WHITE YOUNG GREEN PLC  ANNUAL REPORT & ACCOUNTS 2004
ANNUAL REPORT & ACCOUNTS 2004
Annual turnover £m
46.0
53.0
64.0
76.6
89.9
Dividend per share p
4.2
4.5
5.0
5.4
5.9
Profit before tax £m
3.3
4.0
4.4
5.0
5.8
Adjusted profit before tax
(1)
£m 
3.4
4.1
4.9
5.7
6.9
Basic earnings per share p
10.3
11.6
11.4
12.0
11.1
Adjusted earnings per share
(1)
p
10.9
12.1
13.4
14.6
14.2
(1)
Before exceptional items and goodwill amortisation.
WHITE YOUNG GREEN PLC
Arndale Court
Headingley
Leeds LS6 2UJ
Tel: 0113 278 7111
Fax: 0113 278 3487
E-mail: accounts@wyg.com
www.wyg.com
00 01 02 03 04 00 01 02 03 04 00 01 02 03 04
00 01 02 03 04 00 01 02 03 04 00 01 02 03 04 WHITE YOUNG GREEN PLC  ANNUAL REPORT & ACCOUNTS 2004
ANNUAL REPORT & ACCOUNTS 2004
Annual turnover £m
46.0
53.0
64.0
76.6
89.9
Dividend per share p
4.2
4.5
5.0
5.4
5.9
Profit before tax £m
3.3
4.0
4.4
5.0
5.8
Adjusted profit before tax
(1)
£m 
3.4
4.1
4.9
5.7
6.9
Basic earnings per share p
10.3
11.6
11.4
12.0
11.1
Adjusted earnings per share
(1)
p
10.9
12.1
13.4
14.6
14.2
(1)
Before exceptional items and goodwill amortisation.
WHITE YOUNG GREEN PLC
Arndale Court
Headingley
Leeds LS6 2UJ
Tel: 0113 278 7111
Fax: 0113 278 3487
E-mail: accounts@wyg.com
www.wyg.com
00 01 02 03 04 00 01 02 03 04 00 01 02 03 04
00 01 02 03 04 00 01 02 03 04 00 01 02 03 04 WHITE YOUNG GREEN AT A GLANCE WHITE YOUNG GREEN SKILLS
providing life cycle
professional consultancy
services to national
and international 
blue chip clients 
assisting them 
in the planning,
implementation and
operation of their 
key assets
MANAGEMENT SERVICES
Project Management
Risk Management
Dispute Resolution
Procurement Consultancy
Management & Leadership Training
Health & Safety
Security Consultancy
TOWN PLANNING 
Site Appraisals
Planning Applications & Appeals
Environmental Statements
Retail Studies
Telecommunications
Urban Capacity Studies ENVIRONMENTAL ENGINEERING
Waste Management
Pollution Control
Contaminated Land
Remediation & Regeneration
Ground Investigation
Geotechnics
Groundwater Quality
Asbestos Management
Environmental Due Diligence
INFRASTRUCTURE
Water & Waste Management
Transport Infrastructure
Utilities Management & Design
Sustainable & Traditional Drainage
Flood Risk Assessment
TRAFFIC & HIGHWAYS
Highways Design & Construction Project Management
Transport Assessment & Travel Plan Preparation
Multi-modal Transport Modelling
Traffic Signal Design
Road Safety Audits
BRIDGE ENGINEERING
Bridge Inspection & Assessment
Bridge Structures Design
Bridge Refurbishment & Repair
Bridge Foundation Assessment
Whole Life Cost Evaluation
Category 3 Checking
MANAGEMENT
CONSULTANCY
Economic Regeneration
Social Regeneration
Industrial Regeneration
Corporate Restructuring
Vocational Training
Public Sector Reform
Economic Capacity Building
SME Support
Sustainable Development
RAIL ENGINEERING
Depot Design
Station & Platform Design & Car Parks
Site Construction Management
Bridge Design
Tunnel & Shaft Examinations
Asset Management Studies
Safety & Training
Bridge Examination & Assessment
Permanent Way Design
Signalling Design
STRUCTURAL ENGINEERING
State of the Art Design Service
High Economy Design
Option Appraisals
Foundation Design
Surveys & Inspections
Technical Audits
Research & Development
Value Engineering
BUILDING SERVICES
Whole Life Cycle Costing
Environmental Audits
BREEAM Assessments
CFD Building & Environment Modelling
Renewable Energy
Air & Water Quality
FACILITIES CONSULTANCY
Property Portfolio Management
Building Surveying
Relocation Management
Procurement Consultancy
Managing Agent
Contract Management
Performance Measuring & Benchmarking
URBAN/LANDSCAPE DESIGN
Landscape Architecture & Urban Design
Landscape Assessment
Masterplanning
Development Guidelines
Strategic Studies
Landscape Management Plans
Computer Animation
Public Consultation & Exhibition
ENVIRONMENTAL MANAGEMENT 
Environmental Impact Assessment
Ecology
Environmental Management Systems
Sustainability Systems & CSR
Health & Safety
Fire & Emergency Management
Air, Noise & Acoustics Assessment
BS8555 & Contour
MARINE ENGINEERING
Marine & River Engineering
Ports & Harbours
Docks, Quays & Jetties
Marinas & Water Recreation
Coastal Defence & Flood Protection
CONSOLIDATED PROFIT AND LOSS ACCOUNT
2004 2003 2002 2001 2000
£’000 £’000 £’000 £’000 £’000
Turnover 89,850 76,584 64,022 53,029 45,962
Operating profit before exceptional items
and goodwill amortisation 7,584 6,585 5,714 4,775 4,041
Exceptional items — — — 192 —
Goodwill amortisation (1,057) (767) (551) (248) (125)
Profit before interest 6,527 5,818 5,163 4,719 3,916
Net interest (723) (860) (807) (714) (621)
Profit before tax 5,804 4,958 4,356 4,005 3,295
Tax (1,926) (1,431) (1,272) (1,244) (1,058)
Profit after tax 3,878 3,527 3,084 2,761 2,237
Dividends (2,319) (1,647) (1,413) (1,141) (936)
Retained profit for the year 1,559 1,880 1,671 1,620 1,301
Basic earnings per share 11.1p 12.0p 11.4p 11.6p 10.3p
Adjusted earnings per share before goodwill
amortisation and exceptional items 14.2p 14.6p 13.4p 12.1p 10.9p
Basic PE ratio 18.1 12.7 14.7 17.5 14.6
Adjusted PE ratio 14.2 10.4 12.5 16.8 13.8
Share price at 30 June 201.0p 152.5p 168.0p 203.5p 150.5p
CONSOLIDATED BALANCE SHEET
2004 2003 2002 2001 2000
£’000 £’000 £’000 £’000 £’000
Goodwill 34,010 15,907 13,472 8,242 3,359
Tangible fixed assets 7,135 6,388 5,436 4,929 5,663
Work in progress 24,030 12,221 11,630 9,471 8,599
Debtors 34,401 23,472 19,176 16,228 14,149
Creditors (35,613) (13,180) (9,844) (9,388) (10,240)
63,963 44,808 39,870 29,482 21,530
Equity shareholders’ funds 49,731 32,569 26,618 20,275 12,358
Net debt 14,232 12,239 13,252 9,207 9,172
63,963 44,808 39,870 29,482 21,530
FINANCIAL SUMMARY
T HE D ESIGN P ORTFOLIO
a member of the flathill communications group plc
www.flathillplc.com
designed & produced by WHITE YOUNG GREEN AT A GLANCE WHITE YOUNG GREEN SKILLS
providing life cycle
professional consultancy
services to national
and international 
blue chip clients 
assisting them 
in the planning,
implementation and
operation of their 
key assets
MANAGEMENT SERVICES
Project Management
Risk Management
Dispute Resolution
Procurement Consultancy
Management & Leadership Training
Health & Safety
Security Consultancy
TOWN PLANNING 
Site Appraisals
Planning Applications & Appeals
Environmental Statements
Retail Studies
Telecommunications
Urban Capacity Studies ENVIRONMENTAL ENGINEERING
Waste Management
Pollution Control
Contaminated Land
Remediation & Regeneration
Ground Investigation
Geotechnics
Groundwater Quality
Asbestos Management
Environmental Due Diligence
INFRASTRUCTURE
Water & Waste Management
Transport Infrastructure
Utilities Management & Design
Sustainable & Traditional Drainage
Flood Risk Assessment
TRAFFIC & HIGHWAYS
Highways Design & Construction Project Management
Transport Assessment & Travel Plan Preparation
Multi-modal Transport Modelling
Traffic Signal Design
Road Safety Audits
BRIDGE ENGINEERING
Bridge Inspection & Assessment
Bridge Structures Design
Bridge Refurbishment & Repair
Bridge Foundation Assessment
Whole Life Cost Evaluation
Category 3 Checking
MANAGEMENT
CONSULTANCY
Economic Regeneration
Social Regeneration
Industrial Regeneration
Corporate Restructuring
Vocational Training
Public Sector Reform
Economic Capacity Building
SME Support
Sustainable Development
RAIL ENGINEERING
Depot Design
Station & Platform Design & Car Parks
Site Construction Management
Bridge Design
Tunnel & Shaft Examinations
Asset Management Studies
Safety & Training
Bridge Examination & Assessment
Permanent Way Design
Signalling Design
STRUCTURAL ENGINEERING
State of the Art Design Service
High Economy Design
Option Appraisals
Foundation Design
Surveys & Inspections
Technical Audits
Research & Development
Value Engineering
BUILDING SERVICES
Whole Life Cycle Costing
Environmental Audits
BREEAM Assessments
CFD Building & Environment Modelling
Renewable Energy
Air & Water Quality
FACILITIES CONSULTANCY
Property Portfolio Management
Building Surveying
Relocation Management
Procurement Consultancy
Managing Agent
Contract Management
Performance Measuring & Benchmarking
URBAN/LANDSCAPE DESIGN
Landscape Architecture & Urban Design
Landscape Assessment
Masterplanning
Development Guidelines
Strategic Studies
Landscape Management Plans
Computer Animation
Public Consultation & Exhibition
ENVIRONMENTAL MANAGEMENT 
Environmental Impact Assessment
Ecology
Environmental Management Systems
Sustainability Systems & CSR
Health & Safety
Fire & Emergency Management
Air, Noise & Acoustics Assessment
BS8555 & Contour
MARINE ENGINEERING
Marine & River Engineering
Ports & Harbours
Docks, Quays & Jetties
Marinas & Water Recreation
Coastal Defence & Flood Protection
CONSOLIDATED PROFIT AND LOSS ACCOUNT
2004 2003 2002 2001 2000
£’000 £’000 £’000 £’000 £’000
Turnover 89,850 76,584 64,022 53,029 45,962
Operating profit before exceptional items
and goodwill amortisation 7,584 6,585 5,714 4,775 4,041
Exceptional items — — — 192 —
Goodwill amortisation (1,057) (767) (551) (248) (125)
Profit before interest 6,527 5,818 5,163 4,719 3,916
Net interest (723) (860) (807) (714) (621)
Profit before tax 5,804 4,958 4,356 4,005 3,295
Tax (1,926) (1,431) (1,272) (1,244) (1,058)
Profit after tax 3,878 3,527 3,084 2,761 2,237
Dividends (2,319) (1,647) (1,413) (1,141) (936)
Retained profit for the year 1,559 1,880 1,671 1,620 1,301
Basic earnings per share 11.1p 12.0p 11.4p 11.6p 10.3p
Adjusted earnings per share before goodwill
amortisation and exceptional items 14.2p 14.6p 13.4p 12.1p 10.9p
Basic PE ratio 18.1 12.7 14.7 17.5 14.6
Adjusted PE ratio 14.2 10.4 12.5 16.8 13.8
Share price at 30 June 201.0p 152.5p 168.0p 203.5p 150.5p
CONSOLIDATED BALANCE SHEET
2004 2003 2002 2001 2000
£’000 £’000 £’000 £’000 £’000
Goodwill 34,010 15,907 13,472 8,242 3,359
Tangible fixed assets 7,135 6,388 5,436 4,929 5,663
Work in progress 24,030 12,221 11,630 9,471 8,599
Debtors 34,401 23,472 19,176 16,228 14,149
Creditors (35,613) (13,180) (9,844) (9,388) (10,240)
63,963 44,808 39,870 29,482 21,530
Equity shareholders’ funds 49,731 32,569 26,618 20,275 12,358
Net debt 14,232 12,239 13,252 9,207 9,172
63,963 44,808 39,870 29,482 21,530
FINANCIAL SUMMARY
T HE D ESIGN P ORTFOLIO
a member of the flathill communications group plc
www.flathillplc.com
designed & produced by WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 1
■ 17% increase in turnover to £89.9m (2003: £76.6m)
■ 20% increase in profit before tax and goodwill amortisation
to £6.9m (2003: £5.7m)
■ 17% increase in profit before tax to £5.8m (2003: £5.0m)
■ £150k Ballast insolvency cost written off
■ 9% increase in dividend per share to 5.9p (2003: 5.4p)
■ 47% increase in order book to a record of £200m
■ 81% of 2004 proforma turnover already secured for 2005
■ Seven acquisitions completed in second half of year
■ Platform for future international growth established via 
IMC Consulting
FINANCIAL HIGHLIGHTS
01 FINANCIAL HIGHLIGHTS
02 CHAIRMAN’S
STATEMENT
06 CHIEF EXECUTIVE’S
REPORT
16 FINANCIAL REVIEW
18 CORPORATE AND
SOCIAL RESPONSIBILITY
REPORT
20 DIRECTORS’ REPORT
22 CORPORATE
GOVERNANCE
24 REMUNERATION
REPORT
28 BOARD OF DIRECTORS
29 INDEPENDENT
AUDITORS’ REPORT
30 CONSOLIDATED
PROFIT AND LOSS
ACCOUNT
31 BALANCE SHEETS
32 CONSOLIDATED CASH
FLOW STATEMENT
33 STATEMENT OF GROUP
TOTAL RECOGNISED
GAINS AND LOSSES
33 RECONCILIATION OF
MOVEMENTS IN GROUP
SHAREHOLDERS’ FUNDS
34 NOTES TO THE
ACCOUNTS
49 GUIDANCE FOR
SHAREHOLDERS
51 NOTICE OF MEETING
53 FINANCIAL SUMMARY
REVIEW OF THE YEAR WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 2
INTRODUCTION
I am delighted to be able to report another year of significant
progress and success for White Young Green Plc (WYG). For
the seventh successive year WYG has achieved a record level
of turnover and profit with turnover up 17.3% in the year to
£89.9m (2003: £76.6m) and operating profit before goodwill
amortisation up 15.2% to £7.6m (2003: £6.6m). Operating profit
after goodwill amortisation increased by 12.2% to £6.5m (2003:
£5.8m). In addition the Group has experienced significant growth
in new business resulting in order book increasing in the year by
more than 47% to £200m (2003: £136m) at June 2004 and has
continued to improve working capital management in the year.
This has been a landmark year for WYG’s corporate development
with a successful placing and open offer completed in January 2004
giving the Group the financial resources to complete a total of
seven strategically important acquisitions in the second half of the
year. These acquisitions have broadened and strengthened the
range of complementary life cycle skills now available to clients
from the Group’s in-house resources whilst also providing an
exciting platform for future international growth through the
acquisition, in June 2004, of IMC Consulting Limited.
IMC Consulting is also particularly important in the context of
WYG’s strategic development as it provides social-economic
advisory services to the aid-funded market on large scale, long
term projects to assist in building economic capacity in countries
in transition. This front end service in turn stimulates infrastructure
regeneration and environmental regeneration to the potential
benefit of WYG’s traditional skill sets. It is extremely encouraging
to be able to report that IMC Consulting has secured new
contracts to the value of £10.5m in the first three months of
WYG ownership. This includes a strategically important £8.8m
European Commission project to manage the implementation
of a local economic development programme in KwaZuluNatal,
South Africa. This is one of the largest projects ever placed with
either WYG or IMC Consulting.
The current focus for the Group is therefore to complete the
integration of these new acquisitions to enable WYG to maximise
growth in the months ahead.
RESULTS
Gross turnover grew by 17.3% in the year to £89.9m (2003:
£76.6m) and included a contribution from acquisitions of £5.0m.
Turnover attributable to third parties, on which the Group does
not make a margin, increased to £11.3m (2003: £9.3m) of which
£1.1m was due to acquisitions. The underlying growth of
turnover from continuing operations was therefore 11.0%.
Operating profit before goodwill amortisation increased by
15.2% to £7.6m (2003: £6.6m) and included a contribution from
acquisitions of £0.4m. Operating profit after goodwill amortisation
increased by 12.2% to £6.5m (2003: £5.8m). This result was
achieved after writing off the final exposure on outstanding
contracts as a result of the Ballast Plc administration.
Net operating margin, calculated as operating profit before
goodwill amortisation divided by turnover net of payments to
third parties, was 9.6% confirming WYG’s position as one of
the most efficient and profitable professional consultancies in
the support services sector. WYG is, however, committed to
delivering double digit operating margins and it is expected
that the recent acquisitions will assist in achieving this.
Basic earnings per share in the year was 11.1p (2003: 12.0p).
Earnings per share adjusted to exclude goodwill amortisation
was 14.2p (2003: 14.6p). These figures have been impacted by the
share placing and open offer in January 2004. Given the acquisition
activity since then, and in particular the acquisition of IMC Consulting
in June, it is expected that the temporary adverse impact in this
financial year will be mitigated going forward by the turnover and
profitability introduced by the acquisitions.
The financial position of WYG remains strong. Net debt at the
year end was £14.2m (2003: £12.2m) and interest was covered
10.5 times (2003: 7.7 times) by operating profit before goodwill
amortisation. There is a commitment across the Group to control
the investment in working capital and it is pleasing to see working
capital days falling from 125 days to 117 days during the course
of the year. Gearing, defined as total Group borrowings divided
by total net assets, also reduced in the year to 29% (2003: 38%).
DIVIDEND
It is proposed that the final dividend be increased by 10% to
3.7p (2003: 3.35p) per share making a total for the year of 5.9p
(2003: 5.4p). The dividend is covered 2.4 times (2003: 2.7 times)
by adjusted earnings per share and 1.9 times (2003: 2.2 times)
by basic earnings per share. The final dividend will be paid on
7 December 2004 to shareholders on the register at 8 October 2004.
CHAIRMAN’S STATEMENT
We enter the new financial year with an order book at record levels, a workforce
committed to delivering excellence and a client base which is broad and diverse.
We remain committed to engaging strategically with our clients over the total
life cycle of their assets and balancing our delivery of service between the
planning, implementing and operating segments of that life cycle. WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 3
VISION
“To be the leaders in the built,
natural and social environment”
VALUES
MISSION
“To deliver success for all
stakeholders, through excellence,
and innovation, by the improvement
of our built, natural and social
environment from concept through
creation to sustainable operation”
TEAMWORK
INTEGRITY
QUALITY
ADAPTABILITY
INNOVATION
CLIENT FOCUS
CARING
Strategies
 Corporate development
 Working infrastructure
 Sales & marketing
 Risk management
 Human resource
 Customer service
 Research & development
Strategies & plans
Factors critical to 
achieving excellence
Performance measurement 
& improvement
Targets & KPIs
Excellence factors
 Technical excellence
 Profit & cash
 Customer satisfaction
 Employee satisfaction
 Leadership
 Service innovation & delivery
 Corporate & individual social
responsibility
WHITE YOUNG GREEN BUSINESS EXCELLENCE
The WYG Business Excellence Model was introduced in July 2004 and sets
out our vision for the future, the values underpinning our behaviour and the
key strategies and plans guiding our actions.
REVIEW OF THE YEAR WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 4
ACQUISITIONS
The second half of the year saw significant corporate activity.
In that time the following businesses were acquired:
Denis Rooney Associates – January 2004
Denis Rooney Associates Limited – January 2004
CETEC Consultancy Limited – January 2004
Hawthorne Kamm Limited – May 2004
IMC Consulting Limited – June 2004
IMC Europe Limited – June 2004
DWP Consulting Limited – June 2004
All of these acquisitions were significant in their own right with
CETEC bringing specialist composite materials and finite element
analysis expertise, Hawthorne Kamm contributing town planning
skills, particularly in the important residential market, and DWP
strengthening WYG’s mechanical and electrical engineering skills
in the Midlands region.
The acquisition of the Denis Rooney businesses in Ireland added
strategically important complementary skills including project
management, cost management and building surveying and was an
important step in the achievement of total project delivery in Ireland.
The acquisition of IMC Consulting has marked a significant step
forward in the evolutionary development of WYG and represents
a step change in the size, skills balance, geographical coverage,
critical mass and earnings potential of the Group. IMC Consulting
provides WYG with a growing, profitable, sustainable and flexible
international management services business stream in growth
markets at the very beginning of the investment life cycle in
those markets and is therefore of significant strategic importance
to WYG. IMC Europe also strengthens and diversifies WYG’s
engineering and environmental business in the Midlands region
bringing with it many core specialisms including ecology, water
quality, hydrogeology and minewater engineering.
BUSINESS EXCELLENCE
As a business WYG is constantly striving to deliver excellence.
To this end 2004 has seen the introduction of ‘Fast Forward’, a
business improvement programme built around the WYG Business
Excellence Model. Business excellence factors have been defined
based on an agreed vision and set of values. These factors will be
measured and improvement targets agreed and set. All members
of staff have been empowered to contribute to this initiative and it
will constitute a key driver in the ongoing development of WYG.
Our vision is for WYG to be leaders in the built, natural and
social environment. The Group prospers because it has staff who
are dedicated and committed to delivering this vision and I would
like to take this opportunity to thank all staff for their exceptional
energy, enthusiasm and commitment which has been consistently
delivered over the past year.
BOARD OF DIRECTORS
The senior management team at WYG has evolved and been
strengthened in the past year with John Purvis stepping up into
the position of Chief Executive following the retirement of
Richard Brayson, and Denis Connery and Peter Wood joining
the Board as Commercial Director and Non-executive
Director respectively.
I am pleased that this period of management transition has been
achieved seamlessly and I am confident that the Board is now
well structured to not only continue, but to increase, the rate
of growth experienced in the seven years following the merger
of White Young and Ernest Green in 1997.
Given this very positive outlook I feel that it is now an appropriate
time for me to retire from the Board and I will therefore be standing
down as Chairman at the conclusion of the Annual General Meeting
(“AGM”) in November 2004. I have been privileged to have been a
director of the Group since 1993, firstly of Ernest Green Holdings Plc
and then as Chairman of White Young Green Plc, and have seen the
Group grow from being a £7m turnover regional consulting engineer
to the £120m plus turnover international multi-skilled consultancy it is
today. I have thoroughly enjoyed my time on the Board, have been
proud to have been associated with the Group’s success and feel that
I am leaving at a time when it is ideally placed to prosper further.
I am pleased to confirm therefore that Peter Wood has agreed
to take over as Chairman of WYG with effect from the AGM
to be held in November 2004. Arrangements are also in place
to recruit a third non-executive director and therefore retain the
balance of executive and non-executive directors on the Board.
CORPORATE PHILOSOPHY
WYG’s success this year, and in previous years, has been
underpinned by a clear corporate philosophy for the development
of the business that directly impacts the Company’s acquisition,
business development and recruitment policies. This philosophy
is shared equally by management and staff and is the cornerstone
CHAIRMAN’S STATEMENT
CONTINUED WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 5
of the strength, stability and resilience of the business. 
Key aspects of this philosophy are as follows:
■ WYG operates as an integrated business unit across all
skill sets, offices and business units. There is a single brand,
common corporate objectives and an ethos that recognises
the primary importance of overall Group performance;
■ WYG provides clients with a complementary range of skills
appropriate to the planning, implementation and operation
stages of the life cycle of their key wealth producing assets.
Those assets include the built environment in which they
operate, their interface with, and utilisation of, the natural
environment and the human resources they draw from the
social environment. Having originally developed as a business
involved primarily in the implementation stage, WYG is in
the process of moving to a much more balanced
contribution from all three stages of the life cycle;
■ WYG maintains a policy of diverse sector penetration building
on a demonstrable expertise in all key sectors of the domestic
economy. This provides the business with its stability and
resilience to changes in investment patterns across the
economy and between the public and private sectors.
As a consequence WYG is not sector dependent as the vast
majority of key skills are transportable between sectors. This
flexibility and diversity is fundamental to WYG’s ability to take
advantage of investment commitments from wherever they
may emanate in a continually changing market environment;
■ WYG believes that long term strategic engagement with clients
is much more readily achieved through an appropriate fusion
of strategic management services with the more traditional
technical skills. As a consequence WYG is building a balanced
business, balanced between management services and technical
services, balanced around the asset life cycle and balanced in
terms of sector penetration and key clients. In this way WYG’s
corporate philosophy is to avoid disproportionate dependencies
and thereby maximise both resilience and opportunity;
■ WYG believes strongly that client care should be relationship
focused rather than transaction focused. Long term relationships
are therefore managed and nurtured outwith projects, future
collaborative engagement is pre-planned and appropriate
commercial and problem resolution frameworks are established
at corporate level rather than at project level; and
■ WYG is a people business and as a consequence the
WYG philosophy includes a commitment to encourage
all staff to reach their potential and to participate in the
evolution of policy direction and ethos within the business.
The commitment to staff development and participation can
be measured through the commitment to achieve “Investors
In People” certification across all offices during the course of
2004. This programme is currently ahead of target with the
majority of offices having been recommended for certification
in the first half of the calendar year.
These complementary underlying philosophies have served WYG
extremely well since the inception of the business in 1997 and
they will continue to form the cornerstones of our corporate
development policy in the foreseeable future.
OUTLOOK
The recent acquisition activity and a continued focus on underlying
organic growth has provided a platform from which to deliver
enhanced growth in future years.
We expect that public sector investment in health, education,
law and order and transportation will continue at a high rate and
detect some welcome recovery in private sector markets including
retail, residential, commercial development and financial services.
WYG is particularly well placed to take advantage of that recovery
given the Group’s strong track record in all of those markets and
the proven flexibility of our workforce in being able to respond
positively to changes in investment patterns across the economy.
We enter the new financial year with an order book at record
levels, a workforce committed to delivering excellence and a
client base which is broad and diverse. We remain committed to
engaging strategically with our clients over the total life cycle of
their assets and balancing our delivery of service between the
planning, implementing and operating segments of that life cycle.
Trading is currently in line with expectations and we expect to
continue to deliver value for clients, employees and shareholders.
Gareth Cooper, Chairman
28 September 2004
SUMMARY OF THE CHAIRMAN’S STATEMENT
■ A landmark year for WYG’s corporate development
■ Strong financial results for the seventh successive year
■ WYG Business Excellence Model launched
■ Management team strengthened
■ A platform for future enhanced growth established
REVIEW OF THE YEAR The opportunities for the Group as it begins a new financial year are therefore
immense with its strong foothold in both the public and private sector markets,
the platform it has established for future international growth and the wider
appeal it now has to clients as a consequence of the gradual development
of complementary professional skills all around the asset life cycle.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 6
CHIEF EXECUTIVE’S REPORT
INTRODUCTION
This year has been pivotal in many respects for WYG with
unprecedented volumes of new business being secured, order
book increasing significantly, a major fundraising successfully
completed, seven strategically important acquisitions concluded,
a sustainable framework established for future international
engagement and key new appointments to the Plc Board.
More importantly all of this was achieved against a background
of strong turnover growth, profit growth and margins on net
turnover amongst the best in the industry.
None of this could have been achieved in a people business
without the exceptional levels of commitment, professionalism
and imagination shown by staff throughout the business during
the course of the year. Neither could it have been achieved
without strong, clear and decisive management and, in that
regard, it is appropriate to recognise the important role played
by Gareth Cooper, who retires as Chairman after the AGM in
November of this year, in the growth and development of WYG
over the last eleven years. Gareth’s wise counsel, wealth of
experience and commitment to shareholder value has underpinned
the success of the business in that time, helping it to evolve
seamlessly from a regional Consulting Engineer to the international
multi-skilled business it is today. It is also important to recognise
the significant contribution made by Richard Brayson, the previous
Chief Executive, who retired in December 2003 and who laid the
foundations of the success that the current management team
are building upon as the business embarks on the next stage
of evolutionary corporate development.
During the course of the year two new directors have been
welcomed to the Plc Board. Denis Connery joined WYG as
Commercial Director in November 2003. Denis is a lawyer
by profession and brings a wealth of experience in acquisition
management, contract negotiation, dispute resolution and
commercial management to the Plc Board. In February 2004
Peter Wood joined the Board as an additional non-executive
director to balance and strengthen the team. Peter is an
accountant by profession with extensive Plc experience and
knowledge of corporate finance, investor relations, corporate
governance and business management. He will be of invaluable
benefit to WYG as the pace of corporate development increases
in the months and years ahead. It is therefore pleasing to be able
to report that Peter has agreed to take up the Chairmanship
of WYG when Gareth Cooper retires from the Board.
Arrangements are in place to recruit a third non-executive
director following the appointment of the new Chairman in
order to retain the balance of executive and non-executive
directors on the Board. It is also likely that a Group Operations
Director will be appointed to the Board during the course
of 2005 in order to retain an effective balance of financial,
operational and commercial skills at Plc Board level.
CORPORATE DEVELOPMENT
ACQUISITIONS
WYG significantly increased the rate of corporate development
in 2004 by acquiring seven new businesses in the first six months
of 2004 which collectively generated approximately £39m of
profitable turnover in the 12 months prior to acquisition on a
proforma basis. The total initial consideration excluding costs for
these businesses was £17.3m, comprising £12.4m in cash and the
balance in shares. Contingent consideration amounts in total to
a maximum of £2.3m depending upon profit performance in the
first year of WYG ownership. WYG operates as a fully integrated
business and therefore, in line with Group policy, all of these
acquisitions are in the process of rebranding to WYG livery.
WYG always seeks to identify the potential ‘added value’ from
each acquisition over and above the basic trading value of the
business. This can be in the form of cross-selling potential, enhanced
sector penetration, access to new key clients or new markets,
potential future senior managers, new skills, enhanced profile,
track record or simply reputation. It is by realising this ‘added
value’ that WYG can maximise the return from its investment
in acquisitive growth. Further details of each of the acquisitions
completed in the year are provided below together with details
of the added value they contribute to the Group and, where
appropriate, an update on their performance post acquisition.
DRA – Belfast and Dublin
In January 2004 WYG acquired Denis Rooney Associates in
Belfast and Denis Rooney Associates Limited in Dublin (together
“DRA”). DRA were privately owned businesses offering project
management, cost management, building surveying and planning
supervisor services throughout Ireland employing approximately
40 people. The acquisition of these businesses brought WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 7
strategically important cost management services to WYG in
Ireland. This, along with building surveying and commercial project
management, was an entirely new skill set for the WYG Group
enabling the business in Ireland to offer clients a full range of
complementary professional services to assist them in both the
management and design of their projects.
The added value for WYG from these particular acquisitions
includes the cross-selling potential generated by the introduction
of these important new skill sets, enhanced sector penetration in
education, housing and healthcare in particular and more efficient
utilisation of WYG’s existing premises in Belfast which is being used
to co-locate all staff. In addition Denis Rooney, the ex-Principal of
DRA and a leading figure in the Irish business community, has
taken up the position of Chief Executive of WYG Ireland Limited.
CETEC – Southampton
In January 2004 WYG acquired CETEC Consultancy Limited,
a highly specialised structural engineering and project management
consultancy. CETEC provides WYG with complementary niche
skills including finite element analysis, particularly in the context
of specialist structures utilising innovative polymer based
composite materials.
Added value from the CETEC acquisition includes access to
a broad range of high profile professionals and clients actively
supporting the development of new technologies in the field
of structural materials. 
IMC – Nottingham and Overseas
In June 2004 WYG acquired IMC Consulting Limited and IMC
Europe Limited having received overwhelming support for this
transaction from shareholders. IMC Consulting is a leading
project management and consultancy business working primarily
with Governments and regional authorities on large scale, long
term aid-funded, social and economic regeneration projects
designed to build capacity in countries in transition. IMC Europe
further strengthens WYG’s existing environmental and engineering
business streams in the UK particularly in the important urban
regeneration, environmental and infrastructure markets. The
acquisition of IMC Consulting in particular marked a significant step
forward in the evolutionary development of WYG and represents
a step change in the size, skills balance, geographical coverage,
critical mass and earnings potential of WYG. IMC Consulting
provides WYG with an international management services business
stream which is profitable and growing. It is entirely complementary
to WYG’s existing skill sets and geographic markets.
The added value from the acquisition of IMC Consulting is the
provision of a strong, established platform from which WYG can
develop a growing market for the Group’s traditional skills in
appropriate international locations given the direct link between
social-economic regeneration, infrastructure regeneration and
environmental regeneration. It is therefore extremely encouraging
that in the three months following acquisition IMC Consulting has
secured new contracts with a net value of £10.5m, including a
strategically important £8.8m European Commission (EC) project
to manage the implementation of a local economic development
programme in KwaZuluNatal, South Africa. This is a major
success, as significant in scale and profile as anything previously
secured by the Group. Other EC aid-funded projects have also
been won in that period in Poland, the Balkans and the CIS. 
Hawthorne Kamm – Southampton
In June 2004 WYG acquired Hawthorne Kamm, a privately
owned Town Planning Consultancy based in Droxford in
Hampshire. Hawthorne Kamm provides clients in Central and
Southern England with important front-end advocacy skills 
in the Planning arena.
The added value from the acquisition is that it focuses
predominantly on the wider residential market comprising national
house builders and residential developers from which cross-selling
opportunities can be pursued for other complementary skill sets
within WYG. In addition, WYG Planning can now provide
nationwide Town Planning services to those clients in the future.
DWP – Leicester and Birmingham
In June 2004 WYG acquired DWP Consulting Limited,
a mechanical and electrical consultancy services business based
in Leicester. This acquisition provides WYG with a team of
professionals whose specialist skills and experience add value
by significantly strengthening the Group’s technical capacity in
the building services field in the Midlands region. Added value
is also achieved from the broadening of the client base and the
provision of high level management support to lead WYG’s
ambitious expansion plans in the Birmingham area.
ORGANIC DEVELOPMENT
Acquisitive growth is, of course, only one part of the toolkit used
by WYG to deliver sustainable corporate development. Of even
more importance in a people business is the underlying rate
of organic growth which is a better measure of the ability of a
business to secure increased market share, attract more high
quality staff, nurture specialist skills and open up new markets.
It is therefore encouraging to note that over half of WYG’s 22%
per annum average rate of growth over the last seven years to
June 2004 has been organic rather than acquisitive with organic
growth over the last year running at 11%. 
All of the corporate development that has taken place during
the course of the last year has significantly changed the shape
of WYG as it moves into the new financial year. The corporate
philosophy outlined in the Chairman’s Statement has informed
and guided both acquisition activity and organic development
during the course of the year with particular reference to the
following characteristics:
■ Front end skills in the planning stage of the asset life cycle
have been significantly enhanced and these now comprise
40% of WYG’s overall business. All of these front end skills
are key to the client’s decision making processes and often
attract higher margins. They are also influential in facilitating
subsequent appointments associated with the implementation
and operational stages of the life cycle.
The breakdown of the business at the beginning of the
new financial year is therefore 40% planning stage, 45%
implementation stage and 15% operational stage with an
ongoing strategy to balance the business around all three
stages of the life cycle;
■ Technical design services have almost been balanced by the
more strategically important management services with the
latter now comprising 37% of the overall Group turnover
compared to the 43% of the former. It is only through
a complementary balance of management services and
technical services that real strategic engagement with clients
can be achieved at boardroom level and therefore further
developments in this skill area are anticipated in the future;
■ Further sector diversification has been achieved through
penetration of the important residential market with major
national house builders and residential developers being
added to WYG’s key client list; and
REVIEW OF THE YEAR WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 8
ORGANIC DEVELOPMENT (CONTINUED)
■ A significant but relatively low risk international dimension
has been added to WYG’s portfolio which provides the
ideal platform for taking a broader range of WYG services
to selected overseas locations within a controlled, managed
and established business framework.
SECTOR ANALYSIS
The strength of the WYG business lies in the fact that the
diversity of sectors in which it has a strong presence and
an established reputation allows it to effectively ride the
ebb and flow of investment patterns within any one sector,
as a consequence of the majority of skills within the Group
transferable between individual sectors. The important factor is
to be meaningfully active in each of the key sectors, retain and
nurture the relationships within those sectors, particularly when
they are in temporary difficulty and be fleet of foot when either
pressure or opportunity arises with regard to resource allocation,
marketing effort or service delivery structures.
This philosophy has served WYG well in the past and, in particular,
allowed the Group to grow consistently, irrespective of the
predominance of either public sector or private sector investment.
In that regard in the year 2000 before the more recent spending
commitment to health, education and transportation, 70% of
Group turnover was from the private sector. Between 2000 and
2003 it remained more or less constant in quantum terms whilst
the public sector element grew significantly to peak at 61% in 2003
with only 39% emanating from the private sector. During that time
private sector clients continued to be nurtured and developed and
in 2004 the first signs of real recovery in private sector markets has
become apparent with the public/private split adjusting back to a
58%:42% split in the year.
Private sector turnover has increased in the year by an average of
26%, or £7.9m in quantum terms, compared to the overall Group
top line growth rate of 17%. This has been spread consistently
over most of the key private sector markets as follows:
Industry Up 25%
Commercial, Leisure and Residential Development Up 28%
Retail Up 17%
Financial Services Up 17%
Public sector turnover has also increased in the year by 12%,
or £5.4m in quantum terms, following three consecutive years
of taking a consistently increasing share of overall Group turnover.
However the more detailed breakdown below confirms that
there is a much more variable pattern to the spread of this
increase across the public sector markets than is the case with
the private sector split above:
Health and Education Up 42%
Law and Order Up 51%
Transportation and Infrastructure Up 9%
Defence Down 30%
The 30% reduction in defence turnover, or £2.3m in quantum
terms, is a reflection of the defence infrastructure market generally
which has seen the last year being used primarily to set up and
establish the five major regional prime contracts, without any of
these prime contracts actually reaching a fully productive, steady
state condition. In addition spending priorities within those regional
prime contracts have come under review to ensure that they
fully align with the changed operational requirements and priorities
recently announced by the Secretary of State. With the government’s
plans now published and the prime contracts established WYG
expects increased business in this sector in the new financial year.
Financial year 2004 has clearly been a successful year for WYG
across a broad range of sectors and skill groups and this is best
illustrated by reference to some of the more significant project
successes for the Group during that period within each of the
key sectors referred to above.
DEFENCE
■ SOUTH WEST REGIONAL PRIME CONTRACT
WYG is the principal professional advisor providing a range
of multi-disciplinary design services to the Debut consortia
led by Bovis/Babcock for the Tri-Services Estate Prime
Contract in South West England, with an anticipated capital
works value in excess of £500m over a seven year term.
■ QINETIQ LONG TERM FRAMEWORK CONTRACT
WYG is one of only three consultants to partner QinetiQ
on its Long Term Partnering Arrangement with Defence
Estates for the MoD Range sites. This commission will run
for five years.
CHIEF EXECUTIVE’S REPORT
CONTINUED TURNOVER BY SECTOR 2004
DEFENCE 6%
HEALTH & 
EDUCATION 17%
LAW & ORDER 9%
TRANSPORTATION &
INFRASTRUCTURE 25%
POWER & 
UTILITIES 7%
INDUSTRY 10%
COMMERCIAL, LEISURE &
RESIDENTIAL DEVELOPMENT 12%
RETAIL 8%
FINANCIAL SERVICES 2%
OTHERS 4% WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 9
SUMMARY OF THE CHIEF EXECUTIVE’S REPORT
■ Seven strategic acquisitions adding £39m to proforma turnover
■ Consistently strong organic growth at 11% per annum
■ Significantly active in both the public and private sectors
■ Platform for international growth established
■ 57% of turnover from long term framework contracts
CLIENT
ASSETS
Traffic & 
Transportation
Environmental
Services
Geotechnical
Engineering
Project 
Management
Multi-Discipline 
Design
Construction
Management
Sustainablility
Management
Management
Systems
Health 
& Safety
Property
Management
Facilities
Consultancy
Town 
Planning
Social & Economic
Regeneration
Cost Management
Cost 
Management
Building
Surveying
REVIEW OF THE YEAR
ASSET LIFE CYCLE
WYG provides clients with a complementary range of skills appropriate to
the planning, implementation and operation stages of the life cycle of their
key wealth producing assets. WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 10
HEALTH
■ BIRMINGHAM NEW HOSPITALS PFI PROJECT
WYG has been appointed to provide civil, structural and
environmental engineering services to a preferred-bidder
joint venture between Balfour Beatty, AWG and Haden
Young on a six year, £521m PFI project. Financial closure
of the main contract is anticipated in March 2005. 
■ NHS LIFT SCHEMES
WYG is providing a full range of consultancy services on a
number of NHS LIFT schemes including North Tyneside,
Oldham, St Helens and Knowsley. Each of these comprises
typically 20 to 30 individual primary health care projects with
a combined capital value of up to £100m per region.
EDUCATION
■ LEEDS PRIMARY SCHOOLS
QED are the special purpose vehicle for the construction
of ten primary schools in Leeds at a value of approximately
£30m with WYG providing consultancy services to Wates
Construction who will be undertaking the construction work
on behalf of QED. Financial close occurred in April 2004
with a construction period of only one year commencing
in summer 2004.
■ UNIVERSITY FRAMEWORK CONTRACTS
WYG has been awarded a series of long term framework
engineering consultancy contracts for Leeds, Manchester,
Newcastle and Liverpool Universities as well as a number
of individual high-reliability laboratory projects at other
universities throughout the UK.
LAW AND ORDER
■ HOME OFFICE PROPERTY MANAGEMENT 
FRAMEWORK CONTRACT
WYG has been appointed by the Home Office on an
initial four year commission to undertake total professional
property services in the management of the entire Home
Office non-custodial property portfolio throughout the
UK. The commission, amongst other things, requires the
deployment of full-time helpdesk facilities that are now
at the disposal of other clients.
WYG is responsible for the delivery of all services and
draws upon the entire skill base and national coverage
of the business in support of the Home Office’s estate
management objectives. 
■ DCA UNIFIED COURTS PROPERTY MANAGEMENT – 
WALES AND CHESHIRE
WYG has been appointed to provide professional property
management for 100 Crown, County and Magistrates Courts
and Tribunal Buildings throughout the Wales and Chester
circuit for the next five years. WYG is also providing
technical support to DTZ on the equivalent contracts
covering the North West and North East of England.
URBAN REGENERATION
■ NWDA – NEWLANDS
WYG Environmental (WYGE) has been appointed
Framework Panel Consultant to the Forestry Commission,
with partial funding by the North West Development Agency
on a project to regenerate community woodlands and
develop appropriate open-air leisure facilities on previously
brownfield land, initially in the North West of England but
with a view to extending the scheme to other regions of the
UK in due course. The full range of WYGE’s in-house specialist
skills will be utilised throughout the course of this project.
■ LONDON DEVELOPMENT AGENCY FRAMEWORK CONTRACT
WYG has secured a multi-skilled long term framework
contract with the London Development Agency which, inter
alia, involves the major assemblage of sites in Stratford, East
London preparatory to the regeneration of infrastructure
and accommodation in the area. This work will be critical to,
but not dependent upon, the success of the London 2012
Olympics bid. 
HIGHWAYS AND TRAFFIC
■ M1 JUNCTION 19
As Employer’s Agent, WYG will carry out preliminary design,
undertake a Stage 3 Environmental Assessment, prepare the
Statutory Orders and manage the Early Contractor Involvement
tender procedure to construct a new three-level, free-flow
traffic interchange estimated at £100m capital investment. 
■ A45/A46 TOLLBAR END
The Highways Agency has appointed WYG as Employer’s
Agent on a £57m project to improve this junction between
three major motorways in a highly urban area.
CHIEF EXECUTIVE’S REPORT
CONTINUED PROFORMA TURNOVER BY SKILL
DESIGN SERVICES 43%
MANAGEMENT 
SERVICES 37%
ENVIRONMENTAL 16%
TOWN PLANNING 4% WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 11
THE BUILT 
ENVIRONMENT
3
4
2
1
1. The Devonshire Building at Newcastle University won the first
RICS North East Renaissance Award for Building of the Year.
WYG provided mechanical and electrical services for this low
environmental impact building. 
2. Wolfson Molecular Imaging Centre, Christie Hospital,
Manchester. A high technology hospital laboratory which was
awarded a Structural Heritage Commendation by the Institute
of Structural Engineers.
3. The Light, Leeds. A mixed retail development was awarded a
Structural Heritage Commendation by the Institute of Structural
Engineers and a Civic Trust Award for its contribution to
the community. 
4. National Distribution Centre for Lever Fabergé, Doncaster.
As lead consultant, WYG provided environmental, civil,
mechanical and electrical services on this project.
REVIEW OF THE YEAR WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 12
RAIL
■ LONDON MAJOR STATIONS
WYG Rail has been appointed by Network Rail to prepare
a feasibility study and outline design for a new platform on
the east side of Kings Cross Station including all associated
trackwork, signalling and electrification alterations. In addition,
the rail team has been instructed to undertake a detailed
examination and assessment of London Victoria Station roof.
■ EAST COAST MAIN LINE
WYG Rail is currently working with Network Rail to successfully
produce Overhead Line Allocation Designs for failing anchor tie
foundations at 14 locations on the East Coast Main Line.
INDUSTRY
■ RUTHERFORD APPLETON LABORATORY – ISIS SECOND
TARGET STATION
WYG has been appointed Lead Consultant on this important
groundbreaking research facility project at a total project
value of £100m, an estimated £16m of which will constitute
the construction works capital value.
When completed, the facility will be used by scientists from
around the world to investigate materials at the atomic level,
for research in physics, earth sciences, chemistry, materials
science, engineering, biology and archaeology.
■ TILBURY DOCKS REDEVELOPMENT
Working with Dew Construction and Forth Ports through
the Port of Tilbury, WYG will act as Lead Consultant on
the £31m ‘Project Enterprise’ in the creation of a southern
distribution centre for Stora Enso for the more efficient
shipment of paper to the national daily newspapers market.
The terminal will incorporate fully automated warehousing and a
rail cross-dock facility to enable multi-modal national distribution.
COMMERCIAL, LEISURE AND RESIDENTIAL
DEVELOPMENT
■ KINGSWAY BUSINESS PARK, ROCHDALE
WYG will act as Lead Designer and Planning Supervisor to
Wilson Bowden Developments Ltd as agent for the North
West Development Agency on this estimated £300m,
15 year, mixed use development of a 170 hectare site
adjacent to Junction 21 of the M62.
■ TOTTENHAM HOUSE GOLF RESORT HOTEL
WYG Planning has been appointed Agent on this restoration
and conversion development of listed accommodation and
stables to create a 200-suite hotel and an 18 hole golf course.
RETAIL
■ TESCO CLAPHAM SOUTH LONDON
WYG has been appointed as a Panel Consultant on Tesco’s
‘Centre of Excellence’ programme, to provide engineering
design services on this £23m project comprising the
construction of 104 flats over a new Tesco store and
basement car parking. The project will require the retention
of facades on two elevations immediately adjacent to
London Underground’s Northern line.
■ ST STEPHENS REDEVELOPMENT – HULL
WYG has been appointed to provide the full range of
engineering and environmental consultancy services on this
£80m redevelopment of St Stephens, Kingston-upon-Hull, to
create a covered street retail environment, leisure, residential
and performing arts/theatre complex and the refurbishment
of the Grade II listed Paragon railway station to form an
integrated transport interchange.
LONG TERM FRAMEWORK CONTRACTS
Long term framework contracts clearly represent an increasingly
important part of WYG’s overall portfolio. They generate a
continuous, substantial and reliable flow of work over a long
period of time without the need to re-tender, or re-negotiate,
individual contracts for each new project. They therefore provide
long term visibility of future earnings, reduce bidding and marketing
costs, and facilitate the establishment of long term collaborative
relationships with both the client and the supply chain. They
also allow technical resources to be more effectively planned
and deployed and, as a consequence, efficiency is gradually increased
particularly when they comprise a large number of smaller individual
projects which are all similar in nature. Framework contracts
accounted for 57% of WYG’s turnover in 2004.
Framework contracts now represent over 53% of WYG’s total
order book which equates to £106m in quantum terms. This
is an increase of 34% on the previous year and is indicative of
the scale of WYG’s success in securing such contracts over the
last 12 months. This is particularly so in the case of property 
CHIEF EXECUTIVE’S REPORT
CONTINUED PROFORMA TURNOVER BY LIFE CYCLE SECTOR 
PLANNING 40%
IMPLEMENTING 45%
OPERATING 15% WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 13
1. WYG is providing a comprehensive range of engineering
and environmental services in the field of renewable energy,
including impact assessments through to the construction
and operation of wind farm facilities.
2. Environmental issues were at the forefront of the A43
Towcester-M40 highways project, including extensive
ecological mitigation of wildlife requirements.
3. WYG completed an ecological management plan for sections
of the Royal Canal and River Shannon in Ireland. The project
received an award from the Irish Heritage Council.
4. WYG carried out a vegetation survey and full ecological
appraisal for a potential development site at Chatterley Whitfield.
THE NATURAL
ENVIRONMENT
3
2
1
4
REVIEW OF THE YEAR WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 14
LONG TERM FRAMEWORK CONTRACTS (CONTINUED)
management contracts for national public sector clients with large
estates portfolios, such as the Home Office, the Department
of Constitutional Affairs and the Scottish Executive, where EC
procurement processes have enabled WYG to quickly develop
a strong and profitable property management business stream
organically. Further progress is anticipated in 2005.
There is also an increasing trend amongst clients to set up these
framework contracts to be effective over longer periods of time.
In that regard, WYG has ten such contracts which extend
beyond 2010, eight of which have been secured in the last year.
In total WYG has in excess of 180 active framework contracts
of which 28 will generate future income of at least £1m each
over their duration including those referred to above that
extend beyond 2010.
ORDER BOOK
WYG’s net order book has increased in the year by 47% to a
total of £200m comprising £106m from framework contracts
and £94m from individual projects. Orders of £91m already
secured for 2005 are equivalent to approximately 81% of the
2004 proforma turnover. This is an extremely strong position
to be in at the beginning of the year given that WYG’s average
monthly net order intake for the 12 months ending 30 June 2004
was £7.5m excluding any contribution from the acquisitions
announced in June 2004.
BUSINESS EXCELLENCE
Underpinning WYG’s strong order book is a commitment to
excellence and quality in all aspects of business activity which,
in turn, is the bedrock of the Group’s reputation with staff, clients
and other professionals in all key market areas. That commitment
to excellence has been reflected in 2004 by a determination to
roll out ‘Investors In People’ in all offices during the course of
the calendar year and it is pleasing to report that 15 of WYG’s
19 offices in the UK and Ireland achieved that standard by
September 2004.
Also of vital importance to both staff development and corporate
development is collective ownership of WYG’s vision for the
future, the values that should underpin our behaviour both within
the business and externally, the key strategies and plans that will
guide our actions and an acceptance of the critical success factors
that we need to constantly measure to ensure delivery of those
plans and, ultimately, the Group’s vision for the future. All of this
has been brought together during the course of the year in the
WYG Business Excellence Model with all staff being involved at
business unit and office level in contributing to its development
and implementation. The WYG Business Excellence Model will
therefore be the glue that binds us together on the journey to
become leaders in the built, natural and social environment.
THE FUTURE
WYG is extremely proud of the consistent growth and business
re-engineering that has been achieved as the Group has evolved
over the last seven years; however that journey has only really
just begun. There is much more to do, much more that can be
achieved, new markets to be developed and others that have
yet to reach full maturity.
The opportunities for the Group as it begins a new financial year
are therefore immense with its strong foothold in both the public
and private sector markets, the platform it has established for
future international growth and the wider appeal it now has
to clients as a consequence of the gradual development of
complementary professional skills all around the asset life cycle.
WYG therefore begins the new year with confidence; confidence
that market conditions are favourable to sustain and feed the
Group’s ambitious corporate development plans; confidence that
the business model that has delivered consistent growth in the
past can continue to do so in the future; and confidence that
the professionalism, commitment and enthusiasm of a dedicated
workforce will reach its full potential as WYG strives to attain its
vision to be leaders in the built, natural and social environment.
John Purvis, Chief Executive
28 September 2004
CHIEF EXECUTIVE’S REPORT
CONTINUED PROFORMA TURNOVER BY GEOGRAPHY 
UNITED KINGDOM 69%
REPUBLIC OF IRELAND 7%
INTERNATIONAL 24% WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 15
1. Managing a healthcare education programme to assist in the
alleviation of HIV/AIDS in Russia.
2. Providing corporate restructuring in the water resources
industry in Romania.
3. Managing a labour redeployment and vocational training
programme in Poland.
4. Providing small and medium enterprise (“SME”) support
to businesses across eastern and central Europe.
THE SOCIAL
ENVIRONMENT
3
4
2
1
REVIEW OF THE YEAR TRADING
Group turnover in the year was £89.9m (2003: £76.6m) and
included a contribution from acquisitions of £5.0m. Included
within the reported turnover figure was turnover subcontracted
to third parties on which no margin is made of £11.3m
(2003: £9.3m). Of this subcontracted turnover £1.1m related
to acquisitions. Group turnover grew by 17.3% (2003: 19.6%).
Turnover excluding acquisitions and subcontract work to third
parties grew by 11.2% (2003: 15.0%) and this represents the
organic growth generated by the business in the year.
PROFIT MARGIN
The measure used by the Group to analyse margin performance
is the relationship of operating profit before goodwill amortisation
as a percentage of turnover excluding subcontract work to third
parties. This has fallen slightly in the year to 9.6% (2003: 9.8%).
This reflects a continued increase in the cost of insurance and
the write off of the contractual exposure with Ballast notified
to shareholders in the interim report. It remains the objective
of the Group to deliver double digit margin performance.
The operating profit margin as a percentage of Group turnover
was 7.3% (2003: 7.6%).
BANK INTEREST
The interest charge in the year of £0.7m (2003: £0.9m) has
decreased because of the reduction in borrowings following the
fund raising through the placing and open offer in January 2004.
Interest is covered 10.5 times (2003: 7.7 times) by operating
profit before goodwill amortisation.
TAX
The tax charge in the year of £1.9m (2003: £1.4m) represents
an effective rate of 28.1% (2003: 25.0%) on profit before tax
and goodwill amortisation. This is slightly higher than anticipated
because of a prior year amendment to the tax charge of
£0.2m within respective subsidiary companies. Further details
on how the tax charge is calculated are contained in note 6 to
the accounts. This rate continues to compare favourably with
the corporate tax rate of 30.0% in the UK as a result of the
profit generated in the Republic of Ireland which has a
corporate tax rate of 12.5%. 
DIVIDENDS
The Board is recommending a final dividend of 3.7p (2003: 3.35p)
which, together with the interim dividend, amounts to a total
dividend of 5.9p (2003: 5.4p), an increase of 9.3%. The dividend is
covered 2.4 times (2003: 2.7 times) by adjusted earnings per share.
EARNINGS PER SHARE
Earnings per share has been adversely affected by two major factors
in the year. Firstly the charge for goodwill amortisation has increased
to £1.1m (2003: £0.8m) reducing basic earnings per share. Secondly
the average number of shares in issue has increased by 2.8 million
in the year because of the share placing and open offer in January
which has impacted both basic and adjusted earnings per share.
The full benefit accruing from the acquisitions, and in particular the
acquisition of IMC Consulting in June 2004, has not been reflected
in the earnings per share figures in the current year.
Basic earnings per share was 11.1p (2003: 12.0p) and earnings
per share adjusted to exclude goodwill amortisation was 14.2p
(2003: 14.6p).
ACQUISITIONS
The placing and open offer in January 2004 raised £8.9m net of
expenses and was the precursor to significant acquisition activity
in the second half of the financial year. Details of the acquisitions
are contained in the directors’ report on page 20.
The acquisition of the IMC companies in June 2004 brings a
variety of new financial opportunities for the Group. The business
has an international dimension and generates the majority of
its turnover in Euros. Its customer base comprises the major
international funding agencies including the European Union, the
World Bank and the Department for International Development.
All these agencies prefer to make up front payments secured
against advance payment bonds and facilities have been arranged
in order to facilitate this method of payment. The Group balance
sheet is therefore affected by an increase in work in progress and
debtors but this is offset by a significant payment on account
creditor balance which has been separately highlighted in note
15 of the accounts.
FINANCIAL REVIEW
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 16
SUMMARY OF THE FINANCIAL REVIEW
■ Interest covered 10.5 times
■ Dividend covered 2.4 times
■ Cash flow conversion 102%
■ Gearing reduced to 29%
■ Bank facilities £26m £5.0m overdraft facility and £6.0m finance lease facility was also
extended to 31 December 2005. In addition a further term loan
of £2.5m was secured. The Group now has three term loans
of £3.0m, £3.0m and £2.5m repayable quarterly over five year
terms ending on 30 June 2006, 30 June 2008 and 30 June 2009.
TREASURY OPERATIONS
Group policy is to monitor and manage interest rate, currency
and liquidity risk in a manner which is simple to operate and
administer providing maximum operational flexibility within
policies and procedures approved by the Board.
The types of financial instrument used by the Group include internal
cash resources, borrowings, advance payment bonds and debtor
and creditor balances arising directly from Group operations.
The majority of Group turnover in the current year is generated
in the UK and denominated in Sterling. The balance of turnover
is denominated in Euros and Omani Rial. As the revenue and
expenditure from operations arise in the same currency the
exposure to exchange differences on day to day trading is
effectively hedged. If contracts are awarded in non-local currency
then the Group will work to mitigate the foreign exchange risk
having regard to all relevant circumstances.
A summary of the Group’s use of derivative and financial
instruments is given in note 17.
ACCOUNTING POLICIES
In the current financial year the Group has adopted the revised
accounting treatment required by UITF Abstract 38 with regard
to the accounting for Employee Benefit Trusts. Corresponding
balance sheet amounts have been restated to reclassify
investments in own shares as deductions in arriving at
shareholders’ funds rather than as fixed asset investments.
INTERNATIONAL FINANCIAL REPORTING 
STANDARDS (IFRS)
In June 2002 the European Union approved the application
of IFRS for all listed groups for periods commencing on or after
1 January 2005. As such the Group is required to apply IFRS
in its financial statements for the year ending 30 June 2006.
It is expected that the major effects of adopting IFRS will be
the following:
■ the introduction of pension accounting rules which broadly
follow FRS 17;
■ the requirement to provide additional segmental information;
■ the cessation of amortisation of goodwill which will become
subject to an annual test for impairment; and
■ a revision to the accounting for share based payments.
The Group has established a project team to review all aspects
of implementation and to ensure a smooth transition and it
is well placed to achieve this in the appropriate timescale.
Robert Hartley, Finance Director
28 September 2004
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 17
REVIEW OF THE YEAR
CASH FLOW
The free cash flow available to ordinary shareholders can be
summarised as follows:
2004 2003
£’000 £’000
Cash flow from operating activities 7,764 8,064
Capital expenditure (3,240) (3,697)
Sale of fixed assets 317 347
Interest (732) (848)
Tax (1,653) (1,716)
Free cash flow 2,456 2,150
Cash flow from operating activities represents a conversion
rate of 102% (2003: 122%) of operating profit before goodwill
amortisation and is a clear reflection of tight working capital control
across the Group. WIP and debtor days have fallen to 117 days
(2003: 125 days) and remain a key area of management focus.
The impact of the free cash flow generation on the change in
net debt can be summarised as follows:
£’000
Opening net debt (12,239)
Free cash flow 2,456
Ordinary dividends (1,895)
Purchase of businesses (11,316)
Issue of ordinary shares 8,912
Purchase of own shares (150)
Closing net debt (14,232)
In January 2004, a placing and open offer of 5,852,858 shares
raised £8.9m net of costs. The intention was to use these funds
to reduce gearing and thereafter to take advantage of available
acquisition opportunities. Since the placing seven acquisitions
have been made at a total cost including expenses of £20.7m,
of which £4.9m was satisfied in shares, £2.3m was contingent
consideration and £13.5m was satisfied in cash. Cash balances
totalling £2.2m were secured with these businesses resulting
in a net cash outflow in the year on acquisitions of £11.3m.
The profile of the Group’s loan finance and committed bank
facilities is illustrated in the chart below.
Committed banking facilities have been negotiated with
Lloyds TSB, the principal banker to the Group, in order to meet
the current and future working capital and acquisition requirements
of the Group. 
The borrowing facility was reviewed in June 2004. At that time
the revolving facility was increased from £5.0m to £7.5m and
its term extended to 31 December 2005. The term of the WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 18
CORPORATE AND SOCIAL RESPONSIBILITY REPORT
2004 has been pivotal in the development and implementation
of WYG’s Sustainability Policy. Since the Board’s adoption of
the Policy in 2003, the Company has organised to meet the
challenges. As a clear sign of the Board’s intent and commitment
in this field, a Plc Board director has been charged to lead these
efforts and initiatives across WYG’s global operations in pursuit
of the corporate vision “to be leaders in the built, natural and
social environment”. 
“Sustainability” in WYG’s language covers the full range of
corporate and social responsibility issues and 2004 has seen
a subtle shift from sustainability as solely a risk management
concern to include a positive element of opportunity
management aspiration. Work has already begun on the discrete
Sustainability Report to be published with next year’s annual
report and accounts and, in keeping with a more positive
corporate attitude to sustainability and its prospective benefits,
WYG will adopt the reporting structure promoted by Business
in the Community for its Corporate Responsibility Index.
This structure addresses activities, impacts and plans under
the Sustainability Policy by reference to the Marketplace,
the Workplace, the Community and the Environment.
WYG is fortunate in having a high level of expertise and
experience in this area within its Environmental Business Unit
and those resources have been utilised to focus on the corporate
effort involved in policy implementation. To this end, during the
year a Principal Sustainability Consultant has been appointed to
head up the Group-wide sustainability education and training
campaign. Complementarily, a Sustainability Focus Group has
been set up, with representation from across the full range of
WYG disciplines with a view to bringing sustainability practice
and processes to bear upon the marketing of WYG’s client services.
Major initiatives throughout 2004 which have enhanced the
sustainability programme include:
■ The launch of the Fast Forward programme incorporating
the WYG Business Excellence Model, an integrated
renewable tool for business management and a key driver
for sustainable continuous quality improvement throughout
the Company;
■ The acquisition of IMC Consulting through which WYG
can offer a full range of social and economic regeneration
services throughout the world to supplement and complement
the existing range of environmental and sustainability
services offered; and
■ The acquisition of IMC Europe which has resulted in an
extension of WYG’s skills into the regeneration of mining
areas, land management and urban and landscape design and
market penetration into the aggregates and quarrying sector.
The Group looks forward to working with all our stakeholders
in the years ahead to improve the built, natural and social
environment which we share.
THE MARKET PLACE
The Board has approved the launch of a Client Satisfaction Monitor
for monitoring and measuring the quality of our client satisfaction
processes and, in particular, the manner in which we handle
client complaints. In 2005 it is planned to introduce a Key Client
Satisfaction Survey with a view to further enhancing our key
client relationships, understanding our key clients’ needs and
celebrating the shared benefits of our relationships. This will
supplement the intelligence currently accumulated via our
existing project review feedbacks.
In addition, in 2004, questionnaires were devised and sent
to selective sub-consultants/suppliers, the results of which are
currently under consideration with a view to measuring the
sustainability performance of our supply chain and planning with
the entities concerned to address any shortcomings which may
emerge. This process will be broadened to a larger section of
the supply chain in 2005 and lessons learnt from the initial stages
will be consolidated. In tandem with this development existing
Quality Management Systems relating to the procedure for the
selection and approval of sub-suppliers has been amended to
include social and environmental performance criteria.
The establishment of the cross-disciplinary Sustainability Focus
Group in 2004 will speed up the process of raising sustainability
awareness throughout WYG in 2005 with a view to fully
exploiting opportunities to influence client choice in favour
of sustainable assets and practices. In particular, we will look
to offer the full range of WYG sustainability services including
the recently introduced CEEQUAL (a UK civil engineering
environmental-performance standard) and Eco Homes assessments.
Capability sheets describing WYG’s sustainability services have
been produced and distributed internally for comment. It is a
2005 objective to publish the final version of these on our
corporate website. 
THE COMMUNITY
Local offices throughout WYG continue to donate in kind and
monetarily to local charities and communities. By way of example,
the Leicester office donated £250 worth of trees to Latimer
Primary School in Anstey as part of a pledge to support World
Environment Day and staff (who made additional donations
in their own right) joined the children in planting them. Other
examples include the ongoing contribution of redundant computer
equipment by the Leeds office to Oxfam and Northern Ballet
Theatre, a donation by the Croydon office to St. Christopher’s
Hospice following the recent death of a colleague there and
financial support for two student awards to Trinity College via CORPORATE GOVERNANCE
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 19
our Dublin office. The Company has offered to match charitable
donations made by individual offices which involve a reasonable
degree of staff participation such as the Belfast office’s “It’s A
Knockout” team effort in raising funds for Epilepsy Action. 
A Group Environmental Management Systems (“EMS”) Co-ordinator
has been appointed in 2004 primarily to support the roll out of
EMS across the Group but with a particular focus on identifying
and evaluating the social and environmental impacts of WYG’s
activities on the communities within which they operate and
setting objectives and targets for improvement in 2005 and
beyond. It is anticipated that this will assist in providing a clearer
focus for charitable and community support throughout the
Group and the extension of in-kind initiatives such as the Leeds
office’s pro-bono design services for a local (Headingley) church.
WYG recognises that, in the modern labour market, where
remuneration packages tend not to vary greatly between
companies in similar market sectors, a company’s attitude and
actions in relation to the communities in which it operates will
frequently be the distinguishing factor in attracting more 
top-flight staff.
THE WORK PLACE
The programme for the roll out of Investors In People (“IIP”)
certification across all WYG offices in the UK and Ireland at
the start of 2004 has been exceptionally successful with over half
(including the largest) offices already certified and the balance on
target for certification by the year end. As well as being gratifying
from an internal operational perspective, this programme has
been well received by staff. 
The process of clearly communicating staff contributions
to corporate objectives which is an integral part of the IIP
programme has been applied to the organisational management
and continuous sustainable quality improvement objectives of
the Fast Forward programme. The roll out in 2005 of the key
strategies and measurement of performance against the WYG
Business Excellence factors under the WYG Business Excellence
Model will be embedded in individual business units through
participation in the process of a representative cross section of
staff. In particular, a Company HR Strategy will be completed
before year end 2004 which will update the Company’s existing
Maternity Policy, Diversity Policy and Occupational Health Policies.
In 2004 the Company succeeded in maintaining OHSAS 18001
certification and made further progress in Health and Safety
company wide training initiatives with Construction (Design and
Management) Regulation (“CDM”) and risk assessment training
for all technical staff and Health and Safety update briefings on
legislation and trends for all Business Unit Boards. 
The office environment for a substantial number of our staff has
been improved in 2004 by investment in the refurbishment of
the Cardiff, Bristol, Manchester and Edinburgh offices and the
moves into new office space in London, Leicester and Dublin.
A major refurbishment of the Leeds office and moves from the
Nottingham and Southampton offices are in progress and should
be completed in 2005. 
THE ENVIRONMENT
The principal environmental initiative for the Group in 2004 has
been the roll out of the EMS programme, initially throughout the
WYG Environmental offices. It is planned for complete roll out
across all UK and Ireland offices over 18 months having revised
the scope of the existing EMS to incorporate the management
of sustainability aspects in the meantime.
The newly appointed Group EMS Co-ordinator will continue
to evaluate which aspects of WYG’s activities may have an
impact and will identify Group targets and measurement
techniques for incorporation in the roll out of the WYG Business
Excellence Model. The establishment and dissemination of these
targets and measurement techniques is the more critical task for
2005 and should ensure a high degree of sustainability-thinking
and management across the Group. The work done in this area
will move us forward against our objective to publish meaningful
performance information in the future discreet Sustainability Report.
WYGE has initiated the roll out of certification to ISO 14001
and is on course to achieve this across all WYGE offices by
December 2004. Thereafter it is anticipated that roll out will
continue across the balance of the Group.
WYGE continues to provide professional leadership on advances
in environmental legislation and social trends to the rest of the
Group through the Environmental Professional Committee of the
Company and the education and training programmes led by the
newly appointed Principal Sustainability Consultant.
Communication of key sustainability messages and policies
both internally and to key stakeholders has been enhanced
by the innovative use of screen savers, pop-up messaging and
website postings. It is planned to enhance our communication
on sustainability issues over the coming year in support of our
plans for public reporting from 2005. DIRECTORS’ REPORT
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 20
The directors present their annual report and the audited accounts for the year ended 30 June 2004.
PRINCIPAL ACTIVITY AND REVIEW OF OPERATIONS
The principal activity of the Group in the period under review was that of consultant to the built, natural and social environment.
All of the Group’s turnover relates to activities in the UK and Ireland except for an immaterial amount generated from the Group’s
other overseas activities.
A review of the business of the Group together with an indication of future prospects is provided by the Chairman’s statement,
chief executive’s report and financial review on pages 2 to 17.
RESULTS AND DIVIDENDS
The Group’s operating profit was £6,527,000 (2003: £5,818,000). Profit before tax was £5,804,000 (2003: £4,958,000). An interim
dividend of 2.2p was paid on 6 May 2004 (2003: 2.05p). The directors recommend the payment of a final dividend of 3.7p (2003: 3.35p)
making a total dividend for the year of 5.9p (2003: 5.4p). The final dividend is payable on 7 December 2004 to shareholders on the
register at the close of business on 8 October 2004. 
ACQUISITIONS
On 13 January 2004 the Group acquired the business and certain assets of Denis Rooney Associates. The initial consideration of £2,992,000
was satisfied by £823,000 in cash and the issue of 1,257,636 shares in WYG at a market value of £1.725. Further consideration of up to
£1,100,000 is payable if certain performance criteria are met.
On 13 January 2004 the Group acquired the entire issued share capital of Denis Rooney Associates Limited. The consideration of
£1,323,000 was satisfied by £452,000 in cash and the issue of 505,186 shares in WYG at a market value of £1.725.
On 19 January 2004 the Group acquired the entire issued share capital of Cetec Consultancy Limited. The initial consideration of £700,000
was satisfied by £210,000 in cash and the issue of 284,059 shares in WYG at a market value of £1.725. Further consideration of up to
£135,000 is payable if certain performance criteria are met.
On 1 June 2004 the Group acquired the entire issued share capital of Hawthorne Kamm Limited. The initial consideration of £1,500,000
was satisfied by £600,000 in cash and the issue of 491,535 shares at a market value of £1.831. Further consideration of up to £550,000
is payable if certain performance criteria are met.
On 11 June 2004 the Group acquired the entire issued share capital of IMC Consulting Limited and IMC Europe Limited. The consideration
of £10,035,000 was satisfied in cash.
On 15 June 2004 the Group acquired the entire issued share capital of DWP Consulting Limited. The initial consideration of £800,000
was satisfied by £320,000 in cash and the issue of 248,964 shares at a market value of £1.928. Further consideration of up to £500,000
is payable if certain performance criteria are met.
SHARE CAPITAL
Movements in the authorised, allotted and fully paid share capital are set out in note 18 to the accounts.
DIRECTORS’ AUTHORITY TO ALLOT EQUITY SECURITIES
By means of special resolution number 9 in the notice of meeting, the directors seek to renew for a further year the power granted to
them at last year’s annual general meeting (“AGM”) to allot a limited number of equity securities at their discretion for cash, without first
offering the shares to existing shareholders, preserving the directors’ flexibility to take advantage of business opportunities that may arise.
ACQUISITION OF COMPANY’S OWN SHARES
By means of special resolution number 10 in the notice of meeting, the Board seeks to renew at the forthcoming AGM the authority
of the Company to purchase its own shares.
DIRECTORS AND THEIR INTERESTS
The directors who served during the year are noted on page 28.
The Company’s articles of association require that any director appointed during the year shall hold office only until the next following AGM
and shall then be eligible for election. In accordance with these rules, Denis Connery and Peter Wood will seek election at the AGM.
In accordance with the articles of association Gareth Cooper and Robert Hartley will retire by rotation. Robert Hartley, being eligible,
will offer himself for re-election. Gareth Cooper is retiring at the conclusion of the AGM and so is not seeking re-election
The directors have not been involved in any significant contract between any group company and themselves during the year under
review or since the year end.
Details of the directors’ interests in shares and share options are set out in the remuneration report on pages 24 to 27. WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 21
SIGNIFICANT SHAREHOLDINGS
At 28 September 2004 the Company had been notified of the following interests in 3% or more of its issued share capital:
Number of Percentage of issued
shares held share capital
Framlington Investment Management 3,666,500 9.2
Merrill Lynch 3,511,328 8.8
Standard Life 3,137,717 7.9
Artemis 2,823,182 7.1
Scottish Widows Investment Partnership Limited 2,758,702 6.9
Foreign & Colonial 1,375,000 3.4
Rights and Issues Investment Trust PLC 1,283,333 3.2
TRADE CREDITORS
The Group’s policy is to settle invoices promptly according to terms and conditions as far as is practicable.
At 30 June 2004 the amount due to trade creditors for the Group represented 46 days (2003: 45 days) purchases received from those
creditors. The Company does not have any trade creditors.
EMPLOYEE INFORMATION
The Group’s policy is to ensure the adequate provision for the health, safety and welfare of its employees and of other people who may
be affected by its activities.
The Group treats applications for employment from disabled persons equally with those of other applicants having regard to their ability,
experience and the requirements of the job. Where existing employees of the Group become disabled every effort is made to provide
them with continuing suitable work within the Group.
The success of the Group depends upon the skill and motivation of its workforce and it is the Group’s policy that employees are kept
informed of matters affecting their employment and of the financial results of the Group on a regular basis.
DONATIONS
The Group made charitable donations amounting to £10,000 (2003: £9,000) during the year. No political donations were made in
either year.
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The directors are required by law to prepare accounts for each financial year which give a true and fair view of the state of affairs of
the Group and the Company as at the end of the financial year and of the profit or loss, total recognised gains or losses and cash flow
for that period. The directors confirm their responsibilities to ensure that appropriate accounting policies have been used and applied
consistently, and reasonable and prudent judgements and estimates have been made in the preparation of the accounts for the year
ended 30 June 2004. The directors also confirm their responsibility to prepare the accounts on the going concern basis unless it is
inappropriate to presume that the Group will continue in business.
The directors are responsible for maintaining adequate accounting records, for safeguarding the assets of the Company and the Group
and for taking reasonable steps to prevent and detect fraud and other irregularities.
The annual report and accounts will be published on the Group’s website. The maintenance and integrity of the Group’s website is the
responsibility of the directors. The work carried out by the auditors does not include consideration of these matters. Legislation in the
UK governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
INDEPENDENT AUDITORS
PricewaterhouseCoopers LLP have expressed their willingness to be re-appointed. A resolution to re-appoint them as independent
auditors will be proposed at the AGM.
By order of the Board
Robert Hartley, Secretary
28 September 2004
CORPORATE GOVERNANCE CORPORATE GOVERNANCE
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 22
The Board confirms that throughout the year the Company has complied with the detailed Code provisions set out in section 1 of
the Combined Code issued in June 1998, except in respect of the number of independent non-executive directors where the Company
had two rather than a minimum of three until the appointment of Peter Wood in March 2004. Prior to this, the Group did however
meet the recommendation of The City Group for Smaller Companies for a minimum of two independent non-executive directors. 
The Board is currently considering how best to implement the requirements of the Revised Combined Code which was issued
in July 2003, and will give a full report to shareholders in the 2005 annual report.
THE BOARD
The Board currently comprises three executive and three non-executive directors. The Board meets monthly and monitors the
performance of the business. The chairman ensures that the directors receive in a timely manner all relevant management, regulatory
and financial information. There is a formal schedule of matters reserved for decision by the Board which includes overall strategy,
business planning, acquisitions and disposals and the approval of major items of capital expenditure, thus ensuring that it maintains
full and effective control over appropriate strategic, financial, organisation and compliance issues. The directors have access to the
advice of the company secretary and to independent legal advice, if required, at the Company’s expense. John Richardson acted
as senior independent director throughout the financial year.
BOARD COMMITTEES
The Board delegates certain specific responsibilities to committees. These committees have been formally constituted and have clearly
defined terms of reference.
AUDIT COMMITTEE
The audit committee comprises the non-executive directors and is chaired by John Richardson. 
It meets at least twice a year. Its prime responsibility is to ensure that appropriate accounting and financial policies and procedures are
implemented, that systems of internal control and external audit are in place and that auditors’ recommendations are considered and
appropriate actions are taken.
The committee receives regular reports from the executive directors, reviews the relationship with the external auditors and recommends
the audit fee to the Board.
The external auditors attend each meeting and have the opportunity for direct access to the committee without the presence of the
executive directors for independent discussions.
REMUNERATION COMMITTEE
The remuneration committee determines, on behalf of the Board, the Group’s policy on executive remuneration and to consider and
approve remuneration packages for the executive directors. The remuneration report may be found on pages 24 to 27.
NOMINATION COMMITTEE
The nomination committee comprises the non-executive directors and the chief executive. It is chaired by John Richardson, considers
new Board appointments and makes recommendations to the Board. Proposals by the committee are considered and determined by
the full Board.
The number of Board and committee meetings attended by each of the directors during the year was as follows:
Full Audit Remuneration Nomination
Name Board(11) committee(2) committee(2) committee(2)
John Purvis 11 — — 1
Robert Hartley 11———
Denis Connery¹ 7———
Richard Brayson² 5 — — 1
Gareth Cooper 11222
John Richardson 10222
Peter Wood³ 3 — 1 —
¹ appointed 19 November 2003
² retired 31 December 2003
³ appointed 1 March 2004 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 23
INTERNAL CONTROL
The Board is responsible for reviewing and approving the adequacy and effectiveness of the Group’s internal controls, including
financial, operational and compliance controls and risk management.
The directors are ultimately responsible for the system of internal control within the business. Such a system is designed to manage rather
than absolutely eliminate the risk of material misstatement or loss.
The framework of the Group’s system of internal control includes:
 An annual review of all business risks affecting the Group which also identifies procedures to manage and mitigate such risks. These risks
are monitored and updated on a quarterly basis;
 A Group organisation structure with clearly designated responsibilities and levels of authority;
 A comprehensive budgeting and financial reporting system with an annual business plan approved by the Board. Operating results,
cash flow, working capital levels and future workload are reported monthly. This data is reviewed and assessed by reference to ratios
and internal targets;
 A standard set of contractual terms and conditions for all grades of staff within the Group;
 A standard financial accounting and management information system throughout the Group to maximise efficiency and control;
 A clearly defined hierarchy for the monitoring of submissions of offers on major projects. This includes detailed appraisal and specific
levels of authority to ensure all significant proposals are approved at the highest level; and
 The Board has considered the need for a separate internal audit function and considers it not to be necessary given that the existing
Quality Assurance function provides an appropriate method of monitoring the established systems across the Group. This decision
is reviewed annually.
GOING CONCERN
The directors are confident, after making appropriate enquiries, that the Group and the Company have satisfactory capital arrangements,
adequate resources and sufficient orders in hand to continue in operation for the foreseeable future. For this reason they continue to adopt
the going concern basis in preparing the accounts.
CORPORATE GOVERNANCE REMUNERATION REPORT
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 24
The remuneration committee confirms that the Group has complied with the provisions of the Combined Code appended to the
Listing Rules of the Financial Services Authority in respect of directors’ remuneration.
The remuneration, pension provision and benefits of executive directors are determined by the remuneration committee, which is
comprised of the three non-executive directors and chaired by Gareth Cooper, the non-executive Chairman. The remuneration of
non-executive directors is determined by the Board as a whole in accordance with the Company’s articles of association.
The policy of the remuneration committee is:
 to provide competitive remuneration for the executive directors and senior management to attract, retain and motivate individuals
of the calibre required; and
 to reward success measured against demanding performance targets.
Remuneration comprises basic salary, performance related bonuses which are non-pensionable, pension arrangements, participation in
share schemes and benefits in kind. In setting the remuneration and benefits of the executive directors the committee takes into account
comparatives in companies of similar size and complexity, the performance of the Group and of the individual director, and salary and
conditions of the remainder of the Group’s employees. From time to time the committee consults with remuneration experts to
provide independent advice.
All executive directors’ service contracts are on a one year rolling basis. In the event of termination, the payment of basic salary plus
all contractual benefits would be payable to the executive directors for the notice period of one year. The non-executive directors
do not have service contracts.. 
Full details of directors’ remuneration, pensions and share incentive schemes are provided below and form the auditable part of the
remuneration report:
TOTAL EMOLUMENTS
The emoluments (excluding pension arrangements) of directors are as follows:
2004 2003
£’000 £’000
Executive directors’ remuneration 547 465
Non-executive directors’ fees 62 50
Gain on exercise of share options 37 —
646 515
DIRECTORS’ REMUNERATION
Salary 2004 2003
and fees Bonus Benefits Total Total
£’000 £’000 £’000 £’000 £’000
Executive directors
John Purvis 150 60 15 225 171
Robert Hartley 100 25 11 136 118
Denis Connery¹ 68 16 14 98 —
Richard Brayson² 83 — 5 88 176
Non-executive directors
Gareth Cooper (Chairman) 31 — — 31 29
John Richardson 23 — — 23 21
Peter Wood³ 8 — — 8 —
463 101 45 609 515
¹ appointed 19 November 2003
² retired 31 December 2003
³ appointed 1 March 2004  WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 25
DIRECTORS’ REMUNERATION (CONTINUED)
Bonuses paid to the executive directors are based on individual performance and Group earnings per share increase over the previous
year, subject to a maximum of 50% of salary.
The main elements of benefits provided are consistent with industry norms and include a fully expensed motor car and medical insurance.
Benefits are valued for the purposes of remuneration at the cash cost to the Company or at the amount assessed to income tax on
the director.
DIRECTORS’ PENSIONS
Additional accrued Transfer Transfer Increase in Transfer
Additional accrued benefits earned value at value at transfer value value of increase Money
benefits earned in the year Accrued 30 June 30 June less directors’ in accrued purchase
in the year (excluding inflation) entitlement 2004 2003 contributions benefits contribution
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
John Purvis 4 3 41 472 421 46 28 —
Robert Hartley — — — — — — — 17
Denis Connery — — — — — — — 12
Richard Brayson¹ 12 11 66 1,018 742 272 170 —
¹ until or as at date of retirement for Richard Brayson.
The accrued pension entitlement is the amount that the director would receive from the WYD scheme at retirement date.
The increase in the accrued entitlement is the difference between the accrued benefit at 30 June 2004 and 30 June 2003. The transfer
rates quoted above have been calculated by an independent actuary in accordance with Actuarial Guidance Note GN11.
The transfer values of the accrued entitlement represent the value of assets that the pension scheme would need to transfer to another
pension provider on transferring the scheme’s liability in respect of the directors’ pension benefits. They do not represent sums payable
to individual directors and, therefore, cannot be added meaningfully to annual remuneration. The increase in the transfer value less directors’
contributions is the movement in the transfer value of the accrued benefits during the year after deducting the directors’ personal
contributions to the scheme.
The non-executive directors are not party to any pension arrangements.
DIRECTORS’ INTERESTS
The beneficial, family and contingent interests of the directors in the share capital of the Company were as follows:
Long Term
Beneficial Incentive Share Total
shares Plan options shares
At 30 June 2004 number number number number
John Purvis 453,826 58,416 — 512,242
Robert Hartley 16,140 43,749 55,000 114,889
Denis Connery — 13,703 50,000 63,703
Gareth Cooper 16,000 — — 16,000
John Richardson 4,083 — — 4,083
Peter Wood 10,000 — — 10,000
Long Term Invested
Beneficial Incentive Bonus Total
shares Plan Plan shares
At 30 June 2003 number number number number
John Purvis 440,000 52,962 — 492,962
Robert Hartley 6,782 39,744 3,356 49,882
Gareth Cooper 15,000 — — 15,000
John Richardson 3,500 — — 3,500
There have been no changes in directors’ share interests between 30 June 2004 and 28 September 2004.
The mid market price of the Company’s shares at 30 June 2004 was 201p. The range of the share price during the year was 152.5p
to 201p.
CORPORATE GOVERNANCE REMUNERATION REPORT
(CONTINUED)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 26
DIRECTORS’ SHARE INCENTIVE SCHEMES
LONG TERM INCENTIVE PLAN
Awards under this plan are subject to earnings per share growth targets.
Participants will receive 100% of any award if the Group’s earnings per share over a three year period has increased by at least the
equivalent increase in the Retail Prices Index (“RPI”) plus 52.1% which represents 15% of annual compound growth. No award will
vest unless the Group’s earnings per share over the same period has the equivalent increase in RPI plus 15.8%, which represents 5%
of annual compound growth. At this level the participant would receive 25% of any award.
Long term incentive compensation is included in remuneration in the year in which it crystallises, normally three years after the date
of the original award.
Market Value
Earliest price at Number Number vested
Award vesting award of shares Granted Lapsed Vested of shares 2004
date date date 2003 in year in year in year 2004¹ £’000
John Purvis 17.10.00 17.10.03 180.0p 12,594 — 6,268 6,326 —11
13.12.01 13.12.04 185.0p 14,825——— 14,825 —
20.12.02 20.12.05 115.5p 25,543——— 25,543 —
03.03.04 03.03.07 187.0p — 18,048 — — 18,048 —
52,962 18,048 6,268 6,326 58,416 11
Robert Hartley 17.10.00 17.10.03 180.0p 9,698 — 4,826 4,872 —8
13.12.01 13.12.04 185.0p 10,916——— 10,916 —
20.12.02 20.12.05 115.5p 19,130——— 19,130 —
03.03.04 03.03.07 187.0p — 13,703 — — 13,703 —
39,744 13,703 4,826 4,872 43,749 8
Denis Connery 03.03.04 03.03.07 187.0p — 13,703 — — 13,703 —
— 13,703 — — 13,703 —
Richard Brayson 17.10.00 17.10.03 180.0p 13,224 — 6,581 6,643 —12
13.12.01 13.12.04 185.0p 15,499——— 15,499 —
20.12.02 20.12.05 115.5p 26,630——— 26,630 —
55,353 — 6,581 6,643 42,129 12
¹ at date of retirement for Richard Brayson.
The market price on 8 December 2003, the relevant date for shares vesting in the year, was 173.5p.
INVESTED BONUS PLAN
Participants may be invited to use up to half of any after tax annual bonus to buy shares in the Company. These shares need to be held
for three years after which a matching award of shares, grossed up for tax purposes, will vest.
No awards were made to directors in the year under the Invested Bonus Plan and no entitlements were held at the year end.
Robert Hartley’s award of 3,356 shares made on 13 October 2000 under the Invested Bonus Plan vested on 8 December 2003. The share
price at that date was £1.735, realising a gain of £6,000. WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 27
DIRECTORS’ SHARE INCENTIVE SCHEMES (CONTINUED)
SHARE OPTIONS
Share option awards are subject to earnings per share growth targets.
Details of share options held by directors are set out below:
Earliest Number
Date of exercise Expiry Exercise Granted of shares
Grant date date price In year 2004
Robert Hartley 15.06.04 15.06.07 14.06.14 193.5p 55,000 55,000
Denis Connery 15.06.04 15.06.07 14.06.14 193.5p 50,000 50,000
No share options were held by directors at 30 June 2003.
PERFORMANCE GRAPH
The committee also monitors the shareholder return of the Group against other external parameters. The graph below sets out the
performance over a five year period of WYG compared with the support services sector (primary comparator) and also the FTSE Fledgling
Index. The committee believes that these two indices give the most appropriate comparatives with which to assess the performance of the
Group as they contain companies in the same sector and of a similar size to WYG.
On behalf of the remuneration committee
Gareth Cooper, Chairman
CORPORATE GOVERNANCE BOARD OF DIRECTORS
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 28
FROM LEFT TO RIGHT:
Gareth Cooper, John Purvis, Robert Hartley,
John Richardson, Denis Connery, Peter Wood
GARETH COOPER
NON-EXECUTIVE CHAIRMAN (61) 
Gareth Cooper became a non-executive director of Ernest
Green in 1993 and was appointed non-executive chairman in
1997. He has extensive experience in senior general
management positions in UK publicly quoted companies and is
currently chairman of Stena Line UK Limited and Arriva plc and
also non-executive director of Stena Line Holdings BV.
JOHN PURVIS
CHIEF EXECUTIVE (56)
John Purvis is a chartered civil and structural engineer with
extensive experience in the design, construction and
management of major projects. He joined White Young in 1990
and was appointed to the Board of directors of White Young in
1993. He was appointed to the Board of WYG Plc as managing
director in 1997 and as chief executive in 2003.
ROBERT HARTLEY
FINANCE DIRECTOR (46) 
Robert Hartley joined WYG in 1999 as finance director and
company secretary. He is a chartered accountant and previously
held senior positions with The Burton Group plc and
Waddington PLC.
JOHN RICHARDSON DL
NON-EXECUTIVE DIRECTOR (56) 
John Richardson is a senior private banker with Coutts & Co
with responsibility for business in Yorkshire, following a career in
merchant banking as a director, first of County NatWest Limited
and subsequently of Lloyds Merchant Bank Limited and a period
as director of Corporate Financial Services with the national law
firm Eversheds. He has considerable experience in corporate
finance, is a past chairman of Leeds Financial Services Initiative
and has previously been a non-executive director of substantial
unquoted companies.
DENIS CONNERY
COMMERCIAL DIRECTOR (47) 
Denis Connery joined WYG in November 2003 as commercial
director. He is a lawyer and was previously commercial director
in several of the Rolls-Royce Group’s businesses.
PETER WOOD
NON-EXECUTIVE DIRECTOR (57) 
Peter Wood is currently the chief executive of The BSS Group plc
and a non-executive director of Yule Catto plc. He was formerly
chief executive of Ellis & Everard PLC. He was appointed to the
Board of WYG Plc in March 2004. INDEPENDENT AUDITORS’ REPORT
to the members of White Young Green Plc
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 29
We have audited the accounts which comprise the profit and loss account, the balance sheets, the cash flow statement, the statement
of total recognised gains and losses, the reconciliation of movements in Group shareholders’ funds, the related notes and the accounting
policies set out in the statement of accounting policies. We have also audited the disclosures required by Part 3 of Schedule 7A to the
Companies Act 1985 contained in the remuneration report (“the auditable part”).
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
The directors’ responsibilities for preparing the annual report and accounts in accordance with applicable UK law and accounting standards
are set out in the statement of directors’ responsibilities. The directors are also responsible for preparing the remuneration report.
Our responsibility is to audit the accounts and the auditable part of the remuneration report in accordance with relevant legal and
regulatory requirements and UK auditing standards issued by the Auditing Practices Board. This report, including the opinion, has been
prepared for and only for the Company’s members as a body in accordance with Section 235 of the Companies Act 1985 and for no
other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom
this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the accounts give a true and fair view and whether the accounts and the auditable part
of the remuneration report have been properly prepared in accordance with the Companies Act 1985. We also report to you if, in
our opinion, the directors’ report is not consistent with the accounts, if the Company has not kept proper accounting records, if we
have not received all the information and explanations we require for our audit, or if information specified by law regarding directors’
remuneration and transactions is not disclosed.
We read the other information contained in the annual report and consider the implications for our report if we become aware of
any apparent misstatements or material inconsistencies with the accounts. The other information comprises only the directors’ report,
the unaudited part of the remuneration report, the Chairman’s statement, the chief executive’s report, the financial review, the corporate
and social responsibility report and the corporate governance statement.
We review whether the corporate governance statement reflects the Company’s compliance with the seven provisions of the Combined
Code issued in June 1998 specified for our review by the Listing Rules of the Financial Services Authority, and we report if it does not.
We are not required to consider whether the Board’s statements on internal control cover all risks and controls, or to form an opinion
on the effectiveness of the Company’s or the Group’s corporate governance procedures or their risk and control procedures.
BASIS OF AUDIT OPINION
We conducted our audit in accordance with auditing standards issued by the Auditing Practices Board. An audit includes examination,
on a test basis, of evidence relevant to the amounts and disclosures in the accounts and the auditable part of the remuneration report.
It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the accounts, and
of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to
provide us with sufficient evidence to give reasonable assurance that the accounts and the auditable part of the remuneration report
are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated
the overall adequacy of the presentation of information in the accounts.
OPINION
In our opinion:
 the accounts give a true and fair view of the state of affairs of the Company and the Group at 30 June 2004 and of the profit and
cash flows of the Group for the year then ended;
 the accounts have been properly prepared in accordance with the Companies Act 1985; and
 those parts of the remuneration report required by Part 3 of Schedule 7A to the Companies Act 1985 have been properly prepared
in accordance with the Companies Act 1985.
PRICEWATERHOUSECOOPERS LLP
Chartered Accountants and Registered Auditors
Benson House
33 Wellington Street
Leeds LS1 4JP
28 September 2004 CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2004
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 30
2004 2003
Note £’000 £’000
Turnover 2
– Continuing operations 84,856 76,584
– Acquisitions 4,994 —
89,850 76,584
Operating expenses 3 (83,323) (70,766)
Group operating profit
– Operating profit before goodwill amortisation 7,584 6,585
– Goodwill amortisation (1,057) (767)
6,527 5,818
– Continuing operations 6,284 5,818
– Acquisitions 243 —
Profit before interest 6,527 5,818
Net interest payable 5 (723) (860)
Profit before tax 5,804 4,958
Tax 6 (1,926) (1,431)
Profit after tax 3,878 3,527
Dividends 7 (2,319) (1,647)
Retained profit for the year 19 1,559 1,880
Earnings per share 8
Basic 11.1p 12.0p
Diluted 10.7p 11.7p
Adjusted earnings per share 8
Basic 14.2p 14.6p
Diluted 13.6p 14.3p
Dividend per share 7 5.9p 5.4p
There is no difference in profit before tax and profit for the financial year stated above and the historical cost equivalents and
therefore no separate note of historical cost profits and losses has been presented. FINANCIAL INFORMATION
Group Company
2003 2003
2004 (Restated)
(1)
2004 (Restated)
(1)
Note £’000 £’000 £’000 £’000
Fixed assets
Intangible assets 11 34,010 15,907 — —
Tangible fixed assets 12 7,135 6,388 — —
Investments 13 — — 12,611 2,062
41,145 22,295 12,611 2,062
Current assets
Work in progress 24,030 12,221 — —
Debtors 14 34,401 23,472 25,444 21,283
Cash at bank 4,586 1,775 359 359
63,017 37,468 25,803 21,642
Creditors: amounts falling due within one year 15 (39,587) (17,403) (1,484) (1,045)
Net current assets 23,430 20,065 24,319 20,597
Total assets less current liabilities 64,575 42,360 36,930 22,659
Creditors: amounts falling due after more than one year 16 (14,844) (9,791) — —
Net assets 49,731 32,569 36,930 22,659
Capital and reserves
Called up equity share capital 18 1,995 1,539 1,995 1,539
Shares to be issued 18 2,433 775 2,433 775
Share premium account 19 30,676 16,556 30,676 16,556
Profit and loss account 19 14,627 13,699 1,826 3,789
Equity shareholders’ funds 49,731 32,569 36,930 22,659
1
Restated for UITF 38 (Accounting for ESOP Trusts). See note 10.
Signed on behalf of the Board
John Purvis, Chief Executive Robert Hartley, Finance Director
28 September 2004 28 September 2004
BALANCE SHEETS
as at 30 June 2004
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 31
FINANCIAL INFORMATION CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2004
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 32
2004 2004 2003 2003
Note £’000 £’000 £’000 £’000
Net cash inflow from operating activities 23 7,764 8,064
Returns on investment and 
servicing of finance
Interest received 12 1
Interest paid (462) (559)
Interest element of finance lease rentals (282) (290)
(732) (848)
Tax paid (1,653) (1,716)
Capital expenditure and financial investment
Purchases of tangible fixed assets (171) (825)
Sale of tangible fixed assets 317 347
Options exercised (QUEST shares) — 28
Purchase of own shares for Employee Benefit Trust (150) (118)
(4) (568)
Acquisitions
Purchase of subsidiary undertakings (13,338) (1,111)
Cash (overdraft) balances acquired with subsidiaries 2,213 (39)
(11,125) (1,150)
Equity dividends paid (1,895) (1,481)
Net cash (outflow) inflow before financing (7,645) 2,301
Financing
Issue of shares 8,912 1,679
Bank loan 10,000 4,000
Bank loan repayments (4,391) (749)
Loan note repayments (185) (429)
Capital element of finance lease rentals and hire purchase contracts (2,453) (2,452)
11,883 2,049
Increase in cash during the year 24 4,238 4,350 STATEMENT OF GROUP TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 30 June 2004
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 33
2004 2003
£’000 £’000
Profit for the year attributable to shareholders 3,878 3,527
Currency translation differences (570) 910
Total recognised gains and losses for the year 3,308 4,437
Prior year adjustment (note 10) (61)
Total gains and losses recognised since the last annual report 3,247
2004 2003
£’000 £’000
Equity shareholders’ funds at beginning of year as reported 32,630 26,705
Prior year adjustment (note 10) (61) (87)
Equity shareholders’ funds at beginning of year as restated 32,569 26,618
Profit after tax 3,878 3,527
Dividends (2,319) (1,647)
1,559 1,880
New share capital issued (note 18) 14,576 3,603
Shares to be issued (note 18) 1,658 (500)
Shares issued to the QUEST — 70
Currency translation differences (570) 910
QUEST loss — (38)
Employee Benefit Trust (61) 26
Movement in equity shareholders’ funds during the year 17,162 5,951
Equity shareholders’ funds at end of year 49,731 32,569
FINANCIAL INFORMATION
RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS’ FUNDS
for the year ended 30 June 2004 NOTES TO THE ACCOUNTS
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 34
1. PRINCIPAL ACCOUNTING POLICIES
(A) BASIS OF ACCOUNTING
The accounts of the Group have been prepared under the historical cost convention in accordance with the Companies Act 1985 and
applicable Accounting Standards in the UK. Results of subsidiary undertakings acquired or sold during the year are consolidated from or
to the date on which control passes. The trading results of companies acquired during the year are accounted for under the acquisition
method of accounting.
(B) CONTRACT ACCOUNTING
Turnover represents the value of work earned during the year on contracts by reference to total contract value and stage of completion.
Third party payments represent costs incurred by the Group on behalf of clients which are invoiced at no margin.
Work in progress is stated at cost plus attributable profits less foreseeable losses and progress payments received and receivable.
Cost comprises direct staff costs and attributable overheads. Attributable profit is that proportion of the total profit currently estimated
to arise over the duration of a contract, as earned at the balance sheet date.
Foreseeable losses are all losses currently expected to arise on contracts in progress, irrespective of their stage of completion at the
balance sheet date.
Progress payments receivable in excess of the value of work executed on individual contracts are included in creditors.
(C) GOODWILL
Goodwill represents the difference between the fair value of the assets and liabilities acquired and the fair value of consideration.
Goodwill arising on acquisitions is carried as an asset in the balance sheet and amortised in equal annual instalments over its estimated
economic life, being a period not exceeding 20 years. Any impairment in the value of goodwill is charged to the profit and loss account
in the period in which it arises.
(D) FIXED ASSETS
Depreciation is provided to write off the cost, less estimated residual values, of fixed assets over their expected useful lives.
The depreciation rates used are as follows:
Short leasehold improvements – equally over the life of the lease
Motor vehicles – 25% per annum on net book value
Office furniture and equipment – 20–33.3% per annum on original cost
In the event of any indication of impairment provision is made as appropriate.
(E) LEASED ASSETS
Where assets are financed by leasing agreements (finance leases or hire purchase contracts) the assets are included in the balance sheet
at cost less depreciation in accordance with the Group’s normal accounting policies. The present value of future rentals is shown as a
liability. Depreciation and the interest element of rental obligations are charged to the profit and loss account over the shorter of the
period of the lease and the asset’s useful economic life.
Rentals payable under operating leases are charged to the profit and loss account as incurred.
(F) DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where
transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred
at the balance sheet date. Timing differences are differences between the Group’s taxable profits and its results as stated in the accounts.
Deferred tax assets are only recognised when their recoverability can be determined with a degree of certainty.
Deferred tax is recognised in respect of the retained earnings of overseas subsidiaries only to the extent that, at the balance sheet
date, dividends have been accrued as receivable or a binding agreement to distribute past earnings in future has been entered
into by the subsidiary.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are
expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date.
Deferred tax is measured on a non-discounted basis. WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 35
1. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
(G) FOREIGN CURRENCIES
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of transaction. Monetary assets and
liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains
and losses on translation are included in the profit and loss account.
For consolidation purposes, the assets and liabilities of overseas subsidiary undertakings are translated at closing exchange rates.
Their profit and loss accounts are translated at average rates of exchange for the year. Exchange differences arising on these transactions
are taken to reserves.
(H) INVESTMENTS
Investments in subsidiary undertakings are stated in the Company balance sheet at cost less any provision for impairment in value.
(I) PENSION COSTS
Pension costs are accounted for on the basis of charging the expected cost of providing pensions over the period during which the
Company benefits from the employee’s service. The effects of variations from regular costs are spread over the expected average
remaining service lives of members of the scheme.
(J) DEFERRED AND CONTINGENT CONSIDERATION
In respect of acquisitions for which part of the purchase consideration is payable during future accounting periods, the full amount
of the deferred consideration is recognised immediately, except in respect of acquisitions for which part of the purchase consideration
is determined by the profits generated by the acquired Company during future accounting periods. In such cases the contingent
consideration is included in the accounts based on the best estimates of future profitability of the Company at this time. Estimates
are revised as further and more certain information becomes available. Goodwill and shares to be issued are adjusted accordingly.
(K) EMPLOYEE SHARE SCHEMES
Shares acquired by Trustees, funded by the Company and held for the continuing benefit of the Company, are classified within the
profit and loss account until such time as employees are entitled to exercise their options over the shares. If the cost of the shares
held in the trust is greater than the option price the excess is charged to the profit and loss account over the period of the option.
Any impairment in value of the shares held in the trust is immediately charged to the Company’s profit and loss account as incurred.
The cost of awards to employees under employee share schemes is charged to the profit and loss account over the period to which
the employee performance relates.
(L) QUEST
Shares in the Company held by the QUEST are shown at their estimated recoverable amount, being the option price of the shares
payable by employees. The amount contributed to the QUEST in excess of the option price is charged against reserves.
2. SEGMENTAL ANALYSIS
All of the Group’s turnover and operating profit is generated from the Group’s principal activity of consulting to the built, natural
and social environment and derives from work in the UK and Ireland except for an immaterial amount generated from the Group’s
overseas activities.
Analyses by geographical location of turnover, operating profit and net assets are set out below:
BY LOCATION OF OPERATIONS:
Turnover Profit before tax Net assets
2004 2003 2004 2003 2004 2003
£’000 £’000 £’000 £’000 £’000 £’000
Great Britain 75,202 63,774 4,366 3,583 36,934 20,182
Ireland 14,648 12,810 1,438 1,375 12,797 12,387
Total 89,850 76,584 5,804 4,958 49,731 32,569
FINANCIAL INFORMATION NOTES TO THE ACCOUNTS
(CONTINUED)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 36
3. OPERATING EXPENSES
2004 2003
£’000 £’000
Staff costs (note 4) 45,584 39,327
Other external and operating charges 34,069 28,310
Depreciation 2,613 2,362
Goodwill amortisation 1,057 767
83,323 70,766
The operating profit is stated after charging:
2004 2003
£’000 £’000
Auditors’ remuneration – audit services* 50 44
– other services 5 24
Operating lease rentals – plant and machinery 46 35
– other 1,710 1,803
Goodwill amortisation 1,057 767
Loss on sale of fixed assets 74 137
*Includes audit fee for the Company of £6,000 (2003: £6,000).
In addition to the above amounts charged to the profit and loss account, the auditors also received a further £347,000 (2003: £nil)
in respect of transaction advisory services included in goodwill.
Operating expenses include the following amounts relating to acquisitions: staff costs of £1,468,000; other external and operating charges
of £3,073,000; depreciation of £48,000; and goodwill amortisation of £162,000.
4. EMPLOYEES AND DIRECTORS
Staff costs were:
2004 2003
£’000 £’000
Salaries 38,900 33,864
Social security costs 4,554 3,631
Pension costs 2,130 1,832
45,584 39,327
The average number of employees, including executive directors, employed by the Group during the year was:
2004 2003
number number
Technical 1,139 1,063
Administrative 275 262
1,414 1,325
In addition to the above permanent staff, the Group utilises the services of agency and temporary contract staff as circumstances require.
Details of directors’ remuneration are given in the remuneration report on pages 24 to 27.
5. NET INTEREST PAYABLE
2004 2003
£’000 £’000
Bank loans and overdraft 449 560
Hire purchase and finance leases 282 290
Loan notes 4 11
735 861
Bank and other interest receivable (12) (1)
723 860 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 37
6. TAX
2004 2003
£’000 £’000
UK corporation tax at 30% (2003: 30%)
– current year 1,648 1,304
– prior year 241 (87)
Overseas tax
– current year 178 214
– prior year (53) (10)
Current tax 2,014 1,421
Deferred tax – prior year (88) 10
Total tax 1,926 1,431
FACTORS AFFECTING THE CURRENT TAX CHARGE FOR THE YEAR
The tax charge in the year to 30 June 2004 is higher than the standard rate of corporation tax in the UK when applied to reported profit.
The difference is principally due to non deductible goodwill as explained below:
2004 2003
£’000 £’000
Profit before tax and goodwill amortisation 6,861 5,725
Goodwill amortisation (1,057) (767)
Profit before tax 5,804 4,958
Effective Effective
tax rate 2004 tax rate 2003
2004 £’000 2003 £’000
Profit before tax multiplied by the standard rate of 
UK corporation tax of 30% (2003: 30%) 1,741 1,487
Lower rate of tax on Republic of Ireland earnings (249) (236)
Expenses not deductible for tax purposes 48 49
Tax benefit of QUEST — (12)
Adjustment in respect of prior years 188 (97)
Current tax charge before non deductible goodwill 29.8% 1,728 24.0% 1,191
Non deductible goodwill 286 230
Total current tax charge 34.7% 2,014 28.7% 1,421
The Group will continue to benefit from the low rate of corporation tax in the Republic of Ireland in future years.
7. DIVIDENDS
2004 2003
£’000 £’000
Interim paid 2.2p (2003: 2.05p) per share 851 603
Final proposed 3.7p (2003: 3.35p) per share 1,468 1,044
2,319 1,647
FINANCIAL INFORMATION NOTES TO THE ACCOUNTS
(CONTINUED)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 38
8. EARNINGS PER SHARE
The calculations of basic earnings per share are based on the average number of shares in issue during the year ranking for dividend
of 34,869,291 (2003: 29,358,365). Diluted earnings per share is calculated after the effect of dilutive share options of 114,118 shares
(2003: 184,476) and of shares to be issued in respect of acquisitions of 1,210,448 (2003: 508,197).
Earnings per share is calculated as follows:
2004 2003
£’000 £’000
Profit after tax 3,878 3,527
Earnings per share
Basic 11.1p 12.0p
Diluted 10.7p 11.7p
Adjusted earnings per share is also presented in order to give an indication of the underlying performance of the Group and is calculated
as follows:
2004 2003
£’000 £’000
Profit after tax 3,878 3,527
Goodwill amortisation 1,057 767
4,935 4,294
Adjusted earnings per share
Basic 14.2p 14.6p
Diluted 13.6p 14.3p
9. HOLDING COMPANY PROFIT AND LOSS ACCOUNT
The directors have taken advantage of Section 230 of the Companies Act 1985 and have not prepared a separate profit and loss account
for the Company. The consolidated profit after tax includes a profit after tax of £418,000 (2003: loss of £201,000) attributable to
the Company.
10. CHANGES TO ACCOUNTING POLICIES
UITF abstract 38 (Accounting for ESOP trusts) has been adopted in the current year. The 2003 comparatives have been restated.
UITF 38 requires that investments in own shares which were previously disclosed in fixed asset investments are shown as a reduction
in shareholders’ funds.
The following table details the impact of the changes on the 2003 balance sheets:
2003 2003 2003
As previously stated Adjustment As restated
£’000 £’000 £’000
Consolidated balance sheet
Investment in own shares 61 (61) —
Shareholders’ funds 32,630 (61) 32,569
Company balance sheet
Investment in own shares 58 (58) —
Shareholders’ funds 22,717 (58) 22,659
The impact on the 2004 balance sheets has been to reduce investment in own shares and shareholders’ funds by £122,000 in the
consolidated balance sheet, and by £119,000 in the Company balance sheet.
There was no impact on the profit and loss account in either year. WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 39
11. INTANGIBLE FIXED ASSETS – GROUP
Goodwill arising on acquisitions in the year is being amortised over its estimated useful life of 20 years.
£’000
Cost
At 1 July 2003 17,664
Arising during the year – current year acquisitions (note 22) 19,372
– prior year acquisitions 86
Exchange adjustment (331)
At 30 June 2004 36,791
Amortisation
At 1 July 2003 1,757
Charge for the year 1,057
Exchange adjustment (33)
At 30 June 2004 2,781
Net book value
At 30 June 2004 34,010
At 30 June 2003 15,907
The goodwill arising on prior year acquisitions relates to additional deferred consideration with respect to 14000 and One Solutions Limited.
The Company had no intangible fixed assets at either year end.
12. TANGIBLE FIXED ASSETS – GROUP
Short Office
leasehold Motor furniture and
improvements vehicles equipment Total
£’000 £’000 £’000 £’000
Cost
At 1 July 2003 1,456 4,846 10,338 16,640
Exchange adjustments — (6) (36) (42)
Acquisitions (note 22) — 53 482 535
Additions 337 1,207 1,696 3,240
Disposals (204) (1,216) (2,249) (3,669)
At 30 June 2004 1,589 4,884 10,231 16,704
Depreciation
At 1 July 2003 408 2,221 7,623 10,252
Exchange adjustments — (2) (16) (18)
Charge for the year 237 767 1,609 2,613
Disposals (204) (834) (2,240) (3,278)
At 30 June 2004 441 2,152 6,976 9,569
Net book value
At 30 June 2004 1,148 2,732 3,255 7,135
At 30 June 2003 1,048 2,625 2,715 6,388
Included in the above are assets held under finance leases and hire purchase contracts with a net book value of £5,335,000
(2003: £4,726,000). Depreciation charged in the year on these assets amounted to £1,944,000 (2003: £1,751,000).
The Company had no tangible fixed assets at either year end.
FINANCIAL INFORMATION NOTES TO THE ACCOUNTS
(CONTINUED)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 40
13. INVESTMENTS
Company investment
in subsidiary undertakings
Net book
Cost Provision value
£’000 £’000 £’000
At 1 July 2003 2,062 — 2,062
Additions in year 10,818 — 10,818
Provision charged in year — (269) (269)
At 30 June 2004 12,880 (269) 12,611
Additions in the year relate to the acquisition of IMC. During the year the Company received a dividend of £269,000 from IMC paid
out of pre-acquisition reserves, and has accordingly made a provision against its investment in that subsidiary undertaking.
The Group’s principal subsidiaries, all of which are wholly owned directly by the Company, are:
Subsidiary Country of incorporation Activity
WYG Consulting Limited UK Multi-disciplinary consulting engineers
WYG Environmental Limited UK Consulting environmental engineers
WYG Ireland Limited Republic of Ireland Multi-disciplinary consulting engineers
IMC Consulting Limited UK Project managers and consultants
A full list of subsidiaries will be included in the Company’s next annual return.
14. DEBTORS
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Amounts falling due within one year:
Amounts receivable on contracts 31,042 21,658 — —
Prepayments and accrued income 2,280 1,169 — —
Amounts owed by subsidiary undertakings — — 25,444 21,283
Other debtors 377 274 — —
Tax recoverable 538 295 — —
Deferred tax 164 76 — —
34,401 23,472 25,444 21,283
The deferred tax asset is analysed as follows:
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Deferred tax
Accelerated depreciation 83 65 — —
Short term timing differences 81 11 — —
164 76 — — WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 41
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Bank overdraft 85 1,512 — —
Bank loan (note 17) 1,762 795 — —
Trade creditors 6,829 2,468 — —
Payments on account 14,964 2,822 — —
Corporation tax 1,565 612 16 1
Social security and other taxes 3,456 3,394 — —
Other creditors 3,190 1,223 — —
Hire purchase and finance leases 2,127 1,916 — —
Accruals 4,141 1,392 — —
Deferred consideration — 225 — —
Dividend payable 1,468 1,044 1,468 1,044
39,587 17,403 1,484 1,045
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Bank loan
Repayable between one and two years 9,311 672 — —
Repayable between two and five years 2,700 6,697 — —
12,011 7,369 — —
Hire purchase and finance leases
Repayable between one and two years 1,516 1,339 — —
Repayable between two and five years 1,317 1,083 — —
2,833 2,422 — —
14,844 9,791 — —
17. FINANCIAL INSTRUMENTS AND DERIVATIVES
FINANCIAL INSTRUMENTS
Short term debtors and creditors meeting the definition of a financial asset or liability have been excluded from this note as permitted
under FRS 13.
BANK LOANS AND OVERDRAFTS
The bank loan facility is unsecured, and comprises £3.0m repayable in quarterly instalments ending in June 2006, £3.0m repayable in
quarterly instalments ending in June 2008 and £2.5m repayable in quarterly instalments ending in June 2009. The entire loan facility has
been drawn down and at the year end £2.2m had been repaid. A further £7.5m is provided as a revolving loan facility which was fully
drawn down at the year end. This facility is repayable in December 2005. The Group also has a committed unsecured bank overdraft
facility from Lloyds TSB Bank Plc of £5.0m (2003: £5.0m) to provide working capital. The facility is due for renewal in December 2005
and at the year end was fully undrawn. The bank loans bear interest at 1.25% over Lloyds TSB Bank Plc’s base rate. The bank overdraft
bears interest at a rate of either 1.1% or 1.25% over base rate depending upon the level of the overdraft balance in any quarter.
FINANCE LEASES
Finance lease obligations are secured on the assets to which they relate. The Group has a committed facility with Lloyds TSB Asset
Finance of £6.0m. At the year end £1.1m was undrawn.
FINANCIAL INFORMATION NOTES TO THE ACCOUNTS
(CONTINUED)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 42
17. FINANCIAL INSTRUMENTS AND DERIVATIVES (CONTINUED)
INTEREST RATE PROFILE
The interest rate profile of the Group’s financial liabilities was as follows:
Group
2004 2003
£’000 £’000
Floating rate 13,858 9,676
Fixed rate 4,960 4,338
18,818 14,014
The weighted average interest rate for fixed rate borrowings was 6.3% (2003: 6.0%) and the weighted average period to maturity was
30 months (2003: 28 months).
FINANCIAL ASSETS
As at 30 June 2004 the Group did not hold any financial assets other than short term debtors and cash at bank. Cash earns interest
at floating rate based on LIBID.
EXCHANGE RISK MANAGEMENT
The table below shows the extent to which Group companies have monetary assets and liabilities in currencies other than the local
functional currency.
Net foreign currency monetary asset (liability)
Total Total
Sterling US Dollar Polish Zloty Other 2004 2003
Functional currency of Group operation £’000 £’000 £’000 £’000 £’000 £’000
Euro (176) 268 242 133 467 —
FAIR VALUES
There is no material difference between the fair value and book value of the Group’s financial assets and liabilities. Fair values have
been calculated by reference to cash flows discounted at prevailing interest rates.
FINANCIAL INSTRUMENTS HELD FOR TRADING PURPOSES
The Group does not trade in financial instruments.
HEDGING
The Group has not used any hedging instruments during either year.
TREASURY POLICY
Details of the Group’s treasury policy are provided within the financial review on pages 16 and 17.
18. CALLED UP EQUITY SHARE CAPITAL
Authorised Allotted and fully paid
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Shares of 5p each 2,500 2,000 1,995 1,539
SHARES ALLOTTED DURING THE YEAR
Nominal value Premium Net consideration
Number £’000 £’000 £’000
On acquisitions made during the year 2,787,380 139 4,772 4,911
In respect of previous years’ acquisitions 467,599 23 730 753
Placing 5,852,858 293 8,611 8,904
On exercise of share options 12,000178
9,119,837 456 14,120 14,576
On 7 January 2004, the Group completed a placing and open offer which raised approximately £9.7m before expenses and resulted
in the issue of 5,852,858 shares in White Young Green Plc. WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 43
18. CALLED UP EQUITY SHARE CAPITAL (CONTINUED)
SHARE OPTION SCHEMES
Under the Group’s share option schemes, share options to subscribe for shares of 5p each outstanding at 30 June 2004 were as follows:
EXECUTIVE SHARE OPTION SCHEME
Number Option price Exercisable
39,000 61.0p 2000–2007
11,000 83.5p 2001–2008
119,500 183.5p 2003–2010
212,500 201.0p 2004–2011
515,000 152.5p 2006–2013
130,000 193.5p 2007–2014
SHARES TO BE ISSUED
Group and Company £’000
At 1 July 2003 775
Shares issued in the year (753)
Transfer from deferred consideration 40
Arising on acquisitions in the year 2,371
At 30 June 2004 2,433
Shares to be issued are in respect of acquisitions for which part of the consideration is payable during future accounting periods in the
form of shares.
19. SHARE PREMIUM AND RESERVES
Group Company
Share premium Profit and Share premium Profit and 
account loss account account loss account
£’000 £’000 £’000 £’000
Group
At 1 July 2003 as reported 16,556 13,760 16,556 3,847
Prior year adjustment (note 10) — (61) — (58)
At 1 July 2003 as restated 16,556 13,699 16,556 3,789
Retained profit (loss) for the year — 1,559 — (1,902)
Exchange adjustments — (570) — —
Premium on shares issued 14,120 — 14,120 —
Employee Benefit Trusts — (61) — (61)
At 30 June 2004 30,676 14,627 30,676 1,826
As required by UITF 38, the profit and loss account includes shares held by the WYG Plc Employee Benefit Trust (“EBT”) and the QUEST.
All costs relating to the EBT and the QUEST are dealt with in the profit and loss account as they accrue and both have waived their
rights to receive dividends on the shares they hold. The EBT holds shares in the Company to meet commitments granted to employees
under the terms of the Invested Bonus Plan and the Long Term Incentive Plan. The amount contributed to the EBT in excess of the
option price is charged against the profit and loss account over the performance period to which the plan relates.
At 30 June 2004 the EBT held 204,190 shares with a cost of £303,000 and a market value of £410,000. The total commitment awarded to
date amounts to 116,889 shares under the Invested Bonus Plan and 419,011 shares under the Long Term Incentive Plan. The EBT has
received interest free loans from the Company to finance the acquisition of these shares.
The QUEST is a discretionary trust established for the benefit of the employees of the Group. At 30 June 2004 the QUEST held
3,957 shares with a cost of £3,000 and a market value of £8,000.
FINANCIAL INFORMATION NOTES TO THE ACCOUNTS
(CONTINUED)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 44
20. PENSION COMMITMENTS
The Group accounts for pension costs under SSAP 24, as the Board has decided to defer full implementation of FRS 17 following the UK
Accounting Standards Board decision to extend the transitional regime for the new standard. The transitional disclosures required by FRS 17
are given in note 21 below.
The Group operates an Occupational Money Purchase Pension, insured through Scottish Equitable Plc. Group contributions to the scheme
for the year ended 30 June 2004 were £1,261,000 (2003: £1,071,000).
The Group is also in the process of winding up a former defined benefit scheme. The White Young Consulting Group Limited
Retirement Benefit Plan (1986) (“the 1986 Plan”) was a funded defined benefit scheme providing benefits based on final pensionable
pay. The scheme was discontinued on 31 August 1996 and treated as paid up. The latest actuarial valuation was prepared at
31 December 2002, when the market value of the 1986 Plan assets was £1.4m. The accrued liabilities of the 1986 Plan totalled
£1.5m and as such the assets were sufficient to cover 91% of its accrued liabilities. Under the Minimum Funding Regulations (“MFR”)
it is a requirement that the funding level of 91% be brought up to a minimum of 100% over a period of time.
The deficit arising under the MFR has been considered by the scheme actuary, the scheme trustees and the Group. The actuary has
established a schedule of contributions for the Group to bring the 1986 Plan to an appropriate level of funding for MFR purposes.
Group contributions to the 1986 Plan in the year were £78,000 (2003: £193,000).
Group directors who were formerly employed by White Young Consulting Group Limited are members of the WYD Pension Scheme.
The scheme is a defined benefit scheme and was established to allow the restructure of employer’s pension arrangements for scheme
members. It is in the process of receiving transfer values from the relevant pre-existing pension schemes. A prospective rate of funding
will then be established for the WYD Scheme.
21. FRS 17 (RETIREMENT BENEFITS)
For the purposes of FRS 17 disclosures, the 1986 Plan is disclosed below based upon the most recent actuarial valuation at 31 December 2002
and updated to take account of the requirements of FRS 17 in order to assess the liabilities of the scheme at 30 June 2004.
In respect of the WYD Scheme at 30 June 2004, a full actuarial valuation of pension liabilities has been performed for FRS 17 purposes.
For the WYD Scheme, benefits and transfer values due from the relevant pre-existing pension schemes have been taken into account.
The deficit in the two schemes gives rise to an overall net pension liability at 30 June 2004 of £2.1m as set out below.
The financial assumptions used to calculate scheme liabilities for the 1986 Plan and the WYD Scheme under FRS 17 are:
WYD WYD WYD
1986 Plan Scheme 1986 Plan Scheme 1986 Plan Scheme
30 June 2004 30 June 2004 30 June 2003 30 June 2003 30 June 2002 30 June 2002
%% %%%%
Rate of increase in salaries n/a 4.4 n/a 4.0 n/a 4.2
Rate of increase in pension in payment 3.0 3.0 3.0 3.0 3.0 3.0
Increases to deferred benefits during deferment 2.9 2.9 2.9 2.5 2.9 2.9
Discount rate 5.7 5.7 5.4 5.2 5.9 5.8
Inflation 2.9 2.9 2.5 2.5 2.5 2.7
The assets in the 1986 Plan and the WYD Scheme and the expected rates of return at 30 June 2004 were as follows:
Long term Long term Long term
rate of return rate of return rate of return
expected at Value at expected at Value at expected at Value at
30 June 2004 30 June 2004 30 June 2003 30 June 2003 30 June 2002 30 June 2002
% £’m % £’m % £’m
1986 Plan
Equities 7.5 0.1 7.5 0.1 7.5 0.9
Fixed interest 5.0 0.8 5.0 0.9 5.0 0.8
Other 4.0 0.3 4.0 0.2 4.0 0.3
Total 1.2 1.2 2.0
WYD Scheme
Equities 7.5 — 7.6 — 6.8 —
Fixed interest 5.0 — 5.2 — 5.8 —
Other 4.0 0.8 3.8 0.6 4.8 —
Total 0.8 0.6 — WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 45
21. FRS 17 (RETIREMENT BENEFITS) (CONTINUED)
The following amounts were measured in accordance with the requirements of FRS 17:
WYD WYD WYD
1986 Plan Scheme 1986 Plan Scheme 1986 Plan Scheme
value at value at value at value at value at value at
30 June 30 June 30 June 30 June 30 June 30 June
2004 2004 2003 2003 2002 2002
£’m £’m £’m £’m £’m £’m
Total market value of assets 1.2 0.8 1.2 0.6 2.0 —
Present value of the scheme liabilities (2.0) (3.1) (1.9) (2.9) (3.1) (1.5)
Deficit in the schemes (0.8) (2.3) (0.7) (2.3) (1.1) (1.5)
Related deferred tax asset 0.3 0.7 0.2 0.7 0.3 0.5
Net pension liability (0.5) (1.6) (0.5) (1.6) (0.8) (1.0)
If the amounts above had been recognised in the accounts, the Group’s net assets and profit and loss reserve would have been as follows:
Group
2004 2003
£’m £’m
Net assets excluding pension liability 49.7 32.6
Pension liability (2.1) (2.1)
Net assets including pension liability 47.6 30.5
Profit and loss reserve excluding pension liability 14.6 13.7
Pension liability (2.1) (2.1)
Profit and loss reserve including pension liability 12.5 11.6
The following amounts would have been recognised in the performance statements under the requirements of FRS 17:
2004 2003
£’m £’m
Operating profit
Current service cost (0.1) (0.2)
Total operating charge (0.1) (0.2)
Other finance income (expense)
Expected return on pension scheme assets 0.1 0.1
Interest on pension scheme liabilities (0.3) (0.3)
Net expense (0.2) (0.2)
Statement of total recognised gains and losses (“STRGL”)
Actual return less expected return on pension scheme assets (0.1) (0.3)
Experience gains and losses arising on the scheme liabilities (0.2) 0.2
Changes in assumptions underlying the present value of the scheme liabilities 0.2 (0.6)
Actuarial loss recognised in STRGL (0.1) (0.7)
Movement in deficit during the year
Deficit in schemes at beginning of the year (3.0) (2.6)
Movement in year:
Current service cost (0.1) (0.2)
Contributions 0.3 0.2
Transfers in — 0.5
Other financial expense (0.2) (0.2)
Actuarial loss (0.1) (0.7)
Deficit in schemes at end of the year (3.1) (3.0)
FINANCIAL INFORMATION NOTES TO THE ACCOUNTS
(CONTINUED)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 46
21. FRS 17 (RETIREMENT BENEFITS) (CONTINUED)
Details of experience gains and losses for the year
2004 2003
£’m £’m
Difference between the expected and actual return on scheme assets:
Amount (£’m) (0.1) (0.3)
Percentage of scheme assets 5% 17%
Experience gains and losses on scheme liabilities:
Amount (£’m) (0.2) 0.2
Percentage of the present value of the scheme liabilities 4% 4%
Total amount recognised in STRGL:
Amount (£’m) (0.1) (0.7)
Percentage of the present value of the scheme liabilities 2% 15%
22. ACQUISITIONS
During the year the Group acquired the businesses of IMC Consulting and IMC Europe (together “IMC”), Denis Rooney Associates,
Denis Rooney Associates Limited, CETEC, Hawthorne Kamm and DWP. Further details of the acquisitions are provided in the
directors’ report on page 20.
The following tables set out the provisional fair value of the net assets acquired and the resulting goodwill:
Fair value Fair
Book value adjustments value
IMC £’000 £’000 £’000
Fixed assets 375 — 375
Work in progress 9,675 (200) 9,475
Debtors 9,598 (150) 9,448
Creditors (20,158) (100) (20,258)
Tax (314) — (314)
Cash at bank 1,665 — 1,665
841 (450) 391
Goodwill 10,427
10,818
Satisfied by:
Cash (including costs) 10,818 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 47
22. ACQUISITIONS (CONTINUED)
Book Fair value Fair
value adjustments value
Other acquisitions £’000 £’000 £’000
Fixed assets 160 — 160
Work in progress 197 (108) 89
Debtors 1,760 (210) 1,550
Creditors (1,070) (250) (1,320)
Hire purchase and finance leases (6) — (6)
Tax (21) — (21)
Cash at bank 548 — 548
1,568 (568) 1,000
Goodwill 8,945
9,945
Satisfied by:
Cash (including costs) 2,749
Shares issued 4,911
Contingent consideration 2,285
9,945
The fair value adjustments made on acquisition relate to alignments of the acquired businesses’ accounting policies with those of the Group.
Contingent consideration is dependent on the future performance of the business acquired. It is assumed that the performance targets
will be achieved and therefore the maximum consideration payable is included within shares to be issued (note 18).
The last audited results prior to the acquisition of IMC for the 9 months to 31 December 2003 show a profit after tax of £1,091,000.
For the subsequent period until acquisition by the Group, the results of the business extracted from its unaudited management
accounts show turnover of £13,726,000, operating profit of £704,000, profit before tax of £707,000, tax of £212,000 and profit after
tax of £495,000. There were no recognised gains or losses other than the profit for the period.
Since acquisition the operations of the businesses acquired in the year have been integrated into the Group’s existing operations. 
As a result it is impractical to isolate the cash flows of the acquired businesses.
At the year end, £229,000 of costs relating to acquisitions were unpaid and included within creditors falling due within one year.
23. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES
2004 2003
£’000 £’000
Operating profit 6,527 5,818
Depreciation 2,613 2,362
Loss on sale of fixed assets 74 137
Amortisation of intangible assets 1,057 767
Options charge 89 140
Increase in work in progress (2,309) (578)
Decrease (increase) in debtors 296 (3,956)
(Decrease) increase in creditors (583) 3,374
Net cash inflow from operating activities 7,764 8,064
FINANCIAL INFORMATION NOTES TO THE ACCOUNTS
(CONTINUED)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 48
24. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2004 2003
£’000 £’000
Increase in cash during the year 4,238 4,350
Cash inflow from increase in debt and lease financing (2,971) (370)
Change in net debt resulting from cash flows 1,267 3,980
Debt and finance leases assumed on acquisitions (6) (95)
New finance leases (3,069) (2,872)
New loan notes (185) —
Movement in net debt during the year (1,993) 1,013
Net debt at beginning of year (12,239) (13,252)
Net debt at end of year (14,232) (12,239)
25. ANALYSIS OF NET DEBT
At 1 July Cash Other non At 30 June
2003 flows Acquisitions cash items 2004
£’000 £’000 £’000 £’000 £’000
Cash and bank balances 1,775 2,811 — — 4,586
Bank overdrafts (1,512) 1,427 — — (85)
Bank loan due within one year (795) (967) — — (1,762)
Bank loan due after one year (7,369) (4,642) — — (12,011)
Loan notes due within one year — 185 — (185) —
Finance leases and hire purchase contracts (4,338) 2,453 (6) (3,069) (4,960)
Total (12,239) 1,267 (6) (3,254) (14,232)
26. FINANCIAL COMMITMENTS
At 30 June 2004 the Group had capital commitments outstanding of £483,000 (2003: £87,000). The Company had no capital
commitments at either year end.
At 30 June 2004 the Group had minimum annual commitments under non-cancellable operating leases as set out below.
The Company had no such commitments at either year end.
2004 2003
Land and Land and
buildings Other buildings Other
£’000 £’000 £’000 £’000
Leases expiring:
Within one year 421 1 234 1
In the second to the fifth years inclusive 385 1 476 1
After five years 1,562 — 1,109 —
2,368 2 1,819 2
Leases of land and buildings are typically subject to rent review every five years.
27. CONTINGENT LIABILITIES AND GUARANTEES
The Company and its subsidiary undertakings cross guarantee to the Group’s principal bankers the overdrafts, if any, of each Company
covered by the guarantee.
In common with other professional firms, the Group maintains professional indemnity insurance against claims for professional negligence
which in the ordinary course of business have been received, or may be received in the future. The directors assess each claim and provide
for legal and settlement costs where, on the basis of advice received, it is considered that a liability may exist. GUIDANCE FOR SHAREHOLDERS
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 49
The AGM of WYG Plc will be held at Buchanan Communications Limited, 107 Cheapside, London EC2V 6DT on 10 November 2004
at 12 noon. As part of the Group’s commitment to communicate more clearly with shareholders, we have set out below explanations
of the detailed formal business to be dealt with at the AGM.
RESOLUTIONS 1 TO 7: ORDINARY BUSINESS
These resolutions relate to matters commonly considered at AGMs of listed companies and are explained in the notes below.
RESOLUTION 1: REPORT AND ACCOUNTS
The directors are required to present to the meeting the accounts and directors’ and auditors’ reports for the year ended 30 June 2004.
RESOLUTION 2: REMUNERATION REPORT
The directors are required to present to the meeting the remuneration report for the year ended 30 June 2004.
RESOLUTION 3: DIVIDEND
The dividend proposed by the directors is required to be approved at the AGM.
RESOLUTIONS 4 AND 5: APPOINTMENT OF DIRECTORS
The Company’s Articles of Association require that any director appointed during the year shall hold office only until the next following
AGM and shall then be eligible for election. In accordance with these rules, Denis Connery and Peter Wood are seeking election at
this meeting. 
A profile of Denis Connery and Peter Wood is provided in the annual report on page 28 together with a profile of each of the
other directors.
RESOLUTION 6: RE-APPOINTMENT OF DIRECTORS
The Company’s Articles of Association require that the number nearest to, but not more than, one third of the directors shall retire
from office at each AGM. The directors due to retire are those who have been in office longest since their appointment or last
re-appointment, and in accordance with these rules, Gareth Cooper and Robert Hartley are retiring by rotation. Robert Hartley,
being eligible, is seeking re-election at this meeting. Gareth Cooper is retiring at the conclusion of the AGM and so is not 
seeking re-election.
A profile of Gareth Cooper and Robert Hartley is provided in the annual report on page 28 together with a profile of each of the
other directors.
RESOLUTION 7: RE-APPOINTMENT AND REMUNERATION OF AUDITORS
The Company is required to appoint auditors at each meeting when accounts are presented. Resolution 7 proposes the re-appointment of
PricewaterhouseCoopers LLP and follows standard practice in giving authority to the Board to determine the remuneration of the auditors.
RESOLUTIONS 8 TO 10: SPECIAL BUSINESS
RESOLUTION 8: AUTHORITY TO ALLOT SHARES
The directors are not permitted to allot new shares unless authorised to do so by the shareholders.
In accordance with the relevant guidelines issued by the Investment Committee of the Association of British Insurers, pursuant to
resolution 8 the directors are authorised to allot shares up to an aggregate nominal value of £504,945 representing the authorised but
unissued share capital of the Company.
FINANCIAL INFORMATION GUIDANCE FOR SHAREHOLDERS
(CONTINUED)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 50
RESOLUTIONS 8 TO 10: SPECIAL BUSINESS (CONTINUED)
RESOLUTION 9: AUTHORITY TO ALLOT SHARES OTHER THAN ON A PRE-EMPTIVE BASIS
The directors require specific authority from the shareholders before allotting new shares for cash without first offering them to existing
shareholders. This authority and power provides the directors with a degree of flexibility to take advantage of any favourable opportunities
which are to the benefit of shareholders.
Resolution 9 gives the directors the necessary authority to allot up to 1,995,054 shares, which represents 5% of the issued share capital
as at 30 June 2004.
The proposed limit is in line with guidelines issued by the Investment Committee of the Association of British Insurers and The National
Association of Pension Funds.
RESOLUTION 10: AUTHORITY TO BUY BACK SHARES
The effect of this resolution is to permit the Company to buy back its own shares, with a stated upper and lower limit on the price
payable, reflecting the requirements of the London Stock Exchange. The directors consider it would be advantageous for the Company
to have the authority to make such purchases when the market conditions are favourable, and only if earnings per share are thereby
enhanced. The renewed authority would enable the Company to purchase up to 3,990,109 shares, representing 10% of the Company’s
issued capital.
ACTION TO BE TAKEN
Enclosed is a form of proxy for use at the AGM. If you do not intend to be present at the AGM, please complete, sign and return the proxy
form as soon as possible. In order for it to be valid, it must be received by the Registrars no later than 12 noon on 8 November 2004.
Shareholders who return completed proxy voting forms may still attend the meeting instead of their proxies, and vote in person if they
wish. In the event of a poll in which the shareholder votes in person, any proxy votes lodged with the Company by or on behalf of
such shareholder will be excluded. NOTICE OF MEETING
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 51
Notice is hereby given that the twentieth AGM of WYG Plc will be held at Buchanan Communications Limited, 107 Cheapside,
London EC2V 6DT on 10 November 2004 at 12 noon for the following purposes:
ORDINARY BUSINESS
1. To receive and adopt the accounts for the year ended 30 June 2004 together with the report of the directors and the
auditors thereon.
2. To receive and approve the remuneration report for the year ended 30 June 2004.
3. To declare a final dividend.
4. To elect Denis Connery as a director.
5. To elect Peter Wood as a director.
6. To re-elect Robert Hartley as a director.
7. To re-appoint PricewaterhouseCoopers LLP as auditors of the Company and to authorise the directors to fix their remuneration.
SPECIAL BUSINESS
To consider and, if thought fit, pass the following resolutions of which number 8 will be proposed as an ordinary resolution and
numbers 9 and 10 as special resolutions:
8. THAT the directors be generally and unconditionally authorised pursuant to Section 80 of the Companies Act 1985 to allot
relevant securities (which for the purposes of this resolution shall have the same meaning as in Section 80(2) of the Companies
Act 1985) of the Company provided that:
(a) the maximum amount of relevant securities that may be allotted pursuant to the authority given by this resolution shall be an
aggregate nominal amount of £504,945;
(b) subject as provided in paragraph (c) of this resolution, the authority shall expire five years from the date of this resolution but
may be previously revoked or varied by an ordinary resolution of the Company;
(c) such authority shall permit and enable the directors to make an offer or agreement before the expiry of such authority which
would or might require relevant securities to be allotted after such expiry and to allot such securities pursuant to any such
offer or agreement after such expiry as if such authority had not expired;
(d) such authority shall be in place of any unexercised portion of any previous authority conferred on the directors to allot
relevant securities and the same shall be deemed to have been cancelled; and
(e) in relation to the grant of any right to subscribe for, or convert any security into, shares in the Company, the reference in this
resolution to the maximum amount of relevant securities that may be allotted is to the maximum amount of shares which
may be allotted pursuant to such rights.
9. THAT:
(a) the directors be empowered during the period expiring at the conclusion of the Company’s AGM next following the date of
the passing of this resolution or, if earlier, until the expiry of 15 months from the date of the passing of this resolution to allot
equity securities of the Company for cash as if Section 89(1) of the Companies Act 1985 did not apply to any such allotment
provided that such power shall be limited to the allotment of equity securities:
(i) in connection with a rights issue; and
(ii) otherwise than under sub-paragraph (a)(i) of this resolution, with an aggregate nominal amount up to £99,752;
(b) such power shall permit and enable the directors to make an offer or agreement before the expiry of such power which
would or might require equity securities to be allotted after such expiry and to allot such securities pursuant to any such
offer or agreement after such expiry as if such power had not expired; and
(c) in this resolution:
(i) ‘rights issue’ means an offer of equity securities, open for acceptance for a period fixed by the directors, to holders of equity
securities on the register on a fixed record date in proportion to (as nearly as practicable) their respective holdings of such
securities and in accordance with the rights attached thereto (but subject to such exclusions or other arrangements as the
directors may deem necessary or expedient in relation to fractional entitlements or legal or practical problems under the
laws of, or the requirements of, any regulatory body or any stock exchange in any territory); and
(ii) words and expressions defined in or for the purposes of Section 89 to 96 inclusive of the Companies Act 1985 shall bear
the same meanings.
FINANCIAL INFORMATION NOTICE OF MEETING
(CONTINUED)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2004 52
SPECIAL BUSINESS (CONTINUED)
10. THAT the Company be and is hereby authorised to make market purchases (as defined by Section 163(3) of the Companies
Act 1985) of shares of 5p each in the capital of the Company (“shares”) provided that:
(a) the maximum aggregate number of shares hereby authorised to be purchased is 3,990,109;
(b) the minimum price which may be paid for shares is the par value of such shares (exclusive of expenses);
(c) the maximum price (exclusive of expenses) which may be paid for shares is 5% above the average of the middle market
quotations for the shares as derived from the London Stock Exchange Daily Official List over the ten business days before
the purchase is made;
(d) the authority hereby conferred shall expire at the conclusion of the next AGM of the Company; and
(e) the Company may make a contract to purchase shares under the authority hereby conferred prior to the expiry of such
authority which will or may be executed wholly or partly after the expiry of such authority and may make a purchase of
shares after such expiry in pursuance of such a contract.
By order of the Board
Robert Hartley, Secretary
Arndale Court
Headingley
Leeds LS6 2UJ
28 September 2004
NOTES
1. A shareholder entitled to attend and vote may appoint another person, whether a shareholder or not, as his proxy to attend and
vote instead of him. A proxy need not be a member of the Company. A form of proxy is enclosed with this notice for use in
connection with the business set out above. The form of proxy and any authority under which it is executed, to be valid, must
be lodged at Capita Registrars, Proxy Department, The Registry, Beckenham Road, Beckenham, Kent BR3 4TU not less than
48 hours before the time fixed for the meeting.
Completion and return of the form of proxy and any authority under which it is executed will not preclude a shareholder from
attending and voting at the meeting should he or she subsequently decide to do so. A shareholder is not entitled to attend and
vote at the meeting (whether in person or by proxy) unless his name is entered in the register of members 48 hours before the
time for holding the meeting.
2. The proposed dividend, if approved, will be paid on 7 December 2004 to shareholders on the register at the close of business
on 8 October 2004.
3. The following documents will be available for inspection at the registered office of the Company during normal business hours
on any weekday (Saturday and public holidays excepted) until the date of the meeting and on 10 November 2004 at Buchanan
Communications Limited, 107 Cheapside, London EC2V 6DT until the conclusion of the meeting:
(a) copies of the directors’ service contracts; and
(b) the register of the directors’ interests in the share capital of the Company. WHITE YOUNG GREEN AT A GLANCE WHITE YOUNG GREEN SKILLS
providing life cycle
professional consultancy
services to national
and international 
blue chip clients 
assisting them 
in the planning,
implementation and
operation of their 
key assets
MANAGEMENT SERVICES
Project Management
Risk Management
Dispute Resolution
Procurement Consultancy
Management & Leadership Training
Health & Safety
Security Consultancy
TOWN PLANNING 
Site Appraisals
Planning Applications & Appeals
Environmental Statements
Retail Studies
Telecommunications
Urban Capacity Studies ENVIRONMENTAL ENGINEERING
Waste Management
Pollution Control
Contaminated Land
Remediation & Regeneration
Ground Investigation
Geotechnics
Groundwater Quality
Asbestos Management
Environmental Due Diligence
INFRASTRUCTURE
Water & Waste Management
Transport Infrastructure
Utilities Management & Design
Sustainable & Traditional Drainage
Flood Risk Assessment
TRAFFIC & HIGHWAYS
Highways Design & Construction Project Management
Transport Assessment & Travel Plan Preparation
Multi-modal Transport Modelling
Traffic Signal Design
Road Safety Audits
BRIDGE ENGINEERING
Bridge Inspection & Assessment
Bridge Structures Design
Bridge Refurbishment & Repair
Bridge Foundation Assessment
Whole Life Cost Evaluation
Category 3 Checking
MANAGEMENT
CONSULTANCY
Economic Regeneration
Social Regeneration
Industrial Regeneration
Corporate Restructuring
Vocational Training
Public Sector Reform
Economic Capacity Building
SME Support
Sustainable Development
RAIL ENGINEERING
Depot Design
Station & Platform Design & Car Parks
Site Construction Management
Bridge Design
Tunnel & Shaft Examinations
Asset Management Studies
Safety & Training
Bridge Examination & Assessment
Permanent Way Design
Signalling Design
STRUCTURAL ENGINEERING
State of the Art Design Service
High Economy Design
Option Appraisals
Foundation Design
Surveys & Inspections
Technical Audits
Research & Development
Value Engineering
BUILDING SERVICES
Whole Life Cycle Costing
Environmental Audits
BREEAM Assessments
CFD Building & Environment Modelling
Renewable Energy
Air & Water Quality
FACILITIES CONSULTANCY
Property Portfolio Management
Building Surveying
Relocation Management
Procurement Consultancy
Managing Agent
Contract Management
Performance Measuring & Benchmarking
URBAN/LANDSCAPE DESIGN
Landscape Architecture & Urban Design
Landscape Assessment
Masterplanning
Development Guidelines
Strategic Studies
Landscape Management Plans
Computer Animation
Public Consultation & Exhibition
ENVIRONMENTAL MANAGEMENT 
Environmental Impact Assessment
Ecology
Environmental Management Systems
Sustainability Systems & CSR
Health & Safety
Fire & Emergency Management
Air, Noise & Acoustics Assessment
BS8555 & Contour
MARINE ENGINEERING
Marine & River Engineering
Ports & Harbours
Docks, Quays & Jetties
Marinas & Water Recreation
Coastal Defence & Flood Protection
CONSOLIDATED PROFIT AND LOSS ACCOUNT
2004 2003 2002 2001 2000
£’000 £’000 £’000 £’000 £’000
Turnover 89,850 76,584 64,022 53,029 45,962
Operating profit before exceptional items
and goodwill amortisation 7,584 6,585 5,714 4,775 4,041
Exceptional items — — — 192 —
Goodwill amortisation (1,057) (767) (551) (248) (125)
Profit before interest 6,527 5,818 5,163 4,719 3,916
Net interest (723) (860) (807) (714) (621)
Profit before tax 5,804 4,958 4,356 4,005 3,295
Tax (1,926) (1,431) (1,272) (1,244) (1,058)
Profit after tax 3,878 3,527 3,084 2,761 2,237
Dividends (2,319) (1,647) (1,413) (1,141) (936)
Retained profit for the year 1,559 1,880 1,671 1,620 1,301
Basic earnings per share 11.1p 12.0p 11.4p 11.6p 10.3p
Adjusted earnings per share before goodwill
amortisation and exceptional items 14.2p 14.6p 13.4p 12.1p 10.9p
Basic PE ratio 18.1 12.7 14.7 17.5 14.6
Adjusted PE ratio 14.2 10.4 12.5 16.8 13.8
Share price at 30 June 201.0p 152.5p 168.0p 203.5p 150.5p
CONSOLIDATED BALANCE SHEET
2004 2003 2002 2001 2000
£’000 £’000 £’000 £’000 £’000
Goodwill 34,010 15,907 13,472 8,242 3,359
Tangible fixed assets 7,135 6,388 5,436 4,929 5,663
Work in progress 24,030 12,221 11,630 9,471 8,599
Debtors 34,401 23,472 19,176 16,228 14,149
Creditors (35,613) (13,180) (9,844) (9,388) (10,240)
63,963 44,808 39,870 29,482 21,530
Equity shareholders’ funds 49,731 32,569 26,618 20,275 12,358
Net debt 14,232 12,239 13,252 9,207 9,172
63,963 44,808 39,870 29,482 21,530
FINANCIAL SUMMARY
T HE D ESIGN P ORTFOLIO
a member of the flathill communications group plc
www.flathillplc.com
designed & produced by WHITE YOUNG GREEN PLC  ANNUAL REPORT & ACCOUNTS 2004
ANNUAL REPORT & ACCOUNTS 2004
Annual turnover £m
46.0
53.0
64.0
76.6
89.9
Dividend per share p
4.2
4.5
5.0
5.4
5.9
Profit before tax £m
3.3
4.0
4.4
5.0
5.8
Adjusted profit before tax
(1)
£m 
3.4
4.1
4.9
5.7
6.9
Basic earnings per share p
10.3
11.6
11.4
12.0
11.1
Adjusted earnings per share
(1)
p
10.9
12.1
13.4
14.6
14.2
(1)
Before exceptional items and goodwill amortisation.
WHITE YOUNG GREEN PLC
Arndale Court
Headingley
Leeds LS6 2UJ
Tel: 0113 278 7111
Fax: 0113 278 3487
E-mail: accounts@wyg.com
www.wyg.com
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