,w:190,h:16},
{t:"  ",p:24,x:527,y:596,w:8,h:16},
{t:"  ",p:24,x:684,y:596,w:8,h:16},
{t:"  ",p:24,x:837,y:596,w:8,h:16},
{t:"Net current liabilities ",p:24,x:52,y:613,w:152,h:16},
{t:"(4,724) ",p:24,x:445,y:613,w:51,h:16},
{t:" (8,636) ",p:24,x:527,y:613,w:188,h:16},
{t:" (5,604) ",p:24,x:684,y:613,w:188,h:16},
{t:"(13,252) ",p:24,x:900,y:613,w:126,h:16},
{t:"  ",p:24,x:527,y:631,w:8,h:16},
{t:"  ",p:24,x:684,y:631,w:8,h:16},
{t:"  ",p:24,x:837,y:631,w:8,h:16},
{t:"Non-current liabilities ",p:24,x:52,y:648,w:158,h:16},
{t:"  ",p:24,x:527,y:648,w:8,h:16},
{t:"  ",p:24,x:684,y:648,w:8,h:16},
{t:"  ",p:24,x:837,y:648,w:8,h:16},
{t:"Deferred tax liabilities ",p:24,x:52,y:665,w:147,h:16},
{t:"20 ",p:24,x:343,y:665,w:20,h:16},
{t:"2,951 ",p:24,x:455,y:665,w:41,h:16},
{t:"4,246 ",p:24,x:608,y:665,w:41,h:16},
{t:"- ",p:24,x:797,y:665,w:9,h:16},
{t:"- ",p:24,x:950,y:665,w:9,h:16},
{t:"2,951 4,246 ",p:24,x:455,y:683,w:303,h:16},
{t:" - ",p:24,x:684,y:683,w:231,h:16},
{t:" - ",p:24,x:837,y:683,w:231,h:16},
{t:"  ",p:24,x:527,y:700,w:8,h:16},
{t:"  ",p:24,x:684,y:700,w:8,h:16},
{t:"  ",p:24,x:837,y:700,w:8,h:16},
{t:"Net ",p:24,x:52,y:718,w:96,h:16},
{t:"assets ",p:24,x:80,y:718,w:119,h:16},
{t:"45,737 ",p:24,x:447,y:718,w:118,h:16},
{t:" 35,709 ",p:24,x:527,y:718,w:190,h:16},
{t:" 40,767 ",p:24,x:684,y:718,w:190,h:16},
{t:" 34,454 ",p:24,x:837,y:718,w:190,h:16},
{t:"  ",p:24,x:527,y:737,w:8,h:16},
{t:"  ",p:24,x:684,y:737,w:8,h:16},
{t:"  ",p:24,x:837,y:737,w:8,h:16},
{t:"Shareholders’ equity ",p:24,x:52,y:755,w:152,h:16},
{t:"  ",p:24,x:527,y:755,w:8,h:16},
{t:"  ",p:24,x:684,y:755,w:8,h:16},
{t:"  ",p:24,x:837,y:755,w:8,h:16},
{t:"  ",p:24,x:527,y:772,w:8,h:16},
{t:"  ",p:24,x:684,y:772,w:8,h:16},
{t:"  ",p:24,x:837,y:772,w:8,h:16},
{t:"Called up share capital ",p:24,x:52,y:789,w:156,h:16},
{t:"23 ",p:24,x:343,y:789,w:20,h:16},
{t:"813 ",p:24,x:468,y:789,w:29,h:16},
{t:"813 ",p:24,x:621,y:789,w:29,h:16},
{t:"813 ",p:24,x:777,y:789,w:29,h:16},
{t:"813 ",p:24,x:931,y:789,w:29,h:16},
{t:"Share premium account ",p:24,x:52,y:806,w:163,h:16},
{t:"27,527 ",p:24,x:447,y:806,w:118,h:16},
{t:" 27,510 ",p:24,x:527,y:806,w:190,h:16},
{t:" 27,527 ",p:24,x:684,y:806,w:190,h:16},
{t:" 27,510 ",p:24,x:837,y:806,w:190,h:16},
{t:"Merger reserve ",p:24,x:52,y:824,w:105,h:16},
{t:"2,325 ",p:24,x:455,y:824,w:118,h:16},
{t:" 2,325 ",p:24,x:527,y:824,w:198,h:16},
{t:" 2,325 ",p:24,x:684,y:824,w:198,h:16},
{t:" 2,325 ",p:24,x:837,y:824,w:198,h:16},
{t:"Special ",p:24,x:52,y:841,w:121,h:16},
{t:"reserve ",p:24,x:105,y:841,w:122,h:16},
{t:"24 ",p:24,x:343,y:841,w:89,h:16},
{t:"- ",p:24,x:488,y:841,w:77,h:16},
{t:" 11,000 ",p:24,x:527,y:841,w:190,h:16},
{t:"- ",p:24,x:797,y:841,w:77,h:16},
{t:" 11,000 ",p:24,x:837,y:841,w:190,h:16},
{t:"Cumulative translation reserve ",p:24,x:52,y:858,w:206,h:16},
{t:"11,905 ",p:24,x:447,y:858,w:50,h:16},
{t:"3,171 ",p:24,x:608,y:858,w:41,h:16},
{t:"- ",p:24,x:797,y:858,w:9,h:16},
{t:"- ",p:24,x:950,y:858,w:9,h:16},
{t:"Retained earnings ",p:24,x:52,y:875,w:126,h:16},
{t:"3,167 ",p:24,x:455,y:875,w:41,h:16},
{t:"(9,110)  ",p:24,x:598,y:875,w:123,h:16},
{t:"10,102  ",p:24,x:756,y:875,w:119,h:16},
{t:"(7,194) ",p:24,x:908,y:875,w:85,h:16},
{t:"  ",p:24,x:527,y:893,w:8,h:16},
{t:"  ",p:24,x:684,y:893,w:8,h:16},
{t:"  ",p:24,x:837,y:893,w:8,h:16},
{t:"Total shareholders’ equity ",p:24,x:52,y:911,w:190,h:16},
{t:"45,737 ",p:24,x:447,y:911,w:118,h:16},
{t:" 35,709 ",p:24,x:527,y:911,w:190,h:16},
{t:" 40,767 ",p:24,x:684,y:911,w:190,h:16},
{t:" 34,454 ",p:24,x:837,y:911,w:190,h:16},
{t:"The financial statements, which comprise the consolidated income statement, the consolidated and company balance sheets, ",p:24,x:55,y:965,w:852,h:16},
{t:"the consolidated and company statements of changes in shareholders’ equity, the consolidated and company cash flow ",p:24,x:55,y:982,w:854,h:16},
{t:"statements and the related notes, were approved by the Board of Directors on 19 June 2009 and were signed on its behalf by: ",p:24,x:55,y:999,w:839,h:16},
{t:"Directors: ",p:24,x:55,y:1051,w:68,h:16},
{t:"G.L. Millward ",p:24,x:149,y:1051,w:97,h:16},
{t:"   ",p:24,x:149,y:1068,w:12,h:16},
{t:"P.A. Nichols ",p:24,x:149,y:1086,w:91,h:16},
{t:"  ",p:25,x:457,y:89,w:10,h:22},
{t:"25 ",p:25,x:877,y:1329,w:16,h:13},
{t:"Consolidated and Company cash flow statements as at 31 March 2009 ",p:25,x:149,y:108,w:618,h:22},
{t:"Group  ",p:25,x:601,y:148,w:260,h:16},
{t:"Company ",p:25,x:832,y:148,w:173,h:16},
{t:"2009  ",p:25,x:568,y:165,w:80,h:16},
{t:"2008  ",p:25,x:698,y:165,w:80,h:16},
{t:"2009  ",p:25,x:816,y:165,w:80,h:16},
{t:"2008 ",p:25,x:923,y:165,w:57,h:16},
{t:"£000  ",p:25,x:568,y:182,w:80,h:16},
{t:"£000  ",p:25,x:698,y:182,w:80,h:16},
{t:"£000  ",p:25,x:816,y:182,w:80,h:16},
{t:"£000 ",p:25,x:923,y:182,w:57,h:16},
{t:"Cash flows from operating activities ",p:25,x:76,y:199,w:261,h:16},
{t:"  ",p:25,x:731,y:200,w:8,h:16},
{t:"  ",p:25,x:849,y:200,w:8,h:16},
{t:"  ",p:25,x:731,y:217,w:8,h:16},
{t:"  ",p:25,x:849,y:217,w:8,h:16},
{t:"Cash generated from operations ",p:25,x:76,y:234,w:238,h:16},
{t:"6,075  ",p:25,x:564,y:234,w:84,h:16},
{t:"9,862  ",p:25,x:693,y:234,w:84,h:16},
{t:"(141)  ",p:25,x:814,y:234,w:82,h:16},
{t:"932 ",p:25,x:931,y:234,w:48,h:16},
{t:"Income tax paid ",p:25,x:76,y:251,w:110,h:16},
{t:"(2,322) ",p:25,x:554,y:251,w:51,h:16},
{t:"(769) ",p:25,x:696,y:251,w:39,h:16},
{t:"(27) ",p:25,x:823,y:251,w:30,h:16},
{t:"(129) ",p:25,x:921,y:251,w:39,h:16},
{t:"Net cash generated from/(used in) operating ",p:25,x:76,y:269,w:318,h:16},
{t:"activities ",p:25,x:374,y:269,w:81,h:16},
{t:"3,753  ",p:25,x:563,y:269,w:84,h:16},
{t:"9,093  ",p:25,x:693,y:269,w:84,h:16},
{t:"(168)  ",p:25,x:814,y:269,w:82,h:16},
{t:"803 ",p:25,x:931,y:269,w:48,h:16},
{t:"  ",p:25,x:731,y:287,w:8,h:16},
{t:"  ",p:25,x:849,y:287,w:8,h:16},
{t:"Cash flows from investing activities ",p:25,x:76,y:304,w:259,h:16},
{t:"  ",p:25,x:731,y:304,w:8,h:16},
{t:"  ",p:25,x:849,y:304,w:8,h:16},
{t:"  ",p:25,x:731,y:321,w:8,h:16},
{t:"  ",p:25,x:849,y:321,w:8,h:16},
{t:"Acquisition of subsidiaries (net of cash acquired) (8,607) ",p:25,x:76,y:338,w:682,h:16},
{t:"(3,388)  ",p:25,x:683,y:338,w:94,h:16},
{t:"(8,607)  ",p:25,x:802,y:338,w:94,h:16},
{t:"(3,388) ",p:25,x:909,y:338,w:71,h:16},
{t:"Purchase of property, plant and equipment ",p:25,x:75,y:356,w:307,h:16},
{t:"(1,626)  ",p:25,x:554,y:356,w:94,h:16},
{t:"(1,224)  ",p:25,x:683,y:356,w:94,h:16},
{t:"(118)  ",p:25,x:814,y:356,w:82,h:16},
{t:"(476) ",p:25,x:921,y:356,w:58,h:16},
{t:"Amounts received from subsidiary undertakings ",p:25,x:75,y:373,w:320,h:16},
{t:"- ",p:25,x:596,y:373,w:9,h:16},
{t:"- ",p:25,x:726,y:373,w:9,h:16},
{t:"23 ",p:25,x:832,y:373,w:20,h:16},
{t:"414 ",p:25,x:931,y:373,w:29,h:16},
{t:"Net interest (paid)/received ",p:25,x:75,y:390,w:184,h:16},
{t:"(65) ",p:25,x:574,y:390,w:30,h:16},
{t:"90 ",p:25,x:714,y:390,w:20,h:16},
{t:"(97) ",p:25,x:822,y:390,w:30,h:16},
{t:"26 ",p:25,x:939,y:390,w:20,h:16},
{t:"Additional investment in subsidiaries ",p:25,x:75,y:407,w:246,h:16},
{t:"- ",p:25,x:596,y:407,w:9,h:16},
{t:"- ",p:25,x:726,y:407,w:9,h:16},
{t:"(485) ",p:25,x:814,y:407,w:39,h:16},
{t:"- ",p:25,x:951,y:407,w:9,h:16},
{t:"Repayment of capital ",p:25,x:75,y:425,w:145,h:16},
{t:"- ",p:25,x:596,y:425,w:9,h:16},
{t:"- ",p:25,x:726,y:425,w:9,h:16},
{t:"2,872 ",p:25,x:812,y:425,w:41,h:16},
{t:"- ",p:25,x:951,y:425,w:9,h:16},
{t:"Dividends ",p:25,x:75,y:442,w:89,h:16},
{t:"received ",p:25,x:146,y:442,w:80,h:16},
{t:"-  ",p:25,x:596,y:442,w:52,h:16},
{t:"-  ",p:25,x:726,y:442,w:52,h:16},
{t:"6,334  ",p:25,x:812,y:442,w:84,h:16},
{t:"3,019 ",p:25,x:919,y:442,w:61,h:16},
{t:"  ",p:25,x:731,y:459,w:8,h:16},
{t:"  ",p:25,x:849,y:459,w:8,h:16},
{t:"Net cash used in investing activities ",p:25,x:75,y:477,w:260,h:16},
{t:"(10,298)  ",p:25,x:545,y:477,w:103,h:16},
{t:"(4,522)  ",p:25,x:683,y:477,w:94,h:16},
{t:"(78)  ",p:25,x:822,y:477,w:74,h:16},
{t:"(405) ",p:25,x:921,y:477,w:58,h:16},
{t:"  ",p:25,x:731,y:494,w:8,h:16},
{t:"  ",p:25,x:849,y:494,w:8,h:16},
{t:"Cash flows from financing activities ",p:25,x:76,y:512,w:260,h:16},
{t:"  ",p:25,x:731,y:512,w:8,h:16},
{t:"  ",p:25,x:849,y:512,w:8,h:16},
{t:"  ",p:25,x:731,y:529,w:8,h:16},
{t:"  ",p:25,x:849,y:529,w:8,h:16},
{t:"Net proceeds from issue of ordinary shares ",p:25,x:76,y:546,w:290,h:16},
{t:"12 ",p:25,x:584,y:546,w:20,h:16},
{t:"199 ",p:25,x:706,y:546,w:29,h:16},
{t:"12 ",p:25,x:833,y:546,w:20,h:16},
{t:"199 ",p:25,x:931,y:546,w:29,h:16},
{t:"Dividends ",p:25,x:76,y:563,w:89,h:16},
{t:"paid ",p:25,x:145,y:563,w:52,h:16},
{t:"(646)  ",p:25,x:566,y:563,w:82,h:16},
{t:"(601)  ",p:25,x:696,y:563,w:82,h:16},
{t:"(646)  ",p:25,x:814,y:563,w:82,h:16},
{t:"(601) ",p:25,x:921,y:563,w:58,h:16},
{t:"  ",p:25,x:731,y:581,w:8,h:16},
{t:"  ",p:25,x:849,y:581,w:8,h:16},
{t:"Net cash used in financing activities ",p:25,x:76,y:598,w:241,h:16},
{t:"(634) ",p:25,x:566,y:598,w:39,h:16},
{t:"(402) ",p:25,x:696,y:598,w:39,h:16},
{t:"(634) ",p:25,x:814,y:598,w:39,h:16},
{t:"(402) ",p:25,x:921,y:598,w:39,h:16},
{t:"  ",p:25,x:731,y:616,w:8,h:16},
{t:"  ",p:25,x:849,y:616,w:8,h:16},
{t:"Net (decrease)/increase in cash and cash equivalents ",p:25,x:76,y:634,w:384,h:16},
{t:"(7,179) ",p:25,x:554,y:634,w:51,h:16},
{t:"4,169 ",p:25,x:694,y:634,w:41,h:16},
{t:" (880) ",p:25,x:755,y:634,w:154,h:16},
{t:"(4) ",p:25,x:938,y:634,w:22,h:16},
{t:"  ",p:25,x:731,y:651,w:8,h:16},
{t:"  ",p:25,x:849,y:651,w:8,h:16},
{t:"Cash and cash equivalents at the start of year ",p:25,x:76,y:668,w:309,h:16},
{t:"9,980 ",p:25,x:564,y:668,w:41,h:16},
{t:"5,256  ",p:25,x:694,y:668,w:84,h:16},
{t:"1,891  ",p:25,x:812,y:668,w:84,h:16},
{t:"1,888 ",p:25,x:919,y:668,w:61,h:16},
{t:"  ",p:25,x:731,y:685,w:8,h:16},
{t:"  ",p:25,x:849,y:685,w:8,h:16},
{t:"Effect of exchange rates ",p:25,x:75,y:703,w:165,h:16},
{t:"1,182 ",p:25,x:563,y:703,w:41,h:16},
{t:"555 ",p:25,x:706,y:703,w:29,h:16},
{t:"29 ",p:25,x:832,y:703,w:20,h:16},
{t:"7 ",p:25,x:948,y:703,w:12,h:16},
{t:"  ",p:25,x:731,y:720,w:8,h:16},
{t:"  ",p:25,x:849,y:720,w:8,h:16},
{t:"Cash and cash equivalents at the end of year ",p:25,x:75,y:738,w:325,h:16},
{t:"3,983 ",p:25,x:564,y:738,w:41,h:16},
{t:"9,980 ",p:25,x:694,y:738,w:41,h:16},
{t:" 1,040 ",p:25,x:755,y:738,w:151,h:16},
{t:"1,891 ",p:25,x:919,y:738,w:41,h:16},
{t:"  ",p:25,x:731,y:758,w:8,h:16},
{t:"  ",p:25,x:849,y:758,w:8,h:16},
{t:"Notes to the consolidated and company cash flow statements ",p:25,x:76,y:775,w:444,h:16},
{t:"  ",p:25,x:731,y:775,w:8,h:16},
{t:"  ",p:25,x:849,y:775,w:8,h:16},
{t:"  ",p:25,x:731,y:792,w:8,h:16},
{t:"  ",p:25,x:849,y:792,w:8,h:16},
{t:"Reconciliation of profit for the year to cash generated from operations ",p:25,x:76,y:809,w:504,h:16},
{t:"  ",p:25,x:731,y:810,w:8,h:16},
{t:"  ",p:25,x:849,y:810,w:8,h:16},
{t:"Group  ",p:25,x:601,y:827,w:265,h:16},
{t:"Company ",p:25,x:832,y:827,w:176,h:16},
{t:"2009  ",p:25,x:568,y:844,w:80,h:16},
{t:"2008  ",p:25,x:698,y:844,w:80,h:16},
{t:"2009  ",p:25,x:804,y:844,w:80,h:16},
{t:"2008 ",p:25,x:923,y:844,w:56,h:16},
{t:"£000  ",p:25,x:568,y:861,w:80,h:16},
{t:"£000  ",p:25,x:698,y:861,w:80,h:16},
{t:"£000  ",p:25,x:804,y:861,w:80,h:16},
{t:"£000 ",p:25,x:923,y:861,w:56,h:16},
{t:"  ",p:25,x:601,y:878,w:8,h:16},
{t:"Profit for the year ",p:25,x:75,y:896,w:119,h:16},
{t:"1,526  ",p:25,x:564,y:896,w:84,h:16},
{t:"2,640  ",p:25,x:694,y:896,w:84,h:16},
{t:"6,713  ",p:25,x:800,y:896,w:84,h:16},
{t:"(8,807) ",p:25,x:909,y:896,w:71,h:16},
{t:"Taxation (106) ",p:25,x:76,y:913,w:959,h:16},
{t:"(685) ",p:25,x:696,y:913,w:468,h:16},
{t:"(589) ",p:25,x:802,y:913,w:468,h:16},
{t:"443 ",p:25,x:931,y:913,w:458,h:16},
{t:"Depreciation charges ",p:25,x:76,y:930,w:145,h:16},
{t:"1,177 ",p:25,x:564,y:930,w:41,h:16},
{t:"865 ",p:25,x:706,y:930,w:29,h:16},
{t:"250 ",p:25,x:812,y:930,w:29,h:16},
{t:"254 ",p:25,x:931,y:930,w:29,h:16},
{t:"Amortisation of intangible assets ",p:25,x:76,y:948,w:220,h:16},
{t:"5,554 ",p:25,x:564,y:948,w:41,h:16},
{t:"4,622 ",p:25,x:694,y:948,w:41,h:16},
{t:"- ",p:25,x:833,y:948,w:9,h:16},
{t:"- ",p:25,x:951,y:948,w:9,h:16},
{t:"Loss on sale of tangible fixed assets ",p:25,x:76,y:965,w:245,h:16},
{t:"17 ",p:25,x:584,y:965,w:20,h:16},
{t:"164 ",p:25,x:706,y:965,w:29,h:16},
{t:"1 ",p:25,x:829,y:965,w:12,h:16},
{t:"1 ",p:25,x:948,y:965,w:12,h:16},
{t:"Investment impairment ",p:25,x:76,y:982,w:155,h:16},
{t:"- ",p:25,x:596,y:982,w:9,h:16},
{t:"- ",p:25,x:726,y:982,w:9,h:16},
{t:"- ",p:25,x:832,y:982,w:9,h:16},
{t:"10,536 ",p:25,x:910,y:982,w:50,h:16},
{t:"Interest receivable ",p:25,x:76,y:999,w:126,h:16},
{t:"(61) ",p:25,x:574,y:999,w:30,h:16},
{t:"(131) ",p:25,x:696,y:999,w:39,h:16},
{t:"(5) ",p:25,x:819,y:999,w:22,h:16},
{t:"(26) ",p:25,x:930,y:999,w:30,h:16},
{t:"Interest payable  ",p:25,x:76,y:1017,w:115,h:16},
{t:"606 ",p:25,x:576,y:1017,w:29,h:16},
{t:"517 ",p:25,x:706,y:1017,w:29,h:16},
{t:"464 ",p:25,x:812,y:1017,w:29,h:16},
{t:"476 ",p:25,x:931,y:1017,w:29,h:16},
{t:"Dividends received ",p:25,x:76,y:1034,w:130,h:16},
{t:"- ",p:25,x:596,y:1034,w:9,h:16},
{t:"- ",p:25,x:726,y:1034,w:9,h:16},
{t:"(6,334) ",p:25,x:790,y:1034,w:51,h:16},
{t:"(3,019) ",p:25,x:909,y:1034,w:51,h:16},
{t:"Share based payments ",p:25,x:76,y:1051,w:158,h:16},
{t:"401 ",p:25,x:576,y:1051,w:29,h:16},
{t:"204 ",p:25,x:706,y:1051,w:29,h:16},
{t:"233 ",p:25,x:812,y:1051,w:29,h:16},
{t:"120 ",p:25,x:931,y:1051,w:29,h:16},
{t:"(Increase)/decrease in inventories (54) ",p:25,x:76,y:1068,w:798,h:16},
{t:"16 ",p:25,x:714,y:1068,w:289,h:16},
{t:"(64) ",p:25,x:811,y:1068,w:299,h:16},
{t:"12 ",p:25,x:940,y:1068,w:289,h:16},
{t:"(Increase)/decrease in trade and other receivables ",p:25,x:76,y:1086,w:339,h:16},
{t:"338 ",p:25,x:576,y:1086,w:29,h:16},
{t:"147 ",p:25,x:706,y:1086,w:29,h:16},
{t:"(386) ",p:25,x:803,y:1086,w:39,h:16},
{t:"(284) ",p:25,x:921,y:1086,w:39,h:16},
{t:"(Decrease)/increase in trade and other payables and provisions",p:25,x:76,y:1103,w:421,h:16},
{t:"(3,323)  ",p:25,x:554,y:1103,w:94,h:16},
{t:"1,503  ",p:25,x:694,y:1103,w:84,h:16},
{t:"(424)  ",p:25,x:803,y:1103,w:82,h:16},
{t:"1,226 ",p:25,x:919,y:1103,w:61,h:16},
{t:"  ",p:25,x:601,y:1120,w:8,h:16},
{t:"Cash generated from/(used in) operations ",p:25,x:76,y:1138,w:301,h:16},
{t:"6,075 ",p:25,x:564,y:1138,w:41,h:16},
{t:"9,862 ",p:25,x:694,y:1138,w:41,h:16},
{t:" (141) ",p:25,x:755,y:1138,w:130,h:16},
{t:"932 ",p:25,x:931,y:1138,w:29,h:16},
{t:" ",p:26,x:107,y:87,w:5,h:22},
{t:"26 ",p:26,x:104,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:26,x:149,y:105,w:547,h:22},
{t:"Accounting policies ",p:26,x:149,y:145,w:146,h:16},
{t:"The accounting policies adopted in the preparation of these financial statements are set out below.  ",p:26,x:149,y:167,w:704,h:16},
{t:"These policies have been consistently applied to both years presented, unless otherwise stated. ",p:26,x:149,y:185,w:640,h:16},
{t:"a) ",p:26,x:179,y:219,w:17,h:16},
{t:"Basis of preparation ",p:26,x:239,y:219,w:149,h:16},
{t:"These financial statements have been prepared in accordance with International Financial ",p:26,x:239,y:241,w:607,h:16},
{t:"Reporting Standards as adopted by the European Union and IFRIC interpretations and ",p:26,x:239,y:259,w:609,h:16},
{t:"with those parts of the Companies Act 1985/2006 applicable to companies reporting under ",p:26,x:239,y:276,w:607,h:16},
{t:"IFRS.  The financial statements have been prepared under the historical cost convention.  ",p:26,x:239,y:293,w:612,h:16},
{t:"A summary of the more important Group accounting policies is set out below. ",p:26,x:239,y:310,w:515,h:16},
{t:"The preparation of financial statements in conformity with generally accepted accounting ",p:26,x:239,y:345,w:608,h:16},
{t:"principles requires the use of estimates and assumptions that affect the reported amounts ",p:26,x:239,y:362,w:607,h:16},
{t:"of assets and liabilities at the date of the financial statements and the reported amounts of ",p:26,x:239,y:379,w:607,h:16},
{t:"revenues and expenses during the reporting period.  Although these estimates are based ",p:26,x:239,y:397,w:607,h:16},
{t:"on management’s best knowledge of the amount, event or actions, actual results ultimately ",p:26,x:239,y:414,w:607,h:16},
{t:"may differ from those estimates. ",p:26,x:239,y:431,w:217,h:16},
{t:"During the year a number of accounting standards, amendments to standards and ",p:26,x:239,y:466,w:612,h:16},
{t:"interpretations have been issued.  Below is a summary of those that have been issued and ",p:26,x:239,y:483,w:607,h:16},
{t:"whether they have been adopted either in the year ended 31 March 2009 or will be ",p:26,x:239,y:500,w:610,h:16},
{t:"adopted in the future, alternatively establishing if the new rules are not relevant to the ",p:26,x:239,y:517,w:609,h:16},
{t:"Group’s Consolidated financial statements. ",p:26,x:239,y:535,w:289,h:16},
{t:"(i) ",p:26,x:239,y:569,w:19,h:16},
{t:"Standards, amendments and interpretations effective in 2008/9 and relevant to ",p:26,x:299,y:569,w:549,h:16},
{t:"the Group’s operations: ",p:26,x:299,y:586,w:160,h:16},
{t:"• ",p:26,x:269,y:603,w:15,h:18},
{t:"IFRIC 11 – Group and Treasury Share Transactions – when a company is ",p:26,x:299,y:605,w:551,h:16},
{t:"required to buy its own shares in order to settle a share based payment award; or ",p:26,x:299,y:622,w:547,h:16},
{t:"grants right to equity instruments to employees or its subsidiary; it should be ",p:26,x:299,y:639,w:550,h:16},
{t:"accounted for under IFRS 2.  If a subsidiary grants rights to equity of its parent to ",p:26,x:299,y:656,w:547,h:16},
{t:"its employees these should be accounted for as a cash settled share based ",p:26,x:299,y:674,w:550,h:16},
{t:"payment therefore potentially changing the way the award is accounted for ",p:26,x:299,y:691,w:551,h:16},
{t:"between the parent and subsidiary.  The Group has adopted IFRIC 11 from 1 ",p:26,x:299,y:708,w:549,h:16},
{t:"April 2008, but it has not had any impact on the Group’s consolidated financial ",p:26,x:299,y:725,w:548,h:16},
{t:"statements for the year ended 31 March 2009. ",p:26,x:299,y:743,w:311,h:16},
{t:"(ii) ",p:26,x:239,y:777,w:22,h:16},
{t:"Standards, amendments and interpretations effective in 2008/9 and not relevant ",p:26,x:299,y:777,w:548,h:16},
{t:"to the Group’s operations: ",p:26,x:299,y:794,w:176,h:16},
{t:"• ",p:26,x:269,y:811,w:12,h:18},
{t:"IFRIC 12 – Service Concession Arrangements – IFRIC 12 applies to contractual ",p:26,x:299,y:813,w:548,h:16},
{t:"arrangements whereby a private sector operator participates in the development, ",p:26,x:299,y:830,w:547,h:16},
{t:"financing, operation and maintenance of infrastructure public sector services.  ",p:26,x:299,y:847,w:555,h:16},
{t:"IFRIC 12 is not relevant to the Group’s operations because none of the Group’s ",p:26,x:299,y:864,w:548,h:16},
{t:"companies provide for public sector services. ",p:26,x:299,y:882,w:303,h:16},
{t:"• ",p:26,x:269,y:898,w:11,h:18},
{t:"IFRIC 13 – Customer Loyalty Programmes – IFRIC 13 clarifies that where goods ",p:26,x:299,y:900,w:547,h:16},
{t:"or services are sold together with a customer loyalty incentive (for example, ",p:26,x:299,y:917,w:550,h:16},
{t:"loyalty points or free products), the arrangement is a multiple-element ",p:26,x:299,y:934,w:556,h:16},
{t:"arrangement and the consideration receivable from the customer is allocated ",p:26,x:299,y:952,w:550,h:16},
{t:"between the components of the arrangement in using fair values.  IFRIC 13 is not ",p:26,x:299,y:969,w:547,h:16},
{t:"relevant to the Group’s operations because none of the Group’s companies ",p:26,x:299,y:986,w:551,h:16},
{t:"operate a loyalty programme. ",p:26,x:299,y:1003,w:199,h:16},
{t:"• ",p:26,x:269,y:1020,w:14,h:18},
{t:"IFRIC 14 – IAS 19 – the limit on a defined benefit asset, minimum funding ",p:26,x:299,y:1022,w:550,h:16},
{t:"requirements and their interaction (effective from 1 January 2008) – IFRIC 14 ",p:26,x:299,y:1039,w:549,h:16},
{t:"provides guidance on assessing the limit in IAS 19 on the amount of the surplus ",p:26,x:299,y:1056,w:547,h:16},
{t:"that can be recognised as an asset.  It also explains how the pension asset or ",p:26,x:299,y:1073,w:548,h:16},
{t:"liability may be affected by a statutory or contractual minimum funding ",p:26,x:299,y:1091,w:554,h:16},
{t:"requirement.  The Group does not operate a defined benefit scheme and ",p:26,x:299,y:1108,w:552,h:16},
{t:"therefore this will have no impact on the Group’s financial statements. ",p:26,x:299,y:1125,w:466,h:16},
{t:"(iii) ",p:26,x:239,y:1160,w:29,h:16},
{t:"Interpretations to existing standards and new standards which are not yet ",p:26,x:299,y:1160,w:552,h:16},
{t:"effective but are relevant to the Group’s operations, which the Group has not ",p:26,x:299,y:1177,w:549,h:16},
{t:"early adopted: ",p:26,x:299,y:1194,w:99,h:16},
{t:"• ",p:26,x:269,y:1211,w:16,h:18},
{t:"IFRS 3 (Revised) – “Business Combinations – Comprehensive revision on ",p:26,x:299,y:1212,w:552,h:16},
{t:"applying the acquisition method” (effective from 1 July 2009) – which will impact ",p:26,x:299,y:1230,w:548,h:16},
{t:"the way future acquisitions are reported.  The Group will apply IFRS 3 (Revised) ",p:26,x:299,y:1247,w:547,h:16},
{t:"from 1 April 2010 with the main changes being that directly attributable costs such ",p:26,x:299,y:1264,w:547,h:16},
{t:"  ",p:27,x:457,y:89,w:10,h:22},
{t:"27 ",p:27,x:877,y:1329,w:16,h:13},
{t:"as advisers fees and stamp duty will be charged to the income statement, ",p:27,x:299,y:108,w:551,h:16},
{t:"revisions to contingent cash consideration in the period following the acquisition ",p:27,x:299,y:125,w:548,h:16},
{t:"will be recorded in the income statement and any difference between the fair ",p:27,x:299,y:142,w:550,h:16},
{t:"value of the consideration in the buy out of minority interests and the value of ",p:27,x:299,y:159,w:549,h:16},
{t:"their reported minority interest will be recorded against the equity rather than ",p:27,x:299,y:177,w:550,h:16},
{t:"goodwill; ",p:27,x:299,y:194,w:62,h:16},
{t:"• ",p:27,x:269,y:211,w:11,h:18},
{t:"IFRS 8 – Operating Segments – extends the scope of segmental reporting, but it ",p:27,x:299,y:212,w:547,h:16},
{t:"is not expected to have an impact on the Group’s consolidated financial ",p:27,x:299,y:229,w:553,h:16},
{t:"statements.  The Group will adopt IFRS 8 from 1 April 2009; ",p:27,x:299,y:247,w:401,h:16},
{t:"• ",p:27,x:269,y:263,w:11,h:18},
{t:"IAS 1 (Revised) – Presentation of financial statements - prohibits the presentation ",p:27,x:299,y:265,w:547,h:16},
{t:"of income and expenses in the statement of changes in equity.  The Group will ",p:27,x:299,y:282,w:548,h:16},
{t:"adopt IAS 1 (Revised) from 1 April 2009; ",p:27,x:299,y:299,w:273,h:16},
{t:"• ",p:27,x:269,y:316,w:11,h:18},
{t:"IAS 23 (Amendment) – Borrowing Costs – requires the capitalisation of borrowing ",p:27,x:299,y:318,w:547,h:16},
{t:"costs attributable to qualifying assets but is not expected to have an impact on ",p:27,x:299,y:335,w:548,h:16},
{t:"the Group’s consolidated financial statements.  The Group will adopt the ",p:27,x:299,y:352,w:553,h:16},
{t:"amendment to IAS23 from 1 April 2009; ",p:27,x:299,y:369,w:267,h:16},
{t:"• ",p:27,x:269,y:386,w:12,h:18},
{t:"IFRS 2 (Amendment) – Share-based payment (effective from 1 January 2009) – ",p:27,x:299,y:388,w:548,h:16},
{t:"clarifies that vesting conditions are service conditions and performance conditions ",p:27,x:299,y:405,w:547,h:16},
{t:"only.  It is not expected to have an impact on the Group’s consolidated financial ",p:27,x:299,y:422,w:548,h:16},
{t:"statements.  The Group will adopt IFRS 2 (amendment) from 1 April 2009; ",p:27,x:299,y:439,w:495,h:16},
{t:"• ",p:27,x:269,y:456,w:15,h:18},
{t:"IAS 32 (amendment) – Financial instruments: Presentation (effective from 1 ",p:27,x:299,y:458,w:551,h:16},
{t:"January 2009) – requires entities to classify puttable financial instruments and ",p:27,x:299,y:475,w:549,h:16},
{t:"instruments, or components of instruments that impose on the entity an obligation ",p:27,x:299,y:492,w:547,h:16},
{t:"to deliver to another party a pro rata share of the net assets of the entity only on ",p:27,x:299,y:509,w:547,h:16},
{t:"liquidation as equity, provided the financial instruments have particular features ",p:27,x:299,y:527,w:548,h:16},
{t:"and meet specific conditions.  It is not expected to have any impact on the ",p:27,x:299,y:544,w:550,h:16},
{t:"Group’s consolidated financial statements;  ",p:27,x:299,y:561,w:290,h:16},
{t:"• ",p:27,x:269,y:578,w:14,h:18},
{t:"IAS 27 (Revised) – Consolidated and separate financial statements (effective ",p:27,x:299,y:579,w:550,h:16},
{t:"from 1 July 2009) - requires the effects of all transactions with non-controlling ",p:27,x:299,y:597,w:549,h:16},
{t:"interests to be recorded in equity if there is no change in control and these ",p:27,x:299,y:614,w:550,h:16},
{t:"transactions will no longer result in goodwill or gains and losses.  It is not ",p:27,x:299,y:631,w:551,h:16},
{t:"expected to have any impact on the Group’s consolidated financial statements; ",p:27,x:299,y:648,w:527,h:16},
{t:"• ",p:27,x:269,y:665,w:14,h:18},
{t:"IAS 38 (amendment) – Intangible assets (effective from 1 January 2009) – a ",p:27,x:299,y:667,w:550,h:16},
{t:"prepayment may only be recognised in the event that payment has been made in ",p:27,x:299,y:684,w:547,h:16},
{t:"advance of obtaining right of access to goods or receipt of services; ",p:27,x:299,y:701,w:452,h:16},
{t:"• ",p:27,x:269,y:718,w:15,h:18},
{t:"IAS 39 (amendment) – Financial instruments: Recognition and measurement ",p:27,x:299,y:719,w:551,h:16},
{t:"(effective from 1 January 2009): ",p:27,x:299,y:737,w:215,h:16},
{t:"◊ ",p:27,x:329,y:753,w:13,h:18},
{t:"this amendment  clarifies that it is possible for there to be movements ",p:27,x:359,y:755,w:488,h:16},
{t:"into and out of the fair value through profit or loss category where a ",p:27,x:359,y:772,w:489,h:16},
{t:"derivative commences or ceases to qualify as a hedging instrument in ",p:27,x:359,y:789,w:489,h:16},
{t:"cash flow or net investment hedge; ",p:27,x:359,y:807,w:236,h:16},
{t:"◊ ",p:27,x:329,y:823,w:13,h:18},
{t:"the definition of financial asset or financial liability at fair value through ",p:27,x:359,y:825,w:488,h:16},
{t:"profit or loss as it relates to items that are held for trading is also ",p:27,x:359,y:842,w:491,h:16},
{t:"amended.  This clarifies that a financial asset or liability that is part of a ",p:27,x:359,y:859,w:487,h:16},
{t:"portfolio of financial instruments managed together with evidence of an ",p:27,x:359,y:877,w:488,h:16},
{t:"actual recent pattern of short term profit-taking is included in such a ",p:27,x:359,y:894,w:490,h:16},
{t:"portfolio on initial recognition; ",p:27,x:359,y:911,w:198,h:16},
{t:"◊ ",p:27,x:329,y:928,w:15,h:18},
{t:"the current guidance on designating and documenting hedges states ",p:27,x:359,y:929,w:490,h:16},
{t:"that a hedging instrument needs to involve a party external to the ",p:27,x:359,y:947,w:491,h:16},
{t:"reporting entity and cites a segment as an example of a reporting entity.  ",p:27,x:359,y:964,w:491,h:16},
{t:"This means that in order for hedge accounting to be applied at segment ",p:27,x:359,y:981,w:487,h:16},
{t:"level, the requirements for hedge accounting are currently required to be ",p:27,x:359,y:998,w:487,h:16},
{t:"met by the applicable segment ",p:27,x:359,y:1016,w:207,h:16},
{t:"◊ ",p:27,x:329,y:1032,w:18,h:18},
{t:"when re-measuring the carrying amount of a debt instrument on ",p:27,x:359,y:1034,w:493,h:16},
{t:"cessation of fair value hedge accounting, the amendment clarifies that a ",p:27,x:359,y:1051,w:487,h:16},
{t:"revised effective interest rate (calculated at the date fair value hedge ",p:27,x:359,y:1068,w:489,h:16},
{t:"accounting ceases) are used; ",p:27,x:359,y:1086,w:200,h:16},
{t:"The Group will adopt IAS 39 (amendment) from 1 April 2009. ",p:27,x:303,y:1103,w:407,h:16},
{t:"• ",p:27,x:268,y:1120,w:16,h:18},
{t:"IFRIC 17 - Distributions of Non-cash Assets to Owners - Comprehensive ",p:27,x:303,y:1121,w:549,h:16},
{t:"guidance on when dividends payable should be recognised, how should an entity ",p:27,x:303,y:1138,w:543,h:16},
{t:"measure the dividend payable and how should any difference between the ",p:27,x:303,y:1156,w:547,h:16},
{t:"carrying amount of the assets distributed and the carrying amount of the dividend ",p:27,x:303,y:1173,w:543,h:16},
{t:"payable be accounted for. Effective date: Periods beginning on or after 1 July ",p:27,x:303,y:1190,w:545,h:16},
{t:"2009. ",p:27,x:303,y:1207,w:41,h:16},
{t:"(iv) ",p:27,x:239,y:1242,w:26,h:16},
{t:"Interpretations to existing standards which are not yet effective and not relevant ",p:27,x:299,y:1242,w:548,h:16},
{t:"for the Group’s operations: ",p:27,x:299,y:1259,w:181,h:16},
{t:" ",p:28,x:107,y:87,w:5,h:22},
{t:"28 ",p:28,x:104,y:1329,w:16,h:13},
{t:"• ",p:28,x:269,y:104,w:14,h:18},
{t:"IFRS 1 (amendment) – First time adoption of IFRS (effective from 1 January ",p:28,x:299,y:106,w:550,h:16},
{t:"2009); ",p:28,x:299,y:123,w:46,h:16},
{t:"• ",p:28,x:269,y:140,w:16,h:18},
{t:"IFRS 5 (amendment) – Non-current assets held for sale and discontinued ",p:28,x:299,y:141,w:552,h:16},
{t:"operations (effective from 1 July 2009) – the amendment clarifies that all of the ",p:28,x:299,y:159,w:548,h:16},
{t:"subsidiary’s assets and liabilities are classified as held for sale if a partial disposal ",p:28,x:299,y:176,w:547,h:16},
{t:"sale plan results in loss of control; ",p:28,x:299,y:193,w:229,h:16},
{t:"• ",p:28,x:269,y:210,w:11,h:18},
{t:"IAS 28 – Investments in associates (effective from 1 January 2009); ",p:28,x:299,y:211,w:453,h:16},
{t:"• ",p:28,x:269,y:228,w:14,h:18},
{t:"IFRIC 16 (amendment) – Hedges of a net investment in a foreign operation ",p:28,x:299,y:230,w:550,h:16},
{t:"(effective from 1 October 2008); ",p:28,x:299,y:247,w:216,h:16},
{t:"• ",p:28,x:269,y:264,w:12,h:18},
{t:"IAS 16 (amendment) – Property, plant and equipment (effective from 1 January ",p:28,x:299,y:265,w:548,h:16},
{t:"2009) – this is only relevant to entities whose ordinary activities comprise renting ",p:28,x:299,y:282,w:547,h:16},
{t:"and subsequently selling assets; ",p:28,x:299,y:300,w:220,h:16},
{t:"• ",p:28,x:269,y:316,w:12,h:18},
{t:"IAS 19 (amendment) – Employee benefits (effective from 1 January 2009) – the ",p:28,x:299,y:318,w:548,h:16},
{t:"amendment will not have an impact on the Group’s consolidated financial ",p:28,x:299,y:335,w:552,h:16},
{t:"statements as the Group does not operate a defined benefit obligation; ",p:28,x:299,y:352,w:472,h:16},
{t:"• ",p:28,x:269,y:369,w:18,h:18},
{t:"IAS 29 (amendment) – Financial reporting in hyperinflationary economies ",p:28,x:299,y:371,w:554,h:16},
{t:"(effective from 1 January 2009); ",p:28,x:299,y:388,w:215,h:16},
{t:"• ",p:28,x:269,y:405,w:11,h:18},
{t:"IAS 31 (amendment) – Interests in joint ventures (effective from 1 January 2009); ",p:28,x:299,y:406,w:542,h:16},
{t:"• ",p:28,x:269,y:423,w:11,h:18},
{t:"IAS 40 (amendment) – Investment property (effective from 1 January 2009); ",p:28,x:299,y:424,w:507,h:16},
{t:"• ",p:28,x:269,y:441,w:11,h:18},
{t:"IAS 41 (amendment) – Agriculture (effective from 1 January 2009); ",p:28,x:299,y:443,w:446,h:16},
{t:"• ",p:28,x:269,y:459,w:15,h:18},
{t:"IAS 20 (amendment) – Accounting for government grants and disclosure of ",p:28,x:299,y:461,w:551,h:16},
{t:"government assistance (effective from 1 January 2009); ",p:28,x:299,y:478,w:374,h:16},
{t:"• ",p:28,x:269,y:495,w:12,h:18},
{t:"IFRIC 15 – Agreements for construction of real estates (effective from 1 January ",p:28,x:299,y:496,w:547,h:16},
{t:"2009); ",p:28,x:299,y:514,w:46,h:16},
{t:"• ",p:28,x:269,y:530,w:11,h:18},
{t:"IFRIC 18 - Transfers of assets from customers (effective on all transactions from ",p:28,x:299,y:532,w:547,h:16},
{t:"1 July 2009). ",p:28,x:299,y:549,w:90,h:16},
{t:"b) ",p:28,x:179,y:584,w:18,h:16},
{t:"Consolidation policy and Goodwill ",p:28,x:239,y:584,w:250,h:16},
{t:"The Group financial statements consolidate the financial statements of the Company and ",p:28,x:239,y:606,w:608,h:16},
{t:"all of its subsidiary undertakings.  The accounts of each company in the Group have been ",p:28,x:239,y:623,w:607,h:16},
{t:"prepared to 31 March 2009.  The results of subsidiary undertakings have been included ",p:28,x:239,y:640,w:608,h:16},
{t:"from the date of acquisition or up to the date of disposal being the date control passes.  All ",p:28,x:239,y:658,w:607,h:16},
{t:"intra-Group profits and trading are eliminated on consolidation.  The parent Company has ",p:28,x:239,y:675,w:607,h:16},
{t:"not presented its own income statement, as permitted by section 230 of the Companies ",p:28,x:239,y:692,w:608,h:16},
{t:"Act 1985.  The purchase method of accounting is used to account for the acquisitions of ",p:28,x:239,y:709,w:608,h:16},
{t:"subsidiaries by the Group.  The cost of an acquisition is measured as the fair value of the ",p:28,x:239,y:727,w:607,h:16},
{t:"assets given, equity instruments used and liabilities incurred or assumed at the date of ",p:28,x:239,y:744,w:609,h:16},
{t:"exchange, plus costs directly attributable to the acquisition.  Identifiable assets and ",p:28,x:239,y:761,w:611,h:16},
{t:"liabilities and contingent liabilities assumed in a business combination are measured ",p:28,x:239,y:778,w:611,h:16},
{t:"initially at the fair values at acquisition date.  The excess of cost of acquisition over the fair ",p:28,x:239,y:796,w:607,h:16},
{t:"value of the Group’s share of the identifiable net assets is recorded as goodwill. ",p:28,x:239,y:813,w:531,h:16},
{t:"Contingent consideration payable in more than one year, forming part of the cost of ",p:28,x:239,y:847,w:610,h:16},
{t:"acquisition, is discounted to a present value.  The unwinding of this discount is shown as ",p:28,x:239,y:865,w:608,h:16},
{t:"part of finance costs in the income statement.  Goodwill is capitalised on the balance sheet ",p:28,x:239,y:882,w:607,h:16},
{t:"and subject to an annual impairment test.  The carrying value of goodwill is cost less ",p:28,x:239,y:899,w:609,h:16},
{t:"accumulated impairment losses. ",p:28,x:239,y:916,w:218,h:16},
{t:"c) Intangible ",p:28,x:179,y:951,w:178,h:16},
{t:"assets ",p:28,x:314,y:951,w:93,h:16},
{t:"Intangible assets are included at cost or fair value to the Group at the date of acquisition, ",p:28,x:239,y:973,w:607,h:16},
{t:"assessed on an estimate of the present value of future cash flows projected to arise from ",p:28,x:239,y:990,w:607,h:16},
{t:"the use of those intangible assets, less amounts written off representing impairment in ",p:28,x:239,y:1008,w:609,h:16},
{t:"value. ",p:28,x:239,y:1025,w:44,h:16},
{t:"Amortisation is calculated to write off the cost of the intangible assets on a straight line ",p:28,x:239,y:1059,w:608,h:16},
{t:"basis over their expected useful economic lives, for each individual asset, which currently ",p:28,x:239,y:1077,w:607,h:16},
{t:"range from 3 to 5 years. ",p:28,x:239,y:1094,w:163,h:16},
{t:"d) Impairments ",p:28,x:179,y:1128,w:195,h:16},
{t:"Impairment tests on the carrying value of assets subject to amortisation are undertaken if ",p:28,x:239,y:1151,w:607,h:16},
{t:"events or changes in circumstances indicate that the carrying value may not be ",p:28,x:239,y:1168,w:613,h:16},
{t:"recoverable.  An impairment loss is recognised for the amount by which the asset’s ",p:28,x:239,y:1185,w:610,h:16},
{t:"carrying amount exceeds its recoverable amount.  The recoverable amount is the higher of ",p:28,x:239,y:1202,w:607,h:16},
{t:"an asset’s fair value less costs to sell and value in use. ",p:28,x:239,y:1220,w:367,h:16},
{t:"  ",p:29,x:457,y:89,w:10,h:22},
{t:"29 ",p:29,x:877,y:1329,w:16,h:13},
{t:"e) ",p:29,x:179,y:107,w:17,h:16},
{t:"Property, plant and equipment and depreciation ",p:29,x:239,y:107,w:345,h:16},
{t:"Property, plant and equipment are stated at cost or fair value when acquired, less ",p:29,x:239,y:130,w:611,h:16},
{t:"depreciation and, when appropriate, provision for impairment.  Depreciation is provided at ",p:29,x:239,y:147,w:607,h:16},
{t:"rates calculated to write off the cost of fixed assets less estimated residual value on a ",p:29,x:239,y:164,w:609,h:16},
{t:"straight line basis over the expected useful economic lives of the assets concerned.   ",p:29,x:239,y:182,w:566,h:16},
{t:"The annual rates used from date of purchase are: ",p:29,x:239,y:199,w:333,h:16},
{t:"Leasehold improvements ",p:29,x:239,y:233,w:171,h:16},
{t:"10-20% (or the lease term if shorter) ",p:29,x:509,y:233,w:245,h:16},
{t:"Office equipment, fixtures and fittings ",p:29,x:239,y:251,w:250,h:16},
{t:"      33% ",p:29,x:509,y:251,w:59,h:16},
{t:"f) Investments ",p:29,x:179,y:285,w:151,h:16},
{t:"Investments are included in the balance sheet at cost less amounts written off, ",p:29,x:239,y:307,w:613,h:16},
{t:"representing impairment in value.  Impairment charges are recorded if events or changes ",p:29,x:239,y:325,w:608,h:16},
{t:"in circumstances indicate that the carrying value may not be recoverable and are charged ",p:29,x:239,y:342,w:607,h:16},
{t:"to the income statement. ",p:29,x:239,y:359,w:168,h:16},
{t:"g) ",p:29,x:179,y:393,w:18,h:16},
{t:"Inventory and work in progress ",p:29,x:239,y:393,w:227,h:16},
{t:"Inventory and work in progress is stated at the lower of cost and net realisable value after ",p:29,x:239,y:416,w:607,h:16},
{t:"making allowance for slow-moving and obsolete inventory.  Cost of finished goods is ",p:29,x:239,y:433,w:610,h:16},
{t:"based on purchase price on a first in first out basis.  Work in progress is the deferred cost ",p:29,x:239,y:450,w:607,h:16},
{t:"of employee times based on time sheeted hours. ",p:29,x:239,y:468,w:327,h:16},
{t:"h) Foreign ",p:29,x:179,y:502,w:161,h:16},
{t:"currencies ",p:29,x:299,y:502,w:79,h:16},
{t:"Transactions in foreign currencies are translated into each company’s functional currency ",p:29,x:239,y:524,w:608,h:16},
{t:"at the rate of exchange ruling on the date of the transaction.  Monetary assets and ",p:29,x:239,y:542,w:610,h:16},
{t:"liabilities denominated in foreign currencies are retranslated into each company’s ",p:29,x:239,y:559,w:614,h:16},
{t:"functional currency at the rates of exchange ruling at the balance sheet date.  Other ",p:29,x:239,y:576,w:610,h:16},
{t:"foreign exchange gains and losses are taken to the income statement in the year in which ",p:29,x:239,y:593,w:607,h:16},
{t:"they arise.  The results of overseas subsidiary undertakings are translated into sterling, the ",p:29,x:239,y:611,w:607,h:16},
{t:"Group’s presentational currency, at the monthly average exchange rate.  The assets and ",p:29,x:239,y:628,w:608,h:16},
{t:"liabilities are translated at rates of exchange ruling at the end of the financial year.  ",p:29,x:239,y:645,w:615,h:16},
{t:"Differences on exchange, arising from the retranslation of the net investment in overseas ",p:29,x:239,y:662,w:608,h:16},
{t:"subsidiary undertakings, are taken to the cumulative translation (CT) reserve. ",p:29,x:239,y:680,w:617,h:16},
{t:"Retranslation of overseas goodwill and intangibles is taken to reserves. ",p:29,x:239,y:697,w:476,h:16},
{t:"i) Revenue ",p:29,x:179,y:731,w:126,h:16},
{t:"Revenue is calculated net of value added tax and represents the total amount receivable ",p:29,x:239,y:754,w:608,h:16},
{t:"by the Group in respect of the sale of software licences, customised software, hardware ",p:29,x:239,y:771,w:608,h:16},
{t:"and fees derived from installation, consultancy, training, hosting, network usage and ",p:29,x:239,y:788,w:611,h:16},
{t:"support.  Revenue is recognised when a contract exists, delivery has occurred and the fee ",p:29,x:239,y:805,w:607,h:16},
{t:"is fixed or determinable and collectable. ",p:29,x:239,y:823,w:267,h:16},
{t:"Income from the sale of software licences, customised software, hardware and installation ",p:29,x:239,y:857,w:607,h:16},
{t:"is recognised upon shipment to a customer when the significant risks and rewards or ",p:29,x:239,y:874,w:610,h:16},
{t:"ownership have been transferred to the buyer or on a percentage complete basis provided ",p:29,x:239,y:892,w:607,h:16},
{t:"there is significant certainty of the outcome of the contract.  Income from training and ",p:29,x:239,y:909,w:609,h:16},
{t:"consultancy is recognised on performance of the service and support is generally invoiced ",p:29,x:239,y:926,w:607,h:16},
{t:"in advance, termed ‘deferred income’, and taken to income in equal monthly instalments ",p:29,x:239,y:943,w:608,h:16},
{t:"over the relevant periods.  Income from hosting and network usage is recognised in the ",p:29,x:239,y:961,w:608,h:16},
{t:"month of usage or at the end of the contract period and income from mailbox rentals is ",p:29,x:239,y:978,w:608,h:16},
{t:"recognised in equal monthly instalments over the rental period or on a usage basis where ",p:29,x:239,y:995,w:607,h:16},
{t:"more appropriate. ",p:29,x:239,y:1012,w:122,h:16},
{t:"j) Taxation ",p:29,x:179,y:1047,w:126,h:16},
{t:"The charge for current tax is based on the results for the year as adjusted for items which ",p:29,x:239,y:1069,w:607,h:16},
{t:"are non-assessable or disallowed.  It is calculated using tax rates that have been enacted ",p:29,x:239,y:1086,w:607,h:16},
{t:"or substantively enacted by the balance sheet date. ",p:29,x:239,y:1104,w:346,h:16},
{t:"Deferred tax is provided in full, using the liability method, on temporary differences arising ",p:29,x:239,y:1138,w:607,h:16},
{t:"between the tax bases of assets and liabilities and their carrying amounts in the financial ",p:29,x:239,y:1155,w:608,h:16},
{t:"statements.  Currently enacted tax rates are used in the determination of deferred income ",p:29,x:239,y:1173,w:607,h:16},
{t:"tax.  Deferred tax assets are recognised to the extent that it is probable that future taxable ",p:29,x:239,y:1190,w:607,h:16},
{t:"profit will be available against which the temporary difference can be utilised.  Deferred tax ",p:29,x:239,y:1207,w:607,h:16},
{t:"is recognised on a non-discounted basis. ",p:29,x:239,y:1224,w:276,h:16},
{t:"k) ",p:29,x:179,y:1259,w:17,h:16},
{t:"Research and development expenditure ",p:29,x:239,y:1259,w:288,h:16},
{t:" ",p:30,x:107,y:87,w:5,h:22},
{t:"30 ",p:30,x:104,y:1329,w:16,h:13},
{t:"Research expenditure related to the development of the Group’s products is written off to ",p:30,x:239,y:105,w:608,h:16},
{t:"the income statement as it is incurred.  Development expenditure is recognised as an ",p:30,x:239,y:122,w:610,h:16},
{t:"intangible asset from the date upon which all IAS 38 criteria have been satisfied.  ",p:30,x:239,y:139,w:616,h:16},
{t:"Expenditure after the IAS 38 criteria have been satisfied is minimal, therefore all research ",p:30,x:239,y:157,w:607,h:16},
{t:"and development expenditure to date has been written off to the income statement as it ",p:30,x:239,y:174,w:608,h:16},
{t:"has been incurred. ",p:30,x:239,y:191,w:128,h:16},
{t:"l) Pension ",p:30,x:179,y:225,w:169,h:16},
{t:"costs ",p:30,x:302,y:225,w:43,h:16},
{t:"The Group operates a number of defined contribution pension schemes.  The charge ",p:30,x:239,y:248,w:610,h:16},
{t:"against the income statement is the amount of contributions payable to the pension ",p:30,x:239,y:265,w:611,h:16},
{t:"schemes in respect of the accounting period. ",p:30,x:239,y:282,w:302,h:16},
{t:"m) Operating ",p:30,x:179,y:317,w:172,h:16},
{t:"leases ",p:30,x:314,y:317,w:49,h:16},
{t:"The amounts payable under operating leases are charged to the income statement in the ",p:30,x:239,y:339,w:607,h:16},
{t:"year in which they are incurred. ",p:30,x:239,y:356,w:212,h:16},
{t:"n) Financial ",p:30,x:179,y:391,w:171,h:16},
{t:"instruments ",p:30,x:308,y:391,w:90,h:16},
{t:"The Group’s financial assets and liabilities, which include trade receivables and payables, ",p:30,x:239,y:413,w:607,h:16},
{t:"are initially recorded at fair value or historic cost and subsequently carried at amortised ",p:30,x:239,y:430,w:609,h:16},
{t:"cost., Assets and liabilities of overseas subsidiary undertakings which are translated into ",p:30,x:239,y:448,w:608,h:16},
{t:"sterling at rates ruling at the balance sheet date.  Income and expenditure arising on ",p:30,x:239,y:465,w:610,h:16},
{t:"financial instruments is recognised on an accruals basis and taken to the income ",p:30,x:239,y:482,w:612,h:16},
{t:"statement in the financial period in which it arises.  The Group classifies its financial assets ",p:30,x:239,y:499,w:607,h:16},
{t:"as loans and receivables.  Loans and receivables are non-derivative financial assets with ",p:30,x:239,y:517,w:607,h:16},
{t:"fixed and determinable payments that are not quoted in an active market.  They are ",p:30,x:239,y:534,w:610,h:16},
{t:"included in current assets, except for maturities greater then 12 months after the balance ",p:30,x:239,y:551,w:608,h:16},
{t:"sheet date, which are classified as non-current assets.  Loans and receivables are ",p:30,x:239,y:568,w:611,h:16},
{t:"classified as ‘trade and other receivables’ in the balance sheet. ",p:30,x:239,y:586,w:421,h:16},
{t:"o) Segmental ",p:30,x:179,y:620,w:181,h:16},
{t:"reporting ",p:30,x:319,y:620,w:70,h:16},
{t:"Primary segmental reporting is by geographical region with no secondary segmental ",p:30,x:239,y:642,w:611,h:16},
{t:"reporting.  This segmentation is used by the Board to review the business.  Expenses are ",p:30,x:239,y:660,w:607,h:16},
{t:"only measured by geographic area.  All figures exclude any allocations. ",p:30,x:239,y:677,w:477,h:16},
{t:"p) ",p:30,x:179,y:711,w:18,h:16},
{t:"Cash and cash equivalents ",p:30,x:239,y:711,w:196,h:16},
{t:"Cash is defined as cash in hand and on demand deposits.  Cash equivalents are defined ",p:30,x:239,y:734,w:607,h:16},
{t:"as short term, highly liquid investments with original maturities of twelve months or less but ",p:30,x:239,y:751,w:607,h:16},
{t:"which can be drawn in less than 3 months. ",p:30,x:239,y:768,w:287,h:16},
{t:"q) Share-based ",p:30,x:179,y:802,w:196,h:16},
{t:"payments ",p:30,x:333,y:802,w:74,h:16},
{t:"The Group operates equity-settled, share-based compensation plans.  The fair value of the ",p:30,x:239,y:825,w:607,h:16},
{t:"employee services received in exchange for the grant of the options is recognised as an ",p:30,x:239,y:842,w:608,h:16},
{t:"expense in the income statement with a corresponding adjustment to equity.  The fair ",p:30,x:239,y:859,w:609,h:16},
{t:"values are calculated using the Black Scholes option pricing model and the Monte Carlo ",p:30,x:239,y:877,w:608,h:16},
{t:"valuation model. ",p:30,x:239,y:894,w:113,h:16},
{t:"r) Financial ",p:30,x:179,y:928,w:174,h:16},
{t:"risk ",p:30,x:309,y:928,w:76,h:16},
{t:"management ",p:30,x:339,y:928,w:96,h:16},
{t:"The Group’s financial risk management is discussed in note 17. ",p:30,x:239,y:951,w:425,h:16},
{t:"s) Presentational ",p:30,x:179,y:985,w:210,h:16},
{t:"items ",p:30,x:347,y:985,w:43,h:16},
{t:"The Group discloses certain items separately on the face of the income statement in order ",p:30,x:239,y:1007,w:607,h:16},
{t:"to assist users of the financial statements.  These would include items that are material ",p:30,x:239,y:1025,w:608,h:16},
{t:"and of a one-off or non-cash nature, such as intangible amortisation. ",p:30,x:239,y:1042,w:458,h:16},
{t:"t) Related ",p:30,x:179,y:1076,w:164,h:16},
{t:"party ",p:30,x:298,y:1076,w:86,h:16},
{t:"transactions ",p:30,x:339,y:1076,w:93,h:16},
{t:"The Group has taken advantage of the exemption under IAS 24 – ‘Related party ",p:30,x:239,y:1098,w:612,h:16},
{t:"disclosures’ not to disclose transactions between Group companies. ",p:30,x:239,y:1116,w:455,h:16},
{t:"  ",p:31,x:457,y:89,w:10,h:22},
{t:"31 ",p:31,x:877,y:1329,w:16,h:13},
{t:"u) ",p:31,x:179,y:107,w:18,h:16},
{t:"Critical accounting estimates and judgements ",p:31,x:239,y:107,w:331,h:16},
{t:"(i) ",p:31,x:239,y:130,w:17,h:16},
{t:"Impairment of goodwill ",p:31,x:299,y:130,w:154,h:16},
{t:"Determining whether goodwill is impaired requires an estimation of the value in ",p:31,x:299,y:152,w:548,h:16},
{t:"use of the cash generating units to which goodwill can be allocated.  The value in ",p:31,x:299,y:169,w:547,h:16},
{t:"use calculation require the Group to estimate the future cash flows expected to ",p:31,x:299,y:187,w:548,h:16},
{t:"arise from the cash generating unit and a suitable discount rate in order to ",p:31,x:299,y:204,w:551,h:16},
{t:"calculate present value. ",p:31,x:299,y:221,w:161,h:16},
{t:"The Group prepares a valuation based on various scenarios and each of these ",p:31,x:299,y:256,w:548,h:16},
{t:"scenarios has different growth rate assumptions.  The growth rate assumptions ",p:31,x:299,y:273,w:548,h:16},
{t:"are in relation to periods covered by Board approved plans.  Other key ",p:31,x:299,y:290,w:553,h:16},
{t:"assumptions are the discount rate, where the Group uses its corporate weighted ",p:31,x:299,y:307,w:547,h:16},
{t:"average cost of capital and the conversion to cash ration of future profits.   ",p:31,x:299,y:325,w:496,h:16},
{t:"It is impractical to disclose the extent of the possible effects of uncertainty in ",p:31,x:299,y:359,w:549,h:16},
{t:"respect of a key assumption at the balance sheet date.  It is possible that ",p:31,x:299,y:376,w:551,h:16},
{t:"outcomes within the forthcoming financial years different to the key assumptions ",p:31,x:299,y:394,w:547,h:16},
{t:"could require a material adjustment to the carrying value of the Group’s goodwill. ",p:31,x:299,y:411,w:538,h:16},
{t:"(ii) ",p:31,x:239,y:445,w:20,h:16},
{t:"Impairment of investment ",p:31,x:299,y:445,w:172,h:16},
{t:"The Group has also carried out an impairment review on the value of investments ",p:31,x:299,y:468,w:547,h:16},
{t:"held in the Company.  Where the investment is held in a company which has an ",p:31,x:299,y:485,w:547,h:16},
{t:"ongoing trade, the value is derived by a value in use calculation of the cash ",p:31,x:299,y:502,w:550,h:16},
{t:"generating units.  This is done on a similar basis to that used in the impairment of ",p:31,x:299,y:519,w:547,h:16},
{t:"goodwill calculation as detailed above and is therefore subject to the same ",p:31,x:299,y:537,w:551,h:16},
{t:"estimates by management.  Where the investment is held in a company which is ",p:31,x:299,y:554,w:547,h:16},
{t:"no longer trading, the value is derived from the carrying value of the net assets on ",p:31,x:299,y:571,w:547,h:16},
{t:"the balance sheet of the entity. ",p:31,x:299,y:588,w:208,h:16},
{t:"(iii) Valuation ",p:31,x:239,y:628,w:162,h:16},
{t:"of ",p:31,x:366,y:628,w:52,h:16},
{t:"intangibles ",p:31,x:383,y:628,w:111,h:16},
{t:"When valuing customer relationships on acquisition the Group uses various ",p:31,x:299,y:650,w:551,h:16},
{t:"assumptions including the estimated discount rates, expected levels of customer ",p:31,x:299,y:667,w:548,h:16},
{t:"retention and profit margins relevant to the market in which the Company ",p:31,x:299,y:685,w:552,h:16},
{t:"operates.  If any of these assumptions were to change materially, the resulting ",p:31,x:299,y:702,w:549,h:16},
{t:"valuation is likely to be different. ",p:31,x:299,y:719,w:216,h:16},
{t:"(iv) Valuation ",p:31,x:239,y:754,w:162,h:16},
{t:"of ",p:31,x:366,y:754,w:51,h:16},
{t:"contingent consideration ",p:31,x:383,y:754,w:166,h:16},
{t:"When valuing the contingent consideration still payable on acquisitions the Group ",p:31,x:299,y:776,w:547,h:16},
{t:"considers various factors including the performance of the company since ",p:31,x:299,y:793,w:553,h:16},
{t:"acquisition together with its expected performance to the end of the earn-out ",p:31,x:299,y:810,w:550,h:16},
{t:"period. ",p:31,x:299,y:828,w:50,h:16},
{t:" ",p:32,x:107,y:87,w:5,h:22},
{t:"32 ",p:32,x:104,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:32,x:149,y:105,w:547,h:22},
{t:"1. Segmental reporting ",p:32,x:123,y:145,w:166,h:16},
{t:"Year to ",p:32,x:659,y:145,w:52,h:16},
{t:"Year to ",p:32,x:848,y:145,w:52,h:16},
{t:"31 March 2009 ",p:32,x:607,y:162,w:104,h:16},
{t:"31 March 2008 ",p:32,x:796,y:162,w:104,h:16},
{t:"£000  ",p:32,x:674,y:180,w:69,h:16},
{t:"£000 ",p:32,x:863,y:180,w:51,h:16},
{t:"Revenue ",p:32,x:123,y:197,w:66,h:16},
{t:"  ",p:32,x:707,y:197,w:8,h:16},
{t:"Europe ",p:32,x:123,y:214,w:52,h:16},
{t:"32,723  ",p:32,x:662,y:214,w:81,h:16},
{t:"29,880 ",p:32,x:851,y:214,w:63,h:16},
{t:"USA ",p:32,x:123,y:231,w:35,h:16},
{t:"18,334  ",p:32,x:662,y:231,w:81,h:16},
{t:"18,809 ",p:32,x:851,y:231,w:63,h:16},
{t:"Asia ",p:32,x:123,y:249,w:33,h:16},
{t:"2,209  ",p:32,x:670,y:249,w:73,h:16},
{t:"2,165 ",p:32,x:859,y:249,w:55,h:16},
{t:"Total Revenue ",p:32,x:123,y:266,w:106,h:16},
{t:"53,266 ",p:32,x:662,y:266,w:50,h:16},
{t:"50,854 ",p:32,x:851,y:266,w:49,h:16},
{t:"  ",p:32,x:707,y:283,w:5,h:11},
{t:"Operating profit before amortisation of intangibles ",p:32,x:123,y:295,w:363,h:16},
{t:"  ",p:32,x:707,y:295,w:8,h:16},
{t:"Europe ",p:32,x:123,y:312,w:52,h:16},
{t:"7,718  ",p:32,x:670,y:312,w:73,h:16},
{t:"6,943 ",p:32,x:859,y:312,w:55,h:16},
{t:"USA ",p:32,x:123,y:329,w:35,h:16},
{t:"2,011  ",p:32,x:670,y:329,w:73,h:16},
{t:"2,393 ",p:32,x:859,y:329,w:55,h:16},
{t:"Asia ",p:32,x:123,y:347,w:33,h:16},
{t:"(272)  ",p:32,x:673,y:347,w:70,h:16},
{t:"(159) ",p:32,x:861,y:347,w:52,h:16},
{t:"Group operating expenses before share-based payments ",p:32,x:123,y:364,w:384,h:16},
{t:"(1,537) ",p:32,x:660,y:364,w:51,h:16},
{t:"(2,010) ",p:32,x:849,y:364,w:51,h:16},
{t:"Share-based payments ",p:32,x:123,y:381,w:159,h:16},
{t:"(401) ",p:32,x:672,y:381,w:39,h:16},
{t:"(204) ",p:32,x:861,y:381,w:39,h:16},
{t:"Total operating profit before amortisation of intangibles ",p:32,x:123,y:399,w:400,h:16},
{t:"7,519 ",p:32,x:670,y:399,w:41,h:16},
{t:"6,963 ",p:32,x:859,y:399,w:41,h:16},
{t:"  ",p:32,x:707,y:416,w:5,h:11},
{t:"Amortisation of intangibles ",p:32,x:123,y:428,w:198,h:16},
{t:"  ",p:32,x:707,y:428,w:8,h:16},
{t:"Europe ",p:32,x:123,y:445,w:52,h:16},
{t:"(5,274)  ",p:32,x:660,y:445,w:83,h:16},
{t:"(4,392) ",p:32,x:849,y:445,w:65,h:16},
{t:"USA ",p:32,x:123,y:462,w:35,h:16},
{t:"-  ",p:32,x:702,y:462,w:40,h:16},
{t:"- ",p:32,x:891,y:462,w:22,h:16},
{t:"Asia ",p:32,x:123,y:479,w:33,h:16},
{t:"(280)  ",p:32,x:673,y:479,w:70,h:16},
{t:"(230) ",p:32,x:861,y:479,w:52,h:16},
{t:"Total amortisation of intangibles ",p:32,x:123,y:497,w:235,h:16},
{t:"(5,554) ",p:32,x:660,y:497,w:51,h:16},
{t:"(4,622) ",p:32,x:849,y:497,w:51,h:16},
{t:"  ",p:32,x:707,y:515,w:5,h:11},
{t:"Operating profit ",p:32,x:123,y:526,w:117,h:16},
{t:"  ",p:32,x:707,y:526,w:8,h:16},
{t:"Europe ",p:32,x:123,y:543,w:52,h:16},
{t:"2,444  ",p:32,x:670,y:543,w:73,h:16},
{t:"2,551 ",p:32,x:859,y:543,w:55,h:16},
{t:"USA ",p:32,x:123,y:561,w:35,h:16},
{t:"2,011  ",p:32,x:670,y:561,w:73,h:16},
{t:"2,393 ",p:32,x:859,y:561,w:55,h:16},
{t:"Asia ",p:32,x:123,y:578,w:33,h:16},
{t:"(552)  ",p:32,x:673,y:578,w:70,h:16},
{t:"(389) ",p:32,x:861,y:578,w:52,h:16},
{t:"Group operating expenses before share-based payments ",p:32,x:123,y:595,w:384,h:16},
{t:"(1,537) ",p:32,x:660,y:595,w:51,h:16},
{t:"(2,010) ",p:32,x:849,y:595,w:51,h:16},
{t:"Share-based payments ",p:32,x:123,y:612,w:159,h:16},
{t:"(401) ",p:32,x:672,y:612,w:39,h:16},
{t:"(204) ",p:32,x:861,y:612,w:39,h:16},
{t:"Total operating profit ",p:32,x:123,y:630,w:155,h:16},
{t:"1,965 ",p:32,x:670,y:630,w:41,h:16},
{t:"2,341 ",p:32,x:859,y:630,w:41,h:16},
{t:"Interest receivable ",p:32,x:123,y:647,w:126,h:16},
{t:"61 ",p:32,x:691,y:647,w:20,h:16},
{t:"131 ",p:32,x:871,y:647,w:29,h:16},
{t:"Interest payable ",p:32,x:123,y:665,w:110,h:16},
{t:"(606) ",p:32,x:672,y:665,w:39,h:16},
{t:"(517) ",p:32,x:861,y:665,w:39,h:16},
{t:"Profit before tax ",p:32,x:123,y:682,w:119,h:16},
{t:"1,420 ",p:32,x:670,y:682,w:41,h:16},
{t:"1,955 ",p:32,x:859,y:682,w:41,h:16},
{t:"Taxation ",p:32,x:123,y:700,w:61,h:16},
{t:"106  ",p:32,x:682,y:700,w:60,h:16},
{t:"685 ",p:32,x:871,y:700,w:42,h:16},
{t:"  ",p:32,x:707,y:717,w:5,h:11},
{t:"Profit for the year ",p:32,x:123,y:728,w:129,h:16},
{t:"1,526 ",p:32,x:670,y:728,w:41,h:16},
{t:"2,640 ",p:32,x:859,y:728,w:41,h:16},
{t:"  ",p:32,x:707,y:748,w:5,h:11},
{t:"Total assets ",p:32,x:123,y:759,w:91,h:16},
{t:"  ",p:32,x:707,y:760,w:8,h:16},
{t:"Europe ",p:32,x:123,y:777,w:52,h:16},
{t:"52,878  ",p:32,x:662,y:777,w:81,h:16},
{t:"53,943 ",p:32,x:851,y:777,w:63,h:16},
{t:"USA ",p:32,x:123,y:794,w:35,h:16},
{t:"15,169  ",p:32,x:662,y:794,w:81,h:16},
{t:"14,143 ",p:32,x:851,y:794,w:63,h:16},
{t:"Asia ",p:32,x:123,y:811,w:33,h:16},
{t:"1,492  ",p:32,x:670,y:811,w:73,h:16},
{t:"901 ",p:32,x:871,y:811,w:42,h:16},
{t:"Total assets ",p:32,x:123,y:829,w:91,h:16},
{t:"69,539 ",p:32,x:662,y:829,w:50,h:16},
{t:"68,987 ",p:32,x:851,y:829,w:49,h:16},
{t:"  ",p:32,x:707,y:847,w:5,h:11},
{t:"Total liabilities ",p:32,x:123,y:858,w:108,h:16},
{t:"  ",p:32,x:707,y:859,w:8,h:16},
{t:"Europe (17,188) ",p:32,x:123,y:876,w:1065,h:16},
{t:"(27,293) ",p:32,x:841,y:876,w:536,h:16},
{t:"USA ",p:32,x:123,y:893,w:35,h:16},
{t:"(5,607)  ",p:32,x:660,y:893,w:83,h:16},
{t:"(5,161) ",p:32,x:849,y:893,w:65,h:16},
{t:"Asia ",p:32,x:123,y:910,w:33,h:16},
{t:"(1,007)  ",p:32,x:660,y:910,w:83,h:16},
{t:"(824) ",p:32,x:861,y:910,w:52,h:16},
{t:"Total liabilities ",p:32,x:123,y:928,w:108,h:16},
{t:"(23,802) ",p:32,x:652,y:928,w:60,h:16},
{t:"(33,278) ",p:32,x:841,y:928,w:59,h:16},
{t:"  ",p:32,x:707,y:945,w:5,h:11},
{t:"Total net assets ",p:32,x:123,y:957,w:117,h:16},
{t:"45,737 ",p:32,x:662,y:957,w:50,h:16},
{t:"35,709 ",p:32,x:851,y:957,w:49,h:16},
{t:"  ",p:32,x:707,y:977,w:5,h:11},
{t:"Capital expenditure including acquisitions ",p:32,x:123,y:988,w:305,h:16},
{t:"  ",p:32,x:707,y:988,w:8,h:16},
{t:"Europe ",p:32,x:123,y:1006,w:52,h:16},
{t:"1,794  ",p:32,x:670,y:1006,w:73,h:16},
{t:"1,709 ",p:32,x:859,y:1006,w:55,h:16},
{t:"USA ",p:32,x:123,y:1023,w:35,h:16},
{t:"501  ",p:32,x:682,y:1023,w:60,h:16},
{t:"394 ",p:32,x:871,y:1023,w:42,h:16},
{t:"Asia ",p:32,x:123,y:1040,w:33,h:16},
{t:"63  ",p:32,x:691,y:1040,w:52,h:16},
{t:"109 ",p:32,x:872,y:1040,w:42,h:16},
{t:"Total capital expenditure ",p:32,x:123,y:1058,w:180,h:16},
{t:"2,358 ",p:32,x:670,y:1058,w:41,h:16},
{t:"2,212 ",p:32,x:859,y:1058,w:41,h:16},
{t:"  ",p:32,x:707,y:1076,w:8,h:16},
{t:"Depreciation ",p:32,x:123,y:1093,w:95,h:16},
{t:"  ",p:32,x:707,y:1093,w:8,h:16},
{t:"Europe ",p:32,x:123,y:1110,w:52,h:16},
{t:"842  ",p:32,x:682,y:1110,w:60,h:16},
{t:"579 ",p:32,x:871,y:1110,w:42,h:16},
{t:"USA ",p:32,x:123,y:1128,w:35,h:16},
{t:"274  ",p:32,x:682,y:1128,w:60,h:16},
{t:"233 ",p:32,x:871,y:1128,w:42,h:16},
{t:"Asia ",p:32,x:123,y:1145,w:33,h:16},
{t:"61  ",p:32,x:691,y:1145,w:52,h:16},
{t:"53 ",p:32,x:880,y:1145,w:34,h:16},
{t:"Total depreciation ",p:32,x:123,y:1162,w:133,h:16},
{t:"1,177 ",p:32,x:670,y:1162,w:41,h:16},
{t:"865 ",p:32,x:871,y:1162,w:29,h:16},
{t:"  ",p:33,x:457,y:89,w:10,h:22},
{t:"33 ",p:33,x:877,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:33,x:149,y:108,w:547,h:22},
{t:"2. Operating expenses ",p:33,x:99,y:148,w:164,h:16},
{t:"2009  ",p:33,x:733,y:148,w:69,h:16},
{t:"2008 ",p:33,x:863,y:148,w:51,h:16},
{t:"£000  ",p:33,x:733,y:165,w:69,h:16},
{t:"£000 ",p:33,x:863,y:165,w:51,h:16},
{t:"The following items are included in operating expenses ",p:33,x:99,y:182,w:369,h:16},
{t:"  ",p:33,x:767,y:199,w:5,h:11},
{t:"Employee benefits expense ",p:33,x:99,y:211,w:188,h:16},
{t:"29,995 ",p:33,x:721,y:211,w:50,h:16},
{t:"26,013 ",p:33,x:851,y:211,w:50,h:16},
{t:"Depreciation of tangible fixed assets ",p:33,x:99,y:228,w:245,h:16},
{t:"1,177 ",p:33,x:729,y:228,w:41,h:16},
{t:"865 ",p:33,x:871,y:228,w:29,h:16},
{t:"Amortisation of intangible assets ",p:33,x:99,y:246,w:220,h:16},
{t:"5,554 ",p:33,x:729,y:246,w:41,h:16},
{t:"4,622 ",p:33,x:859,y:246,w:41,h:16},
{t:"Operating lease payments 2,246 ",p:33,x:99,y:263,w:1122,h:16},
{t:"1,683 ",p:33,x:859,y:263,w:492,h:16},
{t:"Changes in inventories of finished goods and work in progress ",p:33,x:99,y:280,w:417,h:16},
{t:"1,123 ",p:33,x:729,y:280,w:41,h:16},
{t:"697 ",p:33,x:872,y:280,w:29,h:16},
{t:"Other operating expenses 11,206 ",p:33,x:99,y:297,w:1116,h:16},
{t:"14,633 ",p:33,x:851,y:297,w:494,h:16},
{t:"  ",p:33,x:767,y:315,w:5,h:11},
{t:"Total operating expenses ",p:33,x:99,y:326,w:185,h:16},
{t:"51,301 ",p:33,x:721,y:326,w:50,h:16},
{t:"48,513 ",p:33,x:851,y:326,w:49,h:16},
{t:"  ",p:33,x:767,y:346,w:8,h:16},
{t:"3. Interest payable ",p:33,x:99,y:363,w:135,h:16},
{t:"2009  ",p:33,x:733,y:363,w:69,h:16},
{t:"2008 ",p:33,x:863,y:363,w:51,h:16},
{t:"£000  ",p:33,x:733,y:381,w:69,h:16},
{t:"£000 ",p:33,x:863,y:381,w:51,h:16},
{t:"  ",p:33,x:767,y:398,w:5,h:11},
{t:"Interest payable on cash and short term deposits ",p:33,x:99,y:409,w:328,h:16},
{t:"126 ",p:33,x:741,y:409,w:29,h:16},
{t:"41 ",p:33,x:880,y:409,w:20,h:16},
{t:"Notional interest and exchange difference on contingent consideration ",p:33,x:99,y:427,w:468,h:16},
{t:"480 ",p:33,x:741,y:427,w:29,h:16},
{t:"476 ",p:33,x:871,y:427,w:29,h:16},
{t:"Interest payable ",p:33,x:99,y:445,w:118,h:16},
{t:"606  ",p:33,x:742,y:445,w:60,h:16},
{t:"517 ",p:33,x:872,y:445,w:29,h:16},
{t:"  ",p:33,x:767,y:465,w:8,h:16},
{t:"4. Profit before taxation ",p:33,x:99,y:482,w:171,h:16},
{t:"2009  ",p:33,x:733,y:482,w:69,h:16},
{t:"2008 ",p:33,x:863,y:482,w:51,h:16},
{t:"£000  ",p:33,x:733,y:499,w:69,h:16},
{t:"£000 ",p:33,x:863,y:499,w:51,h:16},
{t:"  ",p:33,x:767,y:516,w:5,h:11},
{t:"Group profit before taxation is stated after charging: ",p:33,x:99,y:528,w:346,h:16},
{t:"Staff costs (note 8) ",p:33,x:99,y:545,w:130,h:16},
{t:"29,995  ",p:33,x:721,y:545,w:81,h:16},
{t:"26,013 ",p:33,x:851,y:545,w:63,h:16},
{t:"Auditors’ remuneration ",p:33,x:99,y:562,w:155,h:16},
{t:"  ",p:33,x:767,y:562,w:8,h:16},
{t:"• ",p:33,x:102,y:579,w:9,h:16},
{t:"fees payable to the auditor for the audit of parent Company and consolidated accounts ",p:33,x:126,y:580,w:513,h:14},
{t:"220  ",p:33,x:742,y:580,w:60,h:16},
{t:"253 ",p:33,x:871,y:580,w:42,h:16},
{t:"• ",p:33,x:102,y:596,w:9,h:16},
{t:"fees payable to the Company’s auditor and associates for other services ",p:33,x:126,y:598,w:429,h:14},
{t:"  ",p:33,x:767,y:597,w:8,h:16},
{t:"- ",p:33,x:126,y:614,w:8,h:14},
{t:"services relating to taxation ",p:33,x:149,y:614,w:164,h:14},
{t:"74  ",p:33,x:750,y:614,w:52,h:16},
{t:"11 ",p:33,x:880,y:614,w:34,h:16},
{t:"- ",p:33,x:126,y:631,w:9,h:16},
{t:"all other services ",p:33,x:149,y:631,w:104,h:16},
{t:"3  ",p:33,x:758,y:631,w:44,h:16},
{t:"10 ",p:33,x:880,y:631,w:34,h:16},
{t:"Depreciation of tangible fixed assets ",p:33,x:99,y:649,w:245,h:16},
{t:"1,177 ",p:33,x:729,y:649,w:41,h:16},
{t:"865 ",p:33,x:871,y:649,w:29,h:16},
{t:"Loss/(profit) on disposal of fixed assets ",p:33,x:99,y:666,w:263,h:16},
{t:"17 ",p:33,x:750,y:666,w:20,h:16},
{t:"(164) ",p:33,x:862,y:666,w:39,h:16},
{t:"Amortisation of intangibles ",p:33,x:99,y:683,w:180,h:16},
{t:"5,554 ",p:33,x:729,y:683,w:41,h:16},
{t:"4,622 ",p:33,x:859,y:683,w:41,h:16},
{t:"Operating lease rentals - land and buildings ",p:33,x:99,y:700,w:293,h:16},
{t:"1,790 ",p:33,x:729,y:700,w:41,h:16},
{t:"1,322 ",p:33,x:859,y:700,w:41,h:16},
{t:"                                       - other assets ",p:33,x:99,y:718,w:257,h:16},
{t:"456 ",p:33,x:742,y:718,w:29,h:16},
{t:"361 ",p:33,x:872,y:718,w:29,h:16},
{t:"Cost of inventories recognised as an expense within operating costs ",p:33,x:99,y:735,w:456,h:16},
{t:"1,123 ",p:33,x:729,y:735,w:41,h:16},
{t:"697 ",p:33,x:872,y:735,w:29,h:16},
{t:"Movement in inventory and trade receivables reserves ",p:33,x:99,y:752,w:364,h:16},
{t:"262 ",p:33,x:742,y:752,w:29,h:16},
{t:"(23) ",p:33,x:870,y:752,w:30,h:16},
{t:"Repair and maintenance expenditure on property, plant and equipment ",p:33,x:99,y:769,w:474,h:16},
{t:"165 ",p:33,x:742,y:769,w:29,h:16},
{t:"52 ",p:33,x:880,y:769,w:20,h:16},
{t:"Net foreign exchange losses/(profits) ",p:33,x:99,y:787,w:248,h:16},
{t:"255 ",p:33,x:742,y:787,w:29,h:16},
{t:"(3) ",p:33,x:878,y:787,w:22,h:16},
{t:"Research & development expenditure 6,686 ",p:33,x:99,y:804,w:1046,h:16},
{t:"5,916 ",p:33,x:859,y:804,w:416,h:16},
{t:"  ",p:33,x:767,y:821,w:8,h:16},
{t:"  ",p:33,x:767,y:841,w:5,h:11},
{t:"5a. Taxation ",p:33,x:99,y:852,w:90,h:16},
{t:"2009  ",p:33,x:733,y:852,w:69,h:16},
{t:"2008 ",p:33,x:863,y:852,w:51,h:16},
{t:"£000  ",p:33,x:733,y:870,w:69,h:16},
{t:"£000 ",p:33,x:863,y:870,w:51,h:16},
{t:"  ",p:33,x:767,y:887,w:5,h:11},
{t:"Current tax ",p:33,x:99,y:898,w:78,h:16},
{t:"1,702  ",p:33,x:729,y:898,w:73,h:16},
{t:"1,653 ",p:33,x:859,y:898,w:55,h:16},
{t:"Deferred tax ",p:33,x:99,y:916,w:86,h:16},
{t:"(1,808)  ",p:33,x:719,y:916,w:83,h:16},
{t:"(2,338) ",p:33,x:849,y:916,w:65,h:16},
{t:"Total taxation ",p:33,x:99,y:933,w:101,h:16},
{t:"(106)  ",p:33,x:732,y:933,w:70,h:16},
{t:"(685) ",p:33,x:862,y:933,w:39,h:16},
{t:" ",p:34,x:107,y:87,w:5,h:22},
{t:"34 ",p:34,x:104,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:34,x:149,y:105,w:547,h:22},
{t:"5b. Reconciliation of tax ",p:34,x:75,y:145,w:176,h:16},
{t:"2009  ",p:34,x:710,y:145,w:69,h:16},
{t:"2008 ",p:34,x:839,y:145,w:51,h:16},
{t:"£000  ",p:34,x:710,y:162,w:69,h:16},
{t:"£000 ",p:34,x:839,y:162,w:51,h:16},
{t:"  ",p:34,x:743,y:179,w:5,h:11},
{t:"Profit before tax ",p:34,x:76,y:191,w:110,h:16},
{t:"1,420  ",p:34,x:705,y:191,w:73,h:16},
{t:"1,955 ",p:34,x:835,y:191,w:55,h:16},
{t:"Tax on profit on ordinary activities at weighted average rate ",p:34,x:76,y:208,w:397,h:16},
{t:"426 ",p:34,x:718,y:208,w:29,h:16},
{t:"549 ",p:34,x:848,y:208,w:29,h:16},
{t:"  ",p:34,x:743,y:225,w:5,h:11},
{t:"Factors affecting charge for the period ",p:34,x:76,y:237,w:279,h:16},
{t:"  ",p:34,x:743,y:237,w:8,h:16},
{t:"  ",p:34,x:743,y:254,w:5,h:11},
{t:"Adjustment to tax charge in respect of prior year ",p:34,x:76,y:266,w:323,h:16},
{t:"(50) ",p:34,x:716,y:266,w:30,h:16},
{t:"(113) ",p:34,x:838,y:266,w:39,h:16},
{t:"Expenses not deductible for tax purposes ",p:34,x:76,y:283,w:279,h:16},
{t:"168 ",p:34,x:718,y:283,w:29,h:16},
{t:"124 ",p:34,x:848,y:283,w:29,h:16},
{t:"Adjustment to tax charge in respect of non-taxable income ",p:34,x:76,y:300,w:390,h:16},
{t:"(16) ",p:34,x:716,y:300,w:30,h:16},
{t:"(114) ",p:34,x:838,y:300,w:39,h:16},
{t:"Adjustment to tax charge in respect of foreign taxation ",p:34,x:76,y:318,w:362,h:16},
{t:"(2) ",p:34,x:725,y:318,w:22,h:16},
{t:"109 ",p:34,x:848,y:318,w:29,h:16},
{t:"Deferred tax assets recognised ",p:34,x:76,y:335,w:211,h:16},
{t:"(982) ",p:34,x:708,y:335,w:39,h:16},
{t:"(1,500) ",p:34,x:825,y:335,w:51,h:16},
{t:"Capital allowances for period (more)/less than depreciation ",p:34,x:76,y:352,w:395,h:16},
{t:"66 ",p:34,x:726,y:352,w:20,h:16},
{t:"627 ",p:34,x:848,y:352,w:29,h:16},
{t:"Differences in tax rates ",p:34,x:76,y:369,w:157,h:16},
{t:"132  ",p:34,x:718,y:369,w:60,h:16},
{t:"(303) ",p:34,x:838,y:369,w:52,h:16},
{t:"Other ",p:34,x:76,y:387,w:41,h:16},
{t:"152  ",p:34,x:718,y:387,w:60,h:16},
{t:"(64) ",p:34,x:846,y:387,w:44,h:16},
{t:"  ",p:34,x:743,y:404,w:5,h:11},
{t:"Total actual amount of tax ",p:34,x:76,y:416,w:190,h:16},
{t:"(106) ",p:34,x:708,y:416,w:39,h:16},
{t:"(685) ",p:34,x:838,y:416,w:39,h:16},
{t:"  ",p:34,x:743,y:436,w:8,h:16},
{t:"The weighted average tax rate for the Group for the year is 30.0% (FY07/08: 28.1%). No tax has ",p:34,x:76,y:453,w:643,h:16},
{t:"been charged/credited directly to equity. ",p:34,x:76,y:470,w:269,h:16},
{t:"  ",p:34,x:761,y:453,w:8,h:16},
{t:"  ",p:34,x:761,y:488,w:8,h:16},
{t:"  ",p:34,x:43,y:505,w:8,h:16},
{t:"5c. Unrecognised deferred tax asset ",p:34,x:75,y:522,w:261,h:16},
{t:"  ",p:34,x:648,y:522,w:8,h:16},
{t:"  ",p:34,x:849,y:539,w:8,h:16},
{t:"The Group has an unrecognised deferred tax asset of £20,847,000 (FY07/08: £13,937,000) as follows: ",p:34,x:75,y:557,w:684,h:16},
{t:"  ",p:34,x:625,y:574,w:8,h:16},
{t:"  ",p:34,x:849,y:574,w:8,h:16},
{t:"Group  ",p:34,x:625,y:591,w:242,h:16},
{t:"Company ",p:34,x:838,y:591,w:164,h:16},
{t:"2009  ",p:34,x:591,y:608,w:80,h:16},
{t:"2008  ",p:34,x:709,y:608,w:80,h:16},
{t:"2009  ",p:34,x:816,y:608,w:80,h:16},
{t:"2008 ",p:34,x:923,y:608,w:57,h:16},
{t:"£000  ",p:34,x:591,y:626,w:80,h:16},
{t:"£000  ",p:34,x:709,y:626,w:80,h:16},
{t:"£000  ",p:34,x:816,y:626,w:80,h:16},
{t:"£000 ",p:34,x:923,y:626,w:57,h:16},
{t:"  ",p:34,x:625,y:643,w:8,h:16},
{t:"  ",p:34,x:849,y:643,w:8,h:16},
{t:"Accelerated depreciation and amortisation of tangible and intangible ",p:34,x:75,y:660,w:455,h:16},
{t:"fixed assets ",p:34,x:75,y:677,w:83,h:16},
{t:"10,362 ",p:34,x:579,y:677,w:49,h:16},
{t:"  ",p:34,x:648,y:660,w:8,h:16},
{t:"7,812 ",p:34,x:705,y:677,w:41,h:16},
{t:"  ",p:34,x:766,y:660,w:8,h:16},
{t:"384 ",p:34,x:824,y:677,w:29,h:16},
{t:"  ",p:34,x:873,y:660,w:8,h:16},
{t:"88 ",p:34,x:940,y:677,w:20,h:16},
{t:"Short term timing differences including share based payments ",p:34,x:76,y:695,w:415,h:16},
{t:"896 ",p:34,x:599,y:695,w:29,h:16},
{t:"622 ",p:34,x:718,y:695,w:29,h:16},
{t:"280 ",p:34,x:824,y:695,w:29,h:16},
{t:"130 ",p:34,x:931,y:695,w:29,h:16},
{t:"Unrecognised deferred tax asset in respect of trading losses ",p:34,x:76,y:712,w:403,h:16},
{t:"8,208 ",p:34,x:587,y:712,w:41,h:16},
{t:"5,434 ",p:34,x:705,y:712,w:41,h:16},
{t:"410 ",p:34,x:824,y:712,w:29,h:16},
{t:"330 ",p:34,x:931,y:712,w:29,h:16},
{t:"Unrecognised deferred tax asset in respect of capital losses ",p:34,x:76,y:729,w:401,h:16},
{t:"1,381 ",p:34,x:587,y:729,w:41,h:16},
{t:"69 ",p:34,x:726,y:729,w:20,h:16},
{t:"1,381 ",p:34,x:812,y:729,w:41,h:16},
{t:"69 ",p:34,x:939,y:729,w:20,h:16},
{t:"20,847  ",p:34,x:579,y:747,w:93,h:16},
{t:"13,937 ",p:34,x:697,y:747,w:49,h:16},
{t:" 2,455 ",p:34,x:766,y:747,w:128,h:16},
{t:"617 ",p:34,x:931,y:747,w:29,h:16},
{t:"  ",p:34,x:625,y:767,w:8,h:16},
{t:"  ",p:34,x:849,y:767,w:8,h:16},
{t:"The tax charge in future periods will be reduced by the utilisation of brought forward trading losses. ",p:34,x:76,y:784,w:658,h:16},
{t:"  ",p:34,x:548,y:801,w:8,h:16},
{t:"  ",p:34,x:666,y:801,w:8,h:16},
{t:"  ",p:34,x:548,y:818,w:8,h:16},
{t:"  ",p:34,x:666,y:818,w:8,h:16},
{t:"6. Dividends ",p:34,x:76,y:835,w:92,h:16},
{t:"2009 ",p:34,x:591,y:835,w:37,h:16},
{t:" 2008 ",p:34,x:648,y:836,w:155,h:16},
{t:"2009 ",p:34,x:816,y:835,w:37,h:16},
{t:" 2008 ",p:34,x:873,y:836,w:133,h:16},
{t:"pence per ",p:34,x:554,y:853,w:74,h:16},
{t:"share ",p:34,x:585,y:870,w:44,h:16},
{t:" pence ",p:34,x:643,y:853,w:108,h:16},
{t:"per ",p:34,x:721,y:853,w:55,h:16},
{t:"share ",p:34,x:705,y:870,w:41,h:16},
{t:"£000 ",p:34,x:816,y:853,w:37,h:16},
{t:" £000 ",p:34,x:873,y:853,w:133,h:16},
{t:"Dividends paid: ",p:34,x:76,y:887,w:115,h:16},
{t:"  ",p:34,x:643,y:887,w:8,h:16},
{t:"  ",p:34,x:873,y:887,w:8,h:16},
{t:"Final dividend (2008) ",p:34,x:76,y:905,w:144,h:16},
{t:"0.50 ",p:34,x:596,y:904,w:33,h:16},
{t:" 0.50 ",p:34,x:643,y:905,w:171,h:16},
{t:"406 ",p:34,x:824,y:904,w:29,h:16},
{t:" 406 ",p:34,x:873,y:905,w:141,h:16},
{t:"Interim dividend (2009) ",p:34,x:76,y:922,w:157,h:16},
{t:"0.30 ",p:34,x:596,y:922,w:33,h:16},
{t:" 0.25 ",p:34,x:643,y:922,w:171,h:16},
{t:"244 ",p:34,x:824,y:922,w:29,h:16},
{t:" 203 ",p:34,x:873,y:922,w:141,h:16},
{t:"0.80  ",p:34,x:596,y:939,w:76,h:16},
{t:"0.75 ",p:34,x:714,y:939,w:33,h:16},
{t:" 650 ",p:34,x:766,y:939,w:140,h:16},
{t:"609 ",p:34,x:931,y:939,w:29,h:16},
{t:"  ",p:34,x:625,y:959,w:5,h:11},
{t:"  ",p:34,x:849,y:959,w:5,h:11},
{t:"Proposed but not recognised as a liability: ",p:34,x:76,y:971,w:306,h:16},
{t:"  ",p:34,x:625,y:971,w:8,h:16},
{t:"  ",p:34,x:849,y:971,w:8,h:16},
{t:"Final dividend ",p:34,x:76,y:988,w:96,h:16},
{t:"0.70  ",p:34,x:596,y:988,w:76,h:16},
{t:"0.50 ",p:34,x:714,y:988,w:33,h:16},
{t:" 569 ",p:34,x:766,y:988,w:140,h:16},
{t:"406 ",p:34,x:931,y:988,w:29,h:16},
{t:"  ",p:34,x:625,y:1008,w:8,h:16},
{t:"  ",p:34,x:849,y:1008,w:8,h:16},
{t:"The proposed final dividend was approved by the Board on 19 June 2009 but was not included as a liability as at 31 March 2009 in ",p:34,x:76,y:1043,w:872,h:16},
{t:"accordance with IAS 10 ‘Events after the Balance Sheet Date’.  If approved by the shareholders at the Annual General Meeting ",p:34,x:76,y:1060,w:874,h:16},
{t:"this final dividend will be payable on 28 August 2009 to shareholders on the register at the close of business on 24 July 2009. ",p:34,x:75,y:1077,w:834,h:16},
{t:"  ",p:35,x:457,y:89,w:10,h:22},
{t:"35 ",p:35,x:877,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:35,x:149,y:108,w:547,h:22},
{t:"7. Earnings per share ",p:35,x:78,y:148,w:156,h:16},
{t:"Earnings per share have been calculated on the profit on ordinary activities after tax divided by the weighted average ",p:35,x:78,y:182,w:804,h:16},
{t:"number of shares in issue during the period based on the following: ",p:35,x:78,y:200,w:450,h:16},
{t:" Results ",p:35,x:52,y:234,w:474,h:14},
{t:"before ",p:35,x:315,y:234,w:252,h:14},
{t:"amortisation and ",p:35,x:254,y:249,w:102,h:14},
{t:"notional interest ",p:35,x:259,y:265,w:97,h:14},
{t:"Amortisation, ",p:35,x:393,y:234,w:81,h:14},
{t:"exchange and ",p:35,x:387,y:249,w:87,h:14},
{t:"notional interest ",p:35,x:377,y:265,w:97,h:14},
{t:"Consolidated ",p:35,x:505,y:249,w:88,h:14},
{t:"income ",p:35,x:543,y:265,w:50,h:14},
{t:" Results ",p:35,x:613,y:234,w:108,h:14},
{t:"before ",p:35,x:693,y:234,w:69,h:14},
{t:"amortisation and ",p:35,x:632,y:249,w:102,h:14},
{t:"notional interest ",p:35,x:637,y:265,w:97,h:14},
{t:"Amortisation, ",p:35,x:771,y:234,w:81,h:14},
{t:"exchange and ",p:35,x:765,y:249,w:87,h:14},
{t:"notional interest ",p:35,x:755,y:265,w:97,h:14},
{t:"Consolidated ",p:35,x:883,y:249,w:88,h:14},
{t:"income ",p:35,x:921,y:265,w:50,h:14},
{t:"Year to ",p:35,x:310,y:280,w:46,h:14},
{t:"Year to ",p:35,x:428,y:280,w:46,h:14},
{t:"Year to ",p:35,x:544,y:280,w:48,h:14},
{t:"Year to ",p:35,x:688,y:280,w:46,h:14},
{t:"Year to ",p:35,x:806,y:280,w:46,h:14},
{t:"Year to ",p:35,x:922,y:280,w:48,h:14},
{t:"31 March 2009 ",p:35,x:264,y:295,w:92,h:14},
{t:"31 March 2009 ",p:35,x:382,y:295,w:92,h:14},
{t:"31 March 2009 ",p:35,x:498,y:295,w:94,h:14},
{t:"31 March 2008 ",p:35,x:642,y:295,w:92,h:14},
{t:"31 March 2008 ",p:35,x:760,y:295,w:92,h:14},
{t:"31 March 2008 ",p:35,x:876,y:295,w:94,h:14},
{t:" £000 ",p:35,x:52,y:311,w:572,h:14},
{t:"£000 ",p:35,x:442,y:311,w:300,h:14},
{t:"£000 ",p:35,x:560,y:311,w:33,h:14},
{t:" £000 £000 £000 ",p:35,x:613,y:311,w:358,h:14},
{t:"  ",p:35,x:353,y:326,w:7,h:14},
{t:"  ",p:35,x:731,y:326,w:7,h:14},
{t:"Profit attributable to ordinary ",p:35,x:52,y:341,w:171,h:14},
{t:"shareholders ",p:35,x:52,y:357,w:80,h:14},
{t:"7,560 ",p:35,x:320,y:357,w:36,h:14},
{t:"(6,034) ",p:35,x:429,y:357,w:45,h:14},
{t:"1,526 ",p:35,x:556,y:357,w:36,h:14},
{t:"  ",p:35,x:613,y:341,w:7,h:14},
{t:"7,738 ",p:35,x:698,y:357,w:36,h:14},
{t:"(5,098) ",p:35,x:807,y:357,w:45,h:14},
{t:"2,640 ",p:35,x:934,y:357,w:36,h:14},
{t:"  ",p:35,x:52,y:374,w:7,h:14},
{t:"  ",p:35,x:613,y:374,w:7,h:14},
{t:"Average number of shares in ",p:35,x:52,y:390,w:174,h:14},
{t:"issue ",p:35,x:52,y:405,w:34,h:14},
{t:"81,286,848 ",p:35,x:286,y:405,w:70,h:14},
{t:"81,286,848 ",p:35,x:405,y:405,w:70,h:14},
{t:"81,286,848 ",p:35,x:523,y:405,w:70,h:14},
{t:"  ",p:35,x:613,y:390,w:7,h:14},
{t:"81,116,320 ",p:35,x:664,y:405,w:70,h:14},
{t:"81,116,320 ",p:35,x:783,y:405,w:70,h:14},
{t:"81,116,320 ",p:35,x:901,y:405,w:70,h:14},
{t:"Effect of dilutive options ",p:35,x:52,y:420,w:144,h:14},
{t:"2,116,090 ",p:35,x:294,y:420,w:62,h:14},
{t:"2,116,090 ",p:35,x:412,y:420,w:62,h:14},
{t:"2,116,090 ",p:35,x:530,y:420,w:62,h:14},
{t:" 1,932,464 1,932,464 1,932,464 ",p:35,x:613,y:420,w:358,h:14},
{t:"Average number of shares in ",p:35,x:52,y:436,w:174,h:14},
{t:"issue plus dilutive options ",p:35,x:52,y:452,w:154,h:14},
{t:"83,402,938 ",p:35,x:286,y:452,w:70,h:14},
{t:"83,402,938 ",p:35,x:405,y:452,w:70,h:14},
{t:"83,402,938 ",p:35,x:523,y:452,w:70,h:14},
{t:"  ",p:35,x:613,y:436,w:7,h:14},
{t:"83,048,784 ",p:35,x:664,y:452,w:70,h:14},
{t:"83,048,784 ",p:35,x:783,y:452,w:70,h:14},
{t:"83,048,784 ",p:35,x:901,y:452,w:70,h:14},
{t:"  ",p:35,x:353,y:467,w:7,h:14},
{t:"  ",p:35,x:731,y:467,w:7,h:14},
{t:" Adjusted ",p:35,x:52,y:483,w:489,h:14},
{t:"EPS ",p:35,x:326,y:483,w:245,h:14},
{t:"EPS ",p:35,x:563,y:483,w:30,h:14},
{t:" Adjusted ",p:35,x:613,y:483,w:123,h:14},
{t:"EPS ",p:35,x:704,y:483,w:62,h:14},
{t:"EPS ",p:35,x:941,y:483,w:30,h:14},
{t:"Basic earnings per share ",p:35,x:52,y:498,w:150,h:14},
{t:"9.3p ",p:35,x:327,y:498,w:29,h:14},
{t:"1.9p ",p:35,x:563,y:498,w:30,h:14},
{t:" 9.5p  3.3p ",p:35,x:613,y:498,w:358,h:14},
{t:"Diluted earnings per share ",p:35,x:52,y:513,w:159,h:14},
{t:"9.1p ",p:35,x:327,y:513,w:29,h:14},
{t:"1.8p ",p:35,x:563,y:513,w:30,h:14},
{t:" 9.3p  3.2p ",p:35,x:613,y:513,w:358,h:14},
{t:"  ",p:35,x:353,y:531,w:7,h:14},
{t:"  ",p:35,x:731,y:531,w:7,h:14},
{t:"Adjusted earnings per share before amortisation of intangible assets and the notional interest and exchange differences ",p:35,x:78,y:547,w:803,h:16},
{t:"on the contingent consideration has been disclosed as the Directors consider this is helpful in assisting the reader to ",p:35,x:78,y:564,w:804,h:16},
{t:"understand the underlying performance of the Group. ",p:35,x:78,y:581,w:357,h:16},
{t:"8. Employees ",p:35,x:75,y:633,w:100,h:16},
{t:"  ",p:35,x:743,y:633,w:8,h:16},
{t:"  ",p:35,x:849,y:633,w:8,h:16},
{t:"The average monthly number of Group employees, including executive Directors, during the year was as follows: ",p:35,x:75,y:667,w:751,h:16},
{t:"  ",p:35,x:624,y:685,w:8,h:16},
{t:"                 Group ",p:35,x:489,y:702,w:116,h:16},
{t:"               Company ",p:35,x:772,y:702,w:131,h:16},
{t:"2009  ",p:35,x:509,y:719,w:80,h:16},
{t:"2008  ",p:35,x:638,y:719,w:80,h:16},
{t:"2009  ",p:35,x:780,y:719,w:80,h:16},
{t:"2008 ",p:35,x:923,y:719,w:56,h:16},
{t:"Number  ",p:35,x:489,y:736,w:100,h:16},
{t:"Number  ",p:35,x:619,y:736,w:100,h:16},
{t:"Number  ",p:35,x:760,y:736,w:100,h:16},
{t:"Number ",p:35,x:903,y:736,w:76,h:16},
{t:"Technical ",p:35,x:75,y:754,w:87,h:16},
{t:"and ",p:35,x:144,y:754,w:48,h:16},
{t:"sales ",p:35,x:173,y:754,w:58,h:16},
{t:"535  ",p:35,x:517,y:754,w:72,h:16},
{t:"540  ",p:35,x:647,y:754,w:72,h:16},
{t:"97  ",p:35,x:797,y:754,w:63,h:16},
{t:"86 ",p:35,x:939,y:754,w:40,h:16},
{t:"Administrative ",p:35,x:75,y:771,w:117,h:16},
{t:"68  ",p:35,x:525,y:771,w:63,h:16},
{t:"75  ",p:35,x:655,y:771,w:63,h:16},
{t:"18  ",p:35,x:797,y:771,w:63,h:16},
{t:"22 ",p:35,x:939,y:771,w:40,h:16},
{t:"Total ",p:35,x:75,y:788,w:59,h:16},
{t:"employees ",p:35,x:116,y:788,w:101,h:16},
{t:"603  ",p:35,x:517,y:788,w:72,h:16},
{t:"615  ",p:35,x:647,y:788,w:72,h:16},
{t:"115  ",p:35,x:789,y:788,w:72,h:16},
{t:"108 ",p:35,x:931,y:788,w:48,h:16},
{t:"  ",p:35,x:542,y:808,w:8,h:16},
{t:"  ",p:35,x:814,y:808,w:8,h:16},
{t:"Staff costs during the year, including executive Directors and excluding contractors, amounted to: ",p:35,x:76,y:825,w:648,h:16},
{t:"  ",p:35,x:542,y:843,w:8,h:16},
{t:"  ",p:35,x:814,y:843,w:8,h:16},
{t:"2009  ",p:35,x:509,y:860,w:80,h:16},
{t:"2008  ",p:35,x:638,y:860,w:80,h:16},
{t:"2009  ",p:35,x:780,y:860,w:80,h:16},
{t:"2008 ",p:35,x:923,y:860,w:56,h:16},
{t:"£000  ",p:35,x:509,y:877,w:80,h:16},
{t:"£000  ",p:35,x:638,y:877,w:80,h:16},
{t:"£000  ",p:35,x:780,y:877,w:80,h:16},
{t:"£000 ",p:35,x:923,y:877,w:56,h:16},
{t:"Wages and salaries ",p:35,x:76,y:894,w:135,h:16},
{t:"26,431  ",p:35,x:496,y:894,w:93,h:16},
{t:"23,026  ",p:35,x:626,y:894,w:93,h:16},
{t:"5,316  ",p:35,x:776,y:894,w:84,h:16},
{t:"3,954 ",p:35,x:919,y:894,w:61,h:16},
{t:"Social ",p:35,x:76,y:912,w:64,h:16},
{t:"security ",p:35,x:120,y:912,w:75,h:16},
{t:"costs ",p:35,x:176,y:912,w:58,h:16},
{t:"2,605  ",p:35,x:504,y:912,w:84,h:16},
{t:"2,312  ",p:35,x:634,y:912,w:84,h:16},
{t:"554  ",p:35,x:789,y:912,w:72,h:16},
{t:"457 ",p:35,x:931,y:912,w:48,h:16},
{t:"Other ",p:35,x:76,y:929,w:61,h:16},
{t:"pension ",p:35,x:117,y:929,w:76,h:16},
{t:"costs ",p:35,x:174,y:929,w:58,h:16},
{t:"558  ",p:35,x:517,y:929,w:72,h:16},
{t:"471  ",p:35,x:647,y:929,w:72,h:16},
{t:"116  ",p:35,x:789,y:929,w:72,h:16},
{t:"81 ",p:35,x:939,y:929,w:40,h:16},
{t:"Share based payments ",p:35,x:76,y:946,w:158,h:16},
{t:"401 ",p:35,x:517,y:946,w:29,h:16},
{t:"204 ",p:35,x:647,y:946,w:29,h:16},
{t:"233 ",p:35,x:789,y:946,w:29,h:16},
{t:"120 ",p:35,x:931,y:946,w:29,h:16},
{t:"Total staff costs ",p:35,x:76,y:964,w:119,h:16},
{t:"29,995  ",p:35,x:496,y:964,w:93,h:16},
{t:"26,013  ",p:35,x:626,y:964,w:93,h:16},
{t:"6,219  ",p:35,x:776,y:964,w:84,h:16},
{t:"4,612 ",p:35,x:919,y:964,w:61,h:16},
{t:"  ",p:35,x:542,y:984,w:8,h:16},
{t:"  ",p:35,x:814,y:984,w:8,h:16},
{t:"Key Management compensation: ",p:35,x:76,y:1001,w:223,h:16},
{t:"2009  ",p:35,x:509,y:1018,w:80,h:16},
{t:"2008  ",p:35,x:638,y:1018,w:80,h:16},
{t:"2009  ",p:35,x:780,y:1018,w:80,h:16},
{t:"2008 ",p:35,x:923,y:1018,w:56,h:16},
{t:"£000  ",p:35,x:509,y:1035,w:80,h:16},
{t:"£000  ",p:35,x:638,y:1035,w:80,h:16},
{t:"£000  ",p:35,x:780,y:1035,w:80,h:16},
{t:"£000 ",p:35,x:923,y:1035,w:56,h:16},
{t:"Salaries and short-term employee benefits ",p:35,x:76,y:1053,w:305,h:16},
{t:"1,622  ",p:35,x:504,y:1053,w:84,h:16},
{t:"2,207  ",p:35,x:634,y:1053,w:84,h:16},
{t:"773  ",p:35,x:789,y:1053,w:72,h:16},
{t:"1,176 ",p:35,x:919,y:1053,w:61,h:16},
{t:"Post-employment ",p:35,x:76,y:1070,w:140,h:16},
{t:"benefits ",p:35,x:196,y:1070,w:76,h:16},
{t:"55  ",p:35,x:525,y:1070,w:63,h:16},
{t:"45  ",p:35,x:655,y:1070,w:63,h:16},
{t:"51  ",p:35,x:797,y:1070,w:63,h:16},
{t:"40 ",p:35,x:939,y:1070,w:40,h:16},
{t:"Share based payments ",p:35,x:76,y:1087,w:158,h:16},
{t:"246 ",p:35,x:517,y:1087,w:29,h:16},
{t:"133 ",p:35,x:647,y:1087,w:29,h:16},
{t:"115 ",p:35,x:789,y:1087,w:29,h:16},
{t:"86 ",p:35,x:939,y:1087,w:20,h:16},
{t:"Total key management compensation ",p:35,x:76,y:1105,w:291,h:16},
{t:"1,923  ",p:35,x:504,y:1105,w:84,h:16},
{t:"2,385  ",p:35,x:634,y:1105,w:84,h:16},
{t:"939  ",p:35,x:789,y:1105,w:72,h:16},
{t:"1,302 ",p:35,x:919,y:1105,w:61,h:16},
{t:"  ",p:35,x:542,y:1125,w:8,h:16},
{t:"  ",p:35,x:814,y:1125,w:8,h:16},
{t:"The key management compensation figures above include a total of 16 (FY07/08: 15) Directors and divisional management ",p:35,x:78,y:1142,w:869,h:16},
{t:"personnel.  For Directors’ emoluments disclosure please see the Remuneration Report. ",p:35,x:78,y:1159,w:583,h:16},
{t:" ",p:36,x:107,y:87,w:5,h:22},
{t:"36 ",p:36,x:104,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:36,x:149,y:105,w:547,h:22},
{t:"9. Pension scheme costs ",p:36,x:102,y:145,w:182,h:16},
{t:"The Group operates a number of defined contribution schemes in the United Kingdom and overseas.  The total ",p:36,x:102,y:170,w:782,h:16},
{t:"contributions payable in respect of these schemes amounted to £558,000 (FY07/08: £471,000).  There were neither ",p:36,x:102,y:187,w:780,h:16},
{t:"outstanding nor prepaid contributions at 31 March 2009 (31 March 2008: nil) in respect of the above schemes. ",p:36,x:102,y:204,w:733,h:16},
{t:"10. Goodwill ",p:36,x:102,y:239,w:92,h:16},
{t:"Movements during the year are summarised as follows: ",p:36,x:111,y:264,w:371,h:16},
{t:"2009  ",p:36,x:672,y:281,w:79,h:16},
{t:"2008 ",p:36,x:809,y:281,w:56,h:16},
{t:"£000  ",p:36,x:672,y:298,w:79,h:16},
{t:"£000 ",p:36,x:809,y:298,w:56,h:16},
{t:"Group ",p:36,x:111,y:316,w:49,h:16},
{t:"Cost ",p:36,x:111,y:333,w:37,h:16},
{t:"At April 1 ",p:36,x:111,y:350,w:65,h:16},
{t:"27,720  ",p:36,x:660,y:350,w:92,h:16},
{t:"24,587 ",p:36,x:796,y:350,w:69,h:16},
{t:"Acquisitions ",p:36,x:111,y:367,w:84,h:16},
{t:"-  ",p:36,x:701,y:367,w:51,h:16},
{t:"93 ",p:36,x:825,y:367,w:39,h:16},
{t:"Adjustments ",p:36,x:111,y:385,w:86,h:16},
{t:"732  ",p:36,x:681,y:385,w:71,h:16},
{t:"935 ",p:36,x:817,y:385,w:48,h:16},
{t:"Foreign exchange differences ",p:36,x:111,y:402,w:201,h:16},
{t:"6,098 ",p:36,x:668,y:402,w:41,h:16},
{t:"2,105 ",p:36,x:805,y:402,w:41,h:16},
{t:"At 31 March ",p:36,x:111,y:419,w:89,h:16},
{t:"34,550 ",p:36,x:660,y:419,w:50,h:16},
{t:"27,720 ",p:36,x:796,y:420,w:49,h:16},
{t:"  ",p:36,x:706,y:439,w:8,h:16},
{t:"The carrying amounts of goodwill by geography are as follows: ",p:36,x:111,y:457,w:419,h:16},
{t:"2009  ",p:36,x:672,y:474,w:79,h:16},
{t:"2008 ",p:36,x:809,y:474,w:56,h:16},
{t:"£000  ",p:36,x:672,y:491,w:79,h:16},
{t:"£000 ",p:36,x:809,y:491,w:56,h:16},
{t:"  ",p:36,x:706,y:508,w:8,h:16},
{t:"Europe ",p:36,x:111,y:526,w:52,h:16},
{t:"20,213  ",p:36,x:660,y:526,w:92,h:16},
{t:"17,104 ",p:36,x:796,y:526,w:69,h:16},
{t:"USA ",p:36,x:111,y:543,w:35,h:16},
{t:"7,865  ",p:36,x:668,y:543,w:83,h:16},
{t:"5,669 ",p:36,x:805,y:543,w:60,h:16},
{t:"Asia ",p:36,x:111,y:560,w:33,h:16},
{t:"6,472  ",p:36,x:668,y:560,w:83,h:16},
{t:"4,947 ",p:36,x:805,y:560,w:60,h:16},
{t:"34,550 ",p:36,x:660,y:578,w:49,h:16},
{t:" 27,720 ",p:36,x:729,y:578,w:180,h:16},
{t:"  ",p:36,x:706,y:597,w:8,h:16},
{t:"Goodwill acquired in a business combination is allocated, on acquisition, to the geographic area that is expected to ",p:36,x:102,y:615,w:780,h:16},
{t:"benefit from the business combination.  The Group tests goodwill annually for impairment and all of the recoverable ",p:36,x:102,y:632,w:780,h:16},
{t:"amounts were measured based on value in use. ",p:36,x:102,y:649,w:323,h:16},
{t:"The key assumptions for the value in use calculations are those regarding the gross margin, discount and growth ",p:36,x:102,y:678,w:781,h:16},
{t:"rates.  Management estimate discount rates using pre-tax rates that reflect current market assessments of the time ",p:36,x:102,y:695,w:780,h:16},
{t:"value of money and the risks specific to the software industry.  The discount rate used was 8.5% and management ",p:36,x:102,y:712,w:780,h:16},
{t:"have forecast 5 years of cash flows.  A growth rate of 3% to perpetuity has been used. ",p:36,x:102,y:730,w:576,h:16},
{t:"Given the underlying performance of the assets to which the goodwill relates, management are confident that no ",p:36,x:102,y:758,w:781,h:16},
{t:"impairment of goodwill exists at the balance sheet date.  For all three divisions, future performance would need to ",p:36,x:102,y:776,w:781,h:16},
{t:"deteriorate markedly for the value in use to fall below the carrying value.  The headroom indicated by the annual ",p:36,x:102,y:793,w:781,h:16},
{t:"impairment reviews is significant. ",p:36,x:102,y:810,w:223,h:16},
{t:"11. Other intangible assets ",p:36,x:102,y:839,w:195,h:16},
{t:"Movements during the year are summarised as follows: ",p:36,x:102,y:864,w:371,h:16},
{t:"2009 2009 ",p:36,x:336,y:889,w:239,h:14},
{t:"2009 2008 2008 ",p:36,x:546,y:889,w:359,h:14},
{t:"2008 ",p:36,x:876,y:889,w:119,h:14},
{t:" Intellectual ",p:36,x:83,y:904,w:500,h:14},
{t:"property ",p:36,x:317,y:919,w:52,h:14},
{t:"Customer base ",p:36,x:395,y:919,w:93,h:14},
{t:"Total ",p:36,x:546,y:919,w:33,h:14},
{t:" Intellectual ",p:36,x:595,y:904,w:136,h:14},
{t:"property ",p:36,x:647,y:919,w:52,h:14},
{t:"Customer base ",p:36,x:725,y:919,w:93,h:14},
{t:"Total ",p:36,x:876,y:919,w:33,h:14},
{t:"£000 £000 ",p:36,x:336,y:935,w:239,h:14},
{t:"£000 £000 £000 ",p:36,x:546,y:935,w:359,h:14},
{t:"£000 ",p:36,x:876,y:935,w:119,h:14},
{t:"Group ",p:36,x:83,y:950,w:43,h:14},
{t:"  ",p:36,x:365,y:950,w:7,h:14},
{t:"  ",p:36,x:695,y:950,w:7,h:14},
{t:"Cost ",p:36,x:83,y:965,w:33,h:14},
{t:"  ",p:36,x:365,y:965,w:7,h:14},
{t:"  ",p:36,x:695,y:965,w:7,h:14},
{t:"At 1 April ",p:36,x:83,y:981,w:57,h:14},
{t:"18,766 ",p:36,x:325,y:981,w:44,h:14},
{t:"10,375 ",p:36,x:445,y:981,w:44,h:14},
{t:"29,141 ",p:36,x:535,y:981,w:44,h:14},
{t:"16,958 ",p:36,x:655,y:981,w:44,h:14},
{t:"8,962 ",p:36,x:782,y:981,w:36,h:14},
{t:"25,920 ",p:36,x:865,y:981,w:44,h:14},
{t:"Foreign exchange differences ",p:36,x:83,y:996,w:179,h:14},
{t:"3,501 ",p:36,x:332,y:996,w:36,h:14},
{t:"1,561 ",p:36,x:452,y:996,w:36,h:14},
{t:"5,062 ",p:36,x:542,y:996,w:36,h:14},
{t:"1,808 ",p:36,x:662,y:996,w:36,h:14},
{t:"1,413 ",p:36,x:782,y:996,w:36,h:14},
{t:"3,221 ",p:36,x:872,y:996,w:36,h:14},
{t:"At 31 March ",p:36,x:83,y:1015,w:79,h:14},
{t:"22,267 ",p:36,x:325,y:1015,w:44,h:14},
{t:"11,936 ",p:36,x:445,y:1015,w:44,h:14},
{t:"34,203 ",p:36,x:535,y:1015,w:44,h:14},
{t:"18,766 10,375 ",p:36,x:655,y:1015,w:239,h:14},
{t:"29,141 ",p:36,x:865,y:1015,w:119,h:14},
{t:"Amortisation ",p:36,x:83,y:1032,w:85,h:14},
{t:"  ",p:36,x:365,y:1032,w:7,h:14},
{t:"  ",p:36,x:695,y:1032,w:7,h:14},
{t:"At 1 April ",p:36,x:83,y:1047,w:57,h:14},
{t:"8,281 ",p:36,x:332,y:1047,w:36,h:14},
{t:"3,412 ",p:36,x:452,y:1047,w:36,h:14},
{t:"11,693 ",p:36,x:535,y:1047,w:44,h:14},
{t:"4,973 ",p:36,x:662,y:1047,w:36,h:14},
{t:"1,177 ",p:36,x:782,y:1047,w:36,h:14},
{t:"6,150 ",p:36,x:872,y:1047,w:36,h:14},
{t:"Charge for the year ",p:36,x:83,y:1062,w:118,h:14},
{t:"3,395 ",p:36,x:332,y:1062,w:36,h:14},
{t:"2,159 ",p:36,x:452,y:1062,w:36,h:14},
{t:"5,554 ",p:36,x:542,y:1062,w:36,h:14},
{t:"2,830 ",p:36,x:662,y:1062,w:36,h:14},
{t:"1,792 ",p:36,x:782,y:1062,w:36,h:14},
{t:"4,622 ",p:36,x:872,y:1062,w:36,h:14},
{t:"Foreign exchange differences ",p:36,x:83,y:1078,w:179,h:14},
{t:"2,116 ",p:36,x:332,y:1078,w:36,h:14},
{t:"719 ",p:36,x:463,y:1078,w:25,h:14},
{t:"2,835 ",p:36,x:542,y:1078,w:36,h:14},
{t:"478 ",p:36,x:673,y:1078,w:25,h:14},
{t:"443 ",p:36,x:793,y:1078,w:25,h:14},
{t:"921 ",p:36,x:883,y:1078,w:25,h:14},
{t:"At 31 March ",p:36,x:83,y:1097,w:79,h:14},
{t:"13,792 ",p:36,x:325,y:1097,w:44,h:14},
{t:"6,290 ",p:36,x:452,y:1097,w:37,h:14},
{t:"20,082 ",p:36,x:535,y:1097,w:44,h:14},
{t:" 8,281 ",p:36,x:595,y:1097,w:167,h:14},
{t:"3,412 ",p:36,x:782,y:1097,w:100,h:14},
{t:"11,693 ",p:36,x:865,y:1097,w:107,h:14},
{t:"Net book amount ",p:36,x:83,y:1112,w:112,h:14},
{t:"  ",p:36,x:595,y:1112,w:7,h:14},
{t:"At 31 March ",p:36,x:83,y:1128,w:79,h:14},
{t:"8,475 ",p:36,x:332,y:1128,w:37,h:14},
{t:"5,646 ",p:36,x:452,y:1128,w:37,h:14},
{t:"14,121 ",p:36,x:535,y:1128,w:44,h:14},
{t:" 10,485 ",p:36,x:595,y:1128,w:159,h:14},
{t:"6,963 17,448 ",p:36,x:782,y:1128,w:182,h:14},
{t:"  ",p:36,x:83,y:1146,w:7,h:14},
{t:"  ",p:36,x:595,y:1146,w:7,h:14},
{t:"All amortisation charges in the year have been charged through operating expenses in the income statement. ",p:36,x:102,y:1161,w:728,h:16},
{t:"  ",p:37,x:457,y:89,w:10,h:22},
{t:"37 ",p:37,x:877,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:37,x:149,y:108,w:547,h:22},
{t:"12. Property, plant and equipment ",p:37,x:102,y:148,w:245,h:16},
{t:"Movements during the year are summarised as follows: ",p:37,x:102,y:182,w:371,h:16},
{t:" 2009 ",p:37,x:75,y:217,w:614,h:16},
{t:"2009 ",p:37,x:483,y:217,w:323,h:16},
{t:"2009 ",p:37,x:576,y:217,w:323,h:16},
{t:"2008 ",p:37,x:712,y:217,w:323,h:16},
{t:"2008 ",p:37,x:829,y:217,w:323,h:16},
{t:"2008 ",p:37,x:922,y:217,w:323,h:16},
{t:" Leasehold ",p:37,x:75,y:234,w:578,h:16},
{t:"improvements ",p:37,x:305,y:251,w:98,h:16},
{t:"Fixtures, ",p:37,x:459,y:234,w:61,h:16},
{t:"fittings and ",p:37,x:444,y:251,w:76,h:16},
{t:"equipment ",p:37,x:446,y:269,w:74,h:16},
{t:"Total ",p:37,x:576,y:251,w:37,h:16},
{t:" Leasehold ",p:37,x:633,y:234,w:155,h:16},
{t:"improvements ",p:37,x:651,y:251,w:98,h:16},
{t:"Fixtures, ",p:37,x:805,y:234,w:61,h:16},
{t:"fittings and ",p:37,x:790,y:251,w:76,h:16},
{t:"equipment ",p:37,x:792,y:269,w:74,h:16},
{t:"Total ",p:37,x:922,y:251,w:37,h:16},
{t:" £000 ",p:37,x:75,y:286,w:614,h:16},
{t:"£000 ",p:37,x:483,y:286,w:323,h:16},
{t:"£000 ",p:37,x:576,y:286,w:323,h:16},
{t:"£000 ",p:37,x:712,y:286,w:323,h:16},
{t:"£000 ",p:37,x:829,y:286,w:323,h:16},
{t:"£000 ",p:37,x:922,y:286,w:323,h:16},
{t:"Group ",p:37,x:75,y:303,w:49,h:16},
{t:"  ",p:37,x:399,y:303,w:8,h:16},
{t:"Cost ",p:37,x:75,y:320,w:37,h:16},
{t:"  ",p:37,x:399,y:320,w:8,h:16},
{t:"At 1 April ",p:37,x:75,y:338,w:65,h:16},
{t:"547 ",p:37,x:374,y:338,w:29,h:16},
{t:"3,457 ",p:37,x:479,y:338,w:41,h:16},
{t:"4,004  ",p:37,x:572,y:338,w:84,h:16},
{t:"386 ",p:37,x:720,y:338,w:48,h:16},
{t:"3,424 ",p:37,x:825,y:338,w:61,h:16},
{t:"3,810 ",p:37,x:918,y:338,w:61,h:16},
{t:"On acquisition ",p:37,x:75,y:355,w:99,h:16},
{t:"- ",p:37,x:395,y:355,w:9,h:16},
{t:"- ",p:37,x:512,y:355,w:9,h:16},
{t:"- ",p:37,x:604,y:355,w:9,h:16},
{t:"- ",p:37,x:740,y:355,w:9,h:16},
{t:"- ",p:37,x:857,y:355,w:9,h:16},
{t:"- ",p:37,x:951,y:355,w:9,h:16},
{t:"Additions 593 ",p:37,x:75,y:372,w:561,h:16},
{t:"1,033 ",p:37,x:479,y:372,w:274,h:16},
{t:"1,626 ",p:37,x:572,y:372,w:274,h:16},
{t:"184 ",p:37,x:720,y:372,w:262,h:16},
{t:"1,040 ",p:37,x:825,y:372,w:274,h:16},
{t:"1,224 ",p:37,x:918,y:372,w:274,h:16},
{t:"Disposals (399) ",p:37,x:75,y:389,w:548,h:16},
{t:"(1,325) ",p:37,x:469,y:389,w:271,h:16},
{t:"(1,724)  ",p:37,x:562,y:389,w:94,h:16},
{t:"(65) ",p:37,x:718,y:389,w:50,h:16},
{t:"(1,196) ",p:37,x:815,y:389,w:71,h:16},
{t:"(1,261) ",p:37,x:908,y:389,w:71,h:16},
{t:"Foreign exchange differences ",p:37,x:75,y:407,w:201,h:16},
{t:"152 ",p:37,x:374,y:407,w:29,h:16},
{t:"1,074 ",p:37,x:479,y:407,w:41,h:16},
{t:"1,226 ",p:37,x:572,y:407,w:41,h:16},
{t:"42 ",p:37,x:728,y:407,w:20,h:16},
{t:"189 ",p:37,x:837,y:407,w:29,h:16},
{t:"231 ",p:37,x:930,y:407,w:29,h:16},
{t:"  ",p:37,x:399,y:424,w:5,h:11},
{t:"At 31 March  ",p:37,x:76,y:436,w:93,h:16},
{t:"893 ",p:37,x:374,y:436,w:29,h:16},
{t:"4,239 ",p:37,x:479,y:436,w:41,h:16},
{t:"5,132 ",p:37,x:572,y:436,w:41,h:16},
{t:" 547 3,457 ",p:37,x:633,y:436,w:316,h:16},
{t:"4,004 ",p:37,x:918,y:436,w:124,h:16},
{t:"  ",p:37,x:399,y:453,w:5,h:11},
{t:"Depreciation ",p:37,x:76,y:464,w:95,h:16},
{t:"  ",p:37,x:399,y:464,w:8,h:16},
{t:"At 1 April ",p:37,x:76,y:482,w:65,h:16},
{t:"297 ",p:37,x:374,y:482,w:29,h:16},
{t:"1,919 ",p:37,x:479,y:482,w:41,h:16},
{t:"2,216  ",p:37,x:572,y:482,w:84,h:16},
{t:"217 ",p:37,x:720,y:482,w:48,h:16},
{t:"2,112 ",p:37,x:825,y:482,w:61,h:16},
{t:"2,329 ",p:37,x:918,y:482,w:61,h:16},
{t:"Charge for the year ",p:37,x:76,y:499,w:133,h:16},
{t:"86 ",p:37,x:383,y:499,w:20,h:16},
{t:"1,091 ",p:37,x:479,y:499,w:41,h:16},
{t:"1,177 ",p:37,x:572,y:499,w:41,h:16},
{t:"47 ",p:37,x:728,y:499,w:20,h:16},
{t:"818 ",p:37,x:837,y:499,w:29,h:16},
{t:"865 ",p:37,x:930,y:499,w:29,h:16},
{t:"Disposals (399) ",p:37,x:76,y:516,w:548,h:16},
{t:"(1,308) ",p:37,x:469,y:516,w:271,h:16},
{t:"(1,707)  ",p:37,x:562,y:516,w:94,h:16},
{t:"- ",p:37,x:740,y:516,w:28,h:16},
{t:"(1,097) ",p:37,x:815,y:516,w:71,h:16},
{t:"(1,097) ",p:37,x:908,y:516,w:71,h:16},
{t:"Foreign exchange differences ",p:37,x:76,y:533,w:201,h:16},
{t:"67 ",p:37,x:383,y:533,w:20,h:16},
{t:"786 ",p:37,x:491,y:533,w:29,h:16},
{t:"853 ",p:37,x:584,y:533,w:29,h:16},
{t:"33 ",p:37,x:728,y:533,w:20,h:16},
{t:"86 ",p:37,x:845,y:533,w:20,h:16},
{t:"119 ",p:37,x:930,y:533,w:29,h:16},
{t:"  ",p:37,x:399,y:551,w:5,h:11},
{t:"At 31 March  ",p:37,x:76,y:563,w:93,h:16},
{t:"51 ",p:37,x:383,y:563,w:20,h:16},
{t:"2,488 ",p:37,x:479,y:563,w:41,h:16},
{t:"2,539 ",p:37,x:572,y:563,w:41,h:16},
{t:" 297 1,919 ",p:37,x:633,y:563,w:316,h:16},
{t:"2,216 ",p:37,x:918,y:563,w:124,h:16},
{t:"  ",p:37,x:399,y:580,w:5,h:11},
{t:"Net book amount ",p:37,x:76,y:591,w:126,h:16},
{t:"  ",p:37,x:633,y:591,w:8,h:16},
{t:"At 31 March  ",p:37,x:76,y:611,w:93,h:16},
{t:"842 ",p:37,x:374,y:611,w:29,h:16},
{t:"1,751 ",p:37,x:479,y:611,w:41,h:16},
{t:"2,593 ",p:37,x:572,y:611,w:41,h:16},
{t:" 250 1,538 ",p:37,x:633,y:611,w:316,h:16},
{t:"1,788 ",p:37,x:918,y:611,w:124,h:16},
{t:"  ",p:37,x:76,y:630,w:8,h:16},
{t:"Company ",p:37,x:76,y:648,w:72,h:16},
{t:"  ",p:37,x:399,y:648,w:8,h:16},
{t:"Cost ",p:37,x:76,y:665,w:37,h:16},
{t:"  ",p:37,x:399,y:665,w:8,h:16},
{t:"At 1 April ",p:37,x:76,y:682,w:65,h:16},
{t:"180 ",p:37,x:374,y:682,w:29,h:16},
{t:"1,564 ",p:37,x:479,y:682,w:41,h:16},
{t:"1,744  ",p:37,x:572,y:682,w:84,h:16},
{t:"- ",p:37,x:740,y:682,w:28,h:16},
{t:"1,427 ",p:37,x:825,y:682,w:61,h:16},
{t:"1,427 ",p:37,x:918,y:682,w:61,h:16},
{t:"Additions 5 ",p:37,x:76,y:699,w:578,h:16},
{t:"113 ",p:37,x:491,y:699,w:279,h:16},
{t:"118 ",p:37,x:584,y:699,w:279,h:16},
{t:"180 ",p:37,x:720,y:699,w:279,h:16},
{t:"296 ",p:37,x:837,y:699,w:279,h:16},
{t:"476 ",p:37,x:931,y:699,w:279,h:16},
{t:"Disposals - ",p:37,x:76,y:717,w:578,h:16},
{t:"(179) ",p:37,x:482,y:717,w:289,h:16},
{t:"(179) ",p:37,x:574,y:717,w:289,h:16},
{t:"- ",p:37,x:740,y:717,w:259,h:16},
{t:"(159) ",p:37,x:827,y:717,w:289,h:16},
{t:"(159) ",p:37,x:921,y:717,w:289,h:16},
{t:"  ",p:37,x:399,y:734,w:5,h:11},
{t:"At 31 March  ",p:37,x:76,y:746,w:93,h:16},
{t:"185 ",p:37,x:374,y:746,w:29,h:16},
{t:"1,498 ",p:37,x:479,y:746,w:41,h:16},
{t:"1,683 ",p:37,x:572,y:746,w:41,h:16},
{t:" 180 1,564 ",p:37,x:633,y:746,w:316,h:16},
{t:"1,744 ",p:37,x:918,y:746,w:124,h:16},
{t:"  ",p:37,x:399,y:763,w:5,h:11},
{t:"Depreciation ",p:37,x:76,y:775,w:95,h:16},
{t:"  ",p:37,x:399,y:775,w:8,h:16},
{t:"At 1 April ",p:37,x:76,y:792,w:65,h:16},
{t:"8 ",p:37,x:391,y:792,w:12,h:16},
{t:"1,152 ",p:37,x:479,y:792,w:41,h:16},
{t:"1,160  ",p:37,x:572,y:792,w:84,h:16},
{t:"- ",p:37,x:740,y:792,w:28,h:16},
{t:"1,064 ",p:37,x:825,y:792,w:61,h:16},
{t:"1,064 ",p:37,x:918,y:792,w:61,h:16},
{t:"Charge for the year ",p:37,x:76,y:809,w:133,h:16},
{t:"19 ",p:37,x:383,y:809,w:20,h:16},
{t:"231 ",p:37,x:491,y:809,w:29,h:16},
{t:"250 ",p:37,x:584,y:809,w:29,h:16},
{t:"8 ",p:37,x:737,y:809,w:12,h:16},
{t:"246 ",p:37,x:837,y:809,w:29,h:16},
{t:"254 ",p:37,x:931,y:809,w:29,h:16},
{t:"Disposals - ",p:37,x:76,y:826,w:578,h:16},
{t:"(178) ",p:37,x:482,y:826,w:289,h:16},
{t:"(178) ",p:37,x:574,y:826,w:289,h:16},
{t:"- ",p:37,x:740,y:826,w:259,h:16},
{t:"(158) ",p:37,x:827,y:826,w:289,h:16},
{t:"(158) ",p:37,x:921,y:826,w:289,h:16},
{t:"  ",p:37,x:399,y:844,w:5,h:11},
{t:"At 31 March  ",p:37,x:76,y:855,w:93,h:16},
{t:"27 ",p:37,x:383,y:855,w:20,h:16},
{t:"1,205 ",p:37,x:479,y:855,w:41,h:16},
{t:"1,232 ",p:37,x:572,y:855,w:41,h:16},
{t:" 8 ",p:37,x:633,y:856,w:216,h:16},
{t:"1,152 ",p:37,x:825,y:856,w:141,h:16},
{t:"1,160 ",p:37,x:918,y:856,w:141,h:16},
{t:"  ",p:37,x:399,y:873,w:5,h:11},
{t:"Net book amount ",p:37,x:76,y:884,w:126,h:16},
{t:"  ",p:37,x:633,y:884,w:8,h:16},
{t:"At 31 March  ",p:37,x:76,y:904,w:93,h:16},
{t:"158 ",p:37,x:374,y:904,w:29,h:16},
{t:"293 ",p:37,x:491,y:904,w:29,h:16},
{t:"451 ",p:37,x:584,y:904,w:29,h:16},
{t:" 172 412 584 ",p:37,x:633,y:904,w:410,h:16},
{t:"  ",p:37,x:76,y:923,w:8,h:16},
{t:" ",p:38,x:107,y:87,w:5,h:22},
{t:"38 ",p:38,x:104,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:38,x:149,y:105,w:547,h:22},
{t:"13. Investments ",p:38,x:102,y:145,w:116,h:16},
{t:"Company  ",p:38,x:702,y:180,w:100,h:16},
{t:"Company ",p:38,x:841,y:180,w:82,h:16},
{t:"2009  ",p:38,x:733,y:197,w:80,h:16},
{t:"2008 ",p:38,x:872,y:197,w:57,h:16},
{t:"£000  ",p:38,x:733,y:214,w:80,h:16},
{t:"£000 ",p:38,x:872,y:214,w:57,h:16},
{t:"Investment in shares in subsidiary undertakings ",p:38,x:111,y:231,w:348,h:16},
{t:"At April 1 ",p:38,x:111,y:249,w:65,h:16},
{t:"46,987  ",p:38,x:720,y:249,w:93,h:16},
{t:"55,422 ",p:38,x:859,y:249,w:69,h:16},
{t:"Adjustment to deferred consideration 732 ",p:38,x:111,y:266,w:1040,h:16},
{t:"2,188 ",p:38,x:868,y:266,w:422,h:16},
{t:"Adjustments and impairments ",p:38,x:111,y:283,w:201,h:16},
{t:"485 ",p:38,x:741,y:283,w:29,h:16},
{t:"(10,623) ",p:38,x:849,y:283,w:60,h:16},
{t:"Repayment of capital ",p:38,x:111,y:300,w:145,h:16},
{t:"(2,872) ",p:38,x:719,y:300,w:51,h:16},
{t:"- ",p:38,x:900,y:300,w:9,h:16},
{t:"  ",p:38,x:766,y:317,w:5,h:11},
{t:"At 31 March ",p:38,x:111,y:331,w:89,h:16},
{t:"45,332  ",p:38,x:720,y:331,w:93,h:16},
{t:"46,987 ",p:38,x:859,y:331,w:69,h:16},
{t:"  ",p:38,x:766,y:349,w:8,h:16},
{t:"The adjustments in 2009 relate to additional investment in Asia and the adjustments in 2008 arise from the balance ",p:38,x:111,y:366,w:766,h:16},
{t:"sheet reconstruction discussed in note 24. ",p:38,x:111,y:383,w:284,h:16},
{t:"  ",p:38,x:766,y:401,w:8,h:16},
{t:"The principal subsidiary undertakings of the Group as at 31 March 2009 were as follows: ",p:38,x:111,y:418,w:591,h:16},
{t:"Trading ",p:38,x:111,y:487,w:59,h:16},
{t:"Country of incorporation/ ",p:38,x:579,y:452,w:168,h:16},
{t:"registration ",p:38,x:669,y:470,w:78,h:16},
{t:"% of equity ",p:38,x:831,y:435,w:78,h:16},
{t:"and voting rights ",p:38,x:795,y:452,w:114,h:16},
{t:"held at ",p:38,x:860,y:470,w:49,h:16},
{t:"31 March 2009 ",p:38,x:805,y:487,w:104,h:16},
{t:"  ",p:38,x:743,y:504,w:8,h:16},
{t:"Kewill Inc ",p:38,x:111,y:521,w:67,h:16},
{t:"USA  ",p:38,x:712,y:521,w:78,h:16},
{t:"100 ",p:38,x:880,y:521,w:48,h:16},
{t:"Kewill Holding B.V ",p:38,x:111,y:539,w:126,h:16},
{t:"Netherlands ",p:38,x:662,y:539,w:85,h:16},
{t:"100 ",p:38,x:880,y:539,w:29,h:16},
{t:"Kewill B.V (a) ",p:38,x:111,y:556,w:94,h:16},
{t:"Netherlands ",p:38,x:662,y:556,w:85,h:16},
{t:"100 ",p:38,x:880,y:556,w:29,h:16},
{t:"Kewill Belgium N.V (a) ",p:38,x:111,y:573,w:153,h:16},
{t:"Belgium ",p:38,x:689,y:573,w:58,h:16},
{t:"100 ",p:38,x:880,y:573,w:29,h:16},
{t:"Kewill GmbH  ",p:38,x:111,y:590,w:95,h:16},
{t:"Germany ",p:38,x:681,y:590,w:65,h:16},
{t:"100 ",p:38,x:880,y:590,w:29,h:16},
{t:"Kewill Service Logistics B.V ",p:38,x:111,y:608,w:188,h:16},
{t:"Netherlands ",p:38,x:662,y:608,w:85,h:16},
{t:"100 ",p:38,x:880,y:608,w:29,h:16},
{t:"Kewill Pte Ltd ",p:38,x:111,y:625,w:95,h:16},
{t:"Singapore ",p:38,x:674,y:625,w:72,h:16},
{t:"100 ",p:38,x:880,y:625,w:29,h:16},
{t:"Kewill Ltd (a) ",p:38,x:111,y:642,w:90,h:16},
{t:"Hong Kong ",p:38,x:668,y:642,w:79,h:16},
{t:"100 ",p:38,x:880,y:642,w:29,h:16},
{t:"Kewill Co Ltd (a) ",p:38,x:111,y:659,w:114,h:16},
{t:"China ",p:38,x:704,y:659,w:43,h:16},
{t:"100 ",p:38,x:880,y:659,w:29,h:16},
{t:"The above companies operated principally in their countries of incorporation/registration and have March year ends. ",p:38,x:102,y:694,w:772,h:16},
{t:"The principle nature of business of trading subsidiary undertakings is the development and/or distribution of ",p:38,x:102,y:728,w:784,h:16},
{t:"computer software and associated services.  All of the above companies are included in the consolidation. ",p:38,x:102,y:746,w:707,h:16},
{t:"(a) shares owned by subsidiary undertaking ",p:38,x:102,y:780,w:294,h:16},
{t:"14. Inventories ",p:38,x:102,y:814,w:109,h:16},
{t:" Group ",p:38,x:111,y:849,w:891,h:16},
{t:"Company ",p:38,x:773,y:849,w:489,h:16},
{t:"2009  ",p:38,x:509,y:866,w:80,h:16},
{t:"2008  ",p:38,x:627,y:866,w:80,h:16},
{t:"2009  ",p:38,x:745,y:866,w:80,h:16},
{t:"2008 ",p:38,x:875,y:866,w:57,h:16},
{t:"£000  ",p:38,x:509,y:884,w:80,h:16},
{t:"£000  ",p:38,x:627,y:884,w:80,h:16},
{t:"£000  ",p:38,x:745,y:884,w:80,h:16},
{t:"£000 ",p:38,x:875,y:884,w:57,h:16},
{t:"  ",p:38,x:542,y:901,w:8,h:16},
{t:"  ",p:38,x:660,y:901,w:8,h:16},
{t:"Finished ",p:38,x:111,y:918,w:80,h:16},
{t:"goods ",p:38,x:172,y:918,w:64,h:16},
{t:"181  ",p:38,x:517,y:918,w:72,h:16},
{t:"125  ",p:38,x:635,y:918,w:72,h:16},
{t:"169  ",p:38,x:753,y:918,w:72,h:16},
{t:"105 ",p:38,x:883,y:918,w:48,h:16},
{t:"181  ",p:38,x:517,y:936,w:72,h:16},
{t:"125  ",p:38,x:635,y:936,w:72,h:16},
{t:"169  ",p:38,x:753,y:936,w:72,h:16},
{t:"105 ",p:38,x:883,y:936,w:48,h:16},
{t:"There was no significant difference between the replacement cost of finished goods and work-in-progress and the ",p:38,x:102,y:990,w:781,h:16},
{t:"value indicated in the financial statements. ",p:38,x:102,y:1007,w:286,h:16},
{t:"  ",p:39,x:457,y:89,w:10,h:22},
{t:"39 ",p:39,x:877,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:39,x:149,y:108,w:547,h:22},
{t:"15. Trade and other receivables ",p:39,x:102,y:148,w:228,h:16},
{t:" Group ",p:39,x:111,y:165,w:915,h:16},
{t:"Company ",p:39,x:779,y:165,w:501,h:16},
{t:"2009 ",p:39,x:521,y:182,w:94,h:16},
{t:" 2008 ",p:39,x:577,y:182,w:155,h:16},
{t:" 2009 ",p:39,x:696,y:182,w:155,h:16},
{t:"2008 ",p:39,x:875,y:182,w:94,h:16},
{t:"£000 ",p:39,x:521,y:200,w:94,h:16},
{t:" £000 ",p:39,x:577,y:200,w:155,h:16},
{t:" £000 ",p:39,x:696,y:200,w:155,h:16},
{t:"£000 ",p:39,x:875,y:200,w:94,h:16},
{t:"  ",p:39,x:577,y:217,w:5,h:11},
{t:"  ",p:39,x:696,y:217,w:5,h:11},
{t:"Trade debtors ",p:39,x:111,y:228,w:97,h:16},
{t:"9,643 ",p:39,x:516,y:228,w:41,h:16},
{t:"8,626  ",p:39,x:635,y:228,w:84,h:16},
{t:"1,937  ",p:39,x:753,y:228,w:84,h:16},
{t:"1,364 ",p:39,x:871,y:228,w:61,h:16},
{t:"Less: provision for impairment of receivables ",p:39,x:111,y:246,w:300,h:16},
{t:"(624) ",p:39,x:519,y:246,w:39,h:16},
{t:"(362) ",p:39,x:637,y:246,w:39,h:16},
{t:"(6) ",p:39,x:772,y:246,w:22,h:16},
{t:"(3) ",p:39,x:890,y:246,w:22,h:16},
{t:"Trade debtors – net ",p:39,x:111,y:264,w:135,h:16},
{t:"9,019 ",p:39,x:516,y:264,w:41,h:16},
{t:" 8,264 ",p:39,x:577,y:264,w:151,h:16},
{t:" 1,931 ",p:39,x:696,y:264,w:151,h:16},
{t:"1,361 ",p:39,x:871,y:264,w:94,h:16},
{t:"Amounts owed by subsidiary undertakings ",p:39,x:111,y:282,w:285,h:16},
{t:"- ",p:39,x:549,y:282,w:9,h:16},
{t:"- ",p:39,x:667,y:282,w:9,h:16},
{t:"66 ",p:39,x:773,y:282,w:20,h:16},
{t:"217 ",p:39,x:883,y:282,w:29,h:16},
{t:"Other ",p:39,x:111,y:299,w:61,h:16},
{t:"debtors ",p:39,x:153,y:299,w:73,h:16},
{t:"1,180  ",p:39,x:516,y:299,w:84,h:16},
{t:"771  ",p:39,x:647,y:299,w:72,h:16},
{t:"6  ",p:39,x:782,y:299,w:55,h:16},
{t:"19 ",p:39,x:891,y:299,w:40,h:16},
{t:"Prepayments and accrued income ",p:39,x:111,y:316,w:231,h:16},
{t:"1,764 ",p:39,x:516,y:316,w:41,h:16},
{t:"1,256 ",p:39,x:634,y:316,w:41,h:16},
{t:"467 ",p:39,x:765,y:316,w:29,h:16},
{t:"487 ",p:39,x:883,y:316,w:29,h:16},
{t:"  ",p:39,x:577,y:333,w:5,h:11},
{t:"  ",p:39,x:696,y:333,w:5,h:11},
{t:"11,963  ",p:39,x:508,y:346,w:93,h:16},
{t:"10,291  ",p:39,x:626,y:346,w:93,h:16},
{t:"2,470  ",p:39,x:753,y:346,w:84,h:16},
{t:"2,084 ",p:39,x:871,y:346,w:61,h:16},
{t:"  ",p:39,x:577,y:366,w:8,h:16},
{t:"  ",p:39,x:696,y:366,w:8,h:16},
{t:"Trade and other receivables are denominated in the following currencies: ",p:39,x:111,y:383,w:488,h:16},
{t:"  ",p:39,x:577,y:400,w:5,h:11},
{t:"  ",p:39,x:696,y:400,w:5,h:11},
{t:" Group ",p:39,x:111,y:412,w:915,h:16},
{t:"Company ",p:39,x:779,y:412,w:501,h:16},
{t:"2009 ",p:39,x:521,y:429,w:94,h:16},
{t:" 2008 ",p:39,x:577,y:429,w:155,h:16},
{t:" 2009 ",p:39,x:696,y:429,w:155,h:16},
{t:"2008 ",p:39,x:875,y:429,w:94,h:16},
{t:"£000 ",p:39,x:521,y:446,w:94,h:16},
{t:" £000 ",p:39,x:577,y:446,w:155,h:16},
{t:" £000 ",p:39,x:696,y:446,w:155,h:16},
{t:"£000 ",p:39,x:875,y:446,w:94,h:16},
{t:"  ",p:39,x:577,y:463,w:5,h:11},
{t:"  ",p:39,x:696,y:463,w:5,h:11},
{t:"Sterling 2,404 ",p:39,x:111,y:475,w:797,h:16},
{t:"1,891  ",p:39,x:634,y:475,w:85,h:16},
{t:"2,404  ",p:39,x:753,y:475,w:84,h:16},
{t:"1,891 ",p:39,x:871,y:475,w:61,h:16},
{t:"US ",p:39,x:111,y:492,w:44,h:16},
{t:"Dollars ",p:39,x:136,y:492,w:70,h:16},
{t:"3,586  ",p:39,x:516,y:492,w:84,h:16},
{t:"3,345  ",p:39,x:634,y:492,w:84,h:16},
{t:"38  ",p:39,x:773,y:492,w:63,h:16},
{t:"153 ",p:39,x:883,y:492,w:48,h:16},
{t:"Euro ",p:39,x:111,y:509,w:55,h:16},
{t:"5,278  ",p:39,x:516,y:509,w:84,h:16},
{t:"4,563  ",p:39,x:634,y:509,w:84,h:16},
{t:"28  ",p:39,x:773,y:509,w:63,h:16},
{t:"40 ",p:39,x:891,y:509,w:40,h:16},
{t:"Singapore ",p:39,x:111,y:527,w:91,h:16},
{t:"Dollars ",p:39,x:184,y:527,w:70,h:16},
{t:"689  ",p:39,x:529,y:527,w:72,h:16},
{t:"491  ",p:39,x:647,y:527,w:72,h:16},
{t:"-  ",p:39,x:785,y:527,w:52,h:16},
{t:"- ",p:39,x:903,y:527,w:28,h:16},
{t:"Other ",p:39,x:111,y:544,w:61,h:16},
{t:"6  ",p:39,x:545,y:544,w:55,h:16},
{t:"1  ",p:39,x:664,y:544,w:55,h:16},
{t:"-  ",p:39,x:785,y:544,w:52,h:16},
{t:"- ",p:39,x:903,y:544,w:28,h:16},
{t:"  ",p:39,x:577,y:561,w:5,h:11},
{t:"  ",p:39,x:696,y:561,w:5,h:11},
{t:"11,963  ",p:39,x:508,y:573,w:93,h:16},
{t:"10,291  ",p:39,x:626,y:573,w:93,h:16},
{t:"2,470  ",p:39,x:753,y:573,w:84,h:16},
{t:"2,084 ",p:39,x:871,y:573,w:61,h:16},
{t:"  ",p:39,x:577,y:593,w:8,h:16},
{t:"  ",p:39,x:696,y:593,w:8,h:16},
{t:"Movements on the provision for impairment of trade receivables are as follows: ",p:39,x:111,y:610,w:526,h:16},
{t:"  ",p:39,x:577,y:627,w:5,h:11},
{t:"  ",p:39,x:696,y:627,w:5,h:11},
{t:" Group ",p:39,x:111,y:639,w:915,h:16},
{t:"Company ",p:39,x:779,y:639,w:501,h:16},
{t:"2009 ",p:39,x:521,y:656,w:94,h:16},
{t:" 2008 ",p:39,x:577,y:656,w:155,h:16},
{t:" 2009 ",p:39,x:696,y:656,w:155,h:16},
{t:"2008 ",p:39,x:875,y:656,w:94,h:16},
{t:"£000 ",p:39,x:521,y:674,w:94,h:16},
{t:" £000 ",p:39,x:577,y:674,w:155,h:16},
{t:" £000 ",p:39,x:696,y:674,w:155,h:16},
{t:"£000 ",p:39,x:875,y:674,w:94,h:16},
{t:"  ",p:39,x:577,y:691,w:5,h:11},
{t:"  ",p:39,x:696,y:691,w:5,h:11},
{t:"At 1 April ",p:39,x:111,y:702,w:65,h:16},
{t:"(362) ",p:39,x:519,y:702,w:39,h:16},
{t:"(381) ",p:39,x:637,y:702,w:39,h:16},
{t:"(3) ",p:39,x:772,y:702,w:22,h:16},
{t:"(16) ",p:39,x:881,y:702,w:30,h:16},
{t:"Receivables written off as uncollectable ",p:39,x:111,y:720,w:266,h:16},
{t:"260 ",p:39,x:529,y:720,w:29,h:16},
{t:"176 ",p:39,x:647,y:720,w:29,h:16},
{t:"50 ",p:39,x:773,y:720,w:20,h:16},
{t:"15 ",p:39,x:891,y:720,w:20,h:16},
{t:"New provisions created ",p:39,x:111,y:737,w:160,h:16},
{t:"(624) ",p:39,x:519,y:737,w:39,h:16},
{t:"(362) ",p:39,x:637,y:737,w:39,h:16},
{t:"(54) ",p:39,x:764,y:737,w:30,h:16},
{t:"(3) ",p:39,x:890,y:737,w:22,h:16},
{t:"Unused provisions reversed ",p:39,x:111,y:754,w:189,h:16},
{t:"102 ",p:39,x:529,y:754,w:29,h:16},
{t:"205 ",p:39,x:647,y:754,w:29,h:16},
{t:"1 ",p:39,x:782,y:754,w:12,h:16},
{t:"1 ",p:39,x:900,y:754,w:12,h:16},
{t:"  ",p:39,x:577,y:771,w:5,h:11},
{t:"  ",p:39,x:696,y:771,w:5,h:11},
{t:"At 31 March ",p:39,x:111,y:784,w:85,h:16},
{t:"(624)  ",p:39,x:519,y:784,w:82,h:16},
{t:"(362)  ",p:39,x:637,y:784,w:82,h:16},
{t:"(6)  ",p:39,x:772,y:784,w:65,h:16},
{t:"(3) ",p:39,x:890,y:784,w:41,h:16},
{t:"  ",p:39,x:577,y:803,w:8,h:16},
{t:"  ",p:39,x:696,y:803,w:8,h:16},
{t:"As of 31 March 2009 the Group had trade receivables of £4,117,000 (FY08: £4,567,000) that were past due but not ",p:39,x:111,y:821,w:803,h:16},
{t:"impaired.  The ageing analysis of these trade receivables is as follows: ",p:39,x:111,y:838,w:472,h:16},
{t:"  ",p:39,x:577,y:855,w:5,h:11},
{t:"  ",p:39,x:696,y:855,w:5,h:11},
{t:" Group ",p:39,x:111,y:867,w:915,h:16},
{t:"Company ",p:39,x:779,y:867,w:501,h:16},
{t:"2009 ",p:39,x:521,y:884,w:94,h:16},
{t:" 2008 ",p:39,x:577,y:884,w:155,h:16},
{t:" 2009 ",p:39,x:696,y:884,w:155,h:16},
{t:"2008 ",p:39,x:875,y:884,w:94,h:16},
{t:"£000 ",p:39,x:521,y:901,w:94,h:16},
{t:" £000 ",p:39,x:577,y:901,w:155,h:16},
{t:" £000 ",p:39,x:696,y:901,w:155,h:16},
{t:"£000 ",p:39,x:875,y:901,w:94,h:16},
{t:"  ",p:39,x:577,y:918,w:5,h:11},
{t:"  ",p:39,x:696,y:918,w:5,h:11},
{t:"Up to 3 months ",p:39,x:111,y:930,w:105,h:16},
{t:"3,616 ",p:39,x:516,y:930,w:41,h:16},
{t:"4,240 ",p:39,x:634,y:930,w:41,h:16},
{t:"588 ",p:39,x:765,y:930,w:29,h:16},
{t:"779 ",p:39,x:883,y:930,w:29,h:16},
{t:"3 to 6 months ",p:39,x:111,y:947,w:95,h:16},
{t:"501 ",p:39,x:529,y:947,w:29,h:16},
{t:"327 ",p:39,x:647,y:947,w:29,h:16},
{t:"36 ",p:39,x:773,y:947,w:20,h:16},
{t:"6 ",p:39,x:900,y:947,w:12,h:16},
{t:"  ",p:39,x:577,y:964,w:5,h:11},
{t:"  ",p:39,x:696,y:964,w:5,h:11},
{t:"4,117  ",p:39,x:516,y:977,w:84,h:16},
{t:"4,567  ",p:39,x:634,y:977,w:84,h:16},
{t:"624  ",p:39,x:765,y:977,w:72,h:16},
{t:"785 ",p:39,x:883,y:977,w:48,h:16},
{t:"  ",p:39,x:577,y:997,w:8,h:16},
{t:"  ",p:39,x:696,y:997,w:8,h:16},
{t:"Concentrations of credit risk with respect to trade receivables are limited due to the Group’s customer base being ",p:39,x:102,y:1014,w:781,h:16},
{t:"large and unrelated.  Due to this, management believe there is no further material credit risk for doubtful receivables. ",p:39,x:102,y:1031,w:776,h:16},
{t:"The Group does not hold any collateral as security. ",p:39,x:102,y:1066,w:342,h:16},
{t:"Impairments of trade receivables are expensed as operating expenses. ",p:39,x:102,y:1098,w:476,h:16},
{t:"The fair value of receivables equates to their book value. ",p:39,x:102,y:1131,w:380,h:16},
{t:"The Group does not collect external credit ratings for customers but uses its own methods for determining credit ",p:39,x:102,y:1163,w:781,h:16},
{t:"worthiness. ",p:39,x:102,y:1181,w:79,h:16},
{t:" ",p:40,x:107,y:87,w:5,h:22},
{t:"40 ",p:40,x:104,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:40,x:149,y:105,w:547,h:22},
{t:"16. Deferred tax ",p:40,x:102,y:145,w:116,h:16},
{t:" Group ",p:40,x:128,y:162,w:857,h:16},
{t:"Company ",p:40,x:767,y:162,w:471,h:16},
{t:"2009  ",p:40,x:509,y:180,w:80,h:16},
{t:"2008  ",p:40,x:627,y:180,w:80,h:16},
{t:"2009  ",p:40,x:745,y:180,w:80,h:16},
{t:"2008 ",p:40,x:863,y:180,w:57,h:16},
{t:"£000  ",p:40,x:509,y:197,w:80,h:16},
{t:"£000  ",p:40,x:627,y:197,w:80,h:16},
{t:"£000  ",p:40,x:745,y:197,w:80,h:16},
{t:"£000 ",p:40,x:863,y:197,w:57,h:16},
{t:"  ",p:40,x:542,y:214,w:5,h:11},
{t:"  ",p:40,x:660,y:214,w:5,h:11},
{t:"As at 1 April ",p:40,x:128,y:226,w:85,h:16},
{t:"1,635 ",p:40,x:504,y:226,w:41,h:16},
{t:"1,140 ",p:40,x:623,y:226,w:41,h:16},
{t:"135 ",p:40,x:753,y:226,w:29,h:16},
{t:"438 ",p:40,x:871,y:226,w:29,h:16},
{t:"Recognised in the year ",p:40,x:128,y:243,w:157,h:16},
{t:"982 ",p:40,x:517,y:243,w:29,h:16},
{t:"1,500 ",p:40,x:623,y:243,w:41,h:16},
{t:"557 ",p:40,x:753,y:243,w:29,h:16},
{t:"- ",p:40,x:891,y:243,w:9,h:16},
{t:"Utilised in the year ",p:40,x:128,y:260,w:127,h:16},
{t:"(469) ",p:40,x:507,y:260,w:39,h:16},
{t:" (1,005) ",p:40,x:566,y:260,w:141,h:16},
{t:"(104) ",p:40,x:743,y:260,w:82,h:16},
{t:"(303) ",p:40,x:861,y:260,w:82,h:16},
{t:"  ",p:40,x:542,y:277,w:5,h:11},
{t:"  ",p:40,x:660,y:277,w:5,h:11},
{t:"As at 31 March ",p:40,x:128,y:289,w:110,h:16},
{t:"2,148 ",p:40,x:504,y:289,w:41,h:16},
{t:"1,635 ",p:40,x:623,y:289,w:41,h:16},
{t:"588 ",p:40,x:753,y:289,w:29,h:16},
{t:"135 ",p:40,x:871,y:289,w:29,h:16},
{t:"  ",p:40,x:542,y:309,w:5,h:11},
{t:"  ",p:40,x:660,y:309,w:5,h:11},
{t:"The deferred tax asset can be analysed as: ",p:40,x:128,y:320,w:291,h:16},
{t:" Group ",p:40,x:128,y:338,w:857,h:16},
{t:"Company ",p:40,x:767,y:338,w:471,h:16},
{t:"2009  ",p:40,x:509,y:355,w:80,h:16},
{t:"2008  ",p:40,x:627,y:355,w:80,h:16},
{t:"2009  ",p:40,x:745,y:355,w:80,h:16},
{t:"2008 ",p:40,x:863,y:355,w:57,h:16},
{t:"£000  ",p:40,x:509,y:372,w:80,h:16},
{t:"£000  ",p:40,x:627,y:372,w:80,h:16},
{t:"£000  ",p:40,x:745,y:372,w:80,h:16},
{t:"£000 ",p:40,x:863,y:372,w:57,h:16},
{t:"  ",p:40,x:542,y:389,w:5,h:11},
{t:"  ",p:40,x:660,y:389,w:5,h:11},
{t:"Deferred tax in respect of losses recognised ",p:40,x:128,y:401,w:296,h:16},
{t:"588 ",p:40,x:517,y:401,w:29,h:16},
{t:"113 ",p:40,x:635,y:401,w:29,h:16},
{t:"588 ",p:40,x:753,y:401,w:29,h:16},
{t:"113 ",p:40,x:871,y:401,w:29,h:16},
{t:"Accelerated capital allowances ",p:40,x:128,y:418,w:209,h:16},
{t:"1,560 ",p:40,x:504,y:418,w:41,h:16},
{t:"1,522 ",p:40,x:623,y:418,w:41,h:16},
{t:"- ",p:40,x:773,y:418,w:9,h:16},
{t:"22 ",p:40,x:880,y:418,w:20,h:16},
{t:"  ",p:40,x:542,y:435,w:5,h:11},
{t:"  ",p:40,x:660,y:435,w:5,h:11},
{t:"2,148  ",p:40,x:505,y:447,w:85,h:16},
{t:"1,635  ",p:40,x:623,y:447,w:85,h:16},
{t:"588  ",p:40,x:753,y:447,w:72,h:16},
{t:"135 ",p:40,x:871,y:447,w:48,h:16},
{t:"  ",p:40,x:542,y:467,w:5,h:11},
{t:"  ",p:40,x:660,y:467,w:5,h:11},
{t:"17. Financial instruments ",p:40,x:102,y:479,w:184,h:16},
{t:"All financial instruments are in the category of loans and receivables or cash and cash equivalents. ",p:40,x:102,y:504,w:658,h:16},
{t:"The Group’s financial instruments comprise cash and liquid resources, along with various items, such as trade ",p:40,x:102,y:528,w:782,h:16},
{t:"debtors and trade creditors and provisions.  The Group policy does not permit entering into speculative trading of ",p:40,x:102,y:546,w:781,h:16},
{t:"financial instruments and this policy has continued to be applied throughout the year. ",p:40,x:102,y:563,w:566,h:16},
{t:"The fair values of the financial assets and liabilities approximate to their book values. ",p:40,x:102,y:588,w:566,h:16},
{t:"Financial assets ",p:40,x:102,y:613,w:119,h:16},
{t:"The Group’s financial assets at the year end are analysed as follows: ",p:40,x:102,y:638,w:461,h:16},
{t:"2009  ",p:40,x:673,y:655,w:80,h:16},
{t:"2008 ",p:40,x:809,y:655,w:56,h:16},
{t:"£000  ",p:40,x:673,y:672,w:80,h:16},
{t:"£000 ",p:40,x:809,y:672,w:56,h:16},
{t:"  ",p:40,x:706,y:689,w:5,h:11},
{t:"Cash and cash equivalents ",p:40,x:128,y:701,w:184,h:16},
{t:"3,983 ",p:40,x:669,y:701,w:41,h:16},
{t:"9,980 ",p:40,x:805,y:701,w:41,h:16},
{t:"Trade debtors ",p:40,x:128,y:718,w:97,h:16},
{t:"9,475 ",p:40,x:668,y:718,w:41,h:16},
{t:"8,317 ",p:40,x:805,y:718,w:41,h:16},
{t:"13,458  ",p:40,x:660,y:736,w:92,h:16},
{t:"18,297 ",p:40,x:796,y:736,w:69,h:16},
{t:"The ageing of the Group’s trade receivables is shown in note 15. ",p:40,x:102,y:767,w:432,h:16},
{t:"There are debtors in the Company accounts where the functional currency is sterling, owed by subsidiary ",p:40,x:102,y:796,w:784,h:16},
{t:"undertakings totalling £66,000 (FY07/08: £217,000).  None (FY07/08: £24,000) of which are denominated in sterling, ",p:40,x:102,y:813,w:779,h:16},
{t:"£38,000 (FY07/08: £153,000) in US dollars and £28,000 (FY07/08: £40,000) in Euros. ",p:40,x:102,y:830,w:573,h:16},
{t:"The interest rate profile of the Group’s cash and cash equivalents at 31 March 2009 was: ",p:40,x:102,y:855,w:593,h:16},
{t:" Currency ",p:40,x:128,y:880,w:577,h:16},
{t:"Total ",p:40,x:532,y:880,w:291,h:16},
{t:"Floating ",p:40,x:612,y:880,w:311,h:16},
{t:"rate ",p:40,x:670,y:880,w:284,h:16},
{t:"financial ",p:40,x:641,y:897,w:59,h:16},
{t:"assets ",p:40,x:652,y:915,w:47,h:16},
{t:" Fixed ",p:40,x:719,y:880,w:92,h:16},
{t:"rate ",p:40,x:788,y:880,w:53,h:16},
{t:"financial ",p:40,x:759,y:897,w:59,h:16},
{t:"assets ",p:40,x:770,y:915,w:47,h:16},
{t:" Average ",p:40,x:837,y:880,w:110,h:16},
{t:"fixed ",p:40,x:889,y:897,w:35,h:16},
{t:"interest ",p:40,x:871,y:915,w:53,h:16},
{t:" £000 ",p:40,x:471,y:932,w:155,h:16},
{t:"£000 ",p:40,x:662,y:932,w:94,h:16},
{t:" £000 ",p:40,x:719,y:932,w:155,h:16},
{t:"% ",p:40,x:907,y:932,w:74,h:16},
{t:"Cash at bank ",p:40,x:128,y:949,w:92,h:16},
{t:"Sterling ",p:40,x:397,y:949,w:54,h:16},
{t:"948 ",p:40,x:541,y:949,w:29,h:16},
{t:"948 ",p:40,x:671,y:949,w:29,h:16},
{t:"- ",p:40,x:809,y:949,w:9,h:16},
{t:"US ",p:40,x:383,y:966,w:44,h:16},
{t:"Dollar  ",p:40,x:408,y:966,w:86,h:16},
{t:"548  ",p:40,x:541,y:966,w:72,h:16},
{t:"548  ",p:40,x:671,y:966,w:72,h:16},
{t:"-  ",p:40,x:809,y:966,w:52,h:16},
{t:"Euro  ",p:40,x:416,y:984,w:78,h:16},
{t:"927  ",p:40,x:541,y:984,w:72,h:16},
{t:"927  ",p:40,x:671,y:984,w:72,h:16},
{t:"-  ",p:40,x:809,y:984,w:52,h:16},
{t:"Indian ",p:40,x:358,y:1001,w:130,h:16},
{t:"Rupee ",p:40,x:403,y:1001,w:133,h:16},
{t:" - - ",p:40,x:471,y:1001,w:313,h:16},
{t:" -  ",p:40,x:719,y:1001,w:290,h:16},
{t:"Singapore ",p:40,x:336,y:1018,w:91,h:16},
{t:"Dollar  ",p:40,x:408,y:1018,w:86,h:16},
{t:"672  ",p:40,x:541,y:1018,w:72,h:16},
{t:"672  ",p:40,x:671,y:1018,w:72,h:16},
{t:"-  ",p:40,x:809,y:1018,w:52,h:16},
{t:"Total cash at bank ",p:40,x:128,y:1036,w:127,h:16},
{t:"3,095 ",p:40,x:528,y:1036,w:41,h:16},
{t:"3,095 ",p:40,x:658,y:1036,w:41,h:16},
{t:"- ",p:40,x:809,y:1036,w:9,h:16},
{t:"  ",p:40,x:471,y:1053,w:5,h:11},
{t:"  ",p:40,x:719,y:1053,w:5,h:11},
{t:"Short term deposits ",p:40,x:128,y:1065,w:134,h:16},
{t:"US Dollar ",p:40,x:383,y:1065,w:68,h:16},
{t:"888 ",p:40,x:541,y:1065,w:29,h:16},
{t:"- ",p:40,x:691,y:1065,w:9,h:16},
{t:"888 ",p:40,x:789,y:1065,w:29,h:16},
{t:"0.55% ",p:40,x:878,y:1065,w:46,h:16},
{t:"Euro ",p:40,x:416,y:1082,w:121,h:16},
{t:" - - ",p:40,x:471,y:1082,w:313,h:16},
{t:" - ",p:40,x:719,y:1082,w:183,h:16},
{t:"3.23% ",p:40,x:878,y:1082,w:131,h:16},
{t:"Singapore ",p:40,x:336,y:1099,w:157,h:16},
{t:"Dollar ",p:40,x:408,y:1099,w:128,h:16},
{t:" - - ",p:40,x:471,y:1099,w:313,h:16},
{t:" - ",p:40,x:719,y:1099,w:183,h:16},
{t:"0.62% ",p:40,x:878,y:1099,w:131,h:16},
{t:"Total short term deposits ",p:40,x:128,y:1117,w:169,h:16},
{t:"888 ",p:40,x:541,y:1117,w:29,h:16},
{t:"- ",p:40,x:691,y:1117,w:9,h:16},
{t:"888 ",p:40,x:789,y:1117,w:29,h:16},
{t:"  ",p:40,x:471,y:1135,w:8,h:16},
{t:"  ",p:40,x:719,y:1135,w:8,h:16},
{t:"Total at 31 March 2009 ",p:40,x:128,y:1152,w:164,h:16},
{t:"3,983 ",p:40,x:528,y:1152,w:41,h:16},
{t:"3,095 ",p:40,x:658,y:1152,w:41,h:16},
{t:"888 ",p:40,x:789,y:1152,w:29,h:16},
{t:"  ",p:41,x:457,y:89,w:10,h:22},
{t:"41 ",p:41,x:877,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:41,x:149,y:108,w:547,h:22},
{t:"The interest rate profile of the Group’s cash and cash equivalents at 31 March 2008 was: ",p:41,x:102,y:142,w:593,h:16},
{t:" Currency ",p:41,x:98,y:169,w:637,h:16},
{t:"Total ",p:41,x:532,y:169,w:321,h:16},
{t:"Floating ",p:41,x:612,y:169,w:341,h:16},
{t:"rate ",p:41,x:670,y:169,w:314,h:16},
{t:"financial ",p:41,x:641,y:186,w:59,h:16},
{t:"assets ",p:41,x:652,y:203,w:47,h:16},
{t:" Fixed ",p:41,x:719,y:169,w:92,h:16},
{t:"rate ",p:41,x:788,y:169,w:53,h:16},
{t:"financial ",p:41,x:759,y:186,w:59,h:16},
{t:"assets ",p:41,x:770,y:203,w:47,h:16},
{t:" Average ",p:41,x:837,y:169,w:110,h:16},
{t:"fixed ",p:41,x:889,y:186,w:35,h:16},
{t:"interest ",p:41,x:871,y:203,w:53,h:16},
{t:" £000 ",p:41,x:471,y:221,w:155,h:16},
{t:"£000 ",p:41,x:662,y:221,w:94,h:16},
{t:" £000 ",p:41,x:719,y:221,w:155,h:16},
{t:"% ",p:41,x:907,y:221,w:74,h:16},
{t:"Cash at bank ",p:41,x:98,y:238,w:92,h:16},
{t:"Sterling ",p:41,x:397,y:238,w:55,h:16},
{t:"1,867 ",p:41,x:528,y:238,w:41,h:16},
{t:"1,867 ",p:41,x:658,y:238,w:41,h:16},
{t:"- ",p:41,x:809,y:238,w:9,h:16},
{t:"US ",p:41,x:383,y:255,w:44,h:16},
{t:"Dollar  ",p:41,x:408,y:255,w:86,h:16},
{t:"1,146  ",p:41,x:528,y:255,w:84,h:16},
{t:"1,146  ",p:41,x:658,y:255,w:84,h:16},
{t:"-  ",p:41,x:809,y:255,w:52,h:16},
{t:"Euro  ",p:41,x:416,y:272,w:78,h:16},
{t:"4,049  ",p:41,x:528,y:272,w:84,h:16},
{t:"4,049  ",p:41,x:658,y:272,w:84,h:16},
{t:"-  ",p:41,x:809,y:272,w:52,h:16},
{t:"Indian ",p:41,x:358,y:290,w:64,h:16},
{t:"Rupee  ",p:41,x:403,y:290,w:91,h:16},
{t:"4  ",p:41,x:557,y:290,w:55,h:16},
{t:"4  ",p:41,x:687,y:290,w:55,h:16},
{t:"-  ",p:41,x:809,y:290,w:52,h:16},
{t:"Singapore ",p:41,x:336,y:307,w:91,h:16},
{t:"Dollar  ",p:41,x:408,y:307,w:86,h:16},
{t:"263  ",p:41,x:541,y:307,w:72,h:16},
{t:"263  ",p:41,x:671,y:307,w:72,h:16},
{t:"-  ",p:41,x:809,y:307,w:52,h:16},
{t:"Total cash at bank ",p:41,x:98,y:325,w:127,h:16},
{t:"7,329 ",p:41,x:528,y:325,w:41,h:16},
{t:"7,329 ",p:41,x:658,y:325,w:41,h:16},
{t:"- ",p:41,x:809,y:325,w:9,h:16},
{t:"  ",p:41,x:471,y:342,w:5,h:11},
{t:"  ",p:41,x:719,y:342,w:5,h:11},
{t:"Short term deposits ",p:41,x:98,y:354,w:134,h:16},
{t:"US Dollar ",p:41,x:383,y:354,w:68,h:16},
{t:"2,175 ",p:41,x:528,y:354,w:41,h:16},
{t:"- ",p:41,x:690,y:354,w:9,h:16},
{t:"2,175 ",p:41,x:776,y:354,w:41,h:16},
{t:"2.61% ",p:41,x:878,y:354,w:46,h:16},
{t:"Euro ",p:41,x:416,y:371,w:101,h:16},
{t:" 439 ",p:41,x:471,y:371,w:164,h:16},
{t:"- ",p:41,x:691,y:371,w:74,h:16},
{t:" 439 2.83% ",p:41,x:719,y:371,w:270,h:16},
{t:"Singapore ",p:41,x:336,y:388,w:146,h:16},
{t:"Dollar ",p:41,x:408,y:388,w:117,h:16},
{t:" 37 ",p:41,x:471,y:388,w:172,h:16},
{t:"- ",p:41,x:691,y:388,w:82,h:16},
{t:" 37 0.41% ",p:41,x:719,y:388,w:279,h:16},
{t:"Total short term deposits ",p:41,x:98,y:406,w:169,h:16},
{t:"2,651 ",p:41,x:528,y:406,w:41,h:16},
{t:"- ",p:41,x:691,y:406,w:9,h:16},
{t:"2,651 ",p:41,x:776,y:406,w:41,h:16},
{t:"  ",p:41,x:471,y:424,w:8,h:16},
{t:"  ",p:41,x:719,y:424,w:8,h:16},
{t:"Total at 31 March 2008 ",p:41,x:98,y:441,w:164,h:16},
{t:"9,980 ",p:41,x:528,y:441,w:41,h:16},
{t:"7,329 ",p:41,x:658,y:441,w:41,h:16},
{t:"2,651 ",p:41,x:776,y:441,w:41,h:16},
{t:"The average investment period for the fixed rate short term deposits was less than one month for the Euro and ",p:41,x:102,y:472,w:781,h:16},
{t:"Dollar, and less than one month for the Sterling deposits (FY07/08: 1 to 3 months). ",p:41,x:102,y:490,w:552,h:16},
{t:"Floating rate cash earns interest based on relevant national interest rates ranging from 0.1% to 4.4%. ",p:41,x:102,y:518,w:675,h:16},
{t:"The Company accounts include £1,040,000 (FY07/08: £1,891,000) cash at bank and £NIL (FY07/08: NIL) short term ",p:41,x:102,y:547,w:779,h:16},
{t:"deposits. ",p:41,x:102,y:564,w:64,h:16},
{t:"Financial liabilities ",p:41,x:102,y:593,w:136,h:16},
{t:"At 31 March 2009 the Group had an undrawn £8 million borrowing facility with Barclays Bank.  This facility comprises ",p:41,x:102,y:615,w:779,h:16},
{t:"a £3million overdraft facility and a 2 year £5 million revolving credit facility.  The revolving credit facility has a ",p:41,x:102,y:633,w:782,h:16},
{t:"financial covenant whereby borrowings at the end of each period shall not exceed 150% of consolidated EBITDA for ",p:41,x:102,y:650,w:780,h:16},
{t:"the period.  Interest on the overdraft facility is charged at 1.95% per annum above the Bank’s base rate.  Borrowings ",p:41,x:102,y:667,w:779,h:16},
{t:"in excess of the agreed overdraft facility are charged at 3.90% per annum above the Bank’s base rate.  Interest on ",p:41,x:102,y:684,w:780,h:16},
{t:"the revolving credit facility is charged at the aggregate of (a) the bank’s margin of 2.25%; (b) the annual percentage ",p:41,x:102,y:702,w:780,h:16},
{t:"rate cost of sterling deposits as offered by the bank in the London Interbank market, and (c) the percentage rate per ",p:41,x:102,y:719,w:780,h:16},
{t:"annum determined by the bank to represent its costs of complying with the supervisory and regulatory costs imposed ",p:41,x:102,y:736,w:779,h:16},
{t:"on it which are attributable to the facility. ",p:41,x:102,y:753,w:270,h:16},
{t:"During April 2009 £0.9million of this facility was drawn down for working capital needs following the final contingent ",p:41,x:102,y:782,w:780,h:16},
{t:"consideration payments on both the Kewill Pte Ltd and Kewill GmbH subsidiaries, this completed the outstanding ",p:41,x:102,y:799,w:781,h:16},
{t:"consideration payments on all of the recent acquisitions. ",p:41,x:102,y:817,w:376,h:16},
{t:"All of the Group’s financial liabilities, comprising trade creditors and contingent consideration, are due within one ",p:41,x:102,y:845,w:746,h:16},
{t:"year. ",p:41,x:102,y:863,w:37,h:16},
{t:"Financial instruments and risk management ",p:41,x:102,y:891,w:316,h:16},
{t:"The main risks arising from the Group’s financial instruments are counterparty credit risk, liquidity risk, foreign ",p:41,x:102,y:914,w:783,h:16},
{t:"currency risk and interest rate risk.  The Group monitors these risks primarily through cash flow forecasting and ",p:41,x:102,y:931,w:781,h:16},
{t:"sensitivity analysis. ",p:41,x:102,y:948,w:131,h:16},
{t:"The Board reviews and agrees policies for managing each of the risks identified below and the policies to manage ",p:41,x:102,y:977,w:780,h:16},
{t:"these risks have remained the same throughout the year and since the year end. ",p:41,x:102,y:994,w:539,h:16},
{t:"Counterparty credit risk ",p:41,x:102,y:1023,w:172,h:16},
{t:"This is the risk that a counterparty will be unable to pay amounts in full when due.  Credit risks are associated with ",p:41,x:102,y:1045,w:780,h:16},
{t:"deposits with banks and receivables from customers. ",p:41,x:102,y:1062,w:356,h:16},
{t:"The table below shows the rating and the cash balances held by our major counterparties at the balance sheet date: ",p:41,x:102,y:1091,w:773,h:16},
{t:"Counterparty Rating ",p:41,x:194,y:1116,w:613,h:16},
{t:"2009 ",p:41,x:662,y:1116,w:275,h:16},
{t:"2008 ",p:41,x:792,y:1116,w:275,h:16},
{t:" (Moody’s) ",p:41,x:194,y:1133,w:678,h:16},
{t:"£000 ",p:41,x:662,y:1133,w:339,h:16},
{t:"£000 ",p:41,x:792,y:1133,w:339,h:16},
{t:"  ",p:41,x:566,y:1150,w:5,h:11},
{t:"Bank A ",p:41,x:194,y:1162,w:52,h:16},
{t:"Aa3 ",p:41,x:538,y:1162,w:31,h:16},
{t:" 1,040 ",p:41,x:589,y:1162,w:175,h:16},
{t:"1,882 ",p:41,x:788,y:1162,w:106,h:16},
{t:"Bank B ",p:41,x:194,y:1179,w:52,h:16},
{t:"Aa3 ",p:41,x:538,y:1179,w:31,h:16},
{t:" 1,344 ",p:41,x:589,y:1179,w:175,h:16},
{t:"3,236 ",p:41,x:788,y:1179,w:106,h:16},
{t:"Bank C ",p:41,x:194,y:1197,w:53,h:16},
{t:"Aa2 ",p:41,x:538,y:1196,w:31,h:16},
{t:" 115 1,492 ",p:41,x:589,y:1197,w:317,h:16},
{t:"Other ",p:41,x:194,y:1214,w:41,h:16},
{t:" 1,484 ",p:41,x:589,y:1214,w:175,h:16},
{t:"3,370 ",p:41,x:788,y:1214,w:106,h:16},
{t:"  ",p:41,x:194,y:1231,w:8,h:16},
{t:"3,983 ",p:41,x:658,y:1231,w:41,h:16},
{t:"9,980 ",p:41,x:788,y:1231,w:41,h:16},
{t:" ",p:42,x:107,y:87,w:5,h:22},
{t:"42 ",p:42,x:104,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:42,x:149,y:105,w:547,h:22},
{t:"Liquidity risk ",p:42,x:102,y:133,w:95,h:16},
{t:"This is the risk that the Group will have insufficient funds to meet its cash obligations when due. ",p:42,x:102,y:155,w:636,h:16},
{t:"The Group centrally manages cash, investing of surplus funds and managing and reducing financial risks.  The ",p:42,x:102,y:190,w:782,h:16},
{t:"objective is to provide efficient cash and tax management and cost effective core funding to operating businesses ",p:42,x:102,y:207,w:781,h:16},
{t:"and this is undertaken by centrally pooling surplus funds via the use of intra-Group loans. ",p:42,x:102,y:224,w:594,h:16},
{t:"The Group has historically financed its operations through a mixture of retained profits, new equity and bank ",p:42,x:102,y:259,w:783,h:16},
{t:"borrowings.  The Group has continued with its policy of ensuring that there are sufficient funds available to meet the ",p:42,x:102,y:276,w:780,h:16},
{t:"expected funding requirements of the Group operations and investment opportunities.  The Group continues to ",p:42,x:102,y:293,w:782,h:16},
{t:"monitor its liquidity through cash flow forecasting. ",p:42,x:102,y:310,w:331,h:16},
{t:"Foreign currency risk and hedging ",p:42,x:102,y:345,w:249,h:16},
{t:"The Group’s principal exposure to exchange rate fluctuations arises on the translation of overseas net assets and ",p:42,x:102,y:367,w:781,h:16},
{t:"results into sterling for accounting purposes.  Following the repayment of long term borrowings in FY01/02, the ",p:42,x:102,y:384,w:782,h:16},
{t:"overseas investments are no longer hedged.  The Board regularly considers the issue of such balance sheet ",p:42,x:102,y:402,w:783,h:16},
{t:"exposure.  In addition translation exposures on fund transfers between Group countries are managed by reviewing ",p:42,x:102,y:419,w:780,h:16},
{t:"movements on exchange rates. ",p:42,x:102,y:436,w:213,h:16},
{t:"The table below approximates the impact on the Group’s profit before tax of a +/- 1% exchange rate movement (of ",p:42,x:102,y:465,w:780,h:16},
{t:"sterling against specified currency, with all other variables held constant) of the Group’s major non sterling trading ",p:42,x:102,y:482,w:781,h:16},
{t:"currencies during the year. ",p:42,x:102,y:499,w:181,h:16},
{t:" 2009 ",p:42,x:149,y:545,w:988,h:16},
{t:"2008 ",p:42,x:780,y:545,w:510,h:16},
{t:" £000 ",p:42,x:149,y:563,w:988,h:16},
{t:"£000 ",p:42,x:780,y:563,w:510,h:16},
{t:"Euro +/- 1% ",p:42,x:149,y:580,w:83,h:16},
{t:"61 ",p:42,x:643,y:580,w:20,h:16},
{t:"56 ",p:42,x:797,y:580,w:20,h:16},
{t:"US Dollar +/- 1% ",p:42,x:149,y:597,w:116,h:16},
{t:"20 ",p:42,x:643,y:597,w:20,h:16},
{t:"24 ",p:42,x:797,y:597,w:20,h:16},
{t:"81 80 ",p:42,x:643,y:615,w:307,h:16},
{t:"There are no liabilities not denominated in the functional currency of the Company or its subsidiaries. ",p:42,x:102,y:663,w:672,h:16},
{t:"The following assets were held at 31 March 2009 which were not held in the functional currency of the Company or ",p:42,x:102,y:709,w:780,h:16},
{t:"its subsidiaries: ",p:42,x:102,y:726,w:106,h:16},
{t:" Functional  ",p:42,x:135,y:755,w:875,h:16},
{t:"Floating ",p:42,x:813,y:755,w:332,h:16},
{t:"rate ",p:42,x:871,y:755,w:304,h:16},
{t:" currency ",p:42,x:135,y:772,w:639,h:16},
{t:"Currency ",p:42,x:552,y:772,w:351,h:16},
{t:"Total ",p:42,x:698,y:772,w:324,h:16},
{t:"financial ",p:42,x:794,y:772,w:345,h:16},
{t:"assets ",p:42,x:853,y:772,w:334,h:16},
{t:"    ",p:42,x:135,y:790,w:850,h:16},
{t:"2009 ",p:42,x:698,y:790,w:381,h:16},
{t:"2009 ",p:42,x:863,y:790,w:381,h:16},
{t:"    ",p:42,x:135,y:807,w:850,h:16},
{t:"£000 ",p:42,x:698,y:807,w:381,h:16},
{t:"£000 ",p:42,x:863,y:807,w:381,h:16},
{t:" Sterling ",p:42,x:135,y:824,w:645,h:16},
{t:"US ",p:42,x:549,y:824,w:318,h:16},
{t:"Dollar ",p:42,x:574,y:824,w:336,h:16},
{t:"92 ",p:42,x:714,y:824,w:314,h:16},
{t:"92 ",p:42,x:880,y:824,w:314,h:16},
{t:" Sterling ",p:42,x:135,y:841,w:645,h:16},
{t:"Euro ",p:42,x:581,y:841,w:329,h:16},
{t:"- - ",p:42,x:726,y:841,w:467,h:16},
{t:"Total at 31 March 2009 ",p:42,x:135,y:859,w:164,h:16},
{t:"92 ",p:42,x:714,y:859,w:20,h:16},
{t:"92 ",p:42,x:880,y:859,w:20,h:16},
{t:"  ",p:42,x:483,y:879,w:5,h:11},
{t:"    ",p:42,x:135,y:890,w:850,h:16},
{t:"2008 ",p:42,x:698,y:890,w:381,h:16},
{t:"2008 ",p:42,x:863,y:890,w:381,h:16},
{t:"    ",p:42,x:135,y:908,w:850,h:16},
{t:"£000 ",p:42,x:698,y:908,w:381,h:16},
{t:"£000 ",p:42,x:863,y:908,w:381,h:16},
{t:" Sterling ",p:42,x:135,y:925,w:645,h:16},
{t:"US ",p:42,x:549,y:925,w:318,h:16},
{t:"Dollar ",p:42,x:574,y:925,w:336,h:16},
{t:"85 ",p:42,x:714,y:925,w:314,h:16},
{t:"85 ",p:42,x:880,y:925,w:314,h:16},
{t:" Sterling ",p:42,x:135,y:942,w:645,h:16},
{t:"Euro ",p:42,x:581,y:942,w:329,h:16},
{t:"3 3 ",p:42,x:723,y:942,w:471,h:16},
{t:"Total at 31 March 2008 ",p:42,x:135,y:960,w:164,h:16},
{t:"  ",p:42,x:483,y:960,w:8,h:16},
{t:"88  ",p:42,x:714,y:960,w:63,h:16},
{t:"88 ",p:42,x:880,y:960,w:40,h:16},
{t:"Interest rate risk ",p:42,x:102,y:991,w:120,h:16},
{t:"Interest receivable reflects the underlying returns on investments.  Interest rate risk is managed by cash flow ",p:42,x:102,y:1013,w:721,h:16},
{t:"forecasting and through discussions with the Group’s bankers. ",p:42,x:102,y:1031,w:417,h:16},
{t:"Interest income is generated from cash and short term deposits held by the Group.  The majority of funds during the ",p:42,x:102,y:1065,w:780,h:16},
{t:"year were held in short term fixed interest deposits.  These consisted of both certificates of deposits and fixed rate ",p:42,x:102,y:1082,w:780,h:16},
{t:"bank deposits all of which mature within one year. ",p:42,x:102,y:1099,w:335,h:16},
{t:"  ",p:43,x:457,y:89,w:10,h:22},
{t:"43 ",p:43,x:877,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:43,x:149,y:108,w:547,h:22},
{t:"18. Trade and other payables ",p:43,x:102,y:148,w:211,h:16},
{t:" Group ",p:43,x:135,y:182,w:844,h:16},
{t:"Company ",p:43,x:767,y:182,w:465,h:16},
{t:"2009  ",p:43,x:509,y:200,w:80,h:16},
{t:"2008  ",p:43,x:627,y:200,w:80,h:16},
{t:"2009  ",p:43,x:745,y:200,w:80,h:16},
{t:"2008 ",p:43,x:863,y:200,w:57,h:16},
{t:"£000  ",p:43,x:509,y:217,w:80,h:16},
{t:"£000  ",p:43,x:627,y:217,w:80,h:16},
{t:"£000  ",p:43,x:745,y:217,w:80,h:16},
{t:"£000 ",p:43,x:863,y:217,w:57,h:16},
{t:"  ",p:43,x:542,y:234,w:5,h:11},
{t:"  ",p:43,x:660,y:234,w:5,h:11},
{t:"Trade ",p:43,x:135,y:246,w:63,h:16},
{t:"creditors ",p:43,x:178,y:246,w:81,h:16},
{t:"1,930  ",p:43,x:504,y:246,w:84,h:16},
{t:"1,936  ",p:43,x:623,y:246,w:84,h:16},
{t:"830  ",p:43,x:753,y:246,w:72,h:16},
{t:"954 ",p:43,x:871,y:246,w:48,h:16},
{t:"Amounts owed to subsidiary undertakings ",p:43,x:135,y:263,w:281,h:16},
{t:"- ",p:43,x:537,y:263,w:9,h:16},
{t:"- ",p:43,x:655,y:263,w:9,h:16},
{t:"1,124 ",p:43,x:741,y:263,w:41,h:16},
{t:"475 ",p:43,x:871,y:263,w:29,h:16},
{t:"Other tax and social security costs ",p:43,x:135,y:280,w:232,h:16},
{t:"1,309 ",p:43,x:504,y:280,w:41,h:16},
{t:"901 ",p:43,x:635,y:280,w:29,h:16},
{t:"511 ",p:43,x:753,y:280,w:29,h:16},
{t:"511 ",p:43,x:871,y:280,w:29,h:16},
{t:"Other ",p:43,x:135,y:297,w:61,h:16},
{t:"creditors ",p:43,x:176,y:297,w:81,h:16},
{t:"123  ",p:43,x:517,y:297,w:72,h:16},
{t:"79  ",p:43,x:643,y:297,w:64,h:16},
{t:"28  ",p:43,x:762,y:297,w:63,h:16},
{t:"38 ",p:43,x:880,y:297,w:40,h:16},
{t:"Accruals ",p:43,x:135,y:315,w:81,h:16},
{t:"3,060  ",p:43,x:504,y:315,w:84,h:16},
{t:"5,243  ",p:43,x:623,y:315,w:84,h:16},
{t:"614  ",p:43,x:753,y:315,w:72,h:16},
{t:"1,497 ",p:43,x:859,y:315,w:61,h:16},
{t:"Deferred ",p:43,x:135,y:332,w:81,h:16},
{t:"income ",p:43,x:197,y:332,w:72,h:16},
{t:"10,132  ",p:43,x:496,y:332,w:93,h:16},
{t:"8,679  ",p:43,x:623,y:332,w:84,h:16},
{t:"3,218  ",p:43,x:741,y:332,w:84,h:16},
{t:"3,266 ",p:43,x:859,y:332,w:61,h:16},
{t:"  ",p:43,x:542,y:349,w:5,h:11},
{t:"  ",p:43,x:660,y:349,w:5,h:11},
{t:"16,554  ",p:43,x:496,y:361,w:93,h:16},
{t:"16,838  ",p:43,x:614,y:361,w:93,h:16},
{t:"6,325  ",p:43,x:741,y:361,w:84,h:16},
{t:"6,741 ",p:43,x:859,y:361,w:61,h:16},
{t:"19. Current tax liability ",p:43,x:102,y:416,w:165,h:16},
{t:" Group ",p:43,x:135,y:444,w:844,h:16},
{t:"Company ",p:43,x:767,y:444,w:465,h:16},
{t:"2009  ",p:43,x:509,y:462,w:80,h:16},
{t:"2008  ",p:43,x:627,y:462,w:80,h:16},
{t:"2009  ",p:43,x:745,y:462,w:80,h:16},
{t:"2008 ",p:43,x:863,y:462,w:57,h:16},
{t:"£000  ",p:43,x:509,y:479,w:80,h:16},
{t:"£000  ",p:43,x:627,y:479,w:80,h:16},
{t:"£000  ",p:43,x:745,y:479,w:80,h:16},
{t:"£000 ",p:43,x:863,y:479,w:57,h:16},
{t:"  ",p:43,x:542,y:496,w:5,h:11},
{t:"  ",p:43,x:660,y:496,w:5,h:11},
{t:"Corporation tax liability ",p:43,x:135,y:508,w:155,h:16},
{t:"- ",p:43,x:537,y:508,w:9,h:16},
{t:"163 ",p:43,x:635,y:508,w:29,h:16},
{t:"- ",p:43,x:773,y:508,w:9,h:16},
{t:"163 ",p:43,x:871,y:508,w:29,h:16},
{t:"Overseas tax liability ",p:43,x:135,y:525,w:141,h:16},
{t:"1,339 ",p:43,x:505,y:525,w:41,h:16},
{t:"1,603 ",p:43,x:623,y:525,w:41,h:16},
{t:"- ",p:43,x:773,y:525,w:9,h:16},
{t:"- ",p:43,x:891,y:525,w:9,h:16},
{t:"1,339  ",p:43,x:505,y:542,w:84,h:16},
{t:"1,766  ",p:43,x:623,y:542,w:84,h:16},
{t:"-  ",p:43,x:773,y:542,w:52,h:16},
{t:"163 ",p:43,x:871,y:542,w:48,h:16},
{t:"20. Deferred tax liability ",p:43,x:102,y:597,w:172,h:16},
{t:"The total deferred tax liability is made up as follows: ",p:43,x:102,y:626,w:347,h:16},
{t:" Group ",p:43,x:678,y:654,w:241,h:16},
{t:" 2009 ",p:43,x:678,y:672,w:166,h:16},
{t:"2008 ",p:43,x:860,y:672,w:100,h:16},
{t:" £000 ",p:43,x:678,y:689,w:166,h:16},
{t:"£000 ",p:43,x:860,y:689,w:100,h:16},
{t:"As at 1 April ",p:43,x:135,y:706,w:85,h:16},
{t:"4,246 ",p:43,x:738,y:706,w:41,h:16},
{t:"5,935 ",p:43,x:856,y:706,w:41,h:16},
{t:"Acquired on acquisition ",p:43,x:135,y:723,w:159,h:16},
{t:"- ",p:43,x:770,y:723,w:9,h:16},
{t:"- ",p:43,x:889,y:723,w:9,h:16},
{t:"Released to income statement ",p:43,x:135,y:741,w:206,h:16},
{t:"(1,295) ",p:43,x:728,y:741,w:51,h:16},
{t:"(1,689) ",p:43,x:846,y:741,w:51,h:16},
{t:"As at 31 March ",p:43,x:135,y:758,w:110,h:16},
{t:"2,951 ",p:43,x:738,y:758,w:41,h:16},
{t:"4,246 ",p:43,x:856,y:758,w:41,h:16},
{t:"The deferred tax liability relates to the deferred tax on the acquisition of intangible assets. ",p:43,x:102,y:789,w:596,h:16},
{t:"21. Contingent consideration ",p:43,x:102,y:841,w:210,h:16},
{t:" Group ",p:43,x:135,y:870,w:880,h:16},
{t:"Company ",p:43,x:773,y:870,w:483,h:16},
{t:"2009 ",p:43,x:521,y:887,w:94,h:16},
{t:" 2008 ",p:43,x:577,y:887,w:155,h:16},
{t:" 2009 ",p:43,x:696,y:887,w:155,h:16},
{t:"2008 ",p:43,x:863,y:887,w:94,h:16},
{t:"£000 ",p:43,x:521,y:904,w:94,h:16},
{t:" £000 ",p:43,x:577,y:904,w:155,h:16},
{t:" £000 ",p:43,x:696,y:904,w:155,h:16},
{t:"£000 ",p:43,x:863,y:904,w:94,h:16},
{t:"Current ",p:43,x:135,y:922,w:58,h:16},
{t:"  ",p:43,x:577,y:922,w:8,h:16},
{t:"  ",p:43,x:696,y:922,w:8,h:16},
{t:"At 1 April ",p:43,x:135,y:939,w:65,h:16},
{t:"10,400 ",p:43,x:508,y:939,w:50,h:16},
{t:"10,849  ",p:43,x:626,y:939,w:93,h:16},
{t:"10,400  ",p:43,x:744,y:939,w:93,h:16},
{t:"10,849 ",p:43,x:850,y:939,w:69,h:16},
{t:"Contingent consideration accrued on acquisitions",p:43,x:135,y:956,w:326,h:16},
{t:"- ",p:43,x:549,y:956,w:9,h:16},
{t:"- ",p:43,x:667,y:956,w:9,h:16},
{t:"- ",p:43,x:785,y:956,w:9,h:16},
{t:"- ",p:43,x:891,y:956,w:9,h:16},
{t:"Paid during the year ",p:43,x:135,y:973,w:138,h:16},
{t:"(8,607) ",p:43,x:506,y:973,w:51,h:16},
{t:" (3,113) ",p:43,x:577,y:973,w:141,h:16},
{t:" (8,607) (3,113) ",p:43,x:696,y:973,w:247,h:16},
{t:"Provided during the year ",p:43,x:135,y:991,w:220,h:16},
{t:"1,254 ",p:43,x:516,y:991,w:94,h:16},
{t:" 2,664 ",p:43,x:577,y:991,w:151,h:16},
{t:" 1,254 2,664 ",p:43,x:696,y:991,w:257,h:16},
{t:"Released during the year ",p:43,x:135,y:1008,w:171,h:16},
{t:"(109) ",p:43,x:519,y:1008,w:39,h:16},
{t:"- ",p:43,x:667,y:1008,w:9,h:16},
{t:"(109) ",p:43,x:755,y:1008,w:39,h:16},
{t:"- ",p:43,x:891,y:1008,w:9,h:16},
{t:"Current liabilities ",p:43,x:135,y:1025,w:126,h:16},
{t:"2,938 ",p:43,x:516,y:1025,w:41,h:16},
{t:"10,400 ",p:43,x:626,y:1026,w:49,h:16},
{t:" 2,938 10,400 ",p:43,x:696,y:1025,w:204,h:16},
{t:"The discount rate applied for the calculation of notional interest was 4.5%. ",p:43,x:102,y:1063,w:494,h:16},
{t:" ",p:44,x:107,y:87,w:5,h:22},
{t:"44 ",p:44,x:104,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:44,x:149,y:105,w:547,h:22},
{t:"22. Provisions ",p:44,x:102,y:145,w:105,h:16},
{t:" Group ",p:44,x:135,y:162,w:750,h:16},
{t:"Company ",p:44,x:749,y:162,w:418,h:16},
{t:" Restructuring ",p:44,x:135,y:180,w:654,h:16},
{t:"Total ",p:44,x:591,y:180,w:316,h:16},
{t:"Restructuring ",p:44,x:689,y:180,w:372,h:16},
{t:"Total ",p:44,x:863,y:180,w:316,h:16},
{t:" £000 ",p:44,x:135,y:197,w:710,h:16},
{t:"£000 ",p:44,x:591,y:197,w:372,h:16},
{t:"£000 ",p:44,x:745,y:197,w:372,h:16},
{t:"£000 ",p:44,x:863,y:197,w:372,h:16},
{t:"  ",p:44,x:507,y:214,w:5,h:11},
{t:"At 1 April 2007 ",p:44,x:135,y:226,w:102,h:16},
{t:"55 ",p:44,x:490,y:226,w:20,h:16},
{t:"55 ",p:44,x:608,y:226,w:20,h:16},
{t:"55 ",p:44,x:762,y:226,w:20,h:16},
{t:"55 ",p:44,x:880,y:226,w:20,h:16},
{t:"Utilised during the year ",p:44,x:135,y:243,w:157,h:16},
{t:"(105)  ",p:44,x:472,y:243,w:82,h:16},
{t:"(105)  ",p:44,x:590,y:243,w:82,h:16},
{t:"(105)  ",p:44,x:743,y:243,w:82,h:16},
{t:"(105) ",p:44,x:861,y:243,w:58,h:16},
{t:"Provided during the year ",p:44,x:135,y:260,w:167,h:16},
{t:"78 ",p:44,x:490,y:260,w:20,h:16},
{t:"78 ",p:44,x:608,y:260,w:20,h:16},
{t:"78 ",p:44,x:762,y:260,w:20,h:16},
{t:"78 ",p:44,x:880,y:260,w:20,h:16},
{t:"At 31 March 2008 ",p:44,x:135,y:278,w:122,h:16},
{t:"28 ",p:44,x:490,y:278,w:20,h:16},
{t:"28 ",p:44,x:608,y:278,w:20,h:16},
{t:"28 ",p:44,x:762,y:278,w:20,h:16},
{t:"28 ",p:44,x:880,y:278,w:20,h:16},
{t:"  ",p:44,x:135,y:297,w:8,h:16},
{t:"At 1 April 2008 ",p:44,x:135,y:315,w:102,h:16},
{t:"28 ",p:44,x:490,y:315,w:20,h:16},
{t:"28 ",p:44,x:608,y:315,w:20,h:16},
{t:"28 ",p:44,x:762,y:315,w:20,h:16},
{t:"28 ",p:44,x:880,y:315,w:20,h:16},
{t:"Utilised during the year ",p:44,x:135,y:332,w:158,h:16},
{t:"(8) ",p:44,x:488,y:332,w:22,h:16},
{t:"(8) ",p:44,x:606,y:332,w:22,h:16},
{t:"(8) ",p:44,x:760,y:332,w:22,h:16},
{t:"(8) ",p:44,x:878,y:332,w:22,h:16},
{t:"Provided during the year ",p:44,x:135,y:349,w:167,h:16},
{t:"- ",p:44,x:502,y:349,w:9,h:16},
{t:"- ",p:44,x:620,y:349,w:9,h:16},
{t:"- ",p:44,x:773,y:349,w:9,h:16},
{t:"- ",p:44,x:891,y:349,w:9,h:16},
{t:"At 31 March 2009 ",p:44,x:135,y:367,w:126,h:16},
{t:"20 ",p:44,x:490,y:367,w:20,h:16},
{t:"20 ",p:44,x:608,y:367,w:20,h:16},
{t:" 20 ",p:44,x:648,y:367,w:243,h:16},
{t:"20 ",p:44,x:880,y:367,w:20,h:16},
{t:"The Group has a £20,000 (FY07/08: £28,000) provision in respect of restructuring costs, all of which relates to ",p:44,x:102,y:398,w:782,h:16},
{t:"onerous property leases in the UK.  The provisions are financial liabilities on which no interest is charged and all of ",p:44,x:102,y:415,w:780,h:16},
{t:"which mature within 1 year.  The fair value of the financial liabilities approximate to their book value. ",p:44,x:102,y:433,w:664,h:16},
{t:"23. Called up share capital ",p:44,x:102,y:457,w:192,h:16},
{t:"  ",p:44,x:542,y:475,w:47,h:16},
{t:"2009  ",p:44,x:627,y:475,w:80,h:16},
{t:"  ",p:44,x:790,y:475,w:47,h:16},
{t:"2008 ",p:44,x:863,y:475,w:57,h:16},
{t:"Number  ",p:44,x:489,y:492,w:100,h:16},
{t:"£000  ",p:44,x:627,y:492,w:80,h:16},
{t:"Number  ",p:44,x:737,y:492,w:100,h:16},
{t:"£000 ",p:44,x:863,y:492,w:57,h:16},
{t:"Authorised: ",p:44,x:135,y:509,w:88,h:16},
{t:"  ",p:44,x:542,y:509,w:8,h:16},
{t:"  ",p:44,x:660,y:509,w:8,h:16},
{t:"  ",p:44,x:790,y:509,w:8,h:16},
{t:"Ordinary shares of 1p each ",p:44,x:135,y:527,w:185,h:16},
{t:"100,000,000  ",p:44,x:459,y:527,w:130,h:16},
{t:"1,000  100,000,000  ",p:44,x:623,y:527,w:214,h:16},
{t:"1,000 ",p:44,x:859,y:527,w:61,h:16},
{t:"  ",p:44,x:542,y:544,w:8,h:16},
{t:"  ",p:44,x:660,y:544,w:8,h:16},
{t:"  ",p:44,x:790,y:544,w:8,h:16},
{t:"Issued, allotted, called up and fully paid: ",p:44,x:135,y:563,w:292,h:16},
{t:"  ",p:44,x:542,y:564,w:8,h:16},
{t:"  ",p:44,x:660,y:564,w:8,h:16},
{t:"  ",p:44,x:790,y:564,w:8,h:16},
{t:"Ordinary shares of 1p each ",p:44,x:135,y:581,w:185,h:16},
{t:"81,295,404 ",p:44,x:467,y:581,w:79,h:16},
{t:"813 ",p:44,x:635,y:581,w:29,h:16},
{t:" 81,268,141  ",p:44,x:684,y:581,w:161,h:16},
{t:"813 ",p:44,x:871,y:581,w:29,h:16},
{t:"During the year 27,263 ordinary shares of 1p each were issued at an aggregate nominal value of £273 and at a ",p:44,x:102,y:616,w:781,h:16},
{t:"premium of £16,997.  Of these 22,000 were issued in relation to share option schemes resulting in consideration of ",p:44,x:102,y:633,w:780,h:16},
{t:"£12,270 and 5,263 in relation to payment in lieu of services to the Senior Non-Executive Director with a value of ",p:44,x:102,y:650,w:781,h:16},
{t:"£5,000. ",p:44,x:102,y:668,w:54,h:16},
{t:"Ordinary shares over which options have been granted under the senior executive share option schemes and ",p:44,x:102,y:696,w:783,h:16},
{t:"performance share plan at 31 March 2008 total 5,419,230.  These options may be exercised between 0.0p and ",p:44,x:102,y:714,w:782,h:16},
{t:"79.4p on various dates between June 2004 and June 2016. ",p:44,x:102,y:731,w:398,h:16},
{t:"Senior executive share option schemes and performance share plan ",p:44,x:102,y:760,w:491,h:16},
{t:"Options to subscribe under various schemes for ordinary shares of 1p, including those noted in Directors’ interests in ",p:44,x:102,y:782,w:779,h:16},
{t:"the remuneration report on page 14 are shown in the table below: ",p:44,x:102,y:799,w:438,h:16},
{t:"  ",p:44,x:83,y:816,w:8,h:16},
{t:"Date ",p:44,x:273,y:828,w:36,h:16},
{t:"options ",p:44,x:252,y:845,w:58,h:16},
{t:"Exercise ",p:44,x:356,y:828,w:65,h:16},
{t:"price per ",p:44,x:355,y:845,w:67,h:16},
{t:"Exercisable ",p:44,x:524,y:845,w:87,h:16},
{t:"2009 ",p:44,x:766,y:845,w:37,h:16},
{t:"2008 ",p:44,x:887,y:845,w:37,h:16},
{t:"  ",p:44,x:83,y:862,w:8,h:16},
{t:"granted  ",p:44,x:251,y:862,w:90,h:16},
{t:"share  ",p:44,x:378,y:862,w:81,h:16},
{t:"from",p:44,x:528,y:862,w:33,h:16},
{t:"to  ",p:44,x:651,y:862,w:50,h:16},
{t:"Numbers  ",p:44,x:734,y:862,w:102,h:16},
{t:"Numbers ",p:44,x:854,y:862,w:82,h:16},
{t:"  ",p:44,x:194,y:880,w:47,h:16},
{t:"(pence)  ",p:44,x:367,y:880,w:98,h:16},
{t:"Senior Staff ",p:44,x:83,y:897,w:88,h:16},
{t:"27 Jun 2001 ",p:44,x:222,y:897,w:86,h:16},
{t:"76.00 ",p:44,x:380,y:897,w:41,h:16},
{t:"26 Jun 2004",p:44,x:479,y:897,w:82,h:16},
{t:"26 Jun 2011 ",p:44,x:583,y:897,w:86,h:16},
{t:"169,250 ",p:44,x:745,y:897,w:58,h:16},
{t:"189,250 ",p:44,x:865,y:897,w:58,h:16},
{t:"8 Jul 2002 ",p:44,x:236,y:914,w:73,h:16},
{t:"20.75 ",p:44,x:380,y:914,w:41,h:16},
{t:"7 Jul 2005",p:44,x:492,y:914,w:69,h:16},
{t:"7 Jul 2012 ",p:44,x:596,y:914,w:73,h:16},
{t:"14,500 ",p:44,x:753,y:914,w:50,h:16},
{t:"14,500 ",p:44,x:873,y:914,w:50,h:16},
{t:"19 Aug 2002 ",p:44,x:220,y:931,w:89,h:16},
{t:"18.75 ",p:44,x:380,y:931,w:41,h:16},
{t:"18 Aug 2005",p:44,x:476,y:931,w:85,h:16},
{t:"18 Aug 2012 ",p:44,x:580,y:931,w:89,h:16},
{t:"1,264,000 ",p:44,x:732,y:931,w:70,h:16},
{t:"1,264,000 ",p:44,x:852,y:931,w:70,h:16},
{t:"2 Dec 2002 ",p:44,x:228,y:949,w:80,h:16},
{t:"28.10 ",p:44,x:380,y:949,w:41,h:16},
{t:"1 Dec 2005",p:44,x:485,y:949,w:76,h:16},
{t:"1 Dec 2012 ",p:44,x:589,y:949,w:80,h:16},
{t:"126,000 ",p:44,x:745,y:949,w:58,h:16},
{t:"136,000 ",p:44,x:865,y:949,w:58,h:16},
{t:"8 Jan 2003 ",p:44,x:231,y:966,w:78,h:16},
{t:"28.10 ",p:44,x:380,y:966,w:41,h:16},
{t:"7 Jan 2006",p:44,x:487,y:966,w:74,h:16},
{t:"7 Jan 2013 ",p:44,x:591,y:966,w:78,h:16},
{t:"665,480 ",p:44,x:745,y:966,w:58,h:16},
{t:"665,480 ",p:44,x:865,y:966,w:58,h:16},
{t:"28 Jan 2004 ",p:44,x:222,y:983,w:86,h:16},
{t:"79.40 ",p:44,x:380,y:983,w:41,h:16},
{t:"27 Jan 2007",p:44,x:479,y:983,w:82,h:16},
{t:"27 Jan 2014 ",p:44,x:583,y:983,w:86,h:16},
{t:"590,000 ",p:44,x:745,y:983,w:58,h:16},
{t:"670,000 ",p:44,x:865,y:983,w:58,h:16},
{t:"15 Jul 2005 ",p:44,x:227,y:1000,w:81,h:16},
{t:"74.50 ",p:44,x:380,y:1000,w:41,h:16},
{t:"14 Jul 2008",p:44,x:484,y:1000,w:77,h:16},
{t:"14 Jul 2015 ",p:44,x:588,y:1000,w:81,h:16},
{t:"50,000 ",p:44,x:753,y:1000,w:50,h:16},
{t:"100,000 ",p:44,x:865,y:1000,w:58,h:16},
{t:"20 Dec 2005 ",p:44,x:220,y:1018,w:89,h:16},
{t:"72.50 ",p:44,x:380,y:1018,w:41,h:16},
{t:"19 Dec 2008",p:44,x:476,y:1018,w:85,h:16},
{t:"19 Dec 2015 ",p:44,x:580,y:1018,w:89,h:16},
{t:"350,000 ",p:44,x:745,y:1018,w:58,h:16},
{t:"450,000 ",p:44,x:865,y:1018,w:58,h:16},
{t:"28 Jun 2006 ",p:44,x:222,y:1035,w:86,h:16},
{t:"69.00 ",p:44,x:380,y:1035,w:41,h:16},
{t:"27 Jun 2009",p:44,x:479,y:1035,w:82,h:16},
{t:"27 Jun 2016 ",p:44,x:583,y:1035,w:86,h:16},
{t:"150,000  ",p:44,x:745,y:1035,w:62,h:16},
{t:"150,000 ",p:44,x:865,y:1035,w:58,h:16},
{t:"19 Jul 2007 ",p:44,x:227,y:1052,w:81,h:16},
{t:"0.00 ",p:44,x:389,y:1052,w:33,h:16},
{t:"18 Jul 2010",p:44,x:484,y:1052,w:77,h:16},
{t:"20 Jul 2011 ",p:44,x:588,y:1052,w:81,h:16},
{t:"617,500 ",p:44,x:745,y:1052,w:58,h:16},
{t:"632,500 ",p:44,x:865,y:1052,w:58,h:16},
{t:"13 Nov 2007 ",p:44,x:220,y:1069,w:89,h:16},
{t:"0.00 ",p:44,x:389,y:1069,w:33,h:16},
{t:"12 Nov 2010",p:44,x:476,y:1069,w:85,h:16},
{t:"14 Nov 2011 ",p:44,x:580,y:1069,w:89,h:16},
{t:"572,500 ",p:44,x:745,y:1069,w:58,h:16},
{t:"572,500 ",p:44,x:865,y:1069,w:58,h:16},
{t:"22 Jul 2008 ",p:44,x:227,y:1087,w:81,h:16},
{t:"0.00 ",p:44,x:389,y:1087,w:33,h:16},
{t:"22 Jul 2011",p:44,x:484,y:1087,w:77,h:16},
{t:"23 Jul 2012 ",p:44,x:588,y:1087,w:81,h:16},
{t:"581,986 ",p:44,x:745,y:1087,w:58,h:16},
{t:"- ",p:44,x:914,y:1087,w:9,h:16},
{t:"29 Jan 2009 ",p:44,x:222,y:1104,w:86,h:16},
{t:"0.00 ",p:44,x:389,y:1104,w:33,h:16},
{t:"29 Jan 2012",p:44,x:479,y:1104,w:82,h:16},
{t:"30 Jan 2013 ",p:44,x:583,y:1104,w:86,h:16},
{t:"268,014 ",p:44,x:745,y:1104,w:58,h:16},
{t:"- ",p:44,x:914,y:1104,w:9,h:16},
{t:"  ",p:44,x:194,y:1121,w:8,h:16},
{t:"Total ",p:44,x:83,y:1139,w:40,h:16},
{t:"  ",p:44,x:194,y:1139,w:8,h:16},
{t:"5,419,230  ",p:44,x:732,y:1139,w:105,h:16},
{t:"4,844,230 ",p:44,x:852,y:1139,w:85,h:16},
{t:"  ",p:45,x:457,y:89,w:10,h:22},
{t:"45 ",p:45,x:877,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:45,x:149,y:108,w:547,h:22},
{t:"Share based payments ",p:45,x:102,y:142,w:166,h:16},
{t:"The Group has introduced a performance share plan under which the Remuneration Committee can grant options ",p:45,x:102,y:164,w:781,h:16},
{t:"over shares in the Company to employees of the Group.  Options are granted as conditional awards of free shares.  ",p:45,x:102,y:182,w:784,h:16},
{t:"The contractual life of an option is 4 years.  Options granted under the performance share plan will become ",p:45,x:102,y:199,w:783,h:16},
{t:"exercisable on the third anniversary of the date of grant and will expire 12 months later.  Those relating to key ",p:45,x:102,y:216,w:782,h:16},
{t:"management are subject to certain criteria being met.  The present criteria are based on a combination of earnings ",p:45,x:102,y:233,w:780,h:16},
{t:"per share growth and total shareholder return performance over a minimum period of three years.  Options are ",p:45,x:102,y:251,w:782,h:16},
{t:"valued using the Monte Carlo option pricing model.  The fair value of options granted and the assumptions used in ",p:45,x:102,y:268,w:780,h:16},
{t:"the calculation are as follows: ",p:45,x:102,y:285,w:200,h:16},
{t:"Grant date ",p:45,x:135,y:320,w:75,h:16},
{t:"22 Jul 2008 ",p:45,x:641,y:320,w:81,h:16},
{t:"29 Jan 2009 ",p:45,x:776,y:320,w:86,h:16},
{t:"Share price at grant date ",p:45,x:135,y:337,w:169,h:16},
{t:"84p ",p:45,x:694,y:337,w:29,h:16},
{t:"47.5p ",p:45,x:821,y:337,w:41,h:16},
{t:"Exercise price ",p:45,x:135,y:354,w:98,h:16},
{t:"0p ",p:45,x:700,y:354,w:20,h:16},
{t:"0p ",p:45,x:842,y:354,w:20,h:16},
{t:"Number of employees ",p:45,x:135,y:371,w:150,h:16},
{t:"25 ",p:45,x:700,y:371,w:20,h:16},
{t:"18 ",p:45,x:842,y:371,w:20,h:16},
{t:"Shares under option ",p:45,x:135,y:389,w:139,h:16},
{t:"630,999 ",p:45,x:662,y:389,w:58,h:16},
{t:"268,014 ",p:45,x:804,y:389,w:58,h:16},
{t:"Vesting period (years) ",p:45,x:135,y:406,w:150,h:16},
{t:"3 ",p:45,x:708,y:406,w:12,h:16},
{t:"3 ",p:45,x:850,y:406,w:12,h:16},
{t:"Expected volatility ",p:45,x:135,y:423,w:124,h:16},
{t:"22% ",p:45,x:686,y:423,w:34,h:16},
{t:"26.5% ",p:45,x:816,y:423,w:46,h:16},
{t:"Option life (years) ",p:45,x:135,y:440,w:122,h:16},
{t:"4 ",p:45,x:708,y:440,w:12,h:16},
{t:"4 ",p:45,x:850,y:440,w:12,h:16},
{t:"Expected life (years) ",p:45,x:135,y:458,w:140,h:16},
{t:"3 ",p:45,x:708,y:458,w:12,h:16},
{t:"3 ",p:45,x:850,y:458,w:12,h:16},
{t:"Risk free rate ",p:45,x:135,y:475,w:93,h:16},
{t:"5.10% ",p:45,x:674,y:475,w:46,h:16},
{t:"2.20% ",p:45,x:816,y:475,w:46,h:16},
{t:"Expected dividends expressed as a dividend yield ",p:45,x:135,y:492,w:335,h:16},
{t:"0.75% ",p:45,x:674,y:492,w:46,h:16},
{t:"0.75% ",p:45,x:816,y:492,w:46,h:16},
{t:"Possibility of ceasing employment before vesting ",p:45,x:135,y:509,w:327,h:16},
{t:"0% ",p:45,x:695,y:509,w:25,h:16},
{t:"0% ",p:45,x:836,y:509,w:25,h:16},
{t:"Expectations of meeting performance criteria ",p:45,x:135,y:527,w:301,h:16},
{t:"100% ",p:45,x:678,y:527,w:42,h:16},
{t:"100% ",p:45,x:820,y:527,w:42,h:16},
{t:"Fair value per option ",p:45,x:135,y:544,w:140,h:16},
{t:"£0.59 ",p:45,x:679,y:544,w:41,h:16},
{t:"£0.34 ",p:45,x:821,y:544,w:41,h:16},
{t:"The expected volatility is based on the historical volatility over the last three years.  The expected life is the average ",p:45,x:102,y:578,w:780,h:16},
{t:"expected period to exercise.  The risk free rate of return is the yield on UK government bonds of a term consistent ",p:45,x:102,y:596,w:780,h:16},
{t:"with the assumed option life. ",p:45,x:102,y:613,w:193,h:16},
{t:"Details of the share options outstanding under the executive share option scheme and the performance share plan ",p:45,x:102,y:647,w:780,h:16},
{t:"during the year are as follows: ",p:45,x:102,y:665,w:204,h:16},
{t:" 2009 ",p:45,x:135,y:699,w:667,h:16},
{t:"2008 ",p:45,x:753,y:699,w:350,h:16},
{t:"  ",p:45,x:135,y:716,w:8,h:16},
{t:"Number ",p:45,x:382,y:734,w:57,h:16},
{t:" Weighted ",p:45,x:459,y:716,w:103,h:16},
{t:"average ",p:45,x:547,y:716,w:74,h:16},
{t:"exercise price ",p:45,x:509,y:734,w:96,h:16},
{t:"  ",p:45,x:625,y:716,w:8,h:16},
{t:"Number ",p:45,x:678,y:734,w:57,h:16},
{t:" Weighted ",p:45,x:755,y:716,w:103,h:16},
{t:"average ",p:45,x:842,y:716,w:74,h:16},
{t:"exercise price ",p:45,x:804,y:734,w:96,h:16},
{t:"  ",p:45,x:459,y:751,w:5,h:11},
{t:"  ",p:45,x:755,y:751,w:5,h:11},
{t:"Outstanding at 1 April ",p:45,x:135,y:762,w:148,h:16},
{t:"4,844,230 ",p:45,x:369,y:762,w:171,h:16},
{t:" 34.0p ",p:45,x:459,y:762,w:246,h:16},
{t:"4,322,396 ",p:45,x:664,y:762,w:171,h:16},
{t:" 46.0p ",p:45,x:755,y:762,w:246,h:16},
{t:"Granted 899,013 ",p:45,x:135,y:780,w:494,h:16},
{t:"0.00p ",p:45,x:564,y:780,w:230,h:16},
{t:" 1,215,000 ",p:45,x:625,y:780,w:146,h:16},
{t:"0.00p ",p:45,x:859,y:780,w:77,h:16},
{t:"Exercised (22,000) ",p:45,x:135,y:797,w:480,h:16},
{t:"55.8p  ",p:45,x:564,y:797,w:84,h:16},
{t:"(492,000)  ",p:45,x:667,y:797,w:111,h:16},
{t:"40.4p ",p:45,x:859,y:797,w:61,h:16},
{t:"Lapsed (302,013) ",p:45,x:135,y:814,w:489,h:16},
{t:"59.3p ",p:45,x:564,y:814,w:225,h:16},
{t:" (201,166) ",p:45,x:625,y:814,w:148,h:16},
{t:"70.8p ",p:45,x:859,y:814,w:79,h:16},
{t:"Outstanding at 31 March ",p:45,x:135,y:832,w:168,h:16},
{t:"5,419,230 ",p:45,x:369,y:832,w:171,h:16},
{t:" 26.8p ",p:45,x:459,y:832,w:246,h:16},
{t:"4,844,230 ",p:45,x:664,y:832,w:171,h:16},
{t:" 34.0p ",p:45,x:755,y:832,w:246,h:16},
{t:"  ",p:45,x:459,y:852,w:8,h:16},
{t:"  ",p:45,x:755,y:852,w:8,h:16},
{t:"Exercisable at 31 March ",p:45,x:135,y:870,w:165,h:16},
{t:"3,229,230 ",p:45,x:369,y:870,w:171,h:16},
{t:" 41.8p ",p:45,x:459,y:870,w:246,h:16},
{t:"2,939,230 ",p:45,x:664,y:870,w:171,h:16},
{t:" 38.8p ",p:45,x:755,y:870,w:246,h:16},
{t:" 2009  2008 ",p:45,x:107,y:941,w:917,h:14},
{t:"Range of ",p:45,x:80,y:987,w:57,h:14},
{t:"exercise price ",p:45,x:66,y:1003,w:85,h:14},
{t:"Weighted ",p:45,x:189,y:957,w:59,h:14},
{t:"average ",p:45,x:197,y:972,w:51,h:14},
{t:"exercise ",p:45,x:196,y:987,w:53,h:14},
{t:"price ",p:45,x:216,y:1003,w:32,h:14},
{t:"  ",p:45,x:263,y:957,w:7,h:14},
{t:"Number ",p:45,x:301,y:987,w:50,h:14},
{t:"of shares ",p:45,x:293,y:1003,w:58,h:14},
{t:"  ",p:45,x:369,y:957,w:7,h:14},
{t:"Weighted average ",p:45,x:417,y:987,w:111,h:14},
{t:"remaining life ",p:45,x:432,y:1003,w:82,h:14},
{t:" Weighted ",p:45,x:569,y:957,w:120,h:14},
{t:"average ",p:45,x:609,y:972,w:51,h:14},
{t:"exercise ",p:45,x:608,y:987,w:53,h:14},
{t:"price ",p:45,x:628,y:1003,w:32,h:14},
{t:"  ",p:45,x:675,y:957,w:7,h:14},
{t:"Number ",p:45,x:710,y:987,w:50,h:14},
{t:"of shares ",p:45,x:703,y:1003,w:58,h:14},
{t:"  ",p:45,x:773,y:957,w:7,h:14},
{t:"Weighted average ",p:45,x:821,y:987,w:111,h:14},
{t:"remaining life ",p:45,x:835,y:1003,w:82,h:14},
{t:"     ",p:45,x:107,y:1018,w:323,h:14},
{t:"Expected ",p:45,x:403,y:1018,w:117,h:14},
{t:"Contractual ",p:45,x:483,y:1018,w:129,h:14},
{t:"Expected ",p:45,x:803,y:1018,w:117,h:14},
{t:"Contractual ",p:45,x:882,y:1018,w:129,h:14},
{t:"  ",p:45,x:107,y:1033,w:5,h:11},
{t:"0p 0p ",p:45,x:100,y:1045,w:259,h:14},
{t:"2,040,000 ",p:45,x:289,y:1045,w:174,h:14},
{t:"1.9 ",p:45,x:419,y:1045,w:133,h:14},
{t:"2.9 0p ",p:45,x:507,y:1045,w:282,h:14},
{t:"1,205,000 ",p:45,x:698,y:1045,w:174,h:14},
{t:"2.5 ",p:45,x:822,y:1045,w:133,h:14},
{t:"3.5 ",p:45,x:906,y:1045,w:133,h:14},
{t:"15p – 30p ",p:45,x:78,y:1060,w:62,h:14},
{t:"22.3p ",p:45,x:211,y:1060,w:36,h:14},
{t:"2,069,980 ",p:45,x:289,y:1060,w:62,h:14},
{t:"0.0 ",p:45,x:419,y:1060,w:22,h:14},
{t:"3.5 ",p:45,x:507,y:1060,w:22,h:14},
{t:"22.4p",p:45,x:627,y:1060,w:33,h:14},
{t:"2,079,980 ",p:45,x:698,y:1060,w:62,h:14},
{t:"0.0 ",p:45,x:822,y:1060,w:22,h:14},
{t:"4.5 ",p:45,x:906,y:1060,w:22,h:14},
{t:"65p – 80p ",p:45,x:78,y:1076,w:62,h:14},
{t:"75.7p ",p:45,x:211,y:1076,w:36,h:14},
{t:"1,309,250 ",p:45,x:289,y:1076,w:62,h:14},
{t:"0.0 ",p:45,x:419,y:1076,w:22,h:14},
{t:"5.0 ",p:45,x:507,y:1076,w:22,h:14},
{t:"75.7p",p:45,x:627,y:1076,w:33,h:14},
{t:"1,559,250 ",p:45,x:698,y:1076,w:62,h:14},
{t:"0.4 ",p:45,x:822,y:1076,w:22,h:14},
{t:"5.1 ",p:45,x:906,y:1076,w:22,h:14},
{t:"The weighted average share price during the period for options exercised over the year was 89.4p (FY07/08: 87.4p).  ",p:45,x:102,y:1108,w:784,h:16},
{t:"The total charge for the year relating to employee share based payment plans was £401,000 (FY07/08: £204,000), ",p:45,x:102,y:1125,w:780,h:16},
{t:"all of which related to equity-settled share based payment transactions. ",p:45,x:102,y:1143,w:476,h:16},
{t:" ",p:46,x:107,y:87,w:5,h:22},
{t:"46 ",p:46,x:104,y:1329,w:16,h:13},
{t:"Notes to the financial statements for the year ended 31 March 2009 ",p:46,x:149,y:105,w:547,h:22},
{t:"24. Balance sheet reconstruction ",p:46,x:149,y:139,w:239,h:16},
{t:"During the prior year Kewill plc was granted High Court permission to release £11 million of its share ",p:46,x:149,y:168,w:698,h:16},
{t:"premium account following shareholder approval at an EGM held on 29 February 2008.  The release ",p:46,x:149,y:185,w:698,h:16},
{t:"was required to eliminate a deficit on the profit and loss account which arose after the reorganisation of ",p:46,x:149,y:203,w:697,h:16},
{t:"the Group’s business and the write-off of various investments following acquisitions made in recent ",p:46,x:149,y:220,w:699,h:16},
{t:"years.  The £11 million was in a special reserve at 31 March 2008 and was released during the year to ",p:46,x:149,y:237,w:697,h:16},
{t:"eliminate the deficit on the profit and loss account by July 2008. ",p:46,x:149,y:254,w:425,h:16},
{t:"25. Related party transactions ",p:46,x:149,y:283,w:217,h:16},
{t:"The Company conducts numerous transactions each year with its subsidiaries.  For the year to March ",p:46,x:149,y:312,w:698,h:16},
{t:"2009 these involved trading activities amounting to £2,000 (FY07/08: £707,000), financing activities ",p:46,x:149,y:329,w:700,h:16},
{t:"amounting to £802,000 (FY07/08: £53,000) and dividends received amounting to £6,334,000 (FY07/08: ",p:46,x:149,y:346,w:697,h:16},
{t:"£3,018,000).  Key management disclosures are contained in note 8. ",p:46,x:149,y:364,w:454,h:16},
{t:"26. Acquisitions ",p:46,x:149,y:392,w:119,h:16},
{t:"Prior year acquisitions ",p:46,x:149,y:421,w:164,h:16},
{t:"Whilst there were no further acquisitions during the year, a total increase in goodwill of £732,000 has ",p:46,x:149,y:443,w:698,h:16},
{t:"arisen as a result of adjustments to: ",p:46,x:149,y:461,w:241,h:16},
{t:"• ",p:46,x:173,y:489,w:12,h:18},
{t:"the amount of contingent consideration payable resulting from changes in performance and the ",p:46,x:197,y:490,w:650,h:16},
{t:"timing of contingent consideration payments.  £812,000 relates to Kewill GmbH, together with ",p:46,x:197,y:508,w:651,h:16},
{t:"reductions of £10,000 in relation to Kewill Pte Ltd and £70,000 in relation to Kewill Service ",p:46,x:197,y:525,w:653,h:16},
{t:"Logistics B.V. ",p:46,x:197,y:542,w:95,h:16},
{t:"27. Financial Commitments ",p:46,x:149,y:582,w:198,h:16},
{t:"At 31 March 2009 the Group was committed to making the following payments in respect of operating ",p:46,x:149,y:611,w:698,h:16},
{t:"leases expiring: ",p:46,x:149,y:628,w:108,h:16},
{t:"              Land and Buildings ",p:46,x:464,y:663,w:190,h:16},
{t:"             Other Assets ",p:46,x:729,y:663,w:145,h:16},
{t:"2009  ",p:46,x:509,y:680,w:80,h:16},
{t:"2008  ",p:46,x:627,y:680,w:80,h:16},
{t:"2009  ",p:46,x:757,y:680,w:80,h:16},
{t:"2008 ",p:46,x:863,y:680,w:57,h:16},
{t:"£000  ",p:46,x:509,y:697,w:80,h:16},
{t:"£000  ",p:46,x:627,y:697,w:80,h:16},
{t:"£000  ",p:46,x:757,y:697,w:80,h:16},
{t:"£000 ",p:46,x:863,y:697,w:57,h:16},
{t:"  ",p:46,x:542,y:714,w:5,h:11},
{t:"  ",p:46,x:660,y:714,w:5,h:11},
{t:"  ",p:46,x:790,y:714,w:5,h:11},
{t:"Within ",p:46,x:135,y:726,w:65,h:16},
{t:"one ",p:46,x:180,y:726,w:48,h:16},
{t:"year ",p:46,x:210,y:726,w:52,h:16},
{t:"1,681  ",p:46,x:505,y:726,w:85,h:16},
{t:"1,367  ",p:46,x:623,y:726,w:85,h:16},
{t:"540  ",p:46,x:765,y:726,w:72,h:16},
{t:"364 ",p:46,x:871,y:726,w:48,h:16},
{t:"In the second to fifth years inclusive ",p:46,x:135,y:743,w:241,h:16},
{t:"5,431 ",p:46,x:504,y:743,w:41,h:16},
{t:"1,074 ",p:46,x:623,y:743,w:41,h:16},
{t:"1,013 ",p:46,x:753,y:743,w:41,h:16},
{t:"522 ",p:46,x:871,y:743,w:29,h:16},
{t:"After ",p:46,x:135,y:761,w:55,h:16},
{t:"five ",p:46,x:170,y:761,w:47,h:16},
{t:"years ",p:46,x:198,y:761,w:60,h:16},
{t:"2,328  ",p:46,x:504,y:761,w:84,h:16},
{t:"74  ",p:46,x:643,y:761,w:64,h:16},
{t:"-  ",p:46,x:785,y:761,w:52,h:16},
{t:"- ",p:46,x:891,y:761,w:28,h:16},
{t:"9,440 ",p:46,x:505,y:778,w:41,h:16},
{t:" 2,515 ",p:46,x:566,y:779,w:151,h:16},
{t:"1,553 ",p:46,x:753,y:778,w:41,h:16},
{t:" 886 ",p:46,x:814,y:779,w:140,h:16},
{t:"At 31 March 2009 the Company was committed to making the following payments in respect of ",p:46,x:149,y:816,w:701,h:16},
{t:"operating leases expiring: ",p:46,x:149,y:833,w:175,h:16},
{t:"             Land and Buildings ",p:46,x:466,y:867,w:186,h:16},
{t:"             Other Assets ",p:46,x:729,y:867,w:145,h:16},
{t:"2009  ",p:46,x:509,y:885,w:80,h:16},
{t:"2008  ",p:46,x:627,y:885,w:80,h:16},
{t:"2009  ",p:46,x:757,y:885,w:80,h:16},
{t:"2008 ",p:46,x:863,y:885,w:57,h:16},
{t:"£000  ",p:46,x:509,y:902,w:80,h:16},
{t:"£000  ",p:46,x:627,y:902,w:80,h:16},
{t:"£000  ",p:46,x:757,y:902,w:80,h:16},
{t:"£000 ",p:46,x:863,y:902,w:57,h:16},
{t:"  ",p:46,x:542,y:919,w:5,h:11},
{t:"  ",p:46,x:660,y:919,w:5,h:11},
{t:"  ",p:46,x:790,y:919,w:5,h:11},
{t:"Within ",p:46,x:135,y:931,w:65,h:16},
{t:"one ",p:46,x:180,y:931,w:48,h:16},
{t:"year ",p:46,x:210,y:931,w:52,h:16},
{t:"314  ",p:46,x:517,y:931,w:72,h:16},
{t:"361  ",p:46,x:635,y:931,w:72,h:16},
{t:"1  ",p:46,x:782,y:931,w:55,h:16},
{t:"- ",p:46,x:891,y:931,w:28,h:16},
{t:"In the second to fifth years inclusive ",p:46,x:135,y:948,w:241,h:16},
{t:"903 ",p:46,x:517,y:948,w:29,h:16},
{t:"673 ",p:46,x:635,y:948,w:29,h:16},
{t:"- ",p:46,x:785,y:948,w:9,h:16},
{t:"- ",p:46,x:891,y:948,w:9,h:16},
{t:"After ",p:46,x:135,y:965,w:55,h:16},
{t:"five ",p:46,x:170,y:965,w:47,h:16},
{t:"years ",p:46,x:198,y:965,w:60,h:16},
{t:"32  ",p:46,x:525,y:965,w:64,h:16},
{t:"74  ",p:46,x:644,y:965,w:64,h:16},
{t:"-  ",p:46,x:785,y:965,w:52,h:16},
{t:"- ",p:46,x:891,y:965,w:28,h:16},
{t:"1,249 ",p:46,x:505,y:983,w:41,h:16},
{t:" 1,108 ",p:46,x:566,y:983,w:151,h:16},
{t:"1 ",p:46,x:782,y:983,w:12,h:16},
{t:" - ",p:46,x:814,y:983,w:159,h:16},
{t:"  ",p:47,x:457,y:89,w:10,h:22},
{t:"47 ",p:47,x:877,y:1329,w:16,h:13},
{t:"INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF KEWILL PLC ",p:47,x:149,y:107,w:525,h:16},
{t:"We have audited the Group and parent Company financial statements (the ‘‘financial statements’’) of Kewill plc for the ",p:47,x:149,y:138,w:696,h:14},
{t:"year ended 31 March 2009 which comprise the consolidated income statement, the consolidated and company ",p:47,x:149,y:153,w:699,h:14},
{t:"statements of changes in shareholders’ equity, the consolidated and company balance sheets, the consolidated and ",p:47,x:149,y:169,w:696,h:14},
{t:"company cash flow statements and the related notes. These financial statements have been prepared under the ",p:47,x:149,y:184,w:698,h:14},
{t:"accounting policies set out therein. We have also audited the information in the Directors’ Remuneration Report that ",p:47,x:149,y:199,w:697,h:14},
{t:"is described as having been audited. ",p:47,x:149,y:215,w:219,h:14},
{t:"Respective responsibilities of Directors and auditors ",p:47,x:149,y:244,w:337,h:14},
{t:"The Directors’ responsibilities for preparing the Annual Report, the Directors’ Remuneration Report and the financial ",p:47,x:149,y:259,w:696,h:14},
{t:"statements in accordance with applicable law and International Financial Reporting Standards (IFRSs) as adopted by ",p:47,x:149,y:274,w:696,h:14},
{t:"the European Union are set out in the Statement of Directors’ Responsibilities. ",p:47,x:149,y:290,w:464,h:14},
{t:"Our responsibility is to audit the financial statements and the part of the Directors’ Remuneration Report to be audited ",p:47,x:149,y:318,w:696,h:14},
{t:"in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and ",p:47,x:149,y:334,w:699,h:14},
{t:"Ireland). This report, including the opinion, has been prepared for and only for the Company’s members as a body in ",p:47,x:149,y:349,w:696,h:14},
{t:"accordance with Section 235 of the Companies Act 1985 and for no other purpose.  We do not, in giving this opinion, ",p:47,x:149,y:364,w:696,h:14},
{t:"accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into ",p:47,x:149,y:380,w:697,h:14},
{t:"whose hands it may come save where expressly agreed by our prior consent in writing. ",p:47,x:149,y:395,w:516,h:14},
{t:"We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial ",p:47,x:149,y:424,w:696,h:14},
{t:"statements and the part of the Directors’ Remuneration Report to be audited have been properly prepared in ",p:47,x:149,y:439,w:699,h:14},
{t:"accordance with the Companies Act 1985 and, as regards the Group financial statements, Article 4 of the IAS ",p:47,x:149,y:454,w:699,h:14},
{t:"Regulation. We also report to you whether in our opinion the information given in the Directors' Report is consistent ",p:47,x:149,y:470,w:697,h:14},
{t:"with the financial statements. The information given in the Directors’ Report includes that specific information ",p:47,x:149,y:485,w:700,h:14},
{t:"presented in the Annual Review that is cross referred from the Business Review section of the Directors’ Report.  ",p:47,x:149,y:500,w:668,h:14},
{t:"In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not ",p:47,x:149,y:529,w:697,h:14},
{t:"received all the information and explanations we require for our audit, or if information specified by law regarding ",p:47,x:149,y:544,w:698,h:14},
{t:"Directors’ remuneration and other transactions is not disclosed. ",p:47,x:149,y:560,w:376,h:14},
{t:"We review whether Corporate Governance reflects the Company’s compliance with the nine provisions of the ",p:47,x:149,y:589,w:699,h:14},
{t:"Combined Code (2006) specified for our review by the Listing Rules of the Financial Services Authority, and we ",p:47,x:149,y:604,w:698,h:14},
{t:"report if it does not. We are not required to consider whether the Board’s statements on internal control cover all risks ",p:47,x:149,y:619,w:696,h:14},
{t:"and controls, or form an opinion on the effectiveness of the Group’s corporate governance procedures or its risk and ",p:47,x:149,y:635,w:696,h:14},
{t:"control procedures. ",p:47,x:149,y:650,w:117,h:14},
{t:"We read other information contained in the Annual Report and consider whether it is consistent with the audited ",p:47,x:149,y:679,w:698,h:14},
{t:"financial statements. The other information comprises only the Directors’ Report, the unaudited part of the Directors’ ",p:47,x:149,y:694,w:696,h:14},
{t:"Remuneration Report, the Annual Review, the Corporate Governance Statement and all of the other information ",p:47,x:149,y:709,w:698,h:14},
{t:"listed on the contents page. We consider the implications for our report if we become aware of any apparent ",p:47,x:149,y:725,w:699,h:14},
{t:"misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any ",p:47,x:149,y:740,w:698,h:14},
{t:"other information. ",p:47,x:149,y:755,w:107,h:14},
{t:"Basis of audit opinion ",p:47,x:149,y:784,w:142,h:14},
{t:"We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the ",p:47,x:149,y:799,w:698,h:14},
{t:"Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and ",p:47,x:149,y:815,w:697,h:14},
{t:"disclosures in the financial statements and the part of the Directors’ Remuneration Report to be audited. It also ",p:47,x:149,y:830,w:698,h:14},
{t:"includes an assessment of the significant estimates and judgments made by the Directors in the preparation of the ",p:47,x:149,y:845,w:697,h:14},
{t:"financial statements, and of whether the accounting policies are appropriate to the Group’s and Company’s ",p:47,x:149,y:861,w:700,h:14},
{t:"circumstances, consistently applied and adequately disclosed. ",p:47,x:149,y:876,w:370,h:14},
{t:"We planned and performed our audit so as to obtain all the information and explanations which we considered ",p:47,x:149,y:907,w:698,h:14},
{t:"necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements ",p:47,x:149,y:922,w:697,h:14},
{t:"and the part of the Directors’ Remuneration Report to be audited are free from material misstatement, whether ",p:47,x:149,y:937,w:698,h:14},
{t:"caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the ",p:47,x:149,y:953,w:697,h:14},
{t:"presentation of information in the financial statements and the part of the Directors’ Remuneration Report to be ",p:47,x:149,y:968,w:698,h:14},
{t:"audited. ",p:47,x:149,y:983,w:51,h:14},
{t:"Opinion ",p:47,x:149,y:1014,w:54,h:14},
{t:"In our opinion: ",p:47,x:149,y:1029,w:87,h:14},
{t:"• ",p:47,x:149,y:1044,w:10,h:16},
{t:"the Group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European ",p:47,x:179,y:1046,w:666,h:14},
{t:"Union, of the state of the Group’s affairs as at 31 March 2009 and of its profit and cash flows for the year then ",p:47,x:179,y:1061,w:667,h:14},
{t:"ended; ",p:47,x:179,y:1076,w:44,h:14},
{t:"• ",p:47,x:149,y:1091,w:10,h:16},
{t:"the parent Company financial statements give a true and fair view, in accordance with IFRSs as adopted by the ",p:47,x:179,y:1092,w:666,h:14},
{t:"European Union as applied in accordance with the provisions of the Companies Act 1985, of the state of the ",p:47,x:179,y:1108,w:667,h:14},
{t:"parent Company’s affairs as at 31 March 2009 and cash flows for the year then ended; ",p:47,x:179,y:1123,w:514,h:14},
{t:"• ",p:47,x:149,y:1138,w:11,h:16},
{t:"the financial statements and the part of the Directors’ Remuneration Report to be audited have been properly ",p:47,x:179,y:1139,w:667,h:14},
{t:"prepared in accordance with the Companies Act 1985 and, as regards the Group financial statements, Article 4 ",p:47,x:179,y:1155,w:667,h:14},
{t:"of the IAS Regulation; and ",p:47,x:179,y:1170,w:159,h:14},
{t:"• ",p:47,x:149,y:1185,w:9,h:16},
{t:"the information given in the Directors' Report is consistent with the financial statements. ",p:47,x:179,y:1186,w:518,h:14},
{t:"PricewaterhouseCoopers LLP ",p:47,x:149,y:1217,w:193,h:14},
{t:"Chartered Accountants and Registered Auditors ",p:47,x:149,y:1232,w:309,h:14},
{t:"London ",p:47,x:149,y:1248,w:52,h:14},
{t:"19 June 2009 ",p:47,x:149,y:1263,w:86,h:14},
{t:" ",p:48,x:107,y:87,w:5,h:22},
{t:"48 ",p:48,x:104,y:1329,w:16,h:13},
{t:"NOTICE OF ANNUAL GENERAL MEETING ",p:48,x:149,y:105,w:336,h:18},
{t:"Notice is hereby given that the 2009 Annual General Meeting (the “Meeting”) of Kewill plc (the ",p:48,x:149,y:146,w:701,h:16},
{t:"“Company”) will be held on 16th July 2009 at 10:30am at, Kewill plc, Bramley House, The Guildway, Old ",p:48,x:149,y:160,w:697,h:19},
{t:"Portsmouth Road, Artington, Guildford, Surrey, GU3 1LR at which the following resolutions will be ",p:48,x:149,y:181,w:700,h:16},
{t:"proposed: ",p:48,x:149,y:198,w:70,h:16},
{t:"Ordinary Business ",p:48,x:149,y:235,w:137,h:16},
{t:"To consider and, if thought fit, pass the following resolutions which will be proposed as ordinary ",p:48,x:149,y:258,w:635,h:16},
{t:"resolutions. ",p:48,x:149,y:275,w:80,h:16},
{t:"1. ",p:48,x:149,y:310,w:13,h:13},
{t:"To receive and adopt the audited financial statements of the Company for the year ended 31 March ",p:48,x:179,y:307,w:667,h:16},
{t:"2009 together with the reports of the Directors and the auditors there on. ",p:48,x:179,y:325,w:484,h:16},
{t:"2. ",p:48,x:149,y:345,w:13,h:13},
{t:"To approve the Directors’ Remuneration Report for the year ended 31 March 2009. ",p:48,x:179,y:342,w:554,h:16},
{t:"3. ",p:48,x:149,y:362,w:13,h:13},
{t:"To re-elect Andy Roberts as a Director of the Company. ",p:48,x:179,y:359,w:374,h:16},
{t:"4. ",p:48,x:149,y:379,w:13,h:13},
{t:"To re-elect Charles Alexander as a Director of the Company. ",p:48,x:179,y:376,w:406,h:16},
{t:"5. ",p:48,x:149,y:397,w:13,h:13},
{t:"That PricewaterhouseCoopers LLP be reappointed auditors (the “Auditors”) of the Company to hold ",p:48,x:179,y:394,w:667,h:16},
{t:"office until the conclusion of the next general meeting at which accounts are laid before the ",p:48,x:179,y:411,w:671,h:16},
{t:"Company and that the Directors be authorised to fix the auditors’ remuneration. ",p:48,x:179,y:424,w:530,h:22},
{t:"6. ",p:48,x:149,y:448,w:13,h:13},
{t:"To declare a total dividend of 1.0 pence per ordinary share. ",p:48,x:179,y:445,w:397,h:16},
{t:"Special Business ",p:48,x:149,y:478,w:127,h:16},
{t:"As special business, to consider and, if thought fit, to pass the following resolutions – resolution 7 being ",p:48,x:149,y:500,w:696,h:16},
{t:"proposed as an ordinary resolution and resolutions 8 and 9 as special resolutions. ",p:48,x:149,y:517,w:546,h:16},
{t:"7. ",p:48,x:149,y:543,w:13,h:13},
{t:"General power of allotment. That, in substitution of all previous authorities conferred upon the ",p:48,x:179,y:540,w:670,h:16},
{t:"Directors to allot relevant securities (as defined in s80(2) of the Companies Act 1985 (“the Act”)), ",p:48,x:179,y:557,w:668,h:16},
{t:"the Directors of the Company be and they are hereby generally and unconditionally authorised for ",p:48,x:179,y:574,w:668,h:16},
{t:"the purposes of s80 of the Act to exercise all the powers of the Company to allot relevant securities ",p:48,x:179,y:591,w:667,h:16},
{t:"up to an aggregate nominal amount of £268,275 (representing 33% of the nominal value of the ",p:48,x:179,y:609,w:669,h:16},
{t:"share capital of the Company in issue as at the date of this notice), such authority to expire (unless ",p:48,x:179,y:626,w:667,h:16},
{t:"previously renewed, revoked, varied or extended) at the conclusion of the next Meeting of the ",p:48,x:179,y:643,w:669,h:16},
{t:"Company following the Meeting at which this resolution is passed save that the Company may ",p:48,x:179,y:660,w:669,h:16},
{t:"before such expiry make an offer or agreement which would or might require relevant securities to ",p:48,x:179,y:678,w:667,h:16},
{t:"be allotted after such expiry and the Directors may allot relevant securities pursuant to such an offer ",p:48,x:179,y:695,w:667,h:16},
{t:"or agreement as if the power conferred hereby had not expired. ",p:48,x:179,y:712,w:424,h:16},
{t:"8. ",p:48,x:149,y:737,w:13,h:13},
{t:"Authority to repurchase shares. That the Company be and is hereby generally and unconditionally ",p:48,x:179,y:734,w:667,h:16},
{t:"authorised in accordance with s166 of the Act to make market purchases (within the meaning of ",p:48,x:179,y:752,w:668,h:16},
{t:"s163 of the Act) of Shares in the capital of the Company (“Shares”) provided that: (a) the maximum ",p:48,x:179,y:769,w:667,h:16},
{t:"aggregate number of Shares hereby authorised to be purchased is 4,064,770; (b) the maximum ",p:48,x:179,y:786,w:669,h:16},
{t:"price which may be paid for a Share is an amount equal to 105 per cent. of the average of the ",p:48,x:179,y:803,w:668,h:16},
{t:"middle market quotations for a Share (as derived from the London Stock Exchange Daily Official ",p:48,x:179,y:821,w:668,h:16},
{t:"List) for the five dealing days immediately preceding the day on which the Share is purchased, ",p:48,x:179,y:838,w:669,h:16},
{t:"exclusive of expenses; (c) the minimum price which may be paid for a Share is its nominal value, ",p:48,x:179,y:855,w:668,h:16},
{t:"exclusive of expenses; (d) the authority hereby conferred shall expire at the conclusion of the next ",p:48,x:179,y:872,w:667,h:16},
{t:"Meeting of the Company, unless such authority is renewed, revoked, varied or extended prior to ",p:48,x:179,y:890,w:668,h:16},
{t:"such time; and, (e) the Company may make a contract to purchase Shares under the authority ",p:48,x:179,y:907,w:669,h:16},
{t:"hereby conferred prior to the expiry of such authority, which will or may be executed wholly or partly ",p:48,x:179,y:924,w:667,h:16},
{t:"after the expiry of such authority and may make a purchase of Shares in pursuance of any such ",p:48,x:179,y:941,w:668,h:16},
{t:"contract. ",p:48,x:179,y:959,w:61,h:16},
{t:"9. ",p:48,x:149,y:984,w:13,h:13},
{t:"Authority to allot shares. That, subject to and conditional upon the passing of resolution number 8 ",p:48,x:179,y:981,w:668,h:16},
{t:"above, the Directors be and are hereby empowered in accordance with s95 of the Act to allot equity ",p:48,x:179,y:998,w:667,h:16},
{t:"securities (as defined in s94(2) of the Act) pursuant to the authority conferred by resolution number ",p:48,x:179,y:1015,w:667,h:16},
{t:"8 above, and/or where such allotment constitutes an allotment of equity securities by virtue of ",p:48,x:179,y:1033,w:670,h:16},
{t:"s94(3A) of the Act, as if s89(1) of the Act did not apply to any such allotment provided that this ",p:48,x:179,y:1050,w:669,h:16},
{t:"power should be limited to: (a) the allotment of equity securities in connection with an offer of such ",p:48,x:179,y:1067,w:667,h:16},
{t:"securities by way of rights in favour of ordinary shareholders where the equity securities ",p:48,x:179,y:1084,w:673,h:16},
{t:"respectively attributable to the interests of all ordinary shareholders (excluding any shares held by ",p:48,x:179,y:1102,w:667,h:16},
{t:"the Company as treasury shares within the meaning of s162A(3) of the Act) are proportionate (as ",p:48,x:179,y:1119,w:668,h:16},
{t:"nearly as may be) to the respective number of ordinary shares held by them but subject to such ",p:48,x:179,y:1136,w:668,h:16},
{t:"exclusions as the Directors may deem necessary or expedient to deal, inter alia, with shares ",p:48,x:179,y:1153,w:670,h:16},
{t:"representing fractional entitlements or legal or practical problems arising under the laws of, or the ",p:48,x:179,y:1171,w:668,h:16},
{t:"requirements of a recognised regulatory body or a stock exchange in, any territory; and, (b) the ",p:48,x:179,y:1188,w:669,h:16},
{t:"allotment (otherwise than pursuant to sub-paragraph (a) above) of equity securities which are, or ",p:48,x:179,y:1205,w:668,h:16},
{t:"are to be, wholly paid up in cash up to an aggregate nominal amount of £40,648, being 5% of the ",p:48,x:179,y:1222,w:667,h:16},
{t:"nominal value of the issued share capital of the Company as shown in the audited financial ",p:48,x:179,y:1240,w:670,h:16},
{t:"statements for the year ended 31 March 2009; and (unless previously renewed, revoked, varied or ",p:48,x:179,y:1257,w:667,h:16},
{t:"extended) shall expire at the conclusion of the next Meeting of the Company or 15 months after the ",p:48,x:179,y:1274,w:667,h:16},
{t:"passing of this resolution, whichever is the earlier, save that the Company may before such expiry ",p:48,x:179,y:1291,w:667,h:16},
{t:" ",p:49,x:149,y:1315,w:3,h:13},
{t:"49 ",p:49,x:877,y:1329,w:16,h:13},
{t:"make an offer or agreement which would or might require equity securities to be allotted after such ",p:49,x:179,y:108,w:667,h:16},
{t:"expiry and the Directors may allot equity securities in pursuance of such offer or agreement as if the ",p:49,x:179,y:125,w:666,h:16},
{t:"power conferred hereby had not expired. ",p:49,x:179,y:142,w:274,h:16},
{t:"By order of the Board ",p:49,x:149,y:185,w:146,h:16},
{t:"Guy Millward ",p:49,x:149,y:207,w:97,h:16},
{t:"Company Secretary ",p:49,x:149,y:229,w:144,h:16},
{t:"19 June 2009 ",p:49,x:149,y:251,w:97,h:16},
{t:"NOTES: ",p:49,x:149,y:289,w:60,h:16},
{t:"A.  ",p:49,x:149,y:313,w:18,h:13},
{t:"A member of the Company who is entitled to attend and vote is entitled to appoint one or more proxies to attend and vote in his ",p:49,x:173,y:313,w:673,h:13},
{t:"stead. A proxy need not be a member of the Company but must attend the AGM in order to represent you. A member may ",p:49,x:173,y:328,w:674,h:13},
{t:"appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares (so a member must ",p:49,x:173,y:343,w:672,h:13},
{t:"have more than one share to be able to appoint more than one proxy).  To be effective, instruments of proxy must be received by ",p:49,x:173,y:358,w:672,h:13},
{t:"the Company’s Registrars, Computershare Investor Services PLC, PO Box 82, The Pavilions, Bridgwater Road, Bristol BS99 ",p:49,x:173,y:373,w:674,h:13},
{t:"7NH not less than 48 hours before the time appointed for holding the Meeting. ",p:49,x:173,y:388,w:405,h:13},
{t:"B.  A form of proxy for use by ordinary shareholders is enclosed.  The notes to the form of proxy include instructions on how to ",p:49,x:149,y:405,w:695,h:13},
{t:"appoint the Chairman of the AGM or another person as proxy. ",p:49,x:173,y:420,w:323,h:13},
{t:"C.  ",p:49,x:149,y:437,w:18,h:13},
{t:"The following documents, which are available for inspection during normal business hours at the registered office of the Company ",p:49,x:173,y:437,w:672,h:13},
{t:"on any weekday (Saturdays, Sundays and English public holidays excluded) will also be available for inspection at the place of ",p:49,x:173,y:452,w:673,h:13},
{t:"the Meeting from 2 hours before the Meeting until the conclusion of the Meeting: copies of the service contracts of the executive ",p:49,x:173,y:467,w:673,h:13},
{t:"Directors of the Company; the current memorandum & articles of association of the Company and the register of interests of the ",p:49,x:173,y:482,w:673,h:13},
{t:"Directors (and their families) in the share capital of the Company. ",p:49,x:173,y:497,w:339,h:13},
{t:"D.  In accordance with Regulation 41 of the Uncertificated Securities Regulations 2001, only those members entered on the register ",p:49,x:149,y:514,w:695,h:13},
{t:"of members of the Company as at 11.00 am on 12 July 2009 shall be entitled to attend and vote at the Meeting in respect of the ",p:49,x:173,y:529,w:673,h:13},
{t:"number of shares registered in their name at that time. Changes to entries on the register of members after 11.00 am on 12 July ",p:49,x:173,y:544,w:672,h:13},
{t:"2009 shall be disregarded in determining the rights of any person to attend and vote at the Meeting. ",p:49,x:173,y:559,w:516,h:13},
{t:"Notes relating to resolution number: ",p:49,x:149,y:587,w:204,h:13},
{t:"2.  ",p:49,x:149,y:604,w:16,h:13},
{t:"Shareholders are invited to vote on the Directors’ Remuneration Report which is set out in pages 15 to 17 of the Annual Report. ",p:49,x:173,y:604,w:672,h:13},
{t:"Such a vote is advisory only. ",p:49,x:173,y:619,w:151,h:13},
{t:"3-4. Short-form biographical details for all the Directors are contained at page 9 of the Annual Report and Accounts. Shareholders ",p:49,x:149,y:647,w:695,h:13},
{t:"may also wish to consider the following:  ",p:49,x:173,y:663,w:211,h:13},
{t:"Andy Roberts – Andy has served on the Board of Directors of the Company (the “Board”) since April 1997 and as Chairman ",p:49,x:173,y:679,w:673,h:13},
{t:"since April 1998. He has guided a number of companies through periods of restructuring and achieved successful outcomes for ",p:49,x:173,y:694,w:673,h:13},
{t:"shareholders over the last few years. He also holds the position of Non-Executive Director of several private software and ",p:49,x:173,y:709,w:675,h:13},
{t:"consultancy companies. There has been no material change in Andy’s level of commitment to such companies in the last financial ",p:49,x:173,y:725,w:672,h:13},
{t:"year. The SNED (Charles Alexander) confirms that, following internal performance evaluation, the Board considers that Andy ",p:49,x:173,y:740,w:674,h:13},
{t:"Robert’s performance continues to be effective and that he continues to demonstrate commitment to the role, including ",p:49,x:173,y:755,w:676,h:13},
{t:"commitment of time for Board and Committee meetings and other duties. It is proposed that Andy is elected for a further term of ",p:49,x:173,y:770,w:672,h:13},
{t:"one year as he is subject to the Group policy of re-electing, on an annual basis, all NEDs who have served more than 9 years.  ",p:49,x:173,y:785,w:656,h:13},
{t:"Charles Alexander - Charles has served on the Kewill Board of Directors for 8 years. The Board believes that Charles has ",p:49,x:173,y:802,w:674,h:13},
{t:"brought considerable corporate finance and M&A expertise to his role as a Director generally and financial expertise to his role as ",p:49,x:173,y:817,w:672,h:13},
{t:"Chairman of the Audit Committee.  He is a Managing Director and Head of Origination and Client Coverage, NE Asia for Standard ",p:49,x:173,y:832,w:672,h:13},
{t:"Chartered Bank, based in Hong Kong.  Prior to this he was Managing Director and Head of Asia Corporate Finance Group at ",p:49,x:173,y:847,w:673,h:13},
{t:"Lehman Brothers Asia Limited.  Charles joined Lehman Brothers in August 1998, originally as Head of Communications, Media & ",p:49,x:173,y:862,w:672,h:13},
{t:"Technology M&A in Europe and has advised on many of the Firm’s significant transactions.  Prior to joining Lehman Brothers, ",p:49,x:173,y:877,w:673,h:13},
{t:"Charles was a Managing Director with JP Morgan where he held a number of roles, most latterly running JP Morgan’s M&A ",p:49,x:173,y:892,w:674,h:13},
{t:"business in Emerging Asia.  Between 1993 and 1997, Charles led JP Morgan’s investment banking joint venture in India, ICICI ",p:49,x:173,y:907,w:673,h:13},
{t:"Securities & Finance Company Limited.  Prior to this, Charles headed JP Morgan’s London based Emerging Markets M&A team ",p:49,x:173,y:922,w:673,h:13},
{t:"from1991 to 1992, having joined JP Morgan as part of its European M&A  team with a special focus on oil and gas transactions.  ",p:49,x:173,y:937,w:676,h:13},
{t:"Previously, Charles had worked for McKinsey & Company in London and Tokyo from 1982 to 1987, having begun his career with ",p:49,x:173,y:952,w:672,h:13},
{t:"the Boston Consulting Group in 1980.  Charles graduated from Balliol College, Oxford in 1978 with The First in Engineering ",p:49,x:173,y:968,w:674,h:13},
{t:"Science and Economics and gained an MBA from Harvard Business School in 1980. ",p:49,x:173,y:975,w:440,h:22},
{t:"7.  ",p:49,x:149,y:1011,w:17,h:13},
{t:"Apart from the issue of securities on exercise of certain share options, the Directors have no present intention to exercise this ",p:49,x:173,y:1011,w:674,h:13},
{t:"authority. ",p:49,x:173,y:1026,w:51,h:13},
{t:"8.  ",p:49,x:149,y:1054,w:16,h:13},
{t:"The Directors believe that it is advantageous for the Company to continue to have the flexibility to purchase its own shares and ",p:49,x:172,y:1054,w:673,h:13},
{t:"this resolution seeks authority from the shareholders to do so. The Directors would only exercise this authority after considering ",p:49,x:172,y:1069,w:672,h:13},
{t:"the effect on earnings per share and the benefits for shareholders generally. Subject to the Directors deciding to hold any such ",p:49,x:172,y:1084,w:672,h:13},
{t:"shares in treasury in accordance with the provisions of the Companies (Acquisition of Own Shares) (Treasury Shares) ",p:49,x:172,y:1099,w:676,h:13},
{t:"Regulations 2003, and shares purchased in this way would be cancelled and the number of shares in issue would be reduced ",p:49,x:172,y:1115,w:673,h:13},
{t:"accordingly.  It would renew the authority given to the Directors at the annual general meeting on 19 July 2007 and would be ",p:49,x:172,y:1130,w:674,h:13},
{t:"limited to 4,064,770 shares, representing 5% of the issued share capital at the date of this notice. It would also extend it to allow ",p:49,x:172,y:1145,w:673,h:13},
{t:"the Company to sell on a non pre-emptive basis any shares the Company holds in treasury for cash. As at the date of this notice, ",p:49,x:172,y:1160,w:672,h:13},
{t:"there were options outstanding over 5,419,230 shares, representing 6.7% of the Company’s issued share capital. If the authority ",p:49,x:172,y:1175,w:672,h:13},
{t:"given by this resolution were to be fully used, these would represent 6.2% of the Company’s issued share capital. There are no ",p:49,x:172,y:1190,w:673,h:13},
{t:"warrants outstanding. ",p:49,x:172,y:1205,w:114,h:13},
{t:" ",p:50,x:107,y:87,w:5,h:22},
{t:"50 ",p:50,x:104,y:1329,w:16,h:13},
{t:"Kewill plc, Bramley House, The Guildway, Old Portsmouth Road, Artington, Guildford, Surrey, GU3 1LR ",p:50,x:149,y:152,w:698,h:16},
{t:"Tel: +44(0)1483 406080 Fax: +44(0)1483 406081  www.kewill.com   investor@kewill.com ",p:50,x:149,y:178,w:618,h:16},
{t:"Registered number 1037515 ",p:50,x:149,y:203,w:172,h:14},
{t:"Kewill has offices across the globe ",p:50,x:149,y:249,w:253,h:16},
{t:"Asia Pacific ",p:50,x:149,y:271,w:78,h:14},
{t:"Hong Kong ",p:50,x:149,y:294,w:70,h:14},
{t:"People’s Republic of China ",p:50,x:149,y:317,w:163,h:14},
{t:"Singapore ",p:50,x:149,y:334,w:65,h:22},
{t:"Europe ",p:50,x:383,y:271,w:49,h:14},
{t:"Belgium ",p:50,x:383,y:294,w:51,h:14},
{t:"Germany ",p:50,x:383,y:317,w:58,h:14},
{t:"Netherlands ",p:50,x:383,y:340,w:75,h:14},
{t:"Switzerland ",p:50,x:383,y:363,w:72,h:14},
{t:"United Kingdom ",p:50,x:383,y:380,w:99,h:22},
{t:"North America ",p:50,x:525,y:271,w:95,h:14},
{t:"Massachusetts ",p:50,x:525,y:294,w:92,h:14},
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